Business News Highlights: Sensex, Nifty Register Recoveries. Rupee Falls To All-Time Low Of 83.14 Against US Dollar
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On September 5, the two key equity benchmarks, Sensex and Nifty, logged their third-straight gains led by pharma, FMCG, and select IT stocks. The S&P BSE Sensex closed 152 points up at 65,780. On the other hand, the NSE Nifty settled with a gain of 46 points at 19,575.
Further, data released by S&P Global on Tuesday showed that India’s services sector’s purchasing managers’ index (PMI) fell to 60.1 in August, down from 62.3 in July. However, the seasonally adjusted services PMI index displayed a record-strong increase in output, not seen for more than a decade.
Here are some important factors that can impact the market on September 6.
Looking ahead, several key macroeconomic indicators will be closely monitored by investors, including forex reserves data, Eurozone S&P global composite PMI, UK Services PMI, Euro Zone Q2 GDP, US factory orders, S&P global US services PMI, crude oil prices, and the activities of foreign and domestic investors. As per analysts, these factors are expected to have a significant impact on the market.
Notably, India's GDP recorded a growth of 7.8 per cent during the first quarter of fiscal 2023-24, compared to the 6.1 per cent growth in the preceding January-March quarter of fiscal 2022-23. India's robust economic performance stands out as China's post-pandemic recovery has slowed down, making India as one of the fastest-growing major economies.
In addition, the S&P Global India manufacturing PMI continued to expand in August, reaching a three-month high of 58.6, up from 57.7 in July. However, India's fiscal deficit for April-July widened to Rs 6.06 lakh crore, marking a 33.9 per cent increase compared to the previous year. The growth rate of the eight core sectors in July was 8 percent, slightly lower than the 8.2 percent posted in June.
In other news, the National Stock Exchange (NSE) has imposed trading restrictions on a total of 6 stocks within the futures and options (F&O) segment for the September 6 trade, reported Mint. This action was taken because these securities have surpassed 95 per cent of the market-wide position limit (MWPL). It's important to note that these stocks will remain available for trading in the cash market.
The six stocks that have been included in the F&O ban list by the stock exchange for Wednesday are BHEL, India Cements, Delta Corp, Hindustan Copper, Balrampur Chini Mills Limited, and Indiabulls Housing Finance. The NSE regularly updates the list of securities under the F&O ban for daily trading.
IPOs and Debuts
Ratnaveer Precision Engineering IPO, a mainboard offering, will run from Monday, September 4, to Wednesday, September 6. Jupiter Life Line Hospitals IPO, also a mainboard IPO, is scheduled for subscription from Wednesday, September 6, until Friday, September 8.
Additionally, the SME IPO for Kahan Packaging will open on Wednesday, September 6, and conclude on Friday, September 8. Sahaj Fashions shares are set to be listed on the NSE SME platform on Wednesday, September 6.
Sensex Gains 100 Points, Nifty Ends Above 19,600
Sensex and Nifty, on Wednesday, extended their winning run into the fourth straight session because of late buying in index heavyweights, HDFC Bank, Bharti Airtel, and ITC. The S&P BSE Sensex, which had slipped to a low of 65,488, rebounded sharply in the last 35 minutes of trades. The BSE Sensex finally closed with a gain of 100 points at 65,880. On the other hand, the NSE Nifty50, which swung in a range of 142 points settled at 19,611, up 36 points.
The NSE benchmark closed above the 19,600-level after nearly a month and has gained 357 points in the last four trading sessions. On the 30-share Sensex platform, Airtel, HDFC Bank, Titan, UltraCemco, and ITC were among the lead gainers. On the downside, Tata Steel, Axis Bank, NTPC, ICICI Bank, IndusInd Bank, and Maruti emerged as losers.
Rupee Closes At All-Time Low Of 83.14 Against US Dollar
The rupee declined 10 paise to close at 83.14 (provisional) against the US dollar on Wednesday. This marks an all-time low for the domestic currency. The fall was attributed to an increase in crude oil prices and a strong dollar. Forex traders noted that that the Indian rupee fell while the US dollar gained to reach the highest levels in six months, reported PTI.
Tata Looking To Buy 51% Stake In Haldiram's: Report
The consumer unit of the Tata Group is looking to acquire at least 51 per cent of snack food maker Haldiram’s, anonymous sources revealed to Reuters. While the former is interested in acquiring a majority stake in the sweets, snacks, and restaurant company Haldiram’s, the company is not comfortable with the $10 million valuation Haldiram’s is looking for.
However, if both parties reach an agreement, this deal will make the Tata Group a direct competitor for Pepsi and Mukesh Ambani’s Reliance Retail. Haldiram’s, at the same time, is also in discussions with private equity firms such as Bain Capital regarding the sale of a 10 per cent stake, the sources said.
Suzuki Motor To Set Up Biogas Plants With Rs 230 Investment In Partnership With NDDB, Banas Dairy
Dairy Development Board (NDDB), and Gujarat’s Banas Dairy to establish four biogas plants in Gujarat, including an investment of about Rs 230 crore. The agreement between the three parties was finalised in Tokyo. The four plants will be operational from 2025 in the Banaskantha district in Gujarat, the company said in it’s statement. Additionally, a biogas filling station will also be set up alongside each plant to provide fuel for CNG vehicles, reported PTI.
Government Approves Rs 3,760 Crore Viability Gap Funding For Creating Battery Energy Storage System
The government approved Rs 3,760 crore viability gap funding for creating battery energy storage system, the Union Minister Anurag Thakur informed on Wednesday in cabinet briefing. The minister said this move is being taken to help boost the energy storage capacity and increase the non-fossil fuel energy capacity and take this capacity to 50 per cent by 2030.
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