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The broader indices outperformed their larger peers with MidCap gauge little changed and SmallCap gaining 0.2%. Eleven of the 19 sectoral indices compiled by BSE gained.
The market breadth is skewed in the favour of bears. About 1,628 stocks rose, 1,705 fell and 138 remained unchanged.
Goldman Downgrades Infosys, TCS, Tech Mahindra On High Valuation, Downcycle Ahead
WPI inflation eased to 12.4% in August 2022 compared to 13.9% in July 2022.
It fell by 0.5% month-on-month compared to a fall of 1% in July.
Source: Office of the Economic Advisor
Airline Go First’s Twitter account has been compromised.
The company said it is investigating the matter and working with Twitter to gain control at the earliest.
Source: Company Statement
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
IT Stocks Plunge As Nomura Sees More Evidence Of Revenue Slowdown
The broader indices outperformed their larger peers, losing 0.7%. All the 19 sectoral indices compiled by BSE Ltd. declined with IT index losing over 2% and realty and Metal gauges shedding over 1%.
The market breadth is skewed in the favour of bears. About 836 stocks rose, 1872 fell and 110 remained unchanged.
Yield on the 10-year bond rose 3bps to 7.11%, at the open.
Source: Bloomberg
Indian currency depreciated 43 paise (0.55%) to 79.58, at the open.
Source: Bloomberg
Local share indices are likely to see a negative opening Wednesday on the back of a sea of red across the global equity markets, after the US August inflation data came above the estimate. With stronger inflation, the US Federal Reserve's hawkish stance could continue in this month's policy meeting, leading to worries of a growth slowdown in key economies. Besides, the US 2-year/10-year yield curve remained inverted at around 33 basis points, which is again a key recession warning.Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd
Food and crop companies may be active after a measure of cropprices eased from a two-month high after U.S. inflation data led to expectations of aggressive interest-rate hikes.
In Focus: ITC, Britannia, Kovilpatti Lakshmi Roller Flour Mills, Adani Wilmar.
Source: Bloomberg
Chalet Hotels
Dhampur Sugar Mills
Dharamsi Morarji Chemical
Jagsonpal Pharmaceuticals
Johnson Controls-Hitachi Air Conditioning India
Lemon Tree Hotels
Mastek
Infosys: The company, along with Palo Alto Networks, has collaborated with Europe based postal operator and parcel and omni-commerce logistics partner Belgium Post to secure the cloud environment and build cyber resilience for Bpost’s mail delivery and logistics services.
Bharat Forge: Kalyani Powertrain a wholly owned subsidiary of the company and Harbinger Motors Inc. will undertake manufacturing of electric powertrains for medium-duty commercial vehicles though the new JV ElectroForg.
JSW Steel: The company signed a Memorandum of Understanding with German-based engineering and technology company SMS group for exploring solutions for implementation of the decarbonisation projects across various JSW Steel plants in India. The steelmaker will invest Rs 10,000 crore to bring down GHG emissions by 42% (from the base year 2005 levels) to <1.95 tonnes of CO2 per tonne of crude steel by 2030.
Ambuja Cement: The company will consider proposal for raising of funds by way of issue of equity shares or any other eligible securities on a rights/preferential or any other mode on Sept. 16.
Hatsun Agro Products: The company will consider fund raising by way of issue of Equity Shares on a Rights Issue on Sept. 19
Bajaj Holdings: The company approved interim dividend of Rs 110 per share of face value of Rs 10 each.
KEC International: The company has secured new orders of Rs. 1,108 crores across its various businesses.
Tata Steel/Tata Power: Tata Steel and Tata Power Renewable are planning to raise as much as Rs 1,200 crore and Rs 1,000 crore, respectively, via bonds, Bloomberg reported citing people familiar with the matter.
Neuland Laboratories: The company’s chief financial officer Deepak Gupta has resigned. He will continue to hold the position till Oct. 13.
U.S. Dollar Index at 109.88
U.S. 10-year bond yield at 3.84% on Tuesday
Brent crude down 0.12% to $93.06 per barrel
Nymex crude at $87.27 per barrel
SGX Nifty down 1.7% to 17,784.5 as of 6:50 a.m
Bitcoin up 0.11% to $22,263
Asian stocks, bonds and currencies tumbled after a broad-based selloff on Wall Street followed a hotter-than-expected U.S. inflation data. The high inflation has triggered expectations of jumbo interest-rate hikes by the Federal Reserve.
Equities in Japan, Hong Kong and Australia slumped after U.S. shares had their biggest drop in more than two years. The S&P 500 lost over 4% and the Nasdaq 100 fell over 5%.
At 7:25 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 1.83% lower at 18,760 points
Elsewhere, West Texas Intermediate crude was little changed at $87.33 per barrel. Bitcoin fell 10% overnight, the biggest decline since cryptocurrencies plunged in June.
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