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Updated on: Thursday, September 09, 2021, 10:44 AM IST

Market indices open in red reflecting weak global cues; Sensex down, Nifty above 17,300-mark

Representational image | ANI Photo

Representational image | ANI Photo

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The stock market indices opened on a weaker note reflecting weak global cues on September 9. At 9.15 AM, the benchmark Sensex was 44.97 points down or 0.77 percent at 58,205.29. The broader Nifty was 6.85 points down 0.39 percent at 17,346.65. The BSE Midcap index was unchanged while BSE Smallcap rose 0.2 per cent.

Kotak Bank was the major gainer (+1.26 percent) at Rs 1,840.75 followed by Bharti Airtel (+0.58 percent) Rs 671.70, Bharjaj Finserv (+0.48 percent) Rs 16,642.80, TCS (+0.45 percent) Rs 3,791, Tata Steel (+0.42 percent) at Rs 1,435.75.

UCO Bank surged 13 percent at opening bell on news reports that RBI had removed lending curbs on the bank.

Tech Mahindra, Axis Bank, Titan were among the major losers. Tech Maindra was down (-0.68 percent) at Rs 1,417.80 followed by Axis Bank (-0.66 percent) Rs 789.40, Titan (-0.65 percent) Rs 2,043.45, M&M (-0.49 percent) Rs 750.90, Infosys (-0.47 percent) Rs 1,685.05 and Reliance (-0.42 percent) at Rs 2,420.40.

In the previous session, the 30-share index ended 29.22 points or 0.05 per cent lower at 58,250.26, and Nifty slipped 8.60 points or 0.05 per cent to 17,353.50.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 802.51 crore on Wednesday, as per provisional exchange data.

Fuel prices unchanged

The oil marketing companies (OMCs) on Thursday kept petrol and diesel prices unchanged, the fourth consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.

Price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.

Across the country as well petrol and diesel prices remained static on Wednesday but their retail rates varied depending on the level of local taxes in a particular state.

In Mumbai, the petrol price was stable at Rs 107.26 per litre on Wednesday while diesel rates also remained unchanged at Rs 96.19 a litre.

In Chennai, petrol is priced at Rs 98.96 a litre and in Kolkata Rs 101.62 a litre. Diesel is also priced at Rs 93.26 and Rs 91.71 per litre in both cities respectively.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from morning at 6 AM.

Asia shares fall in early trade

Shares in Asia-Pacific fell in Thursday morning trade as investors reacted to the release of China’s August inflation data. China’s consumer price index rose 0.8 percent year-on-year in August, compared to expectations for a 1 percent increase in a Reuters poll.

Nikkei 225 in Japan dipped 0.41 percent while the Topix index fell 0.39 percent. South Korea’s Kospi declined 0.82 percent.

Several Federal Reserve policymakers on Wednesday signaled that the US central bank remains on track to trimming its massive asset purchases this year, despite the slowdown in jobs growth seen in August and the impact of the recent COVID-19 resurgence.

The Fed has promised to keep purchasing Treasury securities and mortgage-backed securities at the current pace of $120 billion a month until there is “substantial further progress” toward their goals for inflation and maximum employment.

US job openings raced to a new record high in July, suggesting that last month's sharp slowdown in hiring was due to employers being unable to find workers rather than weak demand for labor.

Job openings, a measure of labor demand, jumped 749,000 to 10.9 million on the last day of July, the highest level since the series began in December 2000, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Hiring was little changed at 6.7 million.

Oil prices up more than 1%

Oil prices jumped on Wednesday and settled up more than 1% as U.S. Gulf of Mexico producers made slow progress in restoring output after Hurricane Ida. Brent settled up 91 cents, or 1.3% percent, at $72.60 and U.S. West Texas Intermediate (WTI) crude settled up 95 cents, or 1.4 percent, to $69.30 a barrel.

India economic growth strong: S&P

India is expected to post strong economic growth in the coming quarters, even as inflation, led by food prices, is likely to remain elevated, S&P Global Ratings said on Wednesday.

The economy is expected to clock 9.5 percent growth in the current fiscal year, followed by 7 percent expansion in the next year, it said, adding high nominal GDP growth would be important for ensuring fiscal consolidation going forward.

"Given India’s weak fiscal settings and high stock of debt around 90 percent of GDP, the nominal GDP growth is going to be very important to prevent any further erosion of fiscal settings in the country and to enable some degree of fiscal consolidation going forward,” S&P Global Ratings Director (Sovereign) Andrew Wood said.

Govt appoints intermediaries for LIC IPO

The central government on September 8, appointed intermediaries-Kotak Mahindra Capital Company, Goldman Sachs India Securities, JP Morgan India, ICICI Securities, and others for listing and partial disinvestment its equity shareholding in Life Insurance Corporation of India(LIC) via initial public offering.

LIC has appointed Kotak Mahindra Capital Company, Goldman Sachs India Securities, JP Morgan India, ICICI Securities, JM Financial, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India), Axis

Capital, DSP Merrill Lynch, and SBI Capital Markets as book running lead managers, says a circular on DIPAM website.

Three stocks under F&O ban

Three stocks – Indiabulls Housing Finance, IRCTC and NALCO – are under the F&O ban today.

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Published on: Thursday, September 09, 2021, 09:20 AM IST
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