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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

August 17, 2023

  • Indian Railways planning PLI for train components to curb imports …. Expects positive for Titagarh Rail, Texmaco, Jupiter Wagon, BHEL, BEML
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  • ·         In order to cut dependence on imports, the Centre is looking at introducing a production-linked incentive (PLI) scheme for train component manufacturers, according to a report by The Economic Times (ET).
  • ·         The firm will make a list of components that are used in manufacturing coaches and engines.
  • ·         The development is in line with the Centre's plan of having only two types of passenger coaches in Indian Railways : Linke Hofmann Busch (LHB) and Vande Bharat.
  • ·         Under the PLI scheme, the centre subsidises firms to manufacture "desirable" end products, components or assemblies.
  • ·         Expects positive for Titagarh Rail, Texmaco, Jupiter Wagon, BHEL, BEML
  • *Very Good Morning!!!*
  • *US Markets in Detail...*
  • *GIFTNifty: 19,412 (-60) (-0.31%)*
  • *Today*
  • *Listing of new securities of HDFC Bank Limited*
  • 88,02,466 Equity shares of Rs.1/ each allotted to QIBs pursuant to conversion of warrants issued on QIP basis …Issue Px: 21650
  • *Listing of new securities of Suzlon Energy Ltd.*
  • 1,139,601,139 Equity shares of Rs.2/ each allotted to QIBs pursuant to Qualified Institutional Placement…Issue Price: 17.55
  • *Listing 2 SME’s on NSE: Sangani & Yudiz*
  • *Last Heard*
  • # TVS Supply: last heard 2-3… IPO px: Rs. 197/- IPO size: 880 cr..Issue Closed
  • # Concord Biotech: 135-140..IPO px: 741..size: 1550.52 cr ..Friday listing
  • # Pyramid Technoplast..last heard: 20/- IPO px: 166…size: 153cr…issue date..18/8 to 22/8
  • # Aeroflex Inds..60-62.. IPO dates: 22/8-24/8..IPO size 350cr…IPO px: 108
  • # Balaji Speciality Chem.: IPO size 300cr…
  • # Vishnu Prakash R Punglia: IPO size: 350 cr
  • *Other Mainline IPO’s in Aug*
  • Tata Tech, EBIXCash
  • *Provisional Cash Rs. In Crs. (16th Aug.)*
  • FIIs +723 (21,056 – 20,333)
  • DIIs +2,406 (7,977 – 5,571)
  • Sensex: 65,539: +138: +0.21%
  • Nifty: 19,465: +30: +0.16%
  • BankNifty: 43,947 (-145) (-0.33%)
  • NiftyIT: 31,212: +183: +0.59%
  • MIDCAP: 37,801: +31: +0.08%
  • Dow: 34,766 (-181) (-0.52%)
  • S&P: 4,404 (-34) (-0.76%)
  • Nas: 13,475 (-156) (-1.15%)
  • Brazil: 115,592 (-580) (-0.50%)
  • Ftse: 7,357 (-33) (-0.44%)
  • Dax: 15,789: +22: +0.14%
  • Cac: 7,260 (-7) (-0.10%)
  • MOEX: 3,049 (-66) (-2.1%)
  • WTI Oil: $79.38 (-1.99%)
  • Brnt: $83.29 (-1.88%)
  • Natural Gas: 2.59 (-2.52%)
  • Gold: $1928 (-0.36%)
  • Silver: $22.86 (-0.51%)
  • Copper: $370 (-0.27%)
  • Cotton: $84.7 (-0.45%)
  • Copper (LME): $8,200 (-92) (-1.11%)
  • Alluminum (LME): $2,143 (-4) (-0.16%)
  • Zinc (LM): $2,315 (-35) (-1.49%)
  • Tin (LME): $25,186 (-139) (-0.55%)
  • Eur-$: 1.0875 (-0.3%)
  • GBP-$: 1.272: +0.1%
  • Jpy-$: 146.36: +0.5%
  • Re: 82.9475: +0.13%: shut
  • USD-RUB: 95.5937 (-2.54%)
  • US10yr: 4.25%: +0.94%
  • GIND10YR: 7.209: +0.15%: shut
  • $ Index: 103.443: +0.23%
  • US Vix: 16.78: +1.94%
  • India Vix: 12.12: +1%
  • BalticDry: 1,166: +31: +2.73%
  • *ADR/GDR*
  • Cogni (-0.22%)
  • Infy (%)
  • Wit: +0.40%
  • IciciBk: +0.48%
  • HdfcBk (-0.45%)
  • DrRdy (-0.10%)
  • TatSt (-1.43%)
  • Axis: +0.36%
  • SBI: +0.30%
  • RIGD: +0.98%
  • INDA: +0.30% (IShares MSCI INDIA ETF)
  • INDY: +0.07% (IShares MSCI INDIA 50 ETF)
  • EPI: +0.37% (Wisdom Tree India Earning)
  • PIN: +0.30% (Invesco India Etf)
  • *Asian Markets*
  • China Equities Brace for Further HeadwindsWith the Nasdaq Golden Dragon China Index falling for eight of the past nine days, Hong Kong and China stocks may continue to struggle to find a positive narrative into the end of the week.
