Business News Highlights: Indices Recover Marginally At Closing Bell, Nifty Over 19,700 Mark
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The two key equity benchmarks, Sensex and Nifty, on Tuesday again closed flat amid volatility in a directionless market. The BSE Sensex closed at 65,945, down 78 points. On the other hand, the NSE Nifty shut shop at 19,665, down 10 points. On the 30-share Sensex platform, TechM, IndusInd Bank, Infosys, Asian Paints, ICICI Bank, Kotak Bank were among the losers. On the upside, Nestle, Tata Steel, M&M, Bajaj Finance, HDFC Bank, NTPC emerged gainers. Shares of Eicher Motors, the listed parent company of Royal Enfield, and TVS Motor Company were in focus and rallied up to 4 per cent on the BSE in Tuesday's intra-day trade after overseas brokerage firm Jefferies said it preferred these two stocks over Bajaj Auto and Hero MotoCorp in two-wheelers (2W) segment.
Wall Street's main indexes dropped on Tuesday as investors continued to grapple with the prospects of a prolonged restrictive monetary policy by the Federal Reserve and its subsequent impact on the economy.
On Tuesday, the US markets witnessed drops in all main indices as investors remained wary about a prolonged restrictive monetary policy outlook by the Federal Reserve. Concerns about the economy remained as indices closed the day in red. European shares also extended their losses on Tuesday. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended lower.
Global oil benchmark Brent crude declined 0.79 per cent to $92.55 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,333.03 crore on Monday, according to exchange data.
Meanwhile, the rupee stayed on the downward track for the second straight day to settle 14 paise lower at 83.27 (provisional) against the US dollar on Tuesday due to a firm greenback against major currencies overseas and persistent foreign capital outflows. Besides, weak equity market sentiment and elevated levels of crude oil prices, hovering above $92 a barrel, weighed on the domestic currency, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 83.19 and traded between a high of 83.17 and a low of 83.27 against the greenback during the day. It finally settled at 83.27 (provisional), registering a fall of 14 paise from its previous close.
Here are some important factors that can impact the market on September 27.
Global Economies
Globally, markets will keenly observe the final economic growth data from the US for the second quarter of the calendar year set to be released on September 28, followed by a speech from Fed Chair Jerome Powell on September 29. The US is scheduled to reveal real consumer spending and PCE prices for the second quarter of the calendar year 2023 on September 28. The European Central Bank will hold a non-monetary policy meeting on September 27 and it’s general council meeting on September 28. The EU will announce it’s consumer confidence final and services sentiment for September towards the end of the week. Japan is expected to come out with it’s retail sales, housing starts, and construction orders for August on September 29. The UK will release it’s GDP numbers for the June quarter of 2023 and it’s current account data on September 29. China will announce it’s industrial profits (year-to-date) for August on September 27.
IPO Performance
Valiant Laboratories is set to launch it’s initial public offer on Wednesday. The company will accept bids for it’s issue till October 3. The IPO will comprise a fresh equity worth Rs 1.08 crore and is priced in the range of Rs 133-140. The issue has set aside about 50 percent of the offer for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 35 percent for retail investors. The company will use the funds generated from the issue towards it’s capital expenditure, capital requirements, and other general corporate purposes.
JSW Infrastructure and Updater Services’ issue will close after Wednesday's trade. By the end of day 2 of the issue, JSW Infrastructure’s IPO saw the issue subscribed about 2.13 times. Updater Services, meanwhile, saw weak demand towards the end of day 2 and was subscribed about 16 per cent by Tuesday's end.
Governments Urges Banks To Deploy Doorstep Executives To Aid Bedridden Pensioners In Submitting Life Certificates
The government asked all pension-distributing banks to deploy doorstep executives to provide assistance to bedridden and hospitalised pensioners for submission of their life certificates. The Department of Pension and Pensioners’ Welfare (DoPPW) issued an order mandating all banks to spread awareness about the ease of getting the life certificate digitally by using the face authentication technology by super senior pensioners, aged 80 and above.
Notably, all pensioners are required to provide a life certificate annually to be able to receive their pensions. The order, dated September 25, said, “There are about 69.76 lakh central government pensioners. In view of the digital life certificate through face authentication technology, it is now possible for every citizen to submit a digital life certificate (DLC) either from home using an Android smartphone or at the bank branch.”
CESC Received Board Clearance To Issue 30,000 NCDs To Raise Rs 300 Crore
Power company CESC announced on Wednesday that it has received board approval to issue 30,000 non-convertible debentures on a private placement basis to raise Rs 300 crore. The company in it’s regulatory filing said, “Committee of the board at its meeting held today, has approved the issue of 30,000 secured, unlisted, redeemable, rated non-convertible debentures having a face value of Rs 1 lakh each for cash at par aggregating to Rs 300 crore, on a private placement basis.” The allotment date for the issue has been decided as September 29, 2023, with a maturity date of September 29, 2028.
Rupee Ends 6 Paise Higher At 83.22 Against US Dollar
The rupee made a recovery on Wednesday and closed 6 paise higher at 83.22 against the US dollar over it’s previous close, amid positive signals from the domestic equity markets. The domestic unit opened trading at 83.23 and traded in a range of 83.18 to 83.24 to settle at 83.22 (provisional) against the greenback. It closed at 83.28 against the American dollar on Tuesday. Forex traders noted that selling pressure from foreign equity investors and increased crude prices coupled with the strength of the American currency impacted the domestic unit, reported PTI.
Stock Market Recoups Losses: Sensex Rises 173 Points; Nifty Settles Over 19,700
The two key equity benchmarks, Sensex and Nifty, on Wednesday recouped losses and rebounded sharply in the second half of the session. The BSE Sensex closed 173 points higher at 66,119. On the other hand, the Nifty50 reclaimed 19,700-mark to shut shop at 19,716, up 52 points. Both the indices hit intraday lows of 65,550 and 19,554, respectively.
On the 30-share Sensex platform, L&T, ITC, Sun Pharma, Maruti Suzuki, Reliance Industries, Axis Bank lifted the benchmarks, rising up to 1.7 per cent. On the downside, Titan, SBI, HDFC Bank, ICICI Bank, Tata Steel, Nestle were among the losers.
Fujifilm Enters Office Printer Business In India
Japanese firm Fujifilm Business Innovation announced on Wednesday that it entered the office printer business in India to capitalise on the industry’s growth potential. The company’s Asia Pacific (APAC) President, Masatsugu Naito, informed that India will mark the 15th addition to the company’s presence in the APAC region, reported PTI. He said, “The global office printing market is around 3.3 million units a year, while that of APAC is about 0.5 million. India accounts for about 25 per cent of the APAC market,” and launched the company’s A3 multifunction printer Apeos Series in the Indian market.
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