The stock market indices opened flat on September 15 and gains were capped as most of the Asian shares turned negative in line with an overnight drop in US stocks. Rising crude oil prices also weighed on investor sentiment. The Sensex was up 102.72 points or 0.18 percent at 58,349.80. The broader Nifty was 7.70 points up or 0.04 percent at 17,387.70 points.
Titan was the top gainer in the Sensex pack, rising 0.93 per cent, followed by Bajaj Auto, L&T, M&M, Infosys, Nestle India, Reliance Industries and Bharti Airtel.
On the other hand, IndusInd Bank, Axis Bank, HDFC twins, HCL Tech and Tata Steel were among the laggards.
Among the early gainers were Titan Rs 2,074.80 (+) 0.93 percent, Bajaj Auto Rs 3,776.90 (+) 0.71 perent, Larsen and Toubro Rs 1,706.10 (+) 0.58 percent, Mahindra and Mahindra Rs 754.50 (+) 0.53 percent, Infosys Rs 1,694.36 (+) 0.50 percent and Nestle Rs 20,318.75 (+) 0.43 percent.
IndusInd Bank at Rs 1,030.20 or (-) 0.61 percent, Axis Bank Rs 790.40 (-) 0.52 percent, HDFC Bank Rs 1,541.50 (-)0.44 percent, HCL Tech Rs 1,233 (-) 0.43 percent, Tata Steel Rs 1,446.25 (-) 0.41 percent, and Tech Mahindra Rs 1,445.20 (-) 0.38 percent were the major losers.
In the previous session, the Sensex ended 69.33 points or 0.12 percent higher at 58,247.09. The broader NSE Nifty advanced 24.70 points or 0.14 percent to its fresh closing record of 17,380.
Wall Street loses ground on economic uncertainties
Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.
The Dow Jones Industrial Average fell 292.06 points, or 0.84 percent, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57 percent, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45 percent, to 15,037.76
US stocks ended lower Tuesday, giving up early gains inspired by a softer-than-expected August inflation reading, as investors fretted that underlying price pressures may still prove persistent.
Investors digested fresh inflation data ahead of the Federal Reserve’s policy meeting next week, with stocks falling after initially moving higher on the US. government report Tuesday that the rise in the cost of living slowed in August. The increasing likelihood of a corporate tax rate hike dampened investor sentiment.
The US consumer-price index rose 0.3 percent in August, while the core reading, which excludes volatile food and energy prices, was up just 0.1 percent. The CPI increased 5.3 percent year over year, compared to a rise of 5.5 percent for the year in July.
The markets saw an initial “relief rally” on the “little lighter than expected” read on inflation, but the latest CPI data probably won’t change the Fed’s tapering timeline.
China's industrial output up
China’s industrial output grew 5.3 percent in August from the same period a year ago (Vs 6.4 percent in July and 5.8 percent expected). Retail sales rose 2.5 percent from a year earlier, the slowest pace since August 2020. Analysts in the poll had expected them to grow 7.0 percentin August after rising 8.5 percent in July.
Asian stocks decline
Shares in Asia-Pacific were lower in Wednesday morning trade following losses overnight on Wall Street, with investors awaiting the release of Chinese economic data.
The Nikkei 225 in Japan declined 0.81 percent while the Topix index slipped 1.17 percent. South Korea’s Kospi sat below the flatline.
Asia Pacific stocks were down on Wednesday morning as investors digested weaker-than-expected Chinese data. They also await the impact of lower-than-expected US inflation figures on the US Federal Reserve’s timeline to begin asset tapering.
India's exports up
India's exports rose by 45.76 percent to $33.28 billion in August, as against $22.83 billion in the same month last year, according to commerce ministry data released on Tuesday. Imports during the month increased by 51.72 percent to $47.09 billion, the data showed.
Trade deficit widens in August
Trade deficit in August widened to $13.81 billion as against $8.2 billion in the same month last year. Cumulative value of exports for the period April-August 2021 expanded by 67.33 percent to $164.10 billion, compared to $98.06 billion in the year-ago period.
Sebi proposal to tighten timeline of settlement mechanism
Markets regulator Sebi on Tuesday proposed to tighten the timeline of settlement mechanism, whereby it suggested fixing the total timeframe for filing the application at 60 days after receipt of the notice to show cause.
The total timeframe for filing the application for settlement may be fixed at 60 days of the date of receipt of the show-cause notice or the supplementary notice, whichever is later, Sebi said in a consultation paper.
Oil prices hit six-week high
Oil prices hit a six-week high on Tuesday as Hurricane Nicholas weakened into a tropical storm, bringing the threat of widespread floods and power outages to Texas and Louisiana, and as the International Energy Agency forecast a big demand rebound for the rest of the year.
Brent crude was up 55 cents, or 0.8 percent, at $74.06 a barrel by 1334 GMT after hitting a session high of $74.28. US West Texas Intermediate (WTI) crude climbed 51 cents, or 0.7 percent, to $70.96 after touching a high of $71.22.
Wellness Forever to file for IPO
Wellness Forever, an omni-channel retail pharmacy chain backed by Adar Poonawalla, will file draft documents with the capital markets regulator by the end of this month to raise Rs 1,500-1,600 crore through an initial public offering, people familiar with the plan told Moneycontrol.
The IPO will consist of a primary issue and an offer for sale of shares by existing investors, the people said. Wellness Forever appointed IIFL Securities, Ambit Private and DAM Capital Advisors as the investment bankers for the proposed share sale.
Eight stocks under F&O ban
Eight stocks – Canara Bank, Escorts, Exide Industries, Vodafone Idea, IRCTC, LIC Housing Finance, NALCO and Sun TV Network – are under the F&O ban today.
Fuel prices remain unchanged
Auto fuel prices in the country have maintained stability amidst volatility in global oil prices over the rise in demand and concerns on production.
The oil marketing companies (OMCs) kept petrol and diesel prices unchanged for the tenth consecutive day on Wednesday.
Accordingly, the price of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per the Indian Oil Corporation, the country's largest fuel retailer.
Across the country as well, petrol and diesel prices remained static on Tuesday but their retail rates varied depending on the level of local taxes in a particular state.
In Mumbai, the petrol price is stable at Rs 107.26 per litre, while the diesel rate also remains 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 on a daily basis. The new prices becomes effective from the morning at 6 AM.
