Rupee opens marginally lower at 73.13 against dollar
The rupee started the day at 73.13 against the greenback as against its previous close of 73.11. The rupee is down 0.05 percent on a year-to-date basis.
Gold price today: Yellow metal nearly unchanged near Rs 47,400 mark
Domestic gold prices were nearly unchanged on Tuesday with the near-month futures contract steady near the Rs 47,400 per 10 grams mark as the dollar rose, making the yellow metal less attractive for those holding other currencies. A record-breaking spree on Dalal Street also continued to hurt the safe-haven appeal of the yellow metal. Globally, gold prices firmed, propped up by a softer dollar and prospects of the Federal Reserve delaying a tapering in its pandemic-era bond purchases. Read here.
Buzzing | Panacea Biotec up 6% after announcing first batch of supply of a SputnikV component
The shares of Panacea Biotec rallied over 6 percent after the company and the Russian Direct Investment Fund (RDIF) announced supply of the first shipment out of 1 million doses of the second component (human adenovirus serotype 5) of the Russian Sputnik V coronavirus vaccine manufactured by Panacea Biotec for sale in India.
Auto retail sales rise 14.5% YoY to 13.84 lakh units in August: FADA
Total vehicle retail sales in August 2021 rose by 14.48 percent to 13,84,711 units as compared to 12,09,550 units sold in the same period last year, according to data released by the Federation of Automobile Dealers Associations (FADA). However, when compared to a regular pre-Covid month of August 2019, retails were still down by 14.75 percent. Retail sales of all categories of vehicles witnessed a rise on a year-on-year basis.
Two-wheeler in August rose 6.6 percent to 9,76,051 units from 9,15,126 lakh units, while passenger vehicle (PV) sales increased 38.71 percent to 2,53,363 units from 1,82,651 units, YoY. Read here.
Opening Bell | The Indian equity benchmark indices opened higher on Tuesday led by gains in FMCG and metal stocks amid mixed global cues. At 9:15 am, the Sensex opened 0.21 percent, or 121.78 points, higher at 58,418.69, while the Nifty50 index opened at 17,401.55, up 23.75 points, or 0.14 percent. Broader markets, smallcap and midcap indices also opened in the green. Among sectors, FMCG, media, metals and auto indices gained, while banks, realty and energy sectors are in the red.
Tuesday’s top brokerage calls: Asian Paints, ITC, Concor and more 09:01:57 IST
Jindal Steel & Power | The company’s August steel sales rose 6 percent MoM and 4 percent YoY at 7.1 lakh tonnes. Production increased 6 percent YoY at 6.6 lakh tonnes. Exports share rose to about 42 percent of total sales volume during August
Indian companies with exposure to pharma, agro-chemicals to benefit from China+1 theme, say experts
Stocks in the speciality chemical sector have been buzzing of late. One of the biggest gainers this calendar year is Balaji Amines, which is up nearly 340 percent, followed by Hikal which is up nearly 285 percent, then Gujarat Flouro, which is up 250 percent. Vinati Organics Navin Fluorine and SRF are up anywhere between 50 and 150 percent. There have been many new listings as well this year. Clean Science listed at 98 percent premium, Tatva Chintan listing was at 121 percent premium, while Chemplast Sanmar saw a flat listing. Read here.
Cryptocurrency prices on September 7: Bitcoin trades above $52,600; Solana rises 22% 08:27:05 IST
Yes Bank demands removal of directors, MD of Dish TV
Yes Bank has sent a special notice dated September 3, 2021, to Dish TV, demanding the removal of directors under Section 169 of the Companies Act, 2013. The bank has opposed fundraising of Rs 1,000 crore via rights issue.
Yes Bank currently holds a 25.63 percent stake in Dish TV.
10 things you need to know before the opening bell on September 7 08:20:32 IST
Chemspec Chemicals, Northern Arc Capital get Sebi’s nod to float IPO
Chemspec Chemicals and Northern Arc Capital have received capital markets regulator Sebi’s approval to raise funds through initial share sales. The two companies had filed their preliminary IPO papers with the Securities and Exchange Board of India (Sebi) in July.