  • A drip-feed of bad news -- the latest being contagion spreading to the shadow banking industry -- coming out of the region has overwhelmed the Chinese government’s efforts at stimulus. While back in the property sector, there’s been a CSRC probe into Evergrande’s mainland China unit and other companies.
  • All that is likely to mean further headwinds for stock investors, particularly those watching the Hang Seng Index which has fallen every session this week.
  • *US Future*
  • Stock futures were near flat on Wednesday night as investors digested the Federal Reserve’s latest commentary that future rate hikes are not out of the picture.
  • Futures tied to the Dow Jones Industrial Average added 42 points, or 0.1%. S&P 500 futures gained 0.08%, while Nasdaq 100 futures were up 0.05%.
  • Computer networking giant Cisco Systems gained in after-hours trading, advancing about 2%. The company posted fiscal fourth-quarter earnings that beat Wall Street’s expectations. Wolfspeed plunged 12.9% following the company’s fiscal fourth-quarter earnings report, which missed expectations on the bottom line.
  • *U.S. stocks end lower, Nasdaq loses 1.2%, after Fed minutes show most officials see more rate hikes likely…10-year Treasury yield ends at 15-year high*
  • *Pressure on US equities and Treasuries ramped up in the final minutes of Wednesday’s session as traders digested hawkish comments from Federal Reserve officials at their last meeting.*
  • *The S&P 500 dropped 0.8%, slumping for the second day in a row, amid concerns the central bank would continue to raise interest rates. The Nasdaq 100 slid 2.2% over a two-day losing streak as tech behemoths including Meta Platforms Inc. and Amazon.com Inc. along with Tesla Inc. dragged on the equities benchmarks.*
  • *U.S. stocks finished lower on Wednesday, led by a slump in technology-heavy Nasdaq Composite, after the Federal Reserve’s minutes from its July meeting show most senior officials saw “upside inflation risks” which could lead to more interest-rate hikes.*
  • *Technical factors are also behind the stock market’s recent dips. The S&P 500 closed below its average price over the last 50 days for a second day after a wave of trading in zero-day options helped push the index below the trendline for the first time since March at the tail-end of the prior session.*
  • *US Treasury yields turned higher in the afternoon session with the 10-year approaching 4.3%. Earlier this week, yields on the benchmark bond approached levels last reached in October. Yield on the policy sensitive two-year closed in on 5%.*
  • *“The FOMC minutes reiterated many of the core themes that Powell delivered at the July press conference. There was nothing here to derail our assumption that September will be another ‘skip,’ although another hike in November or December is firmly on the table if the data warrants.*
  • *Among currencies, the pound led Group-of-10 peers after UK inflation topped expectations. Meanwhile, China’s economic woes remain in the spotlight, despite a slew of stimulus steps by authorities. The onshore yuan sank against the dollar while the yen fell to a level that triggered Japan’s intervention in September.*
  • *China’s central bank moved to boost fragile sentiment with a stronger-than-expected reference rate for the yuan and the largest injection of short term cash to the financial system since February. So far the steps have failed to restore optimism.*
  • *Still, markets are not yet fully reflecting the risks from China’s deteriorating fundamentals.*
  • *Given the usual lags, deflationary spillovers have likely only just begun to impact global consumer markets. Discounting likely to accelerate over the coming quarters.*
  • On Tuesday, the Dow Jones Industrial Average fell 361 points, or 1.02%, to 34,946, the S&P 500 declined 52 points, or 1.16%, to 4,438, and the Nasdaq Composite dropped 157 points, or 1.14%, to 13,631.
