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US markets fall and Asian markets are mixed. Time for Nifty to consolidate?

Good Morning Everyone, After many days of record highs Nifty still closed strongly yesterday, let us see how the day looks like today.

Global Markets:

US markets fell yesterday after many days of record highs. The Dow Jones Industrial Average fell 0.79%, snapping a five-day winning streak. The S&P 500 lost 0.71% after posting a new record high on Monday, and the Nasdaq Composite dropped 0.93%.

European markets were up yesterday, At the close in London, The United Kingdom 100 added 0.35%.

Shares in Asia-Pacific were mixed in this morning's trade as investors look ahead to the Reserve Bank of New Zealand’s interest rate decision. In Japan, the Nikkei 225 was slightly down in early trade while the Topix index hovered mildly higher.

Indian Market:

Trends on the SGX Nifty suggest a gap up opening in the Nifty at around 15630-15640, followed by a fall in the market as profit booking will kick in after the US market fall.

If you look at the recent rally in the NIfty, it was majorly contributed by the IT sector, which I feel is because FIIs must have bought shares in them after the Chinese crackdown in the IT sector, which we had discussed a few days back.

India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener on the world market, a top government official said on Tuesday.

"The government is not considering any subsidy at the moment for next year," Sudhanshu Pandey, the most senior civil servant at the Ministry of Consumer Affairs, Food and Public Distribution, told Reuters.

Markets regulator Sebi has reduced the minimum lock-in period for promoters' investment post an initial public offering (IPO) to 18 months from three years, under certain conditions. The move comes at a time when many companies are looking to list on the stock exchanges. In addition, the Securities and Exchange Board of India (Sebi) has streamlined the disclosures requirements of group companies.

In a notification, Sebi said that if the object of the issue involves offer-for-sale or financing other than for capital expenditure for a project, then the minimum promoters' contribution of 20 percent would be locked in for 18 months from the date of allotment in the IPO.

In one of the largest vaccination campaigns anywhere in the world, India on August 16 has administered 88 lakh doses of COVID-19 vaccine. The government said the record vaccination drive was made possible through 15 days' advance visibility of vaccine availability to states and UTs for enabling better planning and streamlining the vaccine supply chain.

With the administration of more than 88.13 lakh doses, the cumulative vaccination coverage has increased to 55.47 crores. About 46 percent of all adult Indians receiving the first dose and 13 percent of all adult Indians have received both doses of vaccine.

The shortage of semiconductors across the world is hurting the production of cars.

⦁ The firms are launching variants without an infotainment system, touchscreen, power mirrors as they need more chips.

⦁ They are also cutting down on diesel vehicles as diesel engine needs more chips.

Tata steel wants to prepay loans up to ₹4,700-crore loans taken for the buyouts of Bhushan Steel and Usha Martin.

⦁ The steel major wants to make these firms debt-free in the next two quarters.

⦁ Tata Steel BSL has around ₹4,000 crores outstanding net external debt.

⦁ Usha Martin has about ₹700 crores outstanding net debt.

“We are not raising any capital, but we are looking at deleveraging,” Koushik Chatterjee, executive director, and CFO at Tata Steel, said.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 343.73 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 266.43 crore in the Indian equity market on August 17

Stock Specific News:

HDFC Bank | The Reserve Bank of India (RBI) has partially lifted the ban on the bank, allowing it to start sourcing new credit cards.

HCL Technologies | The company won a five-year IT transformation deal with Wacker Chemie AG, a German multinational chemical company, to establish a modernized digital workplace and improve its quality-of-service delivery.

Cadila Healthcare | Zydus Cadila has received tentative approval from the USFDA to market Lenalidomide Capsules used to treat various types of cancers.

Canara Bank | The bank has launched the Qualified Institutions Placement (QIP) of equity shares to raise funds up to Rs 2,500 crore at a floor price of Rs 155.58 per equity share.

Asian Paints | The company has raised product prices to pass on higher input costs.

Bharat Dynamics | The company and MBDA signed an agreement to establish an advanced short-range air-to-air missile facility in India.

ISGEC Heavy Engineering | The company has bagged an order for two gas-fired boilers from Naval Project, Indian Navy. The scope of work includes manufacturing two 40 TPH Boilers on a turnkey basis.

Dilip Buildcon | The company’s subsidiary Dhrol Bhadra Highways Pvt Ltd has received the financial closure letter for Rs 880-crore road project from the National Highways Authority of India.

Kaveri Seed Company | The company’s board will meet on August 25 to consider share buyback.

DCM Shriram Industries | The company has entered into an agreement with Zyrone Dynamics Havacilik Danismanlik Ve Ar-Ge San. Tic. A.S. for manufacturing and marketing of UAVs of different types.

Meghmani Organics | The company will list equity shares on the bourses after the demerger of the agrochemical and pigment business.

IFCI | CARE downgraded credit rating on company's long term bank facilities to BB from BBB- and maintained Negative outlook.


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