KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty Extend Rally To End Near Two-Month High
Indian equity benchmarks extended rally for the second consecutive trading session to end near a two-month high.
The S&P BSE Sensex closed 2.83 percent or 1,075.41 points higher at 39,090.03 and the NSE Nifty 50 ended 2.92 percent higher at 11,603.40. The broader markets represented by the NSE Nifty 500 Index advanced 2.78 percent.
International research firm Nomura expects Nifty to reach 12,545 by March on the back of a potential 7 percent earnings increase in the current and the next financial year, according to its research report.
The cut in corporate tax rates on domestic businesses is positive for corporates, economy and market valuations, according to the broking firm. “The move should help improve the competitiveness of Indian corporates to an extent,” Nomura said in a note.
The market breadth was firmly tilted in favour of buyers. About 1,189 stocks advanced and 620 shares declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Private Bank Index’s 5.64 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 2.88 percent.
From Bloomberg: NSE Brokers In Mumbai Complain Of Disruption In Price Feed
The brokers in the National Stock Exchange in Mumbai today complained about the disruption in price feed, Bloomberg reported without mentioning the source of information.
Oil Marketers Advance On Falling Crude
Shares of the oil marketing companies extended gains for the second consecutive trading session.
This after Brent crude fell for the second straight session. The Asia’s crude benchmark declined 0.7 percent to $63.83 a barrel.
Money Market Update: Rupee Trades Little Changed
The Indian rupee traded little changed at 70.92 against the U.S. dollar.
The home currency had depreciated 0.19 percent against the greenback during the opening trade. The local legal tender appreciated 0.67 percent so far this month after depreciating 3.79 percent in August.
Bond Market Update: 10-Year Yield Swing On Report Government Said To Keep Borrowing Unchanged
The yield on the 10-year note fluctuated between gains and losses to trade one basis point lower at 6.77 percent.
The government is said to refrain from extra borrowings in the second half of the current fiscal, Bloomberg reported quoting people familiar with the matter.
The finance ministry officials and the country’s central bank will meet tomorrow to finalise the borrowing schedule for October-March period, the report added.
Fab Four Stocks Of The Day
Lemon Tree Hotels
- Stock rose as much as 15.7 percent to Rs 62.25.
- Government cut GST rates on hotel tariffs in an attempt to boost India's domestic tourism industry.
Filatex India
- Stock rose as much as 5 percent to Rs 40.75.
- The company Increased polymerisation capacity by 150 tonnes per day and added machinery for 170 tonnes per day yarn at Dahej unit.
Titan
- Stock rose as much as 6.5 percent to Rs 1,345.
- Company to meet Rakesh Jhunjhunwala-backed Rare Enterprises today.
Page Industries
- Stock rose as much as 10.85 percent to Rs 25,088.90.
- Fresh longs seen with high open interest of 26 percent.
Market Check: Sensex, Nifty Set To End Near Two-Month High
Indian equity benchmarks extended rally for the second consecutive trading session and are set to end near a two-month high.
The S&P BSE Sensex advanced 3.07 percent or 1,164 points to 39,177 as of 3 p.m. and the NSE Nifty 50 rallied 2.99 percent to 11,610. The broader markets represented by the NSE Nifty 500 Index rose 2.82 percent.
Stocks Moving On Heavy Volumes
Triveni Turbine
- Stock rose as much as 19.9 percent to Rs 110.60.
- Trading volume was almost 30 times its 20-day average.
JK Cement
- Stock rose as much as 4.1 percent to Rs 1,130.75.
- Trading volume was almost 14 times its 20-day average.
Thermax
- Stock rose as much as 7.6 percent to Rs 1,181.25.
- Trading volume was almost nine times its 20-day average.
Grindwell Norton
- Stock rose as much as 15.2 percent to Rs 672.
- Trading volume was almost 11 times its 20-day average.
HDFC Bank Marches Towards Rs 7 Lakh Crore Market Cap
Shares of HDFC Bank extended gains for the third consecutive trading session. The stock rose as much as 4.9 percent to Rs 1,258 and is the top performing index heavyweight on Sensex and Nifty.
The company is inching towards Rs 7 lakh crore in market capitalisation.
Expect Steel Prices To Recover In H2 FY20, JSW Steel Says
JSW Steel Ltd expects the price of steel to recover in the second half of the current financial year, its Joint Managing Director Seshagiri Rao said.
