KEY HIGHLIGHTS
Closing Bell: Gains For The Series
Indian equity markets gave up the modest gains of the session to close the August F&O series on a subdued note.
The S&P BSE Sensex ended little changed at 39,113 while the NSE Nifty 50 too ended flat at 11,559.
Both Sensex and Nifty have posted gains for the August series - their third successive F&O series gain.
The real estate index was the top sectoral gainer in today's session, ending 6.2% higher. This was the biggest single-day gain for the index in two months.
Nifty PSU Bank, Nifty Pharma and Nifty Auto were the other major sectoral gainers, ending with gains of over 1% each.
The Nifty Bank ended 0.9% higher, gaining for the fifth straight day. The index has gained over 1,500 points in the last five trading sessions.
Nifty FMCG and Nifty I.T. were the only sectoral laggard, ending 0.3% and 0.1% lower respectively.
Broader markets ended little changed but managed to post gains. The Midcap index ended 0.2% higher while the Smallcap index gained 0.5%. Both the indices ended higher for the ninth straight session. This is the longest winning streak for the midcap index in seven months.
The India Volatility Index ended 2.2% lower at a six-month low of 18.9.
Market breadth was even with 917 stocks on the NSE ending with gains while 888 declined.
How Did The Sectoral Indices Fare
Buzzing Stock: Dhampur Sugar
- Gains as much as 7.2% to Rs 159.6
- Biggest single-day gain in two months
- Trades at the highest level in six months
- Snaps two-day losing streak
- Has gained in three out of the last five trading sessions
- Up 13.4% in the last five trading sessions
- Today's volumes are 21% higher than its 20-day average
- 50% of the 10.2 lakh shares traded on the stock are marked for delivery as of 3 P.M.
- Stock trades in overbought territory with Relative Strength Index (RSI) at 73
- Breaks above its 200-Day Moving Average of 149.8
- Has more than doubled from its 52-week low of Rs 65 on March 26, 2020
- Three out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential for the stock as per Bloomberg data is 14.1%
Finance Ministry Briefing Post GST Council Meet Delayed
Some Other Stocks In Focus
- Blue Star: Stock breaks above its 200-Day Moving Average of 642. Gains as much as 16% to Rs 723.7. Stock up for the sixth straight day.
- Dixon Technologies: Stock trades at an all-time high. Rising for the eighth straight day.
- Affle India: Snaps four-day gaining streak during which it had three upper circuits of 10% and one of 5%. The stock is in a lower circuit of 5% in today's session.
Buzzing Stock: TCNS Clothing
- Among the top performing stocks on the Nifty 500 index
- Gains as much as 13.1% to Rs 463.9
- Biggest single-day gain on record
- Trades at the highest level in five months
- Up for the fourth straight day
- Has declined only once in the last nine trading sessions
- Gained 30% in the last nine trading sessions
- Today's volumes are over five times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 82
- Nearing 200-Day Moving Average of 473.6
- Has gained 57% from its 52-week low of Rs 295 on March 25, 2020
- Four out of the eight analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 11% higher than its 12-month consensus price target of Rs 394.8, implying a negative return potential
Nifty Bank Up 1,500 Points In Five Sessions
Active Stock Options For September 24 Expiry
- HDFC's 1,900 Call: Premium up 60.8% at Rs 61.2. The contract has shed 270 shares in Open Interest.
- IndusInd Bank's 600 Call: Premium up 91.9% to Rs 45. The contract has shed 239 shares in Open Interest.
- State Bank of India's 230 Call: Premium up 36.2% to Rs 4.7. The contract has added 1,248 shares in Open Interest.
Buzzing Stock: Greaves Cotton
- Gains as much as 6.4% to Rs 88.8
- Biggest single-day gain in four months
- Trades at the highest level in over a month
- Rising for the second straight day
- Today's volumes are more than quadruple its 20-day average
- Breaks above its 50-Day Moving Average at 84.8
- 58% of the 25.8 lakh shares traded on the stock as of 2 P.M. are marked for delivery
- Has gained 33% from its 52-week low of Rs 66.05 on April 3, 2020
- Three out of the seven analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 1% higher than its 12-month consensus price target of Rs 86
Markets At 2:10 P.M.