  • What drove markets
  • *Stocks booked back-to-back losses on Wednesday as investors digested the release of the Fed minutes from its July policy meeting at which the central bank raised its federal funds rate by a quarter-percentage-point to a range of 5.25%-5.5%, its highest level in more than 22 years.*
  • *The July meeting minutes show a majority of senior officials on the Federal Open Market Committee said “further tightening of monetary policy” may be necessary to bring down inflation as they saw “significant upside risks” to it.*
  • *Meanwhile, there was a camp that was concerned about the outlook for the economy. “Some” officials seemed more worried about an economic downturn even as the economy looked resilient, according to the minutes.*
  • *Participants continued to view a period of below-trend growth in real GDP and some softening in labor market conditions as needed to bring aggregate supply and aggregate demand into better balance and reduce inflation pressures sufficiently to return inflation to 2 percent over time,” the meeting summary said.*
  • *The minutes suggest that officials were in no rush to follow up the 25bp rate hike at that meeting with another in September. “At this stage, everything is data dependent. The upshot is that markets appear correct in not expecting the Fed to follow through on the final 25bp rate hike implied by the median of the rate projections made by officials back in June.*
  • “The Fed has no choice but to keep it up until they are convinced that inflationary expectations are quashed,” Steve Sosnick, chief strategist at Interactive Brokers, said after the minutes from the central bank’s July meeting were released. “Doing otherwise risks some of the embers reigniting. Even though two governors favored keeping rates steady in July, it is important to keep in mind that a pause is not a pivot.”
  • *Fed funds futures traders priced in an 88.5% chance that the central bank will leave interest rates unchanged at a range of 5.25%-5.5% at its meeting on Sept. 20, according to the CME FedWatch Tool. However, the chance of a 25-basis-point rate hike to a range of 5.5%- 5.75% at the subsequent meeting in early November went modestly higher after the release of the minutes.*
  • The S&P 500 index fell in eight of the last 11 sessions after 10-year Treasury yields rose 3.8 basis points to 4.258%. The yield finished the New York session at its highest level since June 13, 2008 amid concerns about an increased supply of government paper, and as economic data continues to generally surprise to the upside, suggesting the Fed has room to keep interest rates higher for longer to combat inflation.
  • *In U.S. economic news on Wednesday, U.S. housing starts rose 3.9% in July after a revised 11.7% drop in June. U.S. building permits climbed 0.1% in July.*
  • *Industrial production rose 1% in July, the Federal Reserve reported Wednesday, on the back of strong utility use from the hot summer weather and a rebound in auto production. The increase in factory output in July was above expectations of a 0.5% gain, according to a survey by The Wall Street Journal. Output in June was revised down to a decline of 0.8% from the initial estimate of a 0.5% drop.*
  • *Equities have suffered through a rough patch in August, with the S&P 500 languishing near one-month lows as data underscoring sticky inflation and a robust economy fans fears of interest rates staying elevated for longer.*
  • *While investors largely expect the Fed's monetary tightening to be nearing its end, worries linger the central bank could hold rates at the current level for longer.*
  • European markets closed marginally lower on Wednesday as investors digested U.K. inflation data.
  • Markets will also be keeping an eye on the euro zone’s second gross domestic product reading for the second quarter and the U.K. house price index, both set for release later in the day.
  • *Companies in focus*
  • • Target Corp. shares finished nearly 3% higher on Wednesday, after the retailer beat profit estimates for the second quarter by a wide margin, offsetting a revenue miss and lowered guidance.
  • • TJX Cos gained 4.1% after the discount retailer swept past estimates for the second quarter and raised its guidance.
  • • H&R Block Inc.’s stock jumped 9.7% after the tax preparer’s earnings and forecast both topped Wall Street expectations.
  • • Cava Group Inc. rose 1.2% after the fast-casual Mediterranean restaurant chain and recent IPO reported second-quarter results that beat expectations.
  • • Stride Inc rallied 4.6% on Wednesday after the online-education company reported fiscal fourth-quarter earnings and revenue that beat Wall Street estimates. Stride attributed revenue growth in fiscal 2023 to enrollment strength and increases in revenue per enrollment.