“The Indian steel industry has submitted a proposal to the commerce department seeking safeguard duty on imports of about 25 percent ,” Rao said in an event in New Delhi.
Canara Bank Plans To Sell 30% Stake In Commonwealth Trust (India)
State-run Canara Bank said that it plans to sell 30 percent stake in Commonwealth Trust (India) Ltd
“The investment committee of the bank has permitted to initiate the process of stake sale in full in Commonwealth Trust (India) The bank invites expression of interest for sale of 37,500 shares, representing 30 percent of paid-up capital held by Canara Bank in the firm,” the lender said in a stock exchange filing.
Shares of Canara Bank rose 5 percent to 211.75.
Market Check: Sensex, Nifty Surge Over 3%
Indian equity indices continued to trade higher, led by the gains in HDFC twins.
The S&P BSE Sensex rose 3.14 percent to 39,207 as of 2 p.m. and the NSE Nifty 50 rose 3.08 percent to 11,619.25. The broader markets represented by the NSE Nifty 500 Index advanced 2.9 percent.
The market breadth was firmly tilted in favour of buyers. About 1,239 stocks advanced and 533 shares declined on National Stock Exchange.
Zee Entertainment Extends Fall; Shares Drop Over 8%
Shares of Zee Entertainment extended declines for the sixth consecutive trading session, their longest losing streak since Aug. 6. The stock fell as much as 8.1 percent to Rs 277.
The Relative Strength Index was below 30, indicating that the stock may be oversold, according to Bloomberg data. The stock declined 18 percent in the past five days and 19 percent in the past 30 days.
Tax-Competitive India To Be Focus Of Foreign Investors, Mark Mobius Says
With India cutting corporate tax rates on domestic businesses to stimulate economic growth from a six-year low, veteran emerging-markets investor Mark Mobius said foreign investors would increase their exposure to the nation.
“India stands pretty high in the EM (emerging market) pack,” Mobius, partner and co-founder of Mobius Capital Partners LLP, told BloombergQuint in an interaction. “Till now, our fund’s exposure to China was a little higher than India, but now we may see India surpassing China.”
Read more and watch the full conversation here.
Edelweiss Financial Services Swings On Brickworks Ratings Revision
Shares of Edelweiss Financial Services fluctuated between gains and losses to trade 0.3 percent higher at Rs 124.30.
Brickworks ratings revised the company’s rating assigned to secured non-convertible debentures worth Rs 50 crore from ‘BWR AA+’ rating to ‘BWR AA’. The outlook remains negative.
Besides, about 10 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Trading volume was more than double its 20-day average, Bloomberg data showed. The stock traded at 14 times its estimated earnings per share for the coming year.
Amtek Auto Insolvency Case: Supreme Court Stays Criminal Prosecution Initiated Against Liberty House
- Supreme Court stays criminal prosecution initiated against Liberty House in the Amtek Auto case.
- Insolvency and Bankruptcy Board of India approaches Supreme Court in Amtek Auto case.
- IBBI challenges NCLAT order which said IBBI can take cognizance of criminal complaints in insolvency cases only when a reference made by the NCLT.
- Supreme Court has agreed to hear IBBI plea and put on hold criminal prosecution initiated against Liberty House in the Amtek Auto case.
Market Check: Sensex, Nifty Extend Rally
Indian equity benchmarks extended rally for the second consecutive trading session.
The S&P BSE Sensex rose 3.56 percent to 39,353 as of 1:05 p.m. and the NSE Nifty 50 rose 3.48 percent to 11,665. The broader markets represented by the SNE Nifty 500 Index advanced 3.23 percent.
Global Markets Update: Asian Stocks Decline; U.S. Futures Advances
Stocks in Asia slipped as investors monitored the latest developments in trade talks between America and China. U.S. equity futures advanced.
- Futures on the S&P 500 Index rose 0.4 percent.
- Hong Kong’s Hang Seng Index fell 0.7 percent.
- The Shanghai Composite Index dropped 1.4 percent.
- Australia’s S&P/ASX 200 Index added 0.4 percent.
- South Korea’s Kospi index was little changed.
- Euro Stoxx 50 futures dipped 0.3 percent.
Get your daily fix of global markets here.
