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Equity Alert: Indices open up as index heavyweights push Nifty 50 higher

MUMBAI--0935 IST--Indices opened higher Wednesday with financial services and oil and gas stocks as the biggest gainers. Heavyweights HDFC Bank, Reliance Industries, and Infosys aided the rise of the Nifty 50. India's headline CPI inflation falling to an eight-year low of 1.55% in July also likely pushed the indices higher.

At 1007 IST, the Nifty 50 was 0.4% higher at 24594.40 points and the BSE Sensex was up 0.3% at 80500.99 points. All sectoral indices were in positive territory. Nifty IT and Nifty FMCG swung between gains and losses and were marginally lower. The Nifty Metal index was the top gainer, up nearly 2%, followed by Nifty India Defence and Nifty Healthcare, which rose over 1?ch. All broader market indices were higher in early trade, with the Nifty Midcap 50 as the top gainer, rising over 1% and the small-cap indices rising 0.5-0.7%.

Shares of Apollo Hospitals Enterprises were over 6% higher and the stock was the biggest gainer on the Nifty 50 after the company reported better-than-expected June quarter earnings post market hours Tuesday. Shares of Hindalco Industries were up over 4?ter the company's consolidated net profit for the June quarter surpassed Street's view. Bharat Electronics snapped a four-session falling streak and was up over 1%. IndusInd Bank fell 0.7% and it was the worst-hit Nifty 50 constituent.

One97 Communications was up over 3% and was among the top performers on the Nifty 200. The company's wholly-owned subsidiary, Paytm Payments Services Ltd., received an in-principle approval Tuesday from the Reserve Bank of India for an online payment aggregator licence. Shares of FSN E-commerce Ventures were over 3% higher despite the company reporting a lower-than-expected consolidated profit for the June quarter. (P. Madhu Kumar)

Equity Alert: Mkt seen tad up at open likely on fall in CPI; ONGC in focus

MUMBAI--0855 IST--Benchmark indices are likely to be range-bound with stock-specific action Wednesday due to lack of triggers. The Nifty 50 is likely to open 40–50 points higher, possibly because India's headline CPI inflation slipped to an eight-year low of 1.55% in July. Investors continue to be uncertain about US trade tariffs on India for buying Russian crude oil and the US-India trade deal. A meeting between US President Donald Trump and his Russian counterpart Vladimir Putin, which is scheduled to be held in Alaska on Friday, will be closely watched. A truncated week due to the Independence Day holiday on Friday has kept investor sentiment muted.

"There are no major triggers for the market to react sharply, so it will be down to flat today (Wednesday)," Anshul Jain, head of research at Lakshmishree Investments, said. The market will be flat throughout the session with a negative bias but there are slight chances of some short covering in the second half of the session, he said.

At 0829 IST, the GIFT Nifty's August contract on the NSE International Exchange was up 0.1% at 24649.50, over 162 points higher than the Nifty 50's closing level on Tuesday. This indicates a slightly positive start to the market. Benchmark indices closed lower Tuesday after choppy trade. The Nifty 50 ended 0.4% lower at 24487.40 points and the BSE Sensex closed 0.5% lower at 80235.59 points. Support for the Nifty 50 is seen at 24400–24350 points for the near term and resistance at 24750–24800 points.

Oil and Natural Gas Corp. will be a key stock to monitor after the company's top line and bottom line both fell on year in the June quarter but beat the Street's expectations. These metrics managed to exceed estimates on the back of a fall in expenses during the quarter. While the bottom line fell due to lower oil price realisations during the quarter, the pace of decline was the slowest on year in three quarters.

In the US, benchmark equity indices closed sharply higher Tuesday, with the Nasdaq Composite and the S&P 500 closing at record highs, as a better-than-expected inflation print for July boosted sentiment. US CPI increased 0.2% on a seasonally adjusted basis in July. Most Asian indices were higher in early trade, tracking the strong gains in the US market overnight, with Japan's indices again hitting record highs. (Simran Rede)

Equity Alert: Most Asia mkts rise on US rate cut hopes; Japan at record high

MUMBAI--0806 IST--Most Asian indices were higher in early trade, tracking the strong gains in the US market overnight. A softer-than-expected inflation print in the US, which boosted hopes of a rate cut by the Federal Reserve in September, also buoyed investor sentiment in the region.

The Japanese market hit fresh highs again, with the Nikkei 225 and Topix up around 1?ch. Electronics and automobile stocks led the gains in the Japanese market. Advantest and Subaru Corp. stocks were up 4% and 2%, respectively. "Recent Japanese asset appreciation reflects positive steps the government is taking to improve capital markets and corporate governance, especially corporate sensitivity to equity values," CNBC reported Fitch Solutions as saying.

Australia's S&P/ASX 200 was down 0.7%, the only index in the red across the region. The index was weighed down by bank stocks, with Commonwealth Bank of Australia down nearly 5%. The lender, which is considered one of the most expensive banks in the world in terms of price-to-earnings ratio, reported a record annual profit, but analysts said its bottom line was boosted by a lift in trading income which can be volatile, Mint reported. National Australia Bank and Westpac were also down around 2?ch.

Following are the levels of key Asian indices at 0759 IST:

(Akash Mandal)

Equity Alert: US mkt notches record highs on softer-than-view Jul CPI print

MUMBAI--0749 IST--US indices ended sharply higher Tuesday, with the Nasdaq Composite and the S&P 500 closing at record highs, as a better-than-expected inflation print for July boosted sentiment. Expectations for a rate cut in September soared following the print, with the CME Fedwatch tool showing a 94% probability of a 25-basis-points cut compared to an 86% probability a day ago.

The US CPI increased 0.2% on a seasonally adjusted basis in July and 2.7% on a 12-month basis, the Bureau of Labor Statistics reported. Dow Jones had expected the CPI to rise 0.2% last month and 2.8% on an annual basis. "The CPI data is supportive for equities overall, getting some good news with the Fed looking more on track to cut (rates) in September and potentially more transitory inflation," Reuters reported Katherine Bordlemay, co-head of client portfolio management, fundamental equities at Goldman Sachs Asset Management, as saying.

Among stocks, Alphabet rose over 1?ter Perplexity made a $34.5 billion cash offer to buy the company's Chrome browser, Reuters reported. Intel Corp. surged nearly 6?ter US President Donald Trump met and praised Chief Executive Officer Lip-Bu Tan and called the meeting "very interesting." This comes after Trump had demanded the resignation of Tan over the latter's investments in Chinese firms.

Analysts are now increasingly confident on the bull market sustaining even in the face of a weakening economy. "A potentially more relevant question for investors is whether fundamental weakness is likely to matter to financial markets over the next six-to-twelve months...we are beginning to lean toward the conclusion that it won't, provided it unfolds slowly," CNBC quoted analysts at BCA Research as saying. In fact, overall weakening of the economy could even be "celebrated as a catalyst" for the Federal Reserve to cut interest rates, BCA said.

Following are the closing levels of US indices Tuesday:

(Akash Mandal)

US$1 = INR 87.63

End

Edited by Tanima Banerjee

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

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