Asian equity futures drifted lower as U.S. stocks fell following economic data that exceeded forecasts, bolstering the case for the Federal Reserve to keep interest rates elevated for longer.
Contracts for share benchmarks in Japan and Australia dropped, while those for Hong Kong equities were flat.
The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%. U.S. futures were little changed in early Asian trading.
Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer toward $90 per barrel. Meanwhile, Brent Crude prices steadied around $90 a barrel, WTI Crude was above $87-mark. The yield on the 10-year U.S. bond was trading at 4.28% and Bitcoin was below 26,000-level.
At 5:29 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was up 13 points or 0.07% at 19,747.5.
India's benchmark stock indices swung between gains and losses to end Wednesday higher. The indices advanced for the fourth day as the Nifty ended above 19,600, whereas the Sensex ended above 65,800, the highest level for both indices in four weeks since Aug. 9.
The real estate and PSU banking sectors dragged, whereas pharmaceuticals and fast-moving consumer goods rose in trade. The rupee was trading above the 83 level against the U.S. dollar, whereas the yield on the 10-year bond traded around 7.22%.
Overseas investors remained net sellers of Indian equities on Wednesday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,245.9 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors snapped a nearly three-week buying streak to turn net sellers and sold equities worth Rs 247.5 crore, the NSE data showed.
The local currency weakened 10 paise to close at Rs 83.14 against the U.S. dollar on Wednesday.
Stocks To Watch
Tata Consultancy Services: The IT major has entered into a strategic partnership with the digital unit of Jaguar Land Rover Plc as part of the carmaker's “reimagine” strategy. The new partnership is valued at £800 million over five years.
Jio Financial Services: The scrip will be excluded from the NSE Nifty 50 and other Nifty indices on Thursday.
Reliance Industries: The conglomerate's unit Reliance Retail Ventures has entered into a joint venture with Alia Bhatt's kids and maternity-wear brand, Ed-a-Mamma, for a 51% stake. The valuation was not disclosed. Further, the retail arm received the subscription amount of Rs 8,278 crore from Qatar Holding and allotted 6.86 crore shares to QIA.
Adani Total Gas: The company received a work order to design, build, finance, and operate a 500 tonne per day bio-CNG plant in Ahmedabad on a public-private partnership model.
Lupin: The drugmaker will collaborate with Mark Cuban Cost Plus Drug Co and COPD Foundation to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to chronic obstructive pulmonary disease patients in the U.S.
REC: In its AGM, the state-run company has announced commitment to increase loan portfolio of green projects by more than 10 times by year 2030 to Rs 3 lakh crore. Further, it has signed a loan deal for $100 million with EXIM Bank to refinance its borrowers in power, infrastructure and logistics sectors for importing capital equipment. It has raised $1.15 billion through Syndicated Term Loans in August 2023 to fund power, infrastructure and logistics sector projects.
Tata Consumer Products: The company clarified it is not in negotiations with Haldiram's to acquire a 51% stake in the company, responding to media reports.
Biocon: Its subsidiary Biocon Biologics has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada). The agreement had closed in November 2022. It is expected to grow its employee count to over 150 in North America by the end of the year.
Varroc Engineering: The company and its units will buy up to 26% stake in AMP Energy SPVs for Rs 13 crore. The SPVs will be used to construct renewable power plants in Maharashtra having combined captive capacity of 33.10 MWp / 22.01 MWac.
360 One Wam: The asset management company has launched its global platform – 360 ONE Global – for offshore wealth and investment advisory. The group has roped in industry veteran Vikram Malhotra as the co-founder and CEO.
AU Small Finance Bank: The lender entered into bancassurance tie-ups with Star Health and Allied Insurance Co. and Bajaj Allianz Life Insurance Co.
PNC Infratech: Its unit PNC Raebareli Highways to settle NHAI dispute with one time settlement of Rs 107.17 crore. The settlement amount represents 65% of total 'eligibe disputes' amount.
Cosmo First: The company has entered into ‘Security Subscription and Shareholders' Agreement' with O2 Renewable Energy XV and its holding company for acquisition of 26% stake in the SPV for Rs 17.85 crore. The company will source solar power for its plants situated at Aurangabad on a group captive consumer basis.
GVK Power and Infrastructure: CFO and Whole-time Director Anicattu Issac George has resigned with effect from Aug. 31.
Responsive Industries: The company secured a contract for the Garib Rath initiative from Indian Railways, following the recent Vande Bharat orders.
Som Distilleries and Breweries: The board has proposed to raise Rs 350 crore via Qualified Institutional Placement, subject to approval of members at the ensuing AGM, to be held on Sept. 27.
Force Motors: The company reported domestic sales of 2,601 units and export of 675 units in August, while total production stood at 3,032.
IPO Offerings
Jupiter Life Line Hospitals: The IPO has been subscribed 87% or 0.87 times on its first day. The bids were led by non-institutional investors, subscribed 1.43 times, retail investors, subscribed 1.11 times and institutional investors, subscribed 0.1% or 0.01 times.
