Business News Highlights: Sensex Closes 241 Points Lower, Nifty Nearly Flat; Rupee Hits All-Time Low Of 83.29 Against US Dollar
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Domestic equity markets moved in an upward trajectory last week. The BSE benchmark gained 1,239.72 points or 1.86 per cent, and the Nifty jumped 372.4 points or 1.87 per cent. On Friday itself, the markets rallied for the 11th consecutive day, with the BSE Sensex moving up by 319.63 points or 0.47 per cent to close at a record 67,838.63. Further, the benchmark index rallied 408.23 points in the day to hit a new all-time intra-day high of 67,927.23. The Nifty gained 89.25 points or about 0.44 per cent and closed at an all-time high of 20,192.35. The index hit a lifetime intra-day high of 20,222.45 during the day.
Global oil benchmark Brent crude climbed 0.26 per cent to $93.94 a barrel. Meanwhile, the rupee fell 12 paise to settle at 83.15 (provisional) against the US dollar on Friday, dragged down by rising crude oil prices and a strong greenback against major rivals overseas. However, a positive trend in domestic markets restricted the downside for the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.02 against the US dollar and moved in a range of 82.98 and 83.20. The rupee finally settled at 83.15 (provisional) against the US dollar, down 12 paise from its previous close. On Thursday, the rupee closed 2 paise lower at 83.03 against the US dollar.
Here are some important factors that can impact the market on September 18.
Monetary Policy
The week will primarily focus on the monetary policy as interest rate decision from the US Fed is awaited. Fed policymakers are scheduled to meet for the latest Federal Open Market Committee (FMOC) on Tuesday and their call on interest rates will be announced on Wednesday. Additionally, the Bank of England and Bank of Japan will also reveal their decisions on interest rates between Tuesday and Friday.
In the week, several macroeconomic factors will be keenly observed by investors. The US is scheduled to announce it’s housing data on Tuesday. Additionally, it will reveal initial jobless numbers on Thursday and the latest purchasing manager indexes for the manufacturing and service sector in the week. Notably, 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.
Further, the Eurozone is scheduled to come out with it’s inflation data for August on Tuesday and other data including construction output for July in the week. In addition to the interest rate decision to be revealed by the Bank of Japan on Friday, Japan is expected to announce it’s balance of trade and inflation data for August, and it’s composite PMI Flash for September along with some other data in the week. The United Kingdom will reveal it’s interest rate call on Thursday, along with inflation data for August on Wednesday. It will also announce it’s retail sales data for August towards the end of the week.
Domestic equity markets will stay closed on Tuesday on account of Ganesh Chaturthi.
IPOs
The market will see some action with three mainboard IPOs scheduled in the week. Sai Silks, the Hyderabad-based saree retailer, will open it’s initial public offering (IPO) for subscription on September 20. It will be available at a price band of Rs 210-222 per share, and investors can place a bid for a minimum of 67 shares in one lot.
Real estate firm Signature Global will start accepting bids for it’s IPO on September 20. The IPO will be priced in the range of Rs 366-385 per share. The IPO includes a fresh issue of shares worth Rs 603 crore and shares worth Rs 127 crore offered by the company’s existing shareholder, International Finance Corporation.
Vaibhav Jewellers will be available for bidding from September 22 at a price range of Rs 204-215 per share. The IPO will include a fresh issue worth Rs 210 crore and investors can place bids for a minimum of 69 shares in a lot.
Rupee Depreciates 13 Paise To Close At Record Low Of 83.29 Against US Dollar
The rupee fell 13 paise to settle at 83.29 against the US dollar on Monday, amidst a risk aversion in global markets and surging crude prices. Additionally, a downward trend in domestic equities and the strong American currency weighed on investor sentiments, stated forex traders. The domestic unit opened at 83.09 against the dollar and traded in the day in the range of 83.09 to 83.30 against the dollar. It finally closed at a record low of 83.29 against the dollar, registering a fall of 13 paise from its previous close.
Stock Market: Sensex, Nifty Fail To Recover, Close Trading In Red
The two key equity benchmarks, Sensex and Nifty, on Monday, ended their winning run after opening in red and spent the trading day trying to narrow the losses. The S&P BSE Sensex opened over 200 points lower to Friday’s close. The index closed trading even lower at a loss of 241 points and stood at 67,596.84. On the other hand, the Nifty50 settled almost 60 points lower at 20,133.30.
On the 30-share Sensex platform, Power Grid Corporation, Titan, M&M, and NTPC emerged as major gainers. On the downside, Bharti Airtel, HDFC Bank, Reliance Industries, and Infosys were among the losers. Sectorwise, the Nifty PSU Bank emerged as the biggest gainer with an increase of over 3 per cent, while the Auto index advanced 0.84 per cent, and FMCG inched up by 0.58 per cent.
Finance Ministry Announces Welfare Reforms For LIC Agents, Staff
The Ministry of Finance announced a series of welfare reforms for the benefit of Life Insurance Corporation of India (LIC)’s agents and employees via a social media post on X (formerly known as Twitter) on Monday. The ministry in it’s official release stated that these reforms are related to amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension among others.
The welfare reforms include an increased gratuity limit for the insurance company's agents from Rs 3 lakh to Rs 5 lakh, an increase in term insurance cover for LIC agents from the existing range of Rs 3,000-10,000 to Rs 25,000-1,50,000, and a uniform rate of 30 per cent for family pension to ensure the welfare of families of LIC employees.
👉 Ministry of Finance @FinMinIndia approves welfare measures for LIC agents and employees @LICIndiaForever
— Ministry of Finance (@FinMinIndia) September 18, 2023
👉 Welfare measures include:
✅ Increase in gratuity limit
✅ Eligibility for renewal commission
✅ Term insurance cover, and
✅ Uniform rate of family pension for LIC… pic.twitter.com/tEzLiQPMsq
Gold ETFs See Inflows Hit 16-Month High In August At Rs 1,028 Crore
Gold exchange-traded funds (ETFs) saw a record-high inflow of Rs 1,028 crore in August, the highest in 16 months. Now, the year-to-date inflow in the category has crossed Rs 1,400 crore, data from the Association of Mutual Funds in India (Amfi) revealed. The segment attracted an inflow of Rs 456 crore in July.
CBI Registers FIR Against Unity Infraprojects, CMD For Defrauding SBI And 15 Lenders Of Rs 3,800 Crore
The Central Bureau of Investigation registered an FIR against Unity Infraprojects Ltd., along with some senior executives, and unknown public servants for allegedly defrauding the State Bank of India, along with a consortium of 15 banks for about Rs 3,847.58 crore. The report was registered on Thursday after the Deputy General Manager at SBI, Stressed Assets Management Branch I, Mumbai, filed a complaint in the matter. The complaint states that credit/loan facilities, fund-based along with non-fund-based, worth nearly Rs 3,800 crore were authorised to Unity Infraprojects Limited by SBI and other consortium member banks. The complaint claims that the accused parties siphoned the bank’s funds by engaging in fake transactions and manipulated and fudged account books to defraud and dupe the bank to gain unlawfully from the bank’s funds.
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