  • • London-listed BAE Systems Plc is in talks on a possible acquisition of Ball Corp.’s aerospace division, people with knowledge of the matter said
  • • Intel Corp.’s $5.4 billion deal with Israel’s Tower Semiconductor Ltd. collapses after failing to win Chinese regulatory approval in time
  • • Energy Transfer LP will buy Crestwood Equity Partners LP in a $7.1 billion all-equity deal allowing Energy Transfer to expand its US pipeline network
  • *Key events this week:*
  • #US initial jobless claims, US Conf. Board leading index, Thursday
  • # Eurozone CPI, Friday
  • *Currencies*
  • # The Bloomberg Dollar Spot Index rose 0.2%
  • # The euro fell 0.3% to $1.0875
  • # The British pound rose 0.1% to $1.2720
  • # The Japanese yen fell 0.5% to 146.36 per dollar
  • *Cryptocurrencies*
  • # Bitcoin fell 0.3% to $29,073.57
  • # Ether fell 0.5% to $1,819.2
  • *Bonds*
  • #The yield on 10-year Treasuries advanced six basis points to 4.27%
  • # Germany’s 10-year yield declined two basis points to 2.65%
  • # Britain’s 10-year yield advanced six basis points to 4.65%
  • *Commodities*
  • # West Texas Intermediate crude fell 2.2% to $79.17 a barrel
  • # Gold futures fell 0.7% to $1,922.40 an ounce
  • N.B.: The above information is sourced from the various sites on the internet
  • *Sunidhi-Himanshu*
  • *WHAT HAPPENED OVERNIGHT*
  • - SPX -0.76%, Nasdaq -1.15%
  • - UST 10y yield +6 bps to 4.27%
  • - Dollar Index +0.21% to 103.43
  • - FOMC minutes: Intention of further hikes, if inflation risks persist
  • - IP rose 1% MoM, solid 0.5% rise in mfg prodn
  • - Oil down 2% to $83.22
  • **Corporate Actions**
  • *Dividend*
  • *17-Aug-23*
  • IVC: Final Dividend - Rs. - 0.80
  • IGPL: Final Dividend - Rs. - 10.00
  • INDPRUD: Final Dividend - Rs. - 60.00
  • YSL: Final Dividend - Rs. - 325.00
  • SOUTHBANK: Final Dividend - Rs. - 0.30
  • NEAGI: Dividend - Rs. - 30.00
  • MANYAVAR: Final Dividend - Rs. - 9.00
  • J&KBANK: Final Dividend - Rs. - 0.50
  • BEL: Final Dividend - Rs. - 0.60
  • VGUARD: Final Dividend - Rs. - 1.30
  • SHILCTECH: Final Dividend - Rs. - 10.00
  • BENARAS: Final Dividend - Rs. - 20.00
  • JBCHEPHARM: Final Dividend - Rs. - 9.25
  • IPL: Final Dividend - Rs. - 0.75
  • HERANBA: Final Dividend - Rs. - 1.25
  • RELAXO: Final Dividend - Rs. - 2.50
  • ACE: Final Dividend - Rs. - 1.00
  • *18-Aug-23*
  • DLINKINDIA: Final Dividend - Rs. - 10.00
  • ELIXIR: Final Dividend - Rs. - 1.25
  • SUTLEJTEX: Final Dividend - Rs. - 1.00
  • LICHSGFIN: Final Dividend - Rs. - 8.50
  • SHILGRAVQ: Final Dividend - Rs. - 2.10
  • COALINDIA: Final Dividend - Rs. - 4.00
  • IFGLEXPOR: Final Dividend - Rs. - 7.00
  • PETRONET: Final Dividend - Rs. - 3.00
  • JKPAPER: Final Dividend - Rs. - 4.00
  • KSE: Final Dividend - Rs. - 20.00
  • AKCAPIT: Final Dividend - Rs. - 6.00
  • SILINV: Dividend - Rs. - 2.50
  • AVTNPL: Final Dividend - Rs. - 0.60
  • GPIL: Final Dividend - Rs. - 4.00
  • VIDLI: Final Dividend - Rs. - 0.50
  • RBLBANK: Final Dividend - Rs. - 1.50
  • MAGNAELQ: Dividend - Rs. - 3.00
  • TATAMETALI: Final Dividend - Rs. - 5.00
  • SOMANYCERA: Final Dividend - Rs. - 3.00
  • SIRCA: Final Dividend - Rs. - 1.50
  • CREST: Dividend - Rs. - 1.00
  • WHIRLPOOL: Final Dividend - Rs. - 5.00
  • GREENPLY: Dividend - Rs. - 0.50
  • IRCTC: Final Dividend - Rs. - 2.00
