Sensex extends rally to 6th day, ends 333 pts higher; Nifty reclaims 19,800

CLOSING BELL ON SEPTEMBER 08, 2023: L&T, Airtel and banks were the major movers on Friday; the S&P BSE Sensex has rallied 1,767 points in the last six straight trading sessions.

8:50 AM

Stocks to Watch: L&T, ONGC, Shemaroo, Mazagon Dock, Landmark Cars, Tejas

Samvardhana Motherson International: The company has inaugurated its new wiring harness facility located in Ras Al Khaimah Economic Zone (RAKEZ). His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah formally inaugurated Motherson’s facility in the Emirate of Ras Al Khaimah (UAE).

 

Exide Industries: The company has invested Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions, by subscribing to its equity share capital on rights basis. Exide Energy Solutions manufactures battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, and prismatic, as well as manufacturing, assembling, and selling battery modules, battery packs, and other related activities. READ MORE

8:47 AM

F&O: A bull spread strategy for M&M Finance may be suitable for Sept series

>> The stock price is on the verge of breaking out from the downward sloping trendline, adjoining the highs of July 3 and August 31, 2023.

 

>> The stock price formed bullish hammer candle stick pattern on September 6. READ MORE

8:44 AM

Biden is not planning to meet Chinese Premier Li at G-20 Summit, says report

>> President Joe Biden does not intend to meet with Chinese Premier Li Qiang during the Group of 20 summit this weekend in New Delhi, a White House official said on Thursday night.

 

>> He said Biden has no intent 'to engage' with Li

Alert: Xi and Putin are both skipping Group of 20 gathering in India

Source: Bloomberg

 

8:41 AM

Fund Flow :: DIIs buy meagre Rs 28.11 crore worth of equities Thursday

8:40 AM

Fund Flow :: FII selling slows, offloads equities worth Rs 758.55 crore Thursday

8:37 AM

India's 'massive expansion' set to be a key driver of global economic growth

>> India’s stellar economic trajectory alongside strong forecasts for some Southeast Asian countries will be important drivers for global growth, said S&P Global Insights.

 

>> Asia-Pacific is a "key driver" for global economic growth not just in the near term, but over the longer run as well, S&P Global’s Asia-Pacific chief economist Rajiv Biswas said at the annual energy APPEC conference.

>> “A massive expansion on the way in the Indian economy, and also a very favorable outlook in Southeast Asia — where we expect pretty strong growth to continue in some of the economies, notably Indonesia, Philippines, Vietnam, will be among the world’s fastest growing emerging markets over the decade ahead,” said Biswas.
 

8:34 AM

Opinion :: India’s G20 presidency risks ringing hollow as Ukraine war dashes hopes of consensus

>> Leaders of the Group of 20 leading industrialized and developing countries will gather this weekend in New Delhi for a summit that will mark the end of India’s year-long G20 presidency.

>> The prospect for a joint communique appears dim. Russia and China have blocked these binding agreements at all major G20 meetings so far, objecting to language referring to the Ukraine crisis.

>> The lack of consensus may undercut India’s efforts in using the G20 presidency to burnish its global credentials and ambitions.

Source: CNBC

8:31 AM

Opinion :: India’s policy contradictions are making it harder for investors to crack its market

>> Apple and one of its biggest suppliers Foxconn are among some of the more prominent companies relocating their manufacturing operations to India as a result of Prime Minister Narandra Modi’s “Made in India” policies.

>> Shades of protectionism in India policy still exist, and they seem at odds with India’s eagerness to burnish its global reputation and embrace of global trade and industry with its presidency of the Group of 20 leading industrialized and developing economies.

>> At a time when shifting geopolitical alliances are elevating India’s strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China.

>> Capital controls limit fund raising options for India Inc, which may curtail corporate growth ambitions.

Source: CNBC

8:28 AM

Gift Nifty signals positive start on Dalal Street

8:24 AM

Commodity check :: Brent crude price eases amid profit booking

8:21 AM

US stock futures turn positive after persistent selling on Wall Street

8:19 AM

Hong Kong stock exchange cancels morning trade

>> Hong Kong’s heaviest rainstorm since records began in 1884 flooded the financial hub’s streets and sent torrents of water rushing through subway stations, bringing much of the city to a standstill and forcing the stock market to halt morning trading on Friday.

>> The observatory raised the highest “black” rainstorm warning at 11:05 p.m. local time Thursday. The stock market will suspend all-day trading if the warning remains in place at noon, according to a statement by the local exchange operator.

Source: Bloomberg

8:16 AM

Apple shares fall after reports that China banned iPhone use by government employees

>> Apple shares fell more than 3% on Thursday, following a 4% decline on Wednesday, after several reports suggested that Chinese government workers could be banned from using Apple’s iPhones.

>> China has ordered officials at central government agencies not to bring iPhones into the office or use them for work, The Wall Street Journal reported on Wednesday. It was unclear how widely the bans were issued.

>> China is Apple’s third-largest market, accounting for 18% of total revenue last year.

Source: CNBC
 

8:13 AM

TSMC shares fall after reports of China iPhone curbs

>> Shares in Taiwan's TSMC, a major Apple supplier, dropped around 1% on opening on Friday after reports that China has widened curbs on iPhone use by state employees.

 

>> The broader index was down around 0.4%.
 

8:10 AM

Buoyant dollar on course for its longest weekly winning streak since 2014

>> The dollar was headed for its longest weekly winning streak in nine years on Friday, bolstered by a resilient run of US economic data that has also put the end of the Federal Reserve's rate-hike cycle into question.

>> In Asia, traders were keenly watching moves in the Chinese currency, after the onshore yuan tumbled to a 16-year low in the previous session.

 

>> The US dollar index , which measures the greenback against its major peers, steadied at 105.02 in early trade, not far from the previous session's six-month high of 105.15.

 

>> The index was on track to extend its gains into an eighth straight week, and is up 0.7% so far.

>> The euro , the largest component in the dollar index, was staring at eight straight weeks of losses, with the single currency last marginally higher at $1.0701, after having fallen to a three-month low of $1.0686 on Thursday.

Source: Reuters