Mid-Cap Index Surges Over 9% In Two Days; Small-Cap Index Up 7%
The mid-cap index represented by the NSE Nifty MidCap 100 Index rose 9.3 percent in two trading sessions while the small-cap index represented by the NSE Nifty SmallCap 100 Index advanced nearly 7 percent during the period.
Stocks Moving On Heavy Volumes
Indian Hotels
- Stock rose as much as 9.4 percent to Rs 163.
- Trading volume was more than 20 times its 20-day average.
Petronet LNG
- Stock rose as much as 12.2 percent to Rs 299.
- Trading volume was almost 18 times its 20-day average.
General Insurance Corporation
- Stock rose as much as 7.1 percent to Rs 203.95.
- Trading volume was more than 18 times its 20-day average.
TCNS Clothing
- Stock rose as much as 8.1 percent to Rs 756.95.
- Trading volume was more than 18 times its 20-day average.
GE T&D India
- Stock rose as much as 16.4 percent to Rs 181.
- Trading volume was more than 15 times its 20-day average.
Bajaj Holdings & Investments
- Stock rose as much as 8.5 percent to Rs 3,510.
- Trading volume was more than six times its 20-day average.
Abbott India Extends Rally; Shares Surge To Record
Shares of Abbott India extended gains for the second consecutive trading session. The stock rose as much as 7.2 percent, the most since Aug. 8, to hit an all-time high at Rs 10,950.
Trading volume was more than five times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
The stock advanced 11 percent in the past five days and rallied 24 percent in the past 30 days.
Also Read: Why Abbott India Outperformed Pharma Peers
Market Check: Sensex Surges Nearly 1,300 Points; Nifty Above 11,650
Indian equity indices extended their rally for the second consecutive trading session.
The S&P BSE Sensex rose 3.4 percent or nearly 1,300 points to 39,307 as of 12:05 p.m. and the NSE Nifty 50 rose 3.43 percent to 11,660. The broader markets represented by the NSE Nifty 500 Index advanced 3.2 percent.
Financial Turmoil At Thomas Cook Plc Not To Impact Thomas Cook India
Travel and leisure firm Thomas Cook (India) Ltd. on Saturday said it is not related with U.K.-based Thomas Cook Plc, which is struggling to stave off a financial collapse, according to PTI report.
“The company stressed that Thomas Cook India is a completely different entity owned by Canada-based Fairfax Financial Holdings and it will have not impact of the financial collapse of the iconic British firm Thomas Cook Plc.,” the news agency said.
Shares of Thomas Cook (India) fell as much as 9.4 percent, the most in nearly a month, to Rs 142.
FMCG Shares Rally; Britannia Industries Surges Nearly 10%
Shares of the FMCG companies rallied.
The NSE Nifty FMCG Index, comprising of 15 consumer goods maker, rose 5.9 percent, led by the rally in Britannia Industries Ltd. and ITC Ltd.
UBS Revises Nifty’s June 2020 Target To 12,300 From 11,100 Earlier
International brokerage firm UBS revised its Nifty’s June 2020 target to 12,300 from 11,100 earlier.
“We revise out Nifty’s base case for June 2020 at 12,300,” UBS Securities India Analyst Gautam Chhaochharia said in a note.
“We are now Underweight on IT and remain Underweight on autos. We remain overweight on financials, realty and oil and gas,” he added.
Sectoral Indices Check: Nifty FMCG Index Top Sectoral Performer
Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty FMCG Index’s 5 percent rally. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 2.5 percent.
Market Check: Sensex Jumps Over 1,000 Points; Nifty Approaches 11,600
Indian equity benchmarks extended gains for the second consecutive trading session to trade near day’s high.
The S&P BSE Sensex rose 2.76 percent or over 1,000 points to trade above 39,000 as of 11:05 a.m. and the NSE Nifty 50 rose 2.78 percent to 11,587. The broader markets represented by the NSE Nifty 500 Index advanced 2.53 percent.
Market Commentary: Nifty May Witness Volatility In Today’s Trade, Karvy Stock Broking Says
The Nifty may witness volatility in the today’s trade and may trade with positive bias tracking Friday’s moves, according to Karvy Stock Broking.
“The 50-stock stock index is having immediate support around 11,200-11,220 levels while resistance is around 11,400 and 11,500 levels,” the homegrown firm said in a report.
The comments come after the Indian equity indices registered their best single-day gains in a decade on Friday.
Bond Market Update: 10-Year Yield Falls Nearly Four Basis Points
The yield on the 10-year note fell nearly four basis points to 6.75 percent.