  • CONCOR: Interim Dividend - Rs. - 2.00
  • JINDALSTEL: Final Dividend - Rs. - 2.00
  • ONGC: Final Dividend - Rs. - 0.50
  • QGO: Interim Dividend - Rs. - 0.10
  • TEGA: Final Dividend - Rs. - 2.00
  • APOLLOHOSP: Final Dividend - Rs. - 9.00
  • PAGEIND: Interim Dividend - Rs. - 75.00
  • LEHAR: Interim Dividend - Rs. - 0.20
  • PRUDENT: Final Dividend - Rs. - 1.50
  • NGLFINE: Final Dividend - Rs. - 1.75
  • *IPO*
  • Pyramid Technoplast: Open: 18-Aug-23; Close: 22-Aug-23
  • Aeroflex Industries: Open: 22-Aug-23; Close: 24-Aug-23
  • *Buyback*
  • Control Print: Ex-Date: 18-Aug-23
  • IndiaMart InterMesh: Ex-Date: 25-Aug-23
  • Piramal Enterprises: Ex-Date: 25-Aug-23
  • FDC: Ex-Date: 25-Aug-23
  • KRBL: Ex-Date: 25-Aug-23
  • Aarti Drugs: Open: 09-Aug-23; Close: 17-Aug-23
  • *Bonus*
  • Lancor Holdings: Bonus Issue 1:2; Ex-Date: 18-Aug-23
  • Veer Global Infraconstruction: Bonus Issue 1:1; Ex-Date: 22-Aug-23
  • Focus Business Solution: Bonus Issue 4:5; Ex-Date: 23-Aug-23
  • GNA Axles: Bonus Issue 1:1; Ex-Date: 01-Sep-23
  • Vivanta Industries: Bonus Issue 1:4; Ex-Date: 05-Sep-23
  • *Stock Split*
  • EFC (I): Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 18-Aug-23
  • Remedium Lifecare: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 01-Sep-23
  • Hindustan Aeronautics: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 29-Sep-23
  • *Right Issue*
  • Orient Green Power: Ex-Date: 18-Aug-23
  • Piramal Pharma: Open: 08-Aug-23; Close: 17-Aug-23
  • Orient Green Power: Open: 28-Aug-23; Close: 15-Sep-23
  • *Open Offer*
  • TCNS Clothing Co: Open: 08-Aug-23; Close: 23-Aug-23
  • Camlin Fine Sciences: Open: 18-Aug-23; Close: 31-Aug-23
  • *Forthcoming Event*
  • 17th August: GMDCLTD to consider Dividend; Repro India, Jain Irrigation Systems, Spandana Sphoorty Financial to consider Fund Raising
  • 18th August: STEELCITY to consider Dividend; Yug Decor to consider Bonus issue; Pioneer Embroideries, Jubilant Ingrevia to consider Fund Raising
  • 21st August: Websol Energy System to consider Fund Raising
  • 23rd August: PGHL to consider Dividend
  • 24th August: LN Industries India to consider Scheme of Arrangement
  • 26th August: Hindcon Chemicals to consider Dividend, Buyback & Stock Split
  • 28th August: PGHH to consider Dividend
  • 29th August: GILLETTE to consider Dividend
  • 30th August: Mittal Life Style, Ravalgaon Sugar Farm to consider Stock Split
  • *Index Observation*
  • Nifty once again opened with a gap down while recovering all through yesterday's trading session to end near days high with minor gains. Resistance can now be further trailed lower to 19520 while downside continues to remain open for 19260 retest and thereafter 19k mark. This downside retest gets negated if index manages to close above 19520 mark as weekly expiry today is likely to add to some volatility.
  • Bank Nifty - despite recovering close to a percent from its opening lows, yet closed with minor losses. The index had given a bearish head and shoulder breakdown last week for targets of 43960 / 43500 of which 43960 has been met while 43500 continues to remain open. A close above 44200 is now likely to act as negation zone on the index.
  • Our buy call on Bank Nifty Aug Fut @ 44100 with a revised stop loss at 43800 pt stop loss continues to remain open for target of 44600.
Panchkarma