Asian equity futures pointed to a cautious open for stock markets around the region on Wednesday after U.S. shares fell and a rally in oil increased concern about inflation.
Contracts for Hong Kong's Hang Seng Index rose just 0.1%, those for Japan's Nikkei 225 added 0.3% and futures for Australia's S&P/ASX 200 slipped 0.2%. The S&P 500 ended below 4,500 Tuesday while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%.
Investors in Asia will be watching for gross domestic product data from Australia Wednesday, consumer price index figures in Taiwan and a speech from Bank of Japan board member Hajime Takata.
Brent oil rallied to $90 a barrel for the first time since November as key OPEC+ producers extended supply cuts that have tightened the crude market.
West Texas Intermediate was also above $86-mark. The yield on the 10-year U.S. bond was trading at 4.26% and Bitcoin was below 26,000-level.
At 5:27 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was up 16 points or 0.08% at 19,677.5.
India's benchmark stock indices steadily advanced on Tuesday to end higher for the third consecutive session. The Sensex ended above the 65,700 mark, while the Nifty closed beyond the 19,500 level.
The media and pharmaceutical sectors advanced, whereas banks and non-banking financial services were under pressure. Nifty IT and Nifty Media hit 17-month highs intraday, whereas Nifty Metal hit a fresh record. Broader markets outperformed their larger peers, and the Nifty Midcap 100 and Nifty Smallcap 100 scaled record closing highs.
Overseas investors remained net sellers of Indian equities on Tuesday for the second consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,725 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors remained net buyers and mopped up equities worth Rs 1,078 crore, the NSE data showed.
The local currency weakened 29 paise to close at Rs 83.04 against the U.S. dollar on Tuesday. This is the weakest close since Aug. 21.
Stocks To Watch
Jio Financial Services: The scrip will be excluded from the NSE Nifty 50 and other Nifty indices as of Sept. 7. Even if it hits the price band on Wednesday, the exclusion will not be deferred further.
Vedanta: The Zambian government has agreed to return ownership of Konkola Copper Mines to Vedanta Resources. Konkola Copper Mines assets have reserves of 16 million tonnes of copper.
GAIL India: The Central Bureau of Investigation has arrested KB Singh, Executive Director (ER & Projects) and a chief general manager of the company along with three others in an alleged bribery case of Rs 50 lakh in which favours were granted to a Vadodara-based company in the contract for two pipeline projects, PTI reported.
Union Bank of India, Bank of Baroda: The Indian Renewable Energy Development Agency (IREDA) has signed MoUs with the two lenders to co-finance renewable energy projects, including both established and emerging RE technologies.
NBCC (India): The construction company has signed an MoU with Kerala State Housing Board, for development of 17.9 acres land parcel of the board in Kochi. The project value is Rs 2,000 crore.
HDFC Asset Management Company: Amaresh Jena has resigned as Head – Marketing with effect from Sept. 8, on account of unavoidable personal reasons and exigencies.
Power Grid Corporation of India: The company was declared as successful bidder under for transmission system for evacuation of power from REZ in Rajasthan (20 GW).
Shriram Finance: The company approved and allotted senior, secured, rated, listed, redeemable, taxable nonconvertible debentures (NCD) on private placement basis for an issue size of Rs 75 crore plus greenshoe option of Rs 150 crore.
IPO Offerings
Jupiter Life Line Hospitals: The company will launch its initial public offering on Sept. 6. The multispecialty hospital plans to raise Rs 869.08 crore via a fresh issue and an offer for sale. The fresh issue will consist of 73.74 lakh equity shares aggregating Rs 542 crore, and the OFS includes 44,50,000 shares aggregating Rs 327.1 crore. The price band is fixed in the range of Rs 695–735 per share. It raised Rs 260.72 crore via anchor investors.
Bulk Deals
Safari Industries (India): Investcorp Private Equity Fund II sold 2.1 lakh shares (0.9%) at Rs 3,775.06 apiece and SBI Life Insurance bought two lakh shares (0.8%) at Rs 3,775 apiece.
Bikaji Foods International: Lighthouse India Fund sold 32.42 lakh shares (1.3%) at Rs 480 apiece and Plutus Wealth Management bought 13.5 lakh shares (0.54%) at Rs 480.11 apiece.
SBFC Finance: Bajaj Finance sold 82.5 lakh shares (0.8%) at Rs 85.02 apiece.
Insider Trades
Sapphire Foods India: Promoter Sagista Realty Advisors sold 4,936 shares on Sept. 4.
NGL FINE-CHEM: Promoter Sunita Potdar sold 8,600 shares on Sept. 4.
Ultramarine & Pigments: Promoter S Narayanan sold 5,000 shares on Sept. 4.
Pledge Share Details
Aurobindo Pharma: Promoter K Nityananda Reddy revoked a pledge of 20 lakh shares on Sept. 1.
Go Fashion (India): Promoter Rahul Saraogi revoked a pledge of 13.35 lakh shares on Aug. 31 and created a pledge of 13.35 lakh shares on Sept. 1.
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 20 lakh shares between Aug. 31 and Sept. 1.
AGMs Today
CMS Info Systems, Dreamfolks Services, REC, SKM Egg Products Export (India), Tanla Platforms.
Who's Meeting Whom
Kajaria Ceramics: To meet investors and analysts on Sept. 11.
Vedant Fashions: To meet investors on Sept. 8.
Sterling and Wilson Renewable Energy: To meet investors and analysts on Sept. 8.
Trading Tweaks
Price Band Revised From 10% To 5%: BF Utilities, Hma Agro Industries.
Price Band Revised From 20% To 10%: Himadri Speciality Chemical, Indian Railway Finance Corporation, MMTC.
Ex-date Dividend: Bharat Bijlee, Bharat Rasayan, Route Mobile.
Ex-date AGM: Bharat Bijlee, Bharat Rasayan, Metro Brands.
Ex-date Bonus Issue: Shilchar Technologies.
Record-date Dividend: Bharat Rasayan, Route Mobile.
Record-date Bonus Issue: Shilchar Technologies.
Move Into Short-Term ASM Framework: Shakti Pumps (India), Pearl Global Industries.
Move Out Of Short-Term ASM Framework: Banco Products (I), Garware Hi-Tech Films, Titagarh Rail Systems.
F&O Cues
Nifty September futures ended at 19,650.30, a premium of 41.50 points.
Nifty September futures fell 0.42%, with 797 shares in open interest.
Nifty Bank September futures ended at 44,751.00, a discount of 30.50 points.
Nifty Bank September futures fell 4.01% with 5,451 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance, Balrampur Chini Mills, Bharat Heavy Electricals, Delta Corp, Hindustan Copper, India Cements.
Research Reports
Raymond - Rejuvenating The Brand: Motilal Oswal Initiates Coverage With A 'Buy'
Astral - Demand, Margin Trend Remains Favorable: ICICI Securities
Polycab India - High Infra Spend To Aid Long Term Growth: Nirmal Bang
Vidhi Specialty Food Ingredients - Healthy Growth Beckons: IDBI Capital
JK Cement - Return Ratios Likely To Improve: Nirmal Bang
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