- Benchmark indices trade off the day's high
- Nifty up 0.27% at 11,580
- Sensex up 0.33% at 39,201
- Nifty Bank up 1% at 23,648
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.6%
- India Volatility Index down 2.2% at 18.9
- Nifty Realty remains the top sectoral gainer; up 6.7%
- Nifty PSU Bank is the other major sectoral gainer; up 1.3%
- Nifty Pharma and Nifty Auto up 0.5% each
- IndusInd Bank remains the top Nifty gainer; up 7.5%
- Zee Entertainment is the top Nifty laggard; down 2%
- 929 stocks on the NSE trade with gains while 841 decline
Money Market Update
The currency saw yet another day of strong gains after comments from Reserve Bank of India Governor Shaktikanta Das about the banking system bring robust.
The rupee ended at 73.81 against the U.S. Dollar as compared to Wednesday's close of 74.30. It has seen a similar 0.7% appreciation during Monday's trading session.
Today's gains made rupee the best performing currency in Asia. It is now trading at the highest level in over five months.
Yield on the 10-year government bond ended at 6.153% as compared to Wednesday's level of 6.192%.
Fifth Day Of Gains For The PSU Bank Index
Stock Reaction: Mahindra & Mahindra
The auto and tractor company manufacturer signed a pact with Israel's REE Automotive for electric commercial vehicles. The partnership will support REE's global customer needs for 2 lakh to 2.5 lakh vehicle units over a few years, the company said in a statement.
The company has incorporated a wholly-owned subsidiary - Martial Solren, which is a wholly-owned subsidiary of Mahindra Holdings.
The incorporation has been done with a paid-up and authorised share capital of Rs 1 lakh each.
The company has incorporated Martial Solren to be engaged in the business of producing and distribution solar power.
Shares gained as much as 4% to Rs 637.6 - its highest level since July 2019. The stock is up for the third straight day and is the second best performer on the Nifty Auto index.
Earnings Reaction: Avanti Feeds Q1FY21
- Revenue down 13% to Rs 955.4 crore
- Net profit up 12% to Rs 104.1 crore
- Ebitda down 6% to Rs 129 crore
- Ebitda margin at 13.5% from 12.5%
- Shrimp feed revenue down 14% to Rs 777.3 crore
- Processed Shrimp revenue down 4% to Rs 179.3 crore
- Power business revenue flat at Rs 44 lakh from Rs 42 lakh
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- Impact on Shrimp culture felt during April, May due to panic harvesting and slow-down in Shrimp culture stocking.
- Manpower shortage and transport difficulties observed.
- Things improving gradually with farmers gaining confidence due to stable farm gate prices and resumed stocking.
- Not much impact of the pandemic on the company's financial performance.
Shares ended 1.2% lower at Rs 552, after giving up gains of as much as 2%.
Buzzing Stock: IndusInd Bank
- Top gainer on the Nifty 50 index
- Gains as much as 6.2% to Rs 603
- Trading at the highest level in five months
- Gains for the fifth straight day
- Has declined only once in the last nine trading sessions
- Up 17% in the last four trading sessions
- Today's volumes are triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 74
- Has more than doubled from its 52-week low of Rs 235.5 on March 24, 2020
- 35 out of the 56 analysts tracking the stock have a buy recommendation; 8 sell calls
- The stock trades at its 12-month consensus price target level of Rs 599.3
European Markets Open Flat
Benchmark indices in Europe have opened little changed after they staged an intra-day reversal to end higher on Wednesday.
The Stoxx 600 index has opened flat with technology and travel stocks leading the gains. Banks, insurance, telecom stocks are underperforming.
Most Asian markets have ended mixed while futures on the Dow Jones are trading lower by 70 points.
Brent crude trades little changed at $45.6 per barrel while Gold trades 0.7% lower at $1,940.9/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 unchanged at 3,358
- DAX up 0.15% at 13,211
- CAC unchanged at 5,047
- FTSE 100 down 0.1% at 6,038
- IBEX 35 down 0.43% at 7,092
How Are The Sectoral Indices Faring
Earnings Reaction: NACL Industries Q1FY21
- Revenue up 31.9% to Rs 252 crore
- Net profit up 4 times to Rs 5.6 crore
- Ebitda up 2.8 times to Rs 18.2 crore
- Ebitda margin at 7.2% from 3.4%
- All numbers are consolidated and compared on a year-on-year basis
Stock Reaction:
- Shares gain as much as 8.1% - the most in three weeks to Rs 51.25.