The government will decide on reviewing fiscal gap target nearer to the next budget in February after announcing a $20 billion tax-cut stimulus for companies last week, Bloomberg reported quoting Finance Minister Nirmala Sitharaman.
The 10-year yield had advanced 15 basis points on Friday to 6.78 percent.
Thyrocare Technologies Falls The Most In Over A Month
Shares of Thyrocare Technologies fell as much as 4.8 percent, the most since Aug. 21, to Rs 499.90.
The company said that it will not sell the shares of wholly owned subsidiary Nueclear Healthcare to A. Velumani, the promoter, chairman, MD and CEO. Audit committee recommended the board to not accept the offer as they felt that the same may result in dilution of his focus and time, which is not in the interest of the company.
Trading volume was more than five times its 20-day average, Bloomberg data showed. Of the shares traded, 63 percent were at the ask price and 26 percent were at the bid.
Large Trade Alert: GAIL
About 14 lakh shares of GAIL changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Shares of the company rose 4.12 percent to Rs 140.25. the stock had risen 10.4 percent intraday.
Dr. Reddy’s Drop The Most In Over A Month
Shares of Dr. Reddy’s Laboratories fell as much as 4.4 percent, the most since Aug. 14, to Rs 2,712.30.
The company said that it is suspending supply of its drug Ranitidine worldwide as a precautionary measure, following the ongoing probe by the U.S. Food and Drug Administration into the reported impurity N-nitrosodimethylamine in it at low levels, according to a PTI report.
“Dr. Reddy’s is still evaluating potential impact of the issue. As a precautionary measure, Dr. Reddy’s is suspending all shipments worldwide of Ranitidine products until the investigation by the FDA outcome is available. We have both a prescription and an over-the-counter portfolio of the product,” the news agency reported quoting company’s spokesperson.
The stock traded at 20 times its estimated earnings per share for the coming year, according to Bloomberg data.
F&O Check: Nifty 11,600 Call Option Contract Surges 237%
Nifty’s 11,600 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Thursday, jumped 237.36 percent to Rs 58.70. Over 7.63 lakh shares were removed from the open interest which stood at over 26.08 lakh shares.
Market Check: Sensex Holds 700-Point Rally; Nifty Above 11,500
Indian equity benchmarks were trading off opening highs as gains in HDFC Bank Ltd. and ITC Ltd. were offset by the losses in Infosys Ltd. and Tata Consultancy Services Ltd.
The S&P BSE Sensex rose 1.96 percent or 743 points to 38,772 as of 10 a.m. after opening over 1,300 points higher. The NSE Nifty 50 rose 2.13 percent to trade above 11,500. The broader markets represented by the NSE Nifty 500 Index advanced 2.05 percent.
Large Trade Alert: Yes Bank
About 12.2 lakh shares of Yes Bank changed hands in a large trade, according to Bloomberg data. Buyers and sellers were not known immediately.
Shares of the Mumbai-based lender fell 2.5 percent after the large trade. The stock declined as much as 3.4 percent.
Nifty Bank Extends Gain; Reclaims 30,000
The NSE Nifty Bank Index, comprising of 12 lenders extended gains for the second consecutive trading session and rose as much as 5.5 percent to reclaim 30,000-mark for the first time in over two months.
The gains in the index was led by IndusInd Bank, RBL Bank and HDFC Bank. The 12-stock gauge had registered its best ever single-day gains in absolute terms on Friday.
Petronet LNG Erases Opening Gains After Signing Pact
Shares of Petronet LNG swung to a fall of as much as 7.4 percent to Rs 246.70 from a surge of as much as 13.3 percent.
Tellurian Inc. said it signed a $7.5 billion agreement with the company to buy its proposed liquefied natural gas terminal in Louisiana, in what could potentially be one of the largest foreign investments in the U.S. to ship shale gas abroad.
Petronet will spend $2.5 billion for an 18 percent equity in the $28 billion Driftwood LNG terminal—the largest outside holding so far in the project and negotiate the purchase of 5 million tonnes of gas per annum, Bloomberg reported quoting Tellurian Chief Executive Officer Meg Gentle.
Trading volume was more than 30 times its 20-day average, Bloomberg data showed. Of the shares traded, 33 percent were at the ask price and 43 percent were at the bid.
