Gift Nifty is down by 20.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets are set to extend losses from Tuesday as investors await China’s one-year and five-year loan prime rates and brace for the US Federal Reserve’s rate decision Wednesday stateside. The region also saw August trade data out from Japan, while wholesale inflation in South Korea jumped for the first time since July 2022. Japan’s Nikkei 225 fell marginally, while the Topix was also hovering near the flatline. Japan’s trade deficit in August narrowed by two-thirds on a year-on-year basis, while imports and exports recorded a smaller fall than expected. In Australia, the S&P/ASX 200 fell 0.11%, but South Korean markets bucked the trend, with the Kospi gaining 0.1% and the Kosdaq up marginally. Futures for Hong Kong’s Hang Seng index stood at 17,980, lower than the HSI’s last close of 17,997.17.
Stock futures remained calm on Tuesday evening ahead of the Federal Reserve’s interest rate decision and economic update. Dow Jones futures were steady, while S&P 500 and Nasdaq 100 futures inched up by less than 0.1%. Investors await the Federal Open Market Committee’s policy decision expected on Wednesday, focusing on economic projections and Fed Chair Jerome Powell’s press conference for future insights. This week’s trading has been subdued, with the Dow dropping 0.3%, and the S&P 500 and Nasdaq Composite each slipping 0.2% on Tuesday.
👉 Tata Motors: Tata Motors on Monday announced that it will raise the prices of its commercial vehicles by up to 3%, its third hike this calendar year to offset the residual impact of post-input costs, according to a report published by Reuters. The price hike will be effective from October 1. The increased prices will be applicable across its range of commercial vehicles, the Indian automaker said.
👉 HDFC Bank: The Reserve Bank of India has approved the reappointment of Sashidhar Jagdishan as HDFC Bank managing director and chief executive officer for three more years till 26 October 2026, the bank said in a regulatory filing. Jagdishan joined the bank in 1996 as a manager in the finance function and became business head of finance in 1999. He was later appointed CFO in 2008. Prior to his appointment as CEO in October 2020, he was the group head of the bank in addition to overseeing other functions.
👉 Biocon: The biopharmaceuticals company has received approval from its Board for the appointment of Peter Bains as the Group chief executive officer (CEO), with effect from September 18. He will be reporting directly to Biocon Group Chairperson Kiran Mazumdar-Shaw. Bains has stepped down from his role on the Biocon board as an Independent Director with immediate effect, to assume this strategic executive responsibility.
👉 RR Kabel: The wires and cables manufacturer will debut on the bourses on September 20 as the first company to list in the T+2 timeline after closing the IPO. The issue price has been fixed at Rs 1,035 per share.
👉 Foreign institutional investors (FII) sold shares worth Rs 1,236.51 crore, while domestic institutional investors (DII) purchased Rs 552.55 crore worth of stocks on September 18, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s net direct tax collection between April 1 and September 16, 2023, stood at Rs 8.65 lakh crore, up 23.5% on an annualised basis, data showed on Monday. This tax collection by the government includes personal income tax of Rs 4.47 lakh crore and corporate tax of Rs 4.16 lakh crore, as per a Ministry of Finance statement. Tax refunds worth Rs 1.22 lakh crore have been issued by the government during the current financial year.
- The Indian government plans to modify the production-linked incentive (PLI) scheme for sectors such as pharmaceuticals, drones, and textiles to encourage investment and boost manufacturing. The changes include extending timelines for the pharmaceutical sector and adding additional products in certain sectors.
- Oil prices jumped more than $1 on Tuesday, signaling a fourth consecutive session of gains as weak U.S. shale output compounded supply concerns from extended production cuts by Saudi Arabia and Russia. Global benchmark Brent crude futures were up $1.24, or 1.31%, to $95.67 a barrel. US West Texas Intermediate crude futures were up $1.92, or 2.1%, to $93.40.
- Gold held near a two-week peak on Tuesday, helped by a pullback in the dollar, although prices were stuck in a narrow range as focus turned to the Federal Reserve’s policy meeting for updates on the interest rate outlook and economic projections. Spot gold was up 0.1% at $1,934.10 per ounce after hitting its highest since September 5 earlier in the session. US gold futures gained 0.2% to $1,956.80.
Key Equity Indices
|Hang Seng||17,997||0.4 %|
|Shanghai Composite||3,125||(0.0) %|
|Dow Jones||34,518||(0.3) %|
|FTSE 100||7,660||0.1 %|
|Straits Times||3,241||(0.7) %|