Bulk Deals
JM Financial: Valiant Mauritius Partners Offshore sold 76.5 lakh shares (0.8%) at Rs 91.02 apiece and Quant Mutual Fund bought 94.6 lakh shares (0.99%) at Rs 91 apiece.
NRB Bearings: Acacia Institutional Partners sold seven lakh shares (0.7%) at Rs 270.19 apiece.
PG Electroplast: Baring Private Equity India AIF sold 1.95 lakh shares (0.7%) at Rs 1,775.20 apiece.
Shriram Finance: Small Cap World Fund sold 20.26 lakh shares (0.5%) and New World Fund sold 26.78 lakh shares (0.7%) at Rs 1,880.28 apiece.
Solara Active Pharma Sciences: Karuna Business Solutions sold 7.36 lakh shares (2%) and Spiracca Ventures bought 7.36 lakh shares (2%) at Rs 367.46 apiece.
Tatva Chintan Pharma Chem: Darshana Nitinkumar Shah sold 2.34 lakh shares (0.99%) at Rs 1,639.60 apiece, Shekhar Rasiklal Somani sold 2.34 lakh shares (0.99%) at Rs 1,647.83 apiece and Ajay Mansukhlal Patel sold 2 lakh shares (0.88%) at Rs 1,642.12 apiece while Daksha Dushyant Patel bought 1.24 lakh shares (0.5%) at Rs 1,646.03 apiece.
RattanIndia Power: ABARC-AST-002-Trust sold 5 crore shares (0.9%) at Rs 6.65 apiece.
Globus Spirits: Motilal Oswal Mutual Fund sold 2 lakh shares (0.7%) at Rs 918.25 apiece.
Aavas Financiers: Small Cap World Fund bought 4.5 lakh shares (0.6%) at Rs 1,654 apiece.
Dreamfolks Services: Small Cap World Fund sold 13 lakh shares (2.46%) at Rs 507.55 apiece and Jainam Broking bought 4.9 lakh shares (0.9%) at Rs 514.13 apiece.
Insider Trades
Adani Power: Promoter Fortitude Trade and Investment bought 36 lakh shares on Sept. 5.
Choice International: Promoter NS Technical Consultancy bought 2 lakh shares on Sept. 6.
Minda Corp: Promoter Ashok Minda bought 2.75 lakh shares on Sept. 4.
Usha Martin: Promoter Usha Martin Ventures sold 2 lakh shares on Sept. 4.
NGL FINE-CHEM: Promoter Sunita Potdar sold 9,348 shares on Sept. 5.
Natco Pharma: Promoters Ananda Babu T and Anila T sold 60,000 and 30,000 shares respectively on Sept. 4.
Pledge Share Details
Steel Strips Wheels: Promoter Dheeraj Garg released a pledge of 25 lakh shares on Sept. 5.
Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge of 1.6 lakh shares on Sept. 4.
WPIL: Promoter Hindusthan Udyog released a pledge of 2.9 lakh shares on Sept. 5.
AGMs Today
NMDC, NMDC Steel, Sigachi Industries.
Who's Meeting Whom
Paras Defence & Space Technologies: To meet investors and analysts on Sept. 11 and Sept. 12.
Steelcast: To meet investors and analysts on Sept. 9.
Tips Industries: To meet analysts and investors on Sept. 11.
Mishra Dhatu Nigam: To meet investors and analysts on Sept. 11.
Delhivery: To meet investors on Sept. 12.
Trading Tweaks
Price Band Revised From 5% To 20%: TVS Holdings.
Price Band Revised From 20% To 10%: HLV.
Ex-date Dividend: Kopran, Repco Home Finance, Gujarat State Fertilizers & Chemicals, Banco Products (India), Excel Industries,
Ex-date AGM: Kopran, Repco Home Finance, Schneider Electric Infrastructure, Suryoday Small Finance Bank, Gujarat State Fertilizers & Chemicals, IKIO Lighting, Banco Products (India).
Ex/Record-date Bonus issue: JTL Industries.
Record-date Dividend: Excel Industries.
Move Into Short-Term ASM Framework: Cyient DLM, Garware Hi-Tech Films, Dr Agarwals Eye Hospital.
Move Out Of Short-Term ASM Framework: GMR Power and Urban Infra, Himadri Speciality Chemical, Birla Cable.
F&O Cues
Nifty September futures ended at 19,665.20, a premium of 11.65 points.
Nifty September futures rose 0.83%, with 1,572 shares in open interest.
Nifty Bank September futures ended at 44,689.30, a discount of 76.75 points.
Nifty Bank September futures rose 6.11% with 7,969 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance, Balrampur Chini Mills, Bharat Heavy Electricals, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, Steel Authority of India.
Research Reports
Here Are The Top Stock Picks For September 2023 By Axis Securities
Voltas - Beating The Heat With A Flair For Air: Motilal Oswal Re-Initiates Coverage With A 'Buy'
V-Guard Industries - Expansion Into Non-South Markets Is A Positive: Nirmal Bang
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.