04 Sep 20, BSE CLOSED @ 38357.18 ❌ 633.76 Pnts & NSE CLOSED @ 11333.85 ❌ 193.60 Points, BankNifty Closed 23011.50 ❌ 519.35 Points & India VIX Closed 22.1525 ✅ 01.6500 Points.
31 Aug -- 04 Sep BSE CLOSED @ 38357.18 ❌ 1110.13 Pnts & NSE CLOSED @ 11333.85 ❌ 313.75 Points, BankNifty Closed 23011.50 ❌ 1512.30 Points & India VIX Closed 22.1525 ✅ 03.8050 Points.
Banking Stocks: Supreme Court has adjourned hearing in the loan moratorium case till September 10. Accounts not declared as NPAs as on August 31 shall not be declared so until further orders. Banks need to roll out resolution schemes for Covid-19 induced stressed accounts by September 15, FM Sitharaman told bankers on September 3.
Vodafone Idea: Clarified on the news of Verizon, Amazon may invest over $4 billion on the company stating that as a corporate strategy, the company is evaluating opportunities and currently there is no proposal as reported by media that is being considered by the board. The board meeting to discuss raising of funds to be held today.
Allcargo Logistics: Bloomberg News reports that the company is considering listing its international business on a European exchange, as it weighs its proposal to give up its listing in India. The company may seek a new listing as soon as next year. The company could seek to value the business at $800 million to $850 million in an offering.
The government has imposed an anti-dumping duty on Ciprofloxacin Hydrochloride imports from China for six months. A levy of $0.9-$3.49 per kg has been imposed on the raw material used in making antibiotics. Aarti Drugs, Aurobindo Pharma, Dr Reddy's Laboratories, Neuland Laboratories and Sun Pharma are some of the producers of the antibacterial drug in India.
Gujarat State Fertilizers and Chemicals: Has restarted its methanol plant with an installed capacity of 525 metric tonnes per day. The plant will be operating at its full capacity from September 10 and is expected to produce 470 metric tonnes of Methanol per day. As a result of this, the company’s top-line is likely to grow by Rs 150 crore in FY21.
Infosys: To acquire 100% stake in a product design and development firm Kaleidoscope Innovation for $42 million.
Hindustan Aeronautics: Government proposes to offer 5.02 lakh shares at Rs 950.95 per share to the company’s employees. The offer for sale will remain open from September 4-9.
CreditAccess Grameen: Says that loans under moratorium are now down to 18% in August as compared to 24% in July and 26% in June. Overall collections have also seen an improvement with efficiency rising to 82% in August from 76% in July. The board has also approved raising funds to the tune of 1,000 crore rupees through issue of equity shares.
Tata Power: MD Praveer Sinha stated in a webinar that the company has prepared a roadmap to retire its coal power plants after their shelf life.
Cheviot: To consider share buyback on September 8.
Mindspace Business Parks REIT: To consider raising Rs 500 crore via NCDs on September 14.
Hind Rectifiers: Mumbai manufacturing plant has increased its capacity to 30% from 10%.
Kaveri Seed: Pabrai Investment Funds decreased stake to 5.21% from 7.24% on September 1.
5Paisa Capital: Board approved raising Rs 900 crore via issue of equity shares.
Trident: Has resumed operations at its Budhni plant in Madhya Pradesh.
Videocon Industries: 11 prospective resolution applicants have submitted their resolution plan
Non-Nifty Earnings Today: Jubilant Life Sciences, Repco Home Finance
F&O Cues
Nifty September futures closed at 11,550; premium of 22 points from 30 points
Nifty September futures add 1.8% and 1.9 lakh shares in Open Interest
Nifty Bank September futures closed at 23,580; premium of 49 points from 46 points
Nifty Bank September futures add 6.3% and 88,000 shares in Open Interest
Nifty Put-Call Ratio at 1.27
Enter F&O Ban: Canara Bank, Vodafone Idea
Stocks In F&O Ban: Canara Bank, Escorts, Indiabulls Housing Finance, PNB, Vodafone Idea
Nifty Weekly Expiry: September 10
Maximum Open Interest on Call side at 11,600 strike (14.6 lakh shares)
Maximum Open Interest on Put side at 11,500 strike (12.4 lakh shares)
Active Options: 11,500 Put (7.8 lakh shares) and 11,600 Call (9.5 lakh shares)
Nifty Monthly Expiry: September 24
Maximum Open Interest on Call side at 12,000 strike (19.6 lakh shares)
Maximum Open Interest on Put side at 11,000 strike (27.9 lakh shares)
Today's Corporate Action 4th Sep Ex Date
MANGCHEFER Dividend - Rs. - 0.5000
SHALBY Final Dividend - Rs. - 0.5000
ZUARIGLOB Dividend - Rs. - 1.0000
Today's Key Results 4-Sep-20
ACROW
ADCON
AEL
AIML
BALGOPAL
BHAGYFN
BLIL
BNKCAP
BOMOXY-B1
CANOPYFIN
COCHMAL
COLORCHIPS
GBGLOBAL
GOODYEAR
HYPERSOFT
JUBILANT
KCP
LANCER
MICROSE
MODCL
NATIONALUM
NEERAJ
NLCINDIA
PARAGONF
RAINBOWF
RAJOOENG
RAMRAT
SALSAIN
SAMTEX
SEAMECLTD
SIEL
SIMBHALS
SLSTLQ
SMPLXTR
SUNSHINE
TERAI
VISTARAMAR
WAGEND
ZENITHEXPO
ZSWASTSA
GSFC restarted Methanol plant with a daily installed capacity of 525 MT.
