Indian indices turned flat after a positive start on Thursday. All eyes will be on the core sector data due today. Asian stocks were mixed Thursday as investors assessed the impact of skyrocketing energy costs on inflation and the pandemic recovery.
Rupee falls 20 paise
Rupee falls 20 paise to 74.34 against US dollar in early trade
— Press Trust of India (@PTI_News) September 30, 2021
Indian Overseas Bank gains
Indian Overseas Bank’s stock was trading at ₹23.25 apiece, up 13.41% at 11:02 am. RBI says bank has given written commitment to comply with norms of minimum regulatory capital, net npa, leverage ratio on ongoing basis
Adani Green signs pact with Essel Green to acquire solar asset in Odisha
Adani Green on Thursday informed that its wholly-owned subsidiary Adani Renewable Energy has signed definitive agreements with Essel Green Energy for 100% acquisition of a special purpose vehicle (SPV) operated by Essel Green. The SPV comprises of 40 MW operating solar project in Odisha. (Read more)
Kotak Mahindra, HDFC Bank top drags
India records 23,529 covid-19 cases, 311 deaths; active case tally lowest in 195 days
India recorded a single-day rise of 23,529 covid-19 cases on Thursday, taking its infection tally to 3,37,39,980, while the count of active cases dipped to 2,77,020, the lowest in 195 days, according to Union Health Ministry data. The death toll due to the disease has climbed to 4,48,062 with 311 daily fatalities being recorded, according to the data updated at 8 am. The number of active cases has declined to 2,77,020, comprising 0.82% of the total infections – the lowest since March 2020, the ministry said. The national covid-19 recovery rate was recorded at 97.85%, the highest since March 2020, it added. A decrease of 5,500 cases has been recorded in the active covid-19 caseload in a span of 24 hours. Also, 15,06,254 covid-19 tests were conducted in the country on Wednesday, taking the total number of such examinations done so far to 56,89,56,439, the data showed.
Market commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“The index continues to face resistance at higher levels. The current level of importance is 17,700 – we need to trade above this for a positive bias to set in. Until then we will continue to see sideways price action. If we can get past 17,750-17,800 on a closing basis, the Nifty will be on its way to claim 1,8000. 17,500 is rock-solid support and until that does not break, the overall trend of the market is positive.”
Bharti Airtel surges
Bharti Airtel’s stocks were trading at ₹706 apiece, up 1.74% at 10:17 am, ahead of a key press conference scheduled for later today.
Sterling and Wilson Solar trades lower
Sterling and Wilson Solar’s stock was trading at ₹402.10 apiece, down 3.05% at 9:58 am. The company’s promoters have repaid their debt of ₹741 crore to Sterling and Wilson Solar, according to a regulatory filing.
Adani Green gains
The company’s stock was trading at ₹1,140.35 apiece, up 0.67% at 9:43 am. Adani Renewable Energy has signed definitive agreements with Essel Green Energy to acquire 100% economic value in an SPV that owns 40 MW operating solar project in Odisha.
India ready to expand economic partnership with US: Goyal
India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years. Addressing the 4th Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF), Goyal said though a lot of effort had gone into negotiating a trade agreement between the two countries during the previous US administration, unfortunately it did not work out.
Glenmark pharma’s stock was trading at ₹511.00 apiece, up 0.35% at 9:30 am. The company has received marketing approval for Ryaltris, an innovative combination nasal spray, in 13 countries across the EU and UK.
PSU banks, metals top gainers
HDFC Bank, Kotak Mahindra Bank top Sensex drags
The Sensex opened at 59,549.57, up 136.3 points, or 0.23%, while Nifty was at 17,718.90, up 7.60 points, or 0.04%. PSU banks, realty were top gainers.
At market pre open, the Sensex was at 59,647.23, up 233.96 points, or 0.39%, while Nifty was at 17,711.30, down 37.30 points, or 0.21%.
Market pre opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities
“Nifty is expected to open flat to negative at 17,660, down by 50 points. Nifty has support in 17,580-16,620 and resistance in 17,780-17,820 range. Today being the monthly expiry we may see some volatile markets. Buying on dips with strict stoploss is the suggested strategy for traders.”
Petrol, diesel prices hiked today after a day’s pause. Check latest rates
Petrol and diesel prices were increased across India on Thursday after a day’s pause. Petrol price has been increased by around 25-30 paise whereas diesel prices raised by 28-32 paise per litre, according to price notification by state-run oil companies. In Mumbai, petrol was being retailed at ₹107.71 per litre. Diesel was being sold at ₹97.52 per litre. Petrol and diesel prices in Delhi increased by 25 and 30 paise, respectively. Vehicle owners will have to shell out ₹101.64 for a litre of petrol, and ₹89.87 for a litre of diesel in the capital. (Read more)
IIFL Private Equity hits big returns with $50 mn CAMS exit
IIFL Private Equity has completely exited its investment in mutual fund transfer agency Computer Age Management Services Ltd (CAMS) for $50 million ( ₹353 crore), having invested in the company just an year ago, said a person aware of the development. (Read more)
Stocks to Watch
HDFC Bank, IOB, RIL, Piramal Enterprises, ZEE, among other stocks may be in the news today. (Read more)
Markets are likely to stay volatile on Thursday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 59,413.27, down 254.33 points or 0.43% and the Nifty closed at 17,711.30, down 37.30 points or 0.21%. (Read more)
Asian markets off to mixed start
Asian stocks were mixed Thursday as investors assessed the impact of skyrocketing energy costs on inflation and the pandemic recovery. Treasuries edged up and the dollar pared an advance. Japanese shares slipped as the ruling party’s new leader, who is set to become the next prime minister, is seen by investors as maintaining stability. Australia rose, while Hong Kong fell and China was little changed. U.S. futures climbed. The Nasdaq 100 notched its third straight day of losses after a technology rally petered out. Dip buyers helped push the S&P 500 higher.
S&P 500 futures rose 0.3% as of 10:30 a.m. in Tokyo. The S&P 500 rose 0.2%
Nasdaq 100 futures rose 0.4%. The Nasdaq 100 fell 0.1%
Topix index fell 0.5%
Australia’s S&P/ASX 200 Index rose 1%
Kospi index fell 0.1%
Hang Seng Index fell 0.7%
Shanghai Composite Index rose 0.3%
US indices pare gains
The rally in technology shares fizzled out, weighing on the broader stock market. The S&P 500 pared most of its earlier gains as a drop in tech offset an advance in defensive industries like utilities and consumer staples. The dollar rose to the highest level since November 2020, while Treasuries fluctuated. Federal Reserve Chair Jerome Powell and his counterparts at the European Central Bank, Bank of Japan and Bank of England voiced cautious optimism Wednesday that supply-chain disruptions lifting inflation rates around the world would ultimately prove temporary. Traders remained alert to the potential for market disruption should politicians in Washington fail to raise the debt-ceiling in time to avoid a default on U.S. obligations. The U.S. Treasury is likely to exhaust its ability to borrow as soon as late October, according to the Congressional Budget Office, in the latest warning to lawmakers following their failed efforts to address the debt ceiling this week.
The S&P 500 rose 0.2% as of 4 p.m. New York time
The Nasdaq 100 fell 0.1%
The Dow Jones Industrial Average rose 0.3%
The MSCI World index fell 0.3%
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