The pre-market stocks are broken down here.
STATE OF THE MARKETS
SGX Nifty signals a weak start
Ingenious futures on the Singapore Stock Exchange were trading 14 points, or 0.12 percent, as of 7.30 am (IST), in signs that Dalal Street was heading for a weak start on Thursday.
Tech View: Nifty50 forms a small bullish candle
Analysts said that while the bias remains negative with Thursday being the weekly expiration day, Nifty may see a rebound in short coverage. Support for the index remains in the range of 11,250-11,155, they said, adding that any rise to Nifty50 going forward would depend on a sustained move above the 11,300 level.
Asian stocks rise following Wall-St gains
Asian markets rose on Thursday after US stocks reversed course from a three-day losing streak that sent the high-tech Nasdaq into correction territory. Hong Kong’s Hang Seng gained 56 points, or 0.24 percent, to 24,528.59. China’s Shanghai Composite was up 18.67 points or 0.57 percent to 3,272.79. Japan’s Nikkei added 128 points or 0.56 percent to 23.160.54.
Oil prices fall in early trading
Oil prices tumble, reducing overnight earnings, on fuel demand concerns after data showed US crude stocks rose last week, rather than falling as expected. US crude WTI fell 20 cents, or 0.5 percent, to $ 37.85 a barrel after rising 3.5 percent on Wednesday. Brent futures fell 14 cents, or 0.3 percent, to $ 40.65 a barrel.
US stocks closed higher
In night trading, the Dow Jones Industrial Average rose 439.58 points, or 1.60 percent, to 27,940.47. The S & P500 index added 67.12 points, or 2.01 percent, to 3,398.96. The Nasdaq Composite rose 293.87 points, or 2.71 percent, to 11,141.56.
Route Mobile IPO fully subscribed on day 1
Route Mobile’s Rs 600 crore IPO was fully subscribed on Day 1 of the bidding process on Wednesday. Based on data available with NSE, the issue received offers for 1,22,31,600 shares, compared to the total issue size of 1,21,73,912 shares. The IPO, which sells at Rs 345-Rs 350 per share, seeks a valuation of 29 times PE based on fiscal year 2020 (fully diluted).
Happiest Minds IPO Subscribed 151 Times and Closes
Happiest Minds Technologies IPO of Rs 702 crore has received stellar response from all investors. The issue has been subscribed 150.98 times so far on September 9, the last day of the bidding. The non-institutional investor (INI) quota was subscribed more than 351 times. The share for Retail Individual Investors (RII) was subscribed 71 times and for QIB more than 77 times.
FIIs sell shares worth Rs 959.09 cr
The net foreign portfolio investors (FPI) were sellers of domestic equities worth Rs 959.09 crore, data available with NSE suggests. The DIIs were net sellers to the tune of Rs 263.97 crore, the data suggests.
MONEY MARKETS
Rupee: Breaking its two-day losing streak, the rupee rallied by 5 paise to settle at 73.55 (tentative) against the US dollar on Wednesday, even as the domestic stock market was trading at significant losses.
10-year bonds: The yield on India’s 10-year bonds fell 1.11% to 5.98 after trading in a range of 5.98 to 6.08
Call rates: The weighted average call money rate overnight stood at 3.39 percent, according to RBI data. It moved in a range of 1.80 to 4.05 percent.
DATA / EVENTS TO SEE
- Investment in foreign bonds of Japan 05 / SEP (05.30 am)
- Australian Consumer Inflation Expectations SEP (06:30 am)
- ECB interest rate decision (5:15 pm)
- ECB press conference (6pm)
- Initial Unemployment Claims in the US 05 / SEP (06:00 pm)
- US PPI Monthly AUGUST (06:00 pm)
- Unemployment Claims in the US 4 Week Average 05 / SEP (06:00 pm)
- US Basic PPI YoY AUGUST (06.00 pm)
- Speech by the President of the ECB, Lagarde (10.30 pm)
MACROS
50,000 Chinese soldiers on the border … China has amassed 50,000 soldiers and a variety of aircraft and missile systems throughout LAC. But the highest levels of the Indian government feel that the threshold for conflict has not yet been reached, although India is prepared for any eventuality. India has also clearly communicated to China that any attempt to breach the perimeter around its outposts throughout LAC will be treated as an act of hostility that will get a professional response from the Army.
Loans to women tripled…. Gender parity at the top echelons of India’s commercial banking may still be somewhat far off, but the latest profiles of borrowers from the formal loan system show that women’s empowerment has progressed beyond symbolism in the past six years . The number of female borrowers has more than tripled, although most accounts are small loans taken out by women for a variety of microenterprises.
EPFO approves 8.5% interest for fiscal year 2020 … Retirement fund body EPFO recommended that the government pay 8.5% interest to subscribers for 2019-20 as previously announced, but in two installments instead of the usual one, as market volatility has affected their income from capital investments. The government-run fund recommended that 8.15% interest on its income from debt investments be immediately credited to the accounts of its 50 million subscribers. The balance of 0.35% will be paid in December, for the sale of investments in negotiable capital funds, he said.
Strong increase in airline occupancy … Indian airlines have seen a strong improvement in demand so far this month as states have progressively relaxed sidewalks and the number of flights has increased, leading to more business and leisure travel, more beyond those who fly due to personal emergencies. Maharashtra has doubled the number of domestic flights allowed from Mumbai, for example. Some airlines said passenger cargo has increased by as much as 10 percentage points in the first days of the month along with an increase in the number of flights.
Covid Claims Make Health Insurers Bleed … Health insurers have been inundated with Covid-19 claims since April. So much so that Covid-19 has become one of the main categories of ailments under which claims have been registered in fiscal year 21. Between April and August of this year, the ‘new coronavirus’ could have been the fourth category of main claim.
Trade Agreement between India and the US Post-November … India and the United States are unlikely to sign a mini trade deal before the US presidential election in November, officials said, although New Delhi has proposed a limited trade package to Washington. The ndia and the US are aiming for a long-term free trade agreement and have been working on an initial trade agreement for almost two years amid a plethora of bilateral problems.
Financial services were announced at the door … Financial services will be part of the home banking services available to public sector banking clients from October. Releasing the EASE 2.0 index rankings on PSB’s performance from March 2018 to 2020, Finance Minister Nirmala Sitharaman says that the measure particularly benefits older people and people in the ‘divyang’ category. Currently, only non-financial services such as check withdrawal and demand drafting are available through door-to-door banking agents.
India Inc’s stake is committed to a high … Pledging of shares by promoters of companies listed on the NSE increased in August, and the value of pledged shares increased to Rs 2.77 million lakhs. Data compiled by primeinfobase.com showed that the number of pledged shares increased to 1.86% of total market capitalization from 1.23% as of July 31. While Vedanta contributed a significant portion of the increased promise to delist Vedanta, the others were in need of liquidity as the Covid-19 outbreak led to a decline in cash flows.
Equity funds record the highest monthly output … Equity mutual funds posted the largest monthly outflows in four and a half years in August as investors, unsure of the near-term market outlook, continued to redeem these products. These schemes saw net repayments in the amount of Rs 4,000 crore in August after Rs 2,480 crore in July 2020. The debt schemes saw outflows amounting to Rs 3,908 crore, mainly from liquid and overnight funds.
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