Stocks declined and bond yields increased as traders anticipated Jerome Powell’s speech on Friday. There are expectations that he may suggest a potential rate cut, though likely at a slow and steady pace, reported Bloomberg.
The S&P 500 Index and Nasdaq 100 fell by 0.20% and 0.45% respectively as on 12:42 p.m. New York time. Dow Jones Industrial Average fell by 0.08%.
Brent crude was trading 2.08% higher at $77.63 a barrel. Gold was lower by 1.10% at $ 2,485.01an ounce.
The benchmark equity indices pared some of their morning gains but still managed to close higher on Thursday, with the NSE Nifty 50 recording its best streak since the six sessions that ended on May 23.
The Nifty closed 41.30 points or 0.17%, higher at 24,811.50, while the S&P BSE Sensex ended 0.18% or 147.89 points up at 81,053.19. Both indices recorded their highest closing since Aug. 1.
Overseas investors turned net buyers of Indian equities on Thursday after three straight sessions of selling. Foreign portfolio investors bought stocks worth Rs 1,371.8 crore, domestic institutional investors stayed net buyers for the 14th session and bought equities worth Rs 2,971.8 crore, the NSE data showed.
Rupee weakened by 2 paise to close at 83.95 against the US dollar.
Stocks to Watch
-
Zomato: The company would be shutting down its Zomato Legends, as it was unable to find product market fit.
-
Adani Power: NCLT has approved company’s resolution plan to buy Lanco Amarkantak Power for Rs 4,101 crore.
-
Ambuja Cements: Adani’s family plans to divest $500 million worth of shares or 2.84% stake in company. The value of the deal is Rs 4197.8 crore at the floor price of 600 per share according to the terms of deal viewed by NDTV Profit.
-
FSN E-Commerce Ventures: Harindarpal Singh Banga and Indra Banga offered to sell as much as 4.09 crore shares, or 1.4% stake in the company via block deal. The floor price was set at Rs 198.
-
Shriram Finance: The company has approved the sale of its entire stake in Shriram Housing Finance to Mango Crest Investment, an affiliate of Warburg Pincus.
-
Wipro: The company extended its pact with John Lewis Partnership to complete their cloud transformation project.
-
Jain Irrigation Systems: The company has signed an MoU with Indian coffee board for commercial release of disease-resistant coffee plants to growers.
-
Bharat Forge: The company will invest an additional Rs 105 crore in unit Kalyani Power Train via share subscription.
-
Power Mech Projects: The company will issue bonus shares in the ratio of 1:1. It has set Sept. 28 as the record date for determining the eligible shareholders.
Nykaa Promoters To Sell Up To 1.4% Stake In Block Deal, Bloomberg reports citing Terms
IPO Offering
-
Orient Technologies: The public issue was subscribed to 16.96 times on day 2. The bids were led by Qualified institutional investors (0.16 times), non-institutional investors (20.97 times), retail investors (24.49 times).
Block Deals
-
Alkem Laboratories: Samprada & Nanhamati Singh Family Trust sold 8.5 lakh shares (0.71%) at Rs 5732.15 apiece, ICICI Prudential Life Insurance Company Ltd bought 1.97 lakh shares (0.16%) at Rs 5732.15 apiece, Morgan Stanley Asia Singapore Pte-Odi bought 0.98 lakh shares (0.08%) at Rs 5732.15 apiece, Tata Mutual Fund bought 0.87 lakh shares (0.07%) and among others at Rs 5732.15 apiece.
-
Eris Lifesciences: Emerald Investments Ltd. sold 98.86 lakh shares (7.26%) at Rs 1201 apiece, Infinity Partners bought 98.86 lakh shares (7.26%) at Rs 1201 apiece.
