Asian stocks are poised for a lower opening on Tuesday as traders refocus on China’s efforts to address its economic challenges following the U.S. Labor Day holiday. Futures indicate a potential decline in shares in Japan and Australia, while Hong Kong’s Hang Seng index, which surged nearly 3% on Monday before trimming gains, is also expected to fall. European shares provided limited guidance, with the Stoxx 600 index closing relatively unchanged in low-volume trading after earlier rising by as much as 0.8%. Additionally, oil futures remain near nine-month highs due to expectations of crude supply cuts from the OPEC+ group.
Brent crude is trading above $89 a barrel, West Texas Intermediate is above the $85-mark, the 10-year U.S. bond yield is at 4.18%, and Bitcoin is below the 26,000-level. At 5:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, remained stable at 19,622.
In India, benchmark stock indices opened higher and sustained gains throughout Monday. The Sensex closed above the 65,600 level, and the Nifty exceeded 19,500. Leading the gains were metal stocks, along with advances in PSU banks, I.T., real estate, and the media sectors, while consumer durables and fast-moving consumer goods faced downward pressure. Nifty IT reached a fresh 16-month high, and both Nifty Auto and Nifty Metal hit record highs intraday. On Monday, foreign portfolio investors sold stocks worth Rs 3,367.7 crore, while domestic institutional investors were net buyers, acquiring equities worth Rs 2,563.5 crore, as per provisional NSE data. The Indian rupee weakened by 3 paise to close at Rs 82.75 against the U.S. dollar.
Stocks to watch include Hero MotoCorp, Cipla, M&M, Yes Bank, RVNL, Tata Power, and Oil India.
Hero MotoCorp is set to invest Rs 550 crore in Ather Energy Private’s rights issue, potentially increasing its stake in the company.
Cipla’s South African subsidiary is acquiring a 100% stake in Actor Holdings for ZAR 900 million. Volkswagen is in advanced discussions with Mahindra and Mahindra regarding the use of central MEB components. Yes Bank has clarified its limited association with JC Flowers ARC after the sale of the loan portfolio. Tata Power Renewable Energy has signed a 26 MW solar power delivery agreement with Neosym Industry. Oil India has approved a Rs 1,738 crore contribution for North East Gas Distribution Co. BHEL has secured an order for Electro-Mechanical works for the Dibang Multipurpose Project. Bombay Dyeing has settled a dispute with Axis Bank. Gland Pharma has appointed Ankit Gupta as Vice-President (strategy and investments). Rail Vikas Nigam’s RVNL-MPCC JV is the lowest bidder for civil engineering works in the Varodara Division of Western Railway. Dabur International is converting its Dubai branch into a wholly owned subsidiary. LIC Housing Finance has infused Rs 21.61 crore of incremental capital in LIC Mutual Fund Asset Management Company. Bectors Food and Specialties has appointed Arnav Jain as Chief Financial Officer. Escorts Kubota will raise tractor prices from Sept. 16, while Dhanuka Agritech has launched a herbicide for sugarcane crops. Ramco Cements has commissioned the balance of the 3 MW capacity of the Waste Heat Recovery System in its Kolimigundla plant, increasing total operating capacity to 43 MW.
In IPO listings, Vishnu Prakash R Punglia’s shares are scheduled to be listed on stock exchanges on Sept. 5 after significant subscription interest.
Bulk deals include Nalanda India Equity Fund selling 8.9 lakh shares of TCNS Clothing, Zerodha Broking selling 25.5 lakh shares of Delta Corp, and Societe Generale buying 23.4 lakh shares of Delta Corp. Dharampal Satyapal sold 8 lakh shares of GHCL.
In insider trades, Aditi M. Panandikar, promoter of Indoco Remedies, bought 12,336 shares between Sept. 1 and 4. Shravan Kumar Bali, promoter of DB Realty, sold 70,000 shares on Aug. 31. Modugula Vasudeva Reddy, promoter of Ramky Infrastructure, sold 14,699 shares between Aug. 30 and Sept. 1. Safari Commercial, promoter of Safari Industries (India), sold 20,000 shares between Aug. 31 and Sept. 1, while Promoter Advanced Vital Enzymes sold 1,645 shares of Advanced Enzyme Technologies on Aug. 31.
Annual General Meetings (AGMs) are scheduled for Birla Corporation, GMM Pfaudler, Go Fashion (India), Hatsun Agro Product, Indian Energy Exchange, Neogen Chemicals, Network18 Media & Investments, Pilani Investment and Industries, Subros, Tamilnad Mercantile Bank, TV18 Broadcast, and Wardwizard Innovations & Mobility.
Sheela Foam will meet investors and analysts on Sept. 7-8, and Pricol will do the same on Sept. 12.
Trading tweaks include a revised price band from 10% to 5% for D. P. Abhushan, a revised price band from 20% to 10% for GMR Power and Urban Infra and Jaiprakash Associates, and ex-dividend dates for PTC India Financial Services, India Glycols, Kajaria Ceramics, Ircon International, and Bengal & Assam Company. Ex-date AGM applies to India Glycols, Dhampur Sugar Mills, Kajaria Ceramics, and Ircon International, while record-date dividends apply to PTC India Financial Services. Stocks moving into the short-term ASM framework are Dredging Corporation of India, GMR Power and Urban Infra, HLV, Pokarna, and Uflex, while stocks moving out of it are Kopran, Prakash Industries, and Yatharth Hospital.
Regarding F&O cues, Nifty September futures ended at 19,614.35, with a premium of 102.25 points, and Nifty Bank September futures ended at 44,790, with a premium of 188.5 points. Securities in the ban period include Balrampur Chini, Bharat Heavy Electricals, Hindustan Copper, Indiabull Housing Finance, and The India Cements.
In the money market, the local currency weakened by 3 paise to close at Rs 82.75 against the U.S. dollar.
