Gift Nifty is up by 20.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets climbed ahead of key economic data out of China, which could give clues on the trajectory of the world’s second largest economy. China will release August data for its house prices, unemployment rate and retail sales, as well as urban investment. Japan’s Nikkei 225 climbed 1.06%, while the Topix continued to push new 33-year highs and gained 0.98%. Most notably, shares of investment holding company Softbank surged over 3%, after shares of subsidiary Arm surged almost 25% on the Nasdaq. In Australia, the S&P/ASX 200 rose 1.56%. South Korea’s Kospi advanced 0.65%, while the Kosdaq was flat. Futures for Hong Kong’s Hang Seng index stood at 18,171, higher than the HSI’s last close of 18,047.92.
The Dow Jones Industrial Average rallied the most in over a month as traders cheered the revival of Wall Street’s IPO market and a decent batch of economic data. The Dow was up for the first day in three, climbing 0.96%. The 30-stock index closed above its 50-day moving average for the first time since Sept 1. It was also the blue-chip average’s best day since Aug 7. The S&P 500 gained about 0.84%, while the Nasdaq Composite moved 0.81%.
👉 Tata Motors: Tata Motors plans to set up a separate sales network for its electric passenger vehicles in the current fiscal year as it looks to give a differentiated experience to the buyers opting for the environment-friendly models, according to a top company official. The Mumbai-based auto major, which on Thursday introduced all-new versions of its Nexon EV and Nexon (internal combustion engine), said it will start experimenting with new outlets in some of the cities where EV volumes have gone up.
👉 Bharat Forge: UAE-headquartered global aerospace and technology company Paramount announced a broadening of its development and manufacturing partnership with Indian industrial conglomerate, Bharat Forge and Kalyani Strategic Systems, to produce a wider range of armoured vehicles in India for Paramount’s global customers. Their existing partnership produces KM4 armoured vehicles for the Indian Army.
👉 NTPC: The state-owned power generation company has signed a supplementary joint venture agreement (JVA) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL), to amend the existing JV dated February 28, 2008, and make it an integral component thereof. The JV was signed by NTPC & UPRVUNL in 2008 for the formation of the Meja Urja Nigam (MUNPL) company.
👉 Sun Pharma: LIC on Thursday said it has sold 2 per cent of its holding in Sun Pharma for ₹4,699 crore via open market sale. Following the share sale, there is a decrease of 2 per cent in holding during the period from July 22, 2022, to September 13, 2023. The shares were sold at an average price of ₹973.80 per share during the period through an open market sale in an ordinary course of transaction, it said.
👉 Foreign institutional investors (FII) bought shares worth Rs 294.69 crore, while domestic institutional investors (DII) sold Rs 50.80 crore worth of stocks on September 14, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- The Reserve Bank of India (RBI) on September 14 announced the list of non-banking finance companies (NBFCs) in the upper layer under scale-based regulation for NBFCs for the year 2023-24. The list has 15 companies that include LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons Pvt Ltd among others. The RBI had issued the Scale Based Regulation (SBR) on October 22, 2021. The framework categorizes NBFCs in base layer, middle layer, upper layer and top layer. Also, the regulation gives the methodology to identify the NBFCs in the Upper Layer as per their asset size and scoring methodology.
- India’s wholesale inflation rate in August decelerated by 0.52%, according to the Department for Promotion of Industry and Internal Trade. Inflation in food articles remained in double digit at 10.60 per cent in August, lower than 14.25 per cent in July. Retail inflation in August decreased to 6.83% from July’s 15-month high of 7.44%.
- Oil prices jumped on Thursday, with U.S. crude topping $90 a barrel, as expectations of a tighter supply grew. West Texas Intermediate crude (WTI) gained 1.6% to reach a high of $90.04 per barrel, touching its highest level since November 2022. Brent crude was up 1.7%, at $93.47, reaching a 10-month high. WTI crude last traded at $90.02 a barrel.
- Gold prices held near a three-week low on Thursday after higher-than-expected US producer prices data and retail sales numbers raised worries that U.S. interest rates are likely to stay higher for longer, boosting the dollar and bond yields. Spot gold rose 0.1% to $1,909.19 per ounce by 10:52 a.m. EDT (1452 GMT), after touching $1,904.93, its lowest since Aug. 25. U.S. gold futures fell 0.1% to $1,930.70.
Key Equity Indices
|Hang Seng||18,048||0.2 %|
|Shanghai Composite||3,127||0.1 %|
|Dow Jones||34,907||1.0 %|
|FTSE 100||7,673||2.0 %|
|Straits Times||3,250||1.0 %|