HDFC Bank, ITC lift Sensex 100 pts on late buying; Nifty ends atop 19,600

CLOSING BELL ON SEPTEMBER 06, 2023: The Sensex gained 483 points from the day's low, with HDFC Bank, ITC and Bharti Airtel contributing 217 points to the BSE benchmark on Wednesday.

9:09 AM

PRE-OPEN: Nifty remains unchanged

9:08 AM

PRE-OPEN: Sensex off to tepid start

9:04 AM

CURRENCY ALERT: Rupee opens at 83.02/$ vs Tuesday’s close of 83.04/$

9:00 AM

Crypto millionaires migrating to protect interests, Singapore tops list

In terms of the tax-friendliness parameter, which assesses a country's approach to taxing cryptocurrency-related activities, Singapore and the UAE score a flawless 10 out of 10 READ MORE

8:57 AM

WATCH :: Do metal stocks have more mettle?

8:53 AM

Sebi plans to usher in the era of 1-hour trade settlement by early 2024

“India is the first jurisdiction in the world that has moved to T+1 (trade date plus one day) settlement. We are now talking about a one-hour settlement and that will be a stepping stone to instantaneous settlement. This will be in a reasonably short period of time,” the Sebi chief said at the Global Fintech Fest in Mumbai. READ MORE

8:50 AM

Stocks to Watch: Zee Entertainment, Jio Financial, NBCC, Vedanta, PowerGrid

Jio Financial Services: JFS will be removed from the NSE Indices, including the Nifty50, from September 7, as the stock has not hit the price band on two consecutive trading days on September 4 and September 5 on the NSE. 

Zee Entertainment: Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. READ MORE

8:46 AM

Hold Nifty Longs with stop loss of 19,400, says HDFC Securities

Nifty has been rising for last three consecutive sessions. Nifty has surpassed the 19,500 resistances, derived from downward sloping trend line on the daily chart. On the weekly charts, Nifty has broken from the bullish "Flag" pattern, which indicates continuation of an uptrend. Traders are advised to hold Nifty longs with 19,400 stoploss. READ MORE

8:42 AM

FMCG index may see pullback rally; Metal index ripe for profit booking

In the short term, the index's first target range is expected to be between 52,000 and 52,175. If this initial milestone is achieved, the path opens up to a second target range between 52,665 and 53,150. READ MORE

8:39 AM

Fund Flow :: DIIs buy equities worth Rs 1,077.86 crore on Tuesday, Sept 5

8:36 AM

Fund Flow :: FIIs sell equities worth Rs 1,725.11 crore on Tuesday, Sept 5

8:32 AM

Gift Nifty suggests a sluggish start awaits D-Street

8:28 AM

China says economic 'fundamentals' are unchanged despite its slowdown

>> The Chinese embassy in Washington pushed back against interpreting China's economic slowdown as a sign the country is facing deeper issues, acknowledging the rocky nature of the nation’s post-Covid rebound but stressing optimism for its growth trajectory.

 

>> "A post-Covid economic recovery will be bumpy from time to time," Chinese embassy spokesman Liu Pengyu told reporters in an online briefing Tuesday. "But the fundamentals sustaining China’s long-term wealth will remain good, remain unchanged."

Source: Bloomberg

8:25 AM

Commerce Secretary Raimondo: US businesses are 'desperate for some kind of dialogue' with China

>>  US Commerce Secretary Gina Raimondo has stressed the importance of communication in fostering the country’s economic relationship with China. Raimondo said US businesses are "desperate" for dialogue.

>> US businesses need a "level playing field" in China, Raimondo said, as many fear raids or unpredictable government action toward their companies.

>> "I did, myself, personally, talk to over a hundred CEOs of US businesses before going to China, and to say that they were desperate for some kind of a dialogue is not an exaggeration," Raimondo said. "I’m not going to say we’re going to solve every problem, because we won’t. But to even find some practical solutions, I have to be the voice of business and put it to the Chinese government, and give them, you know, a chance to make some changes and show some action."

Source: CNBC

8:22 AM

Escalating dispute at major gas facilities in Australia could drive up European prices

>> The looming threat of strikes at Australian natural gas facilities will keep global gas markets on tenterhooks, energy analysts told CNBC, with traders fearing that a prolonged halt to production could squeeze global supplies and send European prices higher.

>> Fears of strike in Australia, one of the world’s biggest exporters of liquified natural gas (LNG), have recently pushed up European gas prices — and analysts expect near-term volatility to persist.

>> European gas prices could climb to above 40 euros ($42.9) per megawatt hour if the strikes go ahead as planned. The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded at 33.5 euros on Tuesday.

Source: CNBC