Adani Group beats Mukesh Ambani Group in terms of market cap, Kotak Mahindra Bank misses out from FTSE inclusion, and more

• The domestic equity benchmark ended with steep losses.
• Investor sentiments turned jittery as US officials spoke about more rate hikes in coming policy to bring down inflation close to targeted 2 percent. Minutes of RBI’s policy meet in August also indicated more interest rate hikes in the coming months as retail inflation remains elevated, even though panel members noted that inflation might have peaked.

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• Kotak Mahindra Bank witnessed selling pressure as it missed out on inclusion in the Financial Times Stock Exchange (FTSE).  The private sector lender was widely expected to get included in the FTSE All-World Index after the legroom for foreign portfolio investors increased to 20 per cent in the quarter ended June.
• Cement stocks are catching interest among investors on hopes of improved demand and fall in oil prices. Cement sector raw material costs are majorly impacted by crude oil prices.
• Adani group has become the second most valued listed Indian group in terms of market cap, beating Mukesh Ambani Group. Despite its higher debt, investors continued to buy Adani Group firms after they expanded and diversified into multiple businesses, leading to earnings visibility in the future.
• Paytm share price rose as investors cheered the re-appointment Vijay Shekhar Sharma as CEO and MD. Reappointments of Sharma and Deora received approval from 99.67% and 99.82% of the voting shareholders.
• Zomato share price dropped for almost one-week low after brokerage firm Nomura Research initiated coverage on the firm with reduced ratings with a price target of Rs 50 a share.