Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian Indices open on a negative note today with the Nifty around 17,550 amid global cues. At the time of closing, Sensex was down by 168.08 points or 0.28% at 59,028.91 & Nifty was down by 31.20 points or 0.18% at 17,624.40.
During the day, Benchmark indices ended the session in the red after having recovered some losses in the afternoon session. India has been able to lower inflation to manageable levels in the last couple of months, the finance minister has said. The deadline to comply with sulphur dioxide (SO2) emission norms for power companies has been extended by two more years, as per a government notification issued on September 6. For utilities operating within a 10 km radius of the National Capital Region or in cities having a million-plus population, the deadline has been pushed to 'December 31, 2024'. The Life Insurance Corporation (LIC) of India and the central government are likely to offer a 60% stake for sale in IDBI Bank. The Expression of Interest (EoI) for the divestment process will be invited by October. HDFC Bank hikes lending rates by 10 bps across tenures.
Reversing the two-day rally on the back of OPEC+'s output cut, oil prices fell on Tuesday on concerns of more interest rate hikes and COVID-19 lockdowns weakening fuel demand. China August Trade Data Imports up 0.3% YoY in $ terms versus estimates of 1.1% rise. Exports up 7.1% YoY in $ terms against an estimate of 13% rise. Trade balance at $79.39 bn versus estimates of $92.70 bn. The pan-European Stoxx 600 lost 1.1 percent in the first 30 minutes of trading, with all sectors seeing declines. FTSE 100 is down 78.76 points at 7,221.68. On the sectoral front, the auto index shed a percent while buying was seen in FMCG, IT and pharma space.
Nifty 50 top gainers are Shree Cement, Ultra CemCo, Adani Ports, Coal India & Grasim while Tata Motors, Bajaj Auto, Indusind bank, M&M & Maruti were among the top losers.