- The stock trades at the highest level since February 2018
- Shares are rising for the sixth straight day - Longest winning streak since July 2018
- The stock is up 23% in the last six trading sessions
- Today's volumes are more than 20 times its 20-day average
Buzzing Stock: Tata Elxsi
- Among top performing stocks on the Nifty Smallcap index
- Gains as much as 9.8% to Rs 1,208.75
- Biggest single-day gain in four months
- Trades at the highest level since October 2018
- Up for the fourth straight day
- Has gained 10% in the last four trading sessions
- Today's volumes are almost quadruple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 84
- Has more than doubled from its 52-week low of Rs 500 on March 25, 2020
- Four out of the seven analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 18% higher than its 12-month consensus price target of Rs 959.5, implying a negative return potential
Anil Ambani Personal Insolvency Case
- Delhi High Court orders a stay on the personal insolvency case against Anil Ambani.
- Delhi High Court agrees to hear Anil Ambani's plea, challenging the appointment of a resolution professional in the personal insolvency case.
- Court restrains Anil Ambani from alienating or encumbering any assets.
- Delhi High Court will take up the case next on October 6, 2020.
Markets At Noon
- Benchmark indices hold on to gains
- Nifty up 0.38% at 11,593
- Sensex up 0.4% at 39,227
- Nifty Bank up 0.9% to 23,628
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 1%
- India Volatility Index down 1.1% to 19.1
- Nifty Realty index extends gains as the top sectoral gainer; up 7%
- Nifty PSU Bank is the other major sectoral gainer; up 1.7%
- Nifty Media, Nifty Pharma index up 1% each
- Nifty FMCG is the only sectoral laggard; down 0.2%
- Tata Motors is the top Nifty gainer; up 4%
- Bajaj Auto is the top Nifty laggard; down 1.4%
- 1,058 stocks on the NSE trade with gains while 655 decline
Earnings Reaction: Indraprastha Gas Q1FY21
- Revenue down 59% to Rs 638.5 crore
- Net profit down 87,5% to Rs 31.8 crore
- Ebitda down 77.8% to Rs 83.5 crore
- Ebitda margin at 13.1% from 24.3%
- Total volumes down 57% to 101 million scm
- CNG volumes down 66% to 105 million kg
- Domestic PNG volumes down 39% to 43 million scm
- Industrial and commercial PNG volumes down 40% to 41 million scm
- All numbers are standalone and compared on a quarter-on-quarter basis
Shares fell as much as 2% to Rs 405.2, down for the third straight day.
Stock Reaction: Blue Star
The air conditioning and commercial refrigeration major has won an electrical and mechanical works order worth Rs 149 crore.
The order is for the Mumbai Metro Line III for five underground stations. The order has been received from the Dogus-Soma JV.
The scope of this order comprises design verification, supply, installation, testing and
commissioning of E&M works, the company said in an exchange filing.
"With this order we are steadily advancing and marking our project management forte for the Metro Rail sector," B Thiagarajan, the company's Managing Director was quoted as saying.
Shares gained as much as 4.5% to Rs 649.75, post the announcement. The stock is up for the sixth straight day and is trading at a five-month high.
Buzzing Stock: PNB Housing Finance
- Among the top performers on the Nifty Midcap index
- Gains as much as 9.2% to Rs 308.9
- Biggest single-day gain in nearly eight months
- Trades at the highest level in five months
- Up for the third straight day
- Has gained 14% in the last three sessions
- Up in seven out of the nine trading sessions
- Up 27% in the last nine trading sessions
- Today's volumes are six times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 79
- Near 200-Day Moving Average of Rs 311
- Has more than doubled from its 52-week low of Rs 145 on March 26
- Six out of the 17 analysts tracking the stock have a buy recommendation; 3 sell calls
- The stock trades 9.7% higher than its 12-month consensus price target of Rs 275.3, implying a negative return potential
Realty Index Up Most Since April 2017
Stock Reaction: Tobacco Stocks
A parliamentary panel has recommended permitting regulated Foreign Direct Investment (FDI) in the tobacco sector and establish export-only tobacco farms to boost outward shipments, PTI reported on Wednesday.