The Rs 700-crore IPO of Chemspec Chemicals is entirely an offer for sale by promoters, according to the draft red herring prospectus (DRHP). BACS LLP will offer shares worth Rs 233.40 crore in the offer for sale, while Mitul Vora and Rushabh Vora will each offer shares to the tune of Rs 233.30 crore Chemspec Chemicals is one of the leading manufacturers of critical additives for FMCG ingredients used in skin and hair care products and intermediates for pharmaceutical APIs used in anti-hypertension drugs. Continue reading
Sebi bans 85 entities from capital markets for fraudulent trading
Sebi on Monday barred total 85 entities, including Sunrise Asian Ltd, from the capital markets for up to one year for manipulating the company’s share price. In its order, the regulator restrained Sunrise Asian and its then five directors from the capital markets for one year and the 79 connected entities for six months
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Going ahead the positive momentum is likely to sustain as the sentiments remain quite constructive, supported by improving economic data and positive earnings expectations. Strong liquidity and positive global cues are also likely to support domestic markets to continue their movements to record levels. The consumer demand will be closely monitored as its expected to pick up given the festive season beginning from next month and the restrictions continuing to ease.
However, concerns on the third wave of the pandemic still hover. Further, valuations are also moving beyond comfort zones and hence could lead to bouts of profit booking and an increase in volatility. Large caps offer a better margin of safety in the current environment and could continue to remain in focus in the near term as well.
ICRA sees continued recovery in air travel despite curtailed business and leisure travel
The domestic air traffic has shown a continued recovery in August at 65-66 lakh passengers, leading to a sequential growth of 30-31 percent, ratings agency ICRA has said. While the demand for air travel rose in August, there is continued stress on-demand as people continue to limit their travel to only necessary travel, ICRA noted.
“The average number of passengers per flight during August 2021 was 114, against an average of 106 passengers per flight in July 2021. Though the recovery continued in August 2021, there is continued stress on demand, driven largely by the second wave of the pandemic, limiting travel to only necessary travel, while both leisure and business travel have been curtailed due to various state-wide restrictions, despite the decline in infections,” Kinjal Shah, vice president & co-group head – corporate ratings, ICRA said. Read full report here
Trade setup for Sept 7: More upside for Nifty in holiday-shortened week? Key market cues before Tuesday’s session 07:57:00 IST
Petrol, diesel prices stable for second day in a row
The oil marketing companies (OMCs) kept petrol, diesel prices unchanged on Tuesday for the second day in a row. Accordingly, the price of petrol and diesel was static at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price was unchanged at Rs 107.26 per litre on Tuesday. The cost of diesel was stable at Rs 96.19 a litre.
World shares at record high as investors count on Fed largesse
Global stocks inched higher on Tuesday to a record high for the eighth straight sessions as investors wagered the US. Federal Reserve is likely to delay the start of tapering its asset purchases after the soft US jobs data.
Tokyo’s Nikkei rallied as much as 1.3 percent, moving past the psychological barrier of 30,000 for the first time since April, also helped by a reshuffle in the Nikkei. Mainland Chinese shares were little changed in early trade while MSCI’s ex-Japan Asian-Pacific index was down 0.1 percent.
The world’s shares, measured by MSCI’s gauge of 50 markets, tacked on 0.1 percent to log its eighth consecutive day of gains to record highs.
CNBC-TV18’s top stocks to watch out for on September 7 07:42:53 IST
SGX Nifty | The trends on SGX Nifty indicate a flat start for the broader index in India. The Nifty futures were trading 11.00 points or 0.06 percent lower at the 17408.00 level on the Singaporean Exchange at 7:40 IST.
First up, here is quick catchup of what happened in the markets on Monday
The Indian equity benchmark indices ended at record closing highs Monday led by gains in IT, realty and auto stocks amid mixed global cues. The Sensex gained 166.96 points, or 0.29 percent, to end at 58,296.91, while the Nifty closed 54.20 points, or 0.31 percent, higher at 17,377.80. Broader markets aided market sentiment, with the Nifty Smallcap100 index jumping 1.09 percent, and the Nifty Midcap100 index rising 0.41 percent.
Among sectors, most gains were seen in realty, IT, media, auto and metal indices, while banks, FMCG and pharma indices ended in the red.
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