Business News Highlights: Nifty Ends Trading Near 20,000 Record High, Sensex Zooms 528 Points
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The G20 Summit 2023 concluded in New Delhi on Sunday. From economic corridor to the Declaration, India managed to deliver a successful summit under it's presidency. Similarly, markets last week managed to touch new highs despite global pressures. Sensex and Nifty, on Friday, extended their winning run into the sixth straight session. The S&P BSE Sensex, which touched a high of 66,767, eventually settled 333 points higher at 66,599. Sensex has now rallied 1,767 points in the past six trading sessions. On the other hand, the NSE Nifty that hit a high of 19,867 closed with a gain of 93 points at 19,820. continued their winning run into the fourth straight session because of late buying in index heavyweights, HDFC Bank, Bharti Airtel, and ITC.
Global oil benchmark Brent crude climbed 0.07 per cent to $89.98 a barrel. The rupee continued it’s fourth consecutive day on the downward trajectory. The domestic currency closed 24 paise higher at 82.99 (provisional) against the US dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by the RBI. However, the rupee managed to appreciate after the Reserve Bank announced the discontinuation of incremental cash reserve ratio in a phased manner by October 7, 2023, forex traders said.
Here are some important factors that can impact the market on September 11.
Macroeconomic Data
In the week, several macroeconomic factors will be keenly observed by investors. The US is expected to announce it’s consumer price index (CPI) inflation on September 13. The CPI gained in July by 3.2 per cent, on a year-on-year (YoY) basis. This was the first time in more than a year that the CPI registered an upward trajectory.
India is expected to release the retail inflation data for August on Tuesday, i.e., September 12. This data will give an outlook on the RBI’s repo rate movements. The banking regulator raised it’s consumer price index (CPI) inflation forecast for July to September period by 100 points to 6.2 per cent in it’s last meeting. The RBI increased it’s CPI inflation outlook to 5.4 per cent for the current fiscal year as a whole, and left the repo rate unchanged.
Additionally, market is expected to react to other data coming in the week including the index of industrial production (IIP), wholesale price index (WPI) inflation, manufacturing output, forex reserves, and trade deficit data.
IPOs and Debuts
The market this week awaits six initial public offerings (IPO) across the main board and SME segment. From the mainboard segment, RR Kabel IPO will open for subscription on September 13, with a price band of Rs 983-1,035 per share. Samhi Hotels IPO will start accepting bids on September 14, with it’s issue comprising fresh shares worth Rs 1,200 crore and an offer-for-sale of 1.35 crore equity shares. Zaggle Prepaid Ocean Services IPO will be available for subscription from September 14 and it will comprise a fresh issue of Rs 392 crore, along with an offer-for-sale of 1.04 crore shares.
In the SME segment, Chavda Infra IPO and Kundan Edifice IPO will be open for subscription on September 12, while Cellecor Gadgets IPO will start accepting bids from September 15.
Additionally, Rishabh Instruments and Ratnaveer Precision Engineering will make their debut in the stock market on Monday. The former closed it’s issue last week with 31.65 times subscription, while the latter was oversubscribed 94 times.
GOI Launches UK-India Infrastructure Financing Bridge In Partnership With NITI Aayog, City Of London Corporation
Union Finance Minister Nirmala Sitharaman on Monday said that the government has launched the UK-India Infrastructure Financing Bridge in collaboration with NITI Aayog and the City of London Corporation. "Today we have launched the UK-India Infrastructure Financing Bridge. It is a collaborative venture co-led by NITI Aayog and the City of London Corporation aimed at harnessing collective expertise in planning and implementing major infrastructure projects. We remain committed to collaborate, deliberate and innovate to navigate the challenges and seize the opportunities that lie ahead for both nations," Sitharaman said at the 12th annual India-UK Economic Financial Dialogue.
Pulses’ Sowing Remains 8.58% Lower In Ongoing Kharif Season On Account Of Monsoon Deficit
Pulses’ sown area remained in deficit till last week of the ongoing kharif season. The area stood 8.58 per cent lower at 119.91 lakh hectares till last week, on account of the monsoon rain deficit in the country, the data from the agriculture ministry revealed.
According to the data, total area sown to paddy continued to be higher at 403.41 lakh hectares till September 8, compared to 392.81 lakh hectares in the same period a year earli. However, pulses area sown stood 8.58 per cent lower, compared to 131.17 lakh hectares in the same period a year earlier, reported PTI.
Union Minister Sarbananda Sonowal To Attend Eastern Economic Forum Meeting In Russia
Union Minister Sarbananda Sonowal will lead an Indian delegation to participate in the 8th Eastern Economic Forum meeting in Russia’s Vladivostok this week. Russian President Vladimir Putin is expected to be present at the meeting. Sonowal has left for his three-day stay in Russia and will hold discussions with business leaders and foreign partners during his stay there, official sources claimed. Officials from China, Laos, Mongolia and ASEAN countries are also participating in the meeting taking place from September 10 to 13, reported PTI.
Rupee Depreciates 1 Paisa To 83.03 Against US Dollar
The rupee fell 1 paisa to close at 83.03 (provisional) against the US dollar on Monday, as investors’ remained concerned about increasing crude oil prices even as domestic equities market continued their positive trajectory.
Forex traders noted that a weak US dollar helped the domestic unit and limited it’s fall, reported PTI. At the interbank foreign exchange market, the rupee opened at 82.93 against the US dollar and ranged between 82.83 and 83.06. It finally settled 1 paisa lower at 83.03 against the previous close.
Stock Market: Nifty Ends Around 20,000-Mark, Sensex Jumps 528 Points
Sensex and Nifty, the two key equity benchmarks, closed at record highs on Monday, defying muted global sentiment across the globe amid broad-based rally. The Sensex closed 528 points higher at 67,127. On the other hand, the NSE Nifty50 hit an all-time high of 20,008, surpassing the previous high of 19,991.85. Eventually, it settled at 19,996, up 176 points. On the 30-share Sensex platform, barring L&T and Bajaj Finance, all closed in the green. PowerGrid, Axis Bank, Maruti, HCL, SBI, and Tata Motors were among the lead gainers.
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