“Committee is of the opinion that the FDI in tobacco sector albeit in a regulated manner would stimulate the production and processing of Indian tobacco thereby boosting its export,” the report said.
The report is likely to be tabled in the upcoming session of Parliament.
Stock Reaction:
- Godfrey Phillips: Shares gained as much as 13.8% - the most since August 2019 to a four-month high of Rs 1,092.
- VST Industries: Shares gained as much as 10.2% - the most since July 2018 to Rs 3,807. The stock is off the day's high.
- ITC: Shares gave up gains of as much as 2% and are currently trading little changed.
Stock Reaction: Dilip Buildcon
The road construction company has received a Letter of Acceptance (LoA) from the National Highways Authority of India for a new HAM project in Karnataka.
The project involves four-laning of Dodaballapur Bypass to Hoskote section of NH-648 under the Bharatmala Pariyojana, the company said in an exchange filing.
The 38-km long project has been won at a bid project cost of Rs 1,278 crore and is expected to be completed within the next 24 months.
The operation period for the HAM project is 15 years from the Date of Commissioning, the company said.
Shares gained as much as 4.1% to Rs 408 - the highest level in seven months.
Buzzing Stock: CDSL
- Among top performers on the Nifty 500 index
- Gains as much as 8.65% to Rs 434.4
- Biggest single-day gain since January this year
- Trades at the highest level since July 2017
- Rising for the fifth straight day
- Longest winning streak in two months
- Up 15% in the last five trading sessions
- Today's volumes are 12 times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 83
- Has more than doubled from its 52-week low of Rs 179.8 on March 23, 2020
- 1 out of the five analysts tracking the stock has a buy recommendation; 2 sell calls
- The stock trades 18.4% higher than its 12-month consensus price target of Rs 348.8, implying a negative return potential
Watch Live: RBI Governor Speaks At Business Standard's Unlock BFSI 2.0 Event
Stock Reaction: Alembic Pharma
The drugmaker announced that it has received tentative approval from the U.S. FDA for its Abbreviated New Drug Application (ANDA) Empagliflozin and Linagliptin tablets, 10 mg / 5 mg and 25 mg / 5 mg variants.
The ANDA is therapeutically equivalent to the Glyxambi tablets of Boehringer Ingelheim Pharma, the company said in an exchange filing.
The tablets are used as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.
Both these drugs had an estimated market size of $244 million for the 12-month period ending June 2020, as per IQVIA.
Shares gained as much as 2.9% to Rs 1,020, post the announcement.
Stock Reaction: ICICI Securities
The broking firm's promoter ICICI Bank on Wednesday approved the sale of 2% stake of the company's total equity via open market sale.
The private lender will sell 64.4 lakh shares of its subsidiary in order to comply with the SEBI guidelines on minimum public shareholding.
As of June 30, ICICI Bank held 79.22% stake in ICICI Securities.
The shares that will be sold in the market have a face of Rs 5.
Shares fell as much as 3.4% to Rs 488.65, snapping a four-day gaining streak.
Buzzing Stock: Bombay Dyeing
- Among top performers on the Nifty 500 index
- Gains as much as 7.7% to Rs 79.3
- Biggest single-day gain in two months
- Trades at the highest level in two months
- Up for the second straight day
- Has gained 14% in the last two trading sessions
- Today's volumes are eight times higher than its 20-day average
- Snapped a four-day losing streak on Wednesday
- Broke above its 50-Day Moving Average at 70.4 on Wednesday
- Stock enters overbought territory with Relative Strength Index (RSI) at 70
- Has more than doubled from its 52-week low of Rs 36 on March 24, 2020
Markets At 10:10 A.M.