Infosys, TCS Worst Performers On Sensex, Nifty
Shares of Infosys and Tata Consultancy Services were the worst performers on Sensex and Nifty.
The Bengaluru-based software developer fell as much as 4.4 percent, the most in over five months, to Rs 767.70, while the country’s largest information technology firm fell as much as 3.5 percent to Rs 1,994.20.
Hotel Shares Rally On GST Cut Announcement
Shares of the hotel operators rallied after the government cut GST rates on hotel tariffs in an attempt to boost India's domestic tourism industry.
- Hotel tariffs above Rs. 7,500: From 28 percent to 18 percent
- Hotel tariffs from Rs. 1,000 to Rs 7,500: From 18 percent to 12 percent
- Hotel tariffs below Rs. 1,000: Nil
- Outside Catering: From 12 percent to 5 percent
Opening Bell: Sensex Opens Over 1,300 Points Higher; Nifty Above 11,600
Indian equity benchmarks extended gains for the second consecutive trading session.
The S&P BSE Sensex surged as much as 3.5 percent or 1,331 points to 39,346 and the NSE Nifty 50 rose as much as 3.5 percent to 11,666.35. The broader markets represented by the NSE Nifty 500 Index advanced as much as 3.16 percent.
The market breadth was firmly tilted in favour of buyers. About 1104 stocks advanced and 272 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty FMCG Index’s 5 percent rally. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 1.06 percent.
Your Complete F&O Trade Setup
Futures
- Nifty September futures closed at 11,295, premium of 21.5 points versus 6.5 points.
- Nifty futures OI across series up 8 percent, adds 17.5 lakh shares in OI.
- Bank Nifty Sep futures closed at 28,989.9, premium of 8 points versus 24.2 points.
- Bank Nifty futures OI across series down 1 percent, sheds 11,000 shares in OI.
- Nifty Rollover at 24 percent, Bank Nifty Rollover at 20 percent.
Options
- Nifty PCR at 1.38 versus 1.03 (across all series)
Nifty Monthly Expiry (Sept. 26)
- Max OI on call side at 11,500 (27.4 lakh shares)
- Max OI on put side at 11,000 (48.5 lakh shares)
- OI addition seen at 11,000P (+26.4 lakh shares), 11,200P (+19 lakh shares), 11,000P (+19 lakh shares)
BQ Heads-Up: How ADRs Fared On Friday
BQ Heads-Up: Who's meeting Whom
- Titan to meet Rare Enterprises, Limiar Capital and WCM Investment Management from Sept. 23-26.
- Tata Motors to meet Karma Capital, SBI MF and other investors from Sept. 23-27.
- Jyothy Labs to meet BNP Paribas Securities on Sept. 23.
- Tata Steel to meet Fidelity Investments and Westwood Global Investment from Sept. 23-26.
- Chalet Hotels to meet HDFC Standard Life Insurance on Sept. 23.
- Mahindra & Mahindra to meet Axis Capital and Premji Investment from Sept. 23-26.
- Mahindra Logistics to meet Reliance MF, Goldman Sachs and other investors from Sept. 24-25.
Money Market Update: Rupee Opens Little Changed
The Indian rupee traded little changed at 70.96 against the U.S. dollar.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian equity benchmarks are set to open higher.
The S&P BSE Sensex rose 1 percent or 380 points to 38,393 during the pre-market trade and the NSE Nifty 50 rose 2.2 percent to 11,520.
Insider Trading: Bombay Dyeing, Godrej Industries, HEG
- Bombay Dyeing & Manufacturing promoter Jer Mavis Settlement sold 54,000 shares on Sept. 18.
- Godrej Industries promoter Anamudi Real Estates acquired 64,000 shares from Sept. 18-19.
- HEG promoter RSWM sold 1.6 lakh shares on Sept. 18.
Trading Tweaks: State Trading Corporation of India, MMTC
- State Trading Corporation of India, MMTC price band revised to 10 percent.
- Orient Paper & Industries, Shree Rama Newsprint, Somany Ceramics to move out of short term ASM Framework.
Stocks To Watch: Alkem Laboratories, Biocon, Cox & Kings, Petronet LNG
- Thyrocare Technologies said that the company will not sell the shares of wholly owned subsidiary Nueclear Healthcare to A. Velumani, the promoter, chairman, MD and CEO. Audit committee recommended the board to not accept the offer as they felt that the same may result in dilution of his focus and time, which is not in the interest of the company.