-
Kalyan Jewellers India: Highdell Investment sold 6.64 crore shares (6.45%) at Rs 539.1 apiece, while Nomura India through its various funds bought 2.06 crore shares (2%) at Rs 539.1 apiece, Motilal Oswal Mutual Fund bought 92.74 lakh shares (0.9%) at Rs 539.1 apiece, TCSL As Truste For Global New Generation Stock Fund bought 74.19 lakh shares (0.72%) at Rs 539.1 apiece, Government Of Singapore bought 72.51 lakh shares (0.7%) and many others at Rs 539.1 apiece.
-
NIIT: Hornbill Orchid India Fund sold 35.38 lakh shares (2.62%) at Rs 118 apiece,Pawar Family Trust bought 17.69 lakh shares (1.31%) at Rs 118 apiece, Thadani Family Trust bought 17.69 lakh shares (1.31%) at Rs 118 apiece.
Alkem Laboratories Shareholder Trims Stake For Rs 487 Crore
Bulk Deals
-
PNB Housing Finance: Asia Opportunities V (Mauritius) Ltd. sold 78 lakh shares (3%) at Rs 866.7 apiece, while Government of Singapore bought 16.59 lakh shares (0.63%) at Rs 866.05 apiece.
-
Ethos: Mahen Distribution Ltd. sold 1.31 lakh shares (0.56%) at Rs 3151.04 apiece
-
Shriram Properties: BNP Paribas Financial Markets bought 8.53 lakh shares (0.5%) at Rs 126.85 apiece
Insider Trade
-
Usha Martin: Promoter Rajeev Jhawar bought 30,000 shares on Aug. 20., Promoter Peterhouse Investments India Ltd. sold 2 lakh shares on Aug. 20.
Trading Tweaks
-
Ex/record dividend: Godfrey Phillips India, IRCTC, Kfin Technologies, LIC Housing Finance, Vedant Fashions, Max Healthcare Institute, Mayur Uniquoters, Natco Pharma, ONGC, The Federal Bank, ABB India, Astra Microwave Products, Bhageria Industries, Gandhar Oil Refinery (India), Dynacons Systems & Solutions, Kuantum Papers,
-
Ex/record AGM: Godfrey Phillips India, IRCTC, LIC Housing Finance, Vedant Fashions, Mayur Uniquoters, Ramkrishna Forgings, The Federal Bank, Venky’s (India), IRFC, Astra Microwave Products, Bhageria Industries, Kuantum Papers.
-
Ex/record Bonus Issue: CDSL (1:1)
-
Ex/record Buy Back: Mayur Uniquoters.
-
Moved into short term ASM Framework: Nelco, Nucleus Software Exports, Ola Electric Mobility, Rane (Madras).
-
Moved out short term ASM Framework: Heranba Industries, PC Jeweller, Supriya Lifescience, Venky’s (India).
Emerald Investments Exits Eris Lifesciences Via Bulk Deal For Rs 1,187.4 Crore
F&O Cues
-
Nifty August futures up by 0.17% to 24,840 at a premium of 29 points.
-
Nifty August futures open interest down by 1.5%.
-
Nifty Bank August futures up by 0.45% to 51,037 at a premium of 52 points.
-
Nifty Bank August futures open interest down by 2.85%.
-
Nifty Options Aug 29 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,000.
-
Bank Nifty Options Aug 28 Expiry: Maximum call open Interest at 51,000 and maximum put open interest at 51,000.
-
Securities in ban period: Aarti Industries, Aditya Birla Fashion, Balrampur chini mills, Birlasoft, GNFC, Granules, Hindustan copper, India Cements, LIC Housing Finance, National Aluminium, PEL, Sun TV.
Money Market
The Indian rupee weakened against the US dollar on Thursday on continued demand for the greenback from importers, even as US Fed meeting minutes increased bids for a rate cut in September.
The local currency depreciated 2 paise at Rs.83.95 after opening at Rs 83.94 per dollar, according to Bloomberg data. It had closed at Rs 83.93 on Wednesday.
Rupee Weakens Against The Dollar On Importers Demand For Greenback. Read more on Markets by NDTV Profit.