- Benchmark indices gain for the fifth straight day
- Nifty up 0.34% at 11,588
- Sensex up 0.42% at 39,227
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 0.7%
- Midcap and Smallcap index up for the ninth straight day
- India Volatility Index little changed at 19.33
- Nifty Realty index is the top sectoral gainer; up 4.8%
- Nifty Media and Nifty PSU Bank index gain 1% each
- Nifty Auto and Nifty Metal trade with a negative bias
- IndusInd Bank is the top gainer on the Nifty; up 2.55%
- Bajaj Auto is the top Nifty laggard; down 1.4%
- 1,035 stocks on the NSE trade with gains while 609 decline
Money Market Update
The currency has opened flat in today's session after posting modest gains on Wednesday.
The rupee opened at 74.27 against the U.S. Dollar as compared to Wednesday's close of 74.30.
Bloomberg surveys indicate that India is likely to have the worst GDP contraction in the second quarter among BRICS nations.
Yield on the 10-year government bond opened at 6.178% as compared to Wednesday's close of 6.192%.
Within the bond market, the RBI will be conducting its Open Market Operation worth Rs 20,000 crore today.
Coronavirus India Update
- India reports biggest single-day spike in new Covid-19 cases
- 75,760 new cases reported in the last 24 hours
- Total confirmed cases at 33,10,234
- Active cases at 7,25,991
- Patients cured / discharged / migrated at 25,23,771
- Death toll rises to60,472
- 1,023 deaths reported in the last 24 hours
- 56,013 patients recovered in the last 24 hours
Stock Reaction: Ramco Systems
Shares of the company continue to surge in today's session. As per data available on the exchanges, HDFC Mutual Fund acquired 1.57 lakh shares of the company on Wednesday, at Rs 240 per share.
The number of shares purchased by the fund house amount to 0.51% stake of the company.
The stock is locked in an upper circuit of 5% at Rs 257.75. Shares have gained in 16 out of the last 17 trading sessions.
Out of the 16 sessions during which the stock has gained, it has been locked in an upper circuit of 5% for 12 of them.
The stock is up 92% in the last 17 trading sessions.
Stock Reaction: Real Estate Stocks
The Maharashtra government has reduced stamp duty on real estate transactions between September and March 31 next year.
The duty will be reduced in two slabs. The stamp duty will be reduced by 3% until December 31, 2020 while from January 1 onwards, the duty will be reduced by 2% from January 1 to March 31, 2021.
The announcement is over and above the 1% reduction in stamp duty for two years that the state government had announced in its maiden budget in March.
Stock Reaction:
- Oberoi Realty: Shares gained as much as 8.4% - the most in four months to Rs 397.95. The stock trades at the highest level in a month.
- Sunteck Realty: Shares gained as muchas 19.5% - the most since April 2011 to a five-month high of Rs 307.7
- Godrej Properties: Shares gained as much as 5.3% - the most in a month to Rs 895.
- Kolte-Patil Developers: Shares gained as much as 9.4% to Rs 194.8 - the highest level in five months.
All the stocks have cooled off from their opening highs.
Stock Reaction: Hindustan Aeronautics
The state-run defence equipment manufacturer is declining in today's trade after the government said that it plans to sell 15% stake in the company through an Offer for Sale.
The government will sell up to 3.34 crore shares or 10% stake with an oversubscription option of 1.67 crore shares (5% stake).
The floor price of Rs 1,001 per share is a 15% discount to Wednesday's closing price.
The government intends to raise Rs 3,347.3 crore in case the OFS is fully subscribed. The full subscription will bring the government's stake in the company down to 74.47% from the earlier 89.9%.
The OFS for non-retail investors opens for non-retail investors today while that for retail investors opens tomorrow, August 28.
Shares fell as much as 11.6% - the most on record to Rs 1,041. The volumes on the stock are 18 times higher than its 20-day average at this time of the day.
Opening Bell: Fifth Day Of Gains
Indian equity markets opened higher for the fifth straight day, on course for its third successive F&O series gain.
The S&P BSE Sensex opened 0.56% higher at 39,293 while the NSE Nifty 50 opened 0.5% higher, above the mark of 11,600 at 11,609.
As of closing on Wednesday, the Nifty was up 4% this series while the Sensex was up 3.5%.
All sectoral indices have opened with gains. The realty index, which was the top sectoral laggard on Wednesday is the top gainer in today's session, opening with gains of 3.1%.
Other indices like the Nifty Bank, Nifty FMCG and Nifty PSU Bank have opened with gains of 0.5%.