- Reliance Capital: CARE Ratings downgraded rating on debt programmes worth Rs 17000 crore of company to D on account of recent instance of delay in servicing of coupon on several non-convertible debentures. The company said that the payments were delayed by one day due to technical glitch in bank servers.
- Federal Bank received RBI approval for reappointment of Shyam Srinivasan as the MD & CEO of the Bank with effect from Sept. 23, 2019 till Sept. 22, 2020.
- Cipla received Establishment Inspection Report (EIR), indicating closure of the inspection, from the U.S. FDA for the company's API manufacturing facility in Virgonagar, Bengaluru.
- Biocon received eight Form 483 by the U.S. Food and Drug Administration for two units in Bengaluru. The U.S. FDA had conducted a pre-approval inspection of these units from Sept. 10-19, and even gave one general observation after the inspection. The company said that the pre-approval inspection of new facilities does not have any impact on the current commercialisation plans from company’s existing facilities.
- Petronet LNG: Tellurian Inc. said it signed a $7.5 billion agreement with the company to buy its proposed liquefied natural gas terminal in Louisiana, in what could potentially be one of the largest foreign investments in the U.S. to ship shale gas abroad. Petronet will spend $2.5 billion for an 18% equity stake in the $28 billion Driftwood LNG terminal -- the largest outside holding so far in the project -- and negotiate the purchase of 5 million tons of gas per annum, Bloomberg reported quoting Tellurian Chief Executive Officer Meg Gentle.
- ICRA received a reply to termination letter by the counsel of Naresh Takkar. The rating agency said that it is considering the reply and will respond appropriate.
- MCX will consider raising total limit in foreign investment in the company by up to the prescribed sectoral cap of 49 percent.
- Torrent Pharma is expanding its voluntary recall for tablets used to control hypertension in the U.S. due to detection of traces of N-Methylnitrosobutyric acid, according to health regulator U.S. FDA, according to PTI report. “The recall is expanded to include an additional three lots of Losartan potassium tablets USP and two lots of Losartan potassium/hydrochlorothiazide tablets, USP,” the news agency reported quoting company’s announcement.
- Cox & Kings defaulted on the payment of commercial papers worth Rs 30 crore, which was due on Sept. 20.
- Filatex India said that it has increased its polymerization capacity from 900 TPD to 1,050 TPD and added machines for producing 170 TPD of Partially Oriented Yarn at Dahej unit, has commenced its operations.
- Alkem Laboratories acquired Cachet Pharma from its subsidiary company for Rs 51.85 crore.
- Seamec stated that deployment of vessel SEMEAC II has extended the contract for a further period of 91 days, till Dec. 28.
- Uflex: Arun Kumar Pandey resigned from chief financial officer’s post with effect from Sept. 20.
- Info Edge: The National Company Law Tribunal has approved the capital reduction plan of the company.
- IPCA Lab: Board to consider issuance of convertible bonds on Sept. 26.
- IOB: Raised Rs 500 crore via Basel III Tier II bonds issue.
- Syndicate Bank, OBC, UCO Bank: All India Bank Officers’ Confederation, All India Bank Officers’ Association, Indian National Bank Officers’ Congress, National Organization of Bank Officers have called for an all India strike by Bank Employees on Sept. 26 and 27.
- Edelweiss: Brickworks ratings revised the rating assigned to secured non-convertible debentures worth Rs 50 crore from ‘BWR AA+’ rating to ‘BWR AA’, outlook remains negative.
Global Cues: Crude Oil Advances; U.S. Stocks Halt Three-Day Gaining Streak
- With Tokyo closed for a holiday, cash Treasuries won’t trade until the London open.
- Oil advanced following a report that full repairs to Saudi oil fields hit by the drone attack may take many months.
- The S&P 500 halted a three-day advance on Friday after Chinese trade officials cancelled farm visits and President Donald Trump called the nation a threat.
Get your daily fix of global markets here.
Live: SGX Nifty Jumps Over 1%; Asian Stocks Decline
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 1.33 percent to 11,490.50 as of 8:15 a.m.
Stocks in Asia slipped as investors monitored the latest developments in trade discussions between America and China. U.S. equity futures advanced and the yen edged lower.
Hong Kong and China had the biggest declines, while Sydney rose. Japan is closed for a holiday. The onshore yuan fell amid caution in the run-up to next week’s national holidays.
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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