CreditAccess Grameen: Board approved raising of Rs 1,000 crore via equity.
Hindustan Aeronautics: Government to sell 5,02,462 equity shares to the company's eligible employees at Rs 950.95 per share via an offer for sale during September 4-9.
Jindal Steel & Power: Promoter entity Danta Enterprises released over 1 crore pledged shares during August 25-31. Another promoter entity Glebe Trading also released 1.4 lakh pledged shares.
Adani Gas: ICRA upgraded company's long-term rating to AA- and re-affirmed short-term rating at A1+ with a stable outlook.
Infosys will acquire product design and development firm, Kaleidoscope Innovation.
Usha Martin: Promoter entity Neutral Publishing House raised stake in company to 3.25% from 3.08% earlier on September 2.
Jubilant Industries: Q1 loss at Rs 3.1 crore versus a profit of Rs 9.6 crore, revenue at Rs 94.3 crore versus Rs 151.8 crore YoY.
Dow futures drop 200 points as Wall Street braces for more tech losses
U.S. stock futures fell on Thursday night, building on the downside momentum from the regular trading session as Big Tech was primed for another steep decline.
Dow Jones Industrial Average futures dropped 207 points, or 0.7%. S&P 500 futures were down by 0.9% and Nasdaq 100 futures slid 1.6%.
Shares of major tech companies fell broadly in after-hours trading. Apple slid 3%. Facebook, Amazon, Netflix, Alphabet and Microsoft all dropped at least 1%.
Asia Pacific stocks fall after Wall Street plunge; Australia’s July retail sales data expected
Stocks in Asia Pacific fell in Friday morning trade following sharp declines on Wall Street overnight.
South Korean stocks led losses in the region, with the Kospi dropping 2.25% in early trade. In Japan, the Nikkei 225 declined 1.46% while the Topix index shed 1.15%.
Over in Australia, the S&P/ASX 200 declined 1.03%.
Overall, the MSCI Asia ex-Japan index traded 0.53% lower.
Investor reaction to overnight moves stateside will be watched. The Dow Jones Industrial Average plunged 807.77 points, or 2.8%, to 28,292.73 — its biggest one-day decline since June 11. The S&P 500 slid 3.5% to 3,455.06 and the Nasdaq Composite fell by 5% to close at 11,458.10.
“There has been no obvious catalyst for the move,” National Australia Bank’s Rodrigo Catril wrote in a note. “Now the question is whether the correction has legs or whether investors are temped back in.”
On the economic data front, Australia’s retail sales data for July is set to be out at around 9:30 a.m. HK/SIN on Friday. That follows the June quarter gross domestic product figures released earlier this week that showed the country officially entering a recession.
Ahead of that data release, the Australian dollar traded at $0.7258 after yesterday’s fall from above $0.732.
Later Friday stateside, a closely watched U.S. jobs report is also set to be released, with economists polled by Dow Jones expecting the U.S. economy to have added more than 1 million jobs last month.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.839 following its bounce this week from levels below 92.
The Japanese yen changed hands at 106.11 per dollar after its weakening yesterday from the 106.5 handle against the greenback.
Here’s a look at what’s on tap:
Australia: July retail sales data at 9:30 a.m. HK/SIN
U.S.: Nonfarm payrolls and unemployment rate for August
U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows.
Here are the main market moves:
Stocks
The S&P 500 Index sank 3.5% as of 4 p.m. New York time.
The Stoxx Europe 600 Index fell 1.4%.
The MSCI Asia Pacific Index fell 0.3%.
The MSCI Emerging Market Index dipped 1%.
Currencies
The Bloomberg Dollar Spot Index climbed 0.2%.
The euro was little changed at $1.1853.
The Japanese yen rose less than 0.1% to 106.13 per dollar.
Bonds
The yield on 10-year Treasuries fell two basis points to 0.63%.
Germany’s 10-year yield fell one basis point to -0.49%.
Britain’s 10-year yield rose less than one basis
point to 0.23%.
Commodities
West Texas Intermediate crude declined 0.5% to $41.29 a barrel.
Gold fell 0.6% to $1,930.71 an ounce.
Stocks Post Biggest Rout Since June as Tech Sinks: Markets Wrap
U.S. equities tumbled by the most in almost three months as the rotation away from high-flying tech stocks gained steam, with investors questioning the sustainability of lofty valuations.
The S&P 500 Index retreated from a record high and fell more than 3.5%, its biggest drop since early June, amid declines in Apple, Microsoft, Amazon and Facebook. The Nasdaq 100 sank 5%, its largest decline since March. European stocks erased gains and finished more than 1% lower.
Treasury yields dipped and the dollar rose.
Global equities are pulling back hard from unprecedented highs as investors question the justification for steep valuations as the pandemic rages on. While data Thursday showed applications for jobless claims fell last week, U.S. investors may need evidence of a fuller economic recovery after a 60% run-up in the S&P 500 since its March lows.
“What we’re seeing here just a little bit of a reckoning,” said Nancy Prial, co-chief executive officer at Essex Investment Management. “It’s too soon to say whether this is a pause that refreshes or whether this is the beginning of a more meaningful downturn in big tech. Most of these are great companies with really robust growth opportunities, but the stocks are very richly valued.”
The Cboe Volatility Index -- a measure of expected price swings for the S&P 500 Index known as Wall Street’s “fear gauge” -- rose to the highest level since June. Bitcoin fell as much as 7.6%.
Elsewhere, oil slumped. Major equity gauges in Asia were mixed.
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