Broader markets have opened higher. The midcap index has opened 0.66% higher while the smallcap index is up 0.8%. Both indices are up for the ninth straight session.
1,096 stocks on the NSE have opened with gains while 268 are declining.
Latest On The Coronavirus
- Global cases cross 24 million
- Death toll rises to 8.22 lakh
- Cases continue to climb in Europe and Asia
- South Korea reports 441 new cases in the last 24 hours, the biggest gain since early March
- Overall cases in the U.S. rise 0.8%
- Texas reports 229 deaths while hospitalisations have declined
- Abbott's 15-minute Covid test gets U.S. authorisation; will be priced at $5
- France reported 5,429 new cases over the last 24 hours
- 293 new cases reported in Greece - a record jump
- 1,367 new cases reported in Italy - the most since three and a half months
How Did The Fund Flows Fare On Wednesday
Key Stocks In Focus
- Hindustan Aeronautics: Government proposes to sell 15% stake in the company through an Offere for Sale. It plans to sell 3.34 crore shares (10% stake) at a floor price of Rs 1,001 per share for Rs 3,347 crore, with an oversubscription option of another 1.67 crore shares (5% stake). The floor price is a discount of 15% to Wednesday's closing price. On full subscription of the OFS, government's stake in the company to come down to 74.47% from 89.97%. OFS opens for non-retail investors today and for retail investors on August 28.
- The government of Maharashtra has decided to temporarily reduce stamp duty on flats to 2% from 5% till December 31. The stamp duty will be 3% from January 1 to March 31. The move is to boost the stagnant real estate market which has been badly hit due to Covid-19. Stocks like Oberoi Realty, Godrej Properties, Sunteck Realty, Kolte-Patil Developers will be in focus.
- ICICI Securities: ICICI Bank approves sale of 64.42 lakh equity shares or 2% stake in the company via open market sale. This is being done to comply with minimum public shareholding requirements. As of June 30, the bank's stake in the company stood at 79.22%.
- Mahindra & Mahindra: Signed a pact with Israel’s REE Automotive for electric commercial vehicles. The partnership will support REE Automotive’s global customer need for 2 lakh - 2.5 lakh electric commercial vehicle units over a few years, including Mahindra’s potential domestic and international volumes.
- Jindal Stainless: Board approved raising Rs 162.8 crore via issue of convertible equity warrants to promoter group Virtuous Tradecorp and Kotak Group’s Alternative Investment Fund.
- Rossari Biotech: SBI Mutual Fund increased stake to 5.26% from 4.8% on August 25.
- Lakshmi Vilas Bank: Board approved raising Rs 1,000 crore via issue of equity shares and Rs 500 crore via NCDs. Board also approved increase in authorized share capital to Rs 1,000 crore from Rs 650 crore.
- Non-Nifty Earnings Today: Avanti Feeds, Himatsingka Seide, ICRA, IDFC, NMDC, Edelweiss Financial, PNC Infratech, GMR Infra.
To know more about earnings reported after market hours, key brokerage updates and more, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
August Series Expiry Session
Good Morning!
The monthly futures and options series for August will expire on Thursday. The Nifty and Sensex, that have risen 4% ad 3.5%, respectively, so far this August contract, are set for their third straight F&O series gain.
The Nifty Bank has been the outperformer as it gained 8%, or close to 1,800 points in this series — 1,400 of which have come during the last four trading sessions.
Futures, however, are indicating a flat start to trade on Thursday. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,576 as of 7:30 a.m.
The street will watch out for stocks like ICICI Securities and Hindustan Aeronautics Ltd. following stake sale news, and Lakshmi Vilas Bank and Jindal Stainless on fundraising plans.
Indraprastha Gas, NACL Industries and Atul Auto may react to quarterly results reported late Wednesday, while Avanti Feeds, Himatsingka Siede, NMDC, Edelweiss, IDFC are set to announce their financials on Thursday.
Globally, Asian markets have opened mixed as investors await a speech from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium later tonight. Markets in Japan, South Korea and Hong Kong are declining, while those in China are flat.
The offshore yuan trades at the highest level since January this year, while the U.S. dollar is steady.
West Texas Intermediate crude is flat at $43.4 per barrel, while gold fell 0.5% to $1,945.9/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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