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Equity Alert: Asian mkts mixed; Australia's S&P/ASX 200 hits record high

MUMBAI--1338 IST--Asian indices ended mixed Thursday. Australia's S&P/ASX 200 hit a fresh high and was the top gainer in the region. Investors are cautious ahead of the Jackson Hole symposium, where US Federal Reserve chief Jerome Powell is set to speak. This will lend cues to any further rate cut by the US central bank.

Australia's S&P/ASX 200 ended 1.1% higher, with consumer discretionary, financial and real estate sectors leading the gains. Super Retail Group, Vault Minerals, and Codan closed 13-14% higher. Most other sectors also ended higher in what was a broad-based rally. The index has gained around 3% so far this month, hitting multiple record highs, as risk sentiment has improved due to a slew of factors including an interest rate cut and positive corporate earnings, reports said.

Japan's Nikkei 225 and Topix closed 0.7% and 0.5% lower, respectively. Daiichi Sankyo Co., Socionext, and Lasertec fell 3-7% and were the worst hit in the Japanese market. South Korea's Kospi closed the session 0.4% higher, snapping a three-day fall. Meritz Financial Group, LIG Nex1, and Doosan Enerbility gained 3-5%.

Following were the levels of key Asian indices at 1336 IST:

(Akash Mandal)

Equity Alert: BSE, Angel One dn on SEBI Pandey remark on derivatives' tenure

MUMBAI--1323 IST--Shares of exchages and some stock broking firms fell sharply after the Securities and Exchange Board of India expressed a need to introduce longer-tenure contracts in derivatives. BSE and Angel One fell over 6% suddenly after Tuhin Kanta Pandey, chairman of market regulator, said about the tenure of equity derivatives, speaking at the FICCI Annual Capital Market Conference.

A consultation paper will be issued with regards to the increase of tenure of equity derivatives, Pandey said. The SEBI chairperson said that the regulator is looking for ways to improve the tenure and maturity of equity derivatives contracts as well as looking to deepen volumes in the cash market, according to media reports.

At 1318 IST, shares of BSE traded at INR 2,382, down 5.6%. The stock was among the worst performers in the Nifty 200 index. So far, 6.89 million shares of the company changed hands on the NSE, higher than 1.98 million shares traded during the same period on Wednesday. Angel One was down over 5% at INR 2,583. So far, 1.70 million shares of the company changed hands on the NSE, higher than 459,798 shares traded during the same period on Wednesday. (Simran Rede)

Equity Alert: Clean Science sees large volume trade on 'punching' error

MUMBAI--1300 IST--Shares of Clean Science and Technology fell over 9% to a record low of INR 1,070.50 at the opening trade on Thursday, but briefly rebounded later in the session, rising more than 6%. At 1246 IST, shares of the company traded at INR 1,166.50, down 1.2%. The stock recouped early losses after media reports clarified that a punching error led to extraordinary trading volumes.

At 1246 IST, 26.88 million shares were traded on the NSE, which were sharply higher than 29,480 shares traded for the entire session on Wednesday. Over 65 million shares were traded on the BSE, sharply more than the 2,814 shares traded throughout the Wednesday's session.

The company told CNBC-TV18 that a punching error from Spark Avendus led to as many as 60 million shares changing hands on the BSE in the large trade, which was supposed to be over 25 million shares planned. The 60 million shares changing hands would mean the selling of 56% of the outstanding equity, the CNBC-TV18 report said.

Further, the 25 million shares or 24% of the company's outstanding equity changed hands in the block deal, the company confirmed to CNBC-TV18. Dealers indicate the promoter has sold more shares in the block deal, according to an NDTV Profit's X post. Additionally, 1.84 million shares were bought on the NSE in the early trade at a premium of over 8% to the stock's previous close.

Of the nine brokerage reports available on the stock with Informist, five have a 'buy' or equivalent rating on the stock, two have a 'hold' or equivalent rating, and two have a 'sell' or equivalent rating. The 'buy' recommendations have an average target price of INR 1,624. (Simran Rede)

Equity Alert: Ola Electric falls 8?ter rising 29% in 2-day rally

MUMBAI--1253 IST--Shares of Ola Electric Mobility fell over 8% to a low of INR 48.70, snapping a two-day winning run, during which it had risen 29%. At 1249 IST, the stock traded 6% lower at INR 50.16 and was the worst hit in the Nifty 500.

While the two-day rally was driven by China proposing to ease the restrictions on exports of rare earth magnets and minerals, which are a key component for electric vehicles, fundamental issues such as customer complaints, delivery delays, and falling market share remain, reports said. As of Aug. 20, Ola Electric had recorded 9,522 registrations, compared with 10,248 for Ather Energy, CNBC-TV18 reported.

For the June quarter, the company's consolidated net loss widened on year to INR 4.28 billion in the June quarter from INR 3.47 billion. Its vehicle deliveries and average selling price had also fallen sharply during the quarter.

At 1249 IST, 434.89 million shares of the company were traded on the NSE, lower than the 680.13 million shares traded till the same time Wednesday. (Akash Mandal)

Equity Alert: Jupiter Wagons up 13%; arm wins INR 2.15-bln wheelset order

MUMBAI--1200 IST--Shares of Jupiter Wagons rose 13% to a one-month high of INR 372.85. The company said Wednesday after market hours that its subsidiary, Jupiter Tatravagonka Railwheel Factory Pvt. Ltd., had recieved an order of INR 2.15 billion to supply 5,376 wheelsets for Vande Bharat trains.

At 1152 IST, shares of the company traded at INR 362, up 9.8%. The stock was the top gainer on the Nifty 500. So far Thursday, 30.11 million shares of the company have changed hands on the NSE, sharply higher than 295,237 shares traded during the same period on Wednesday.

Systematix Shares and Stocks (India) has a 'buy' rating on the stock with a target price of INR 430, implying over 30% upside to Wednesday's close. Anand Rathi Share and Stock Brokers has an 'accumulate' rating on the stock with a target price of INR 500, which implies an over 51% upside to Wednesday's closing price. (Simran Rede)

Equity Alert: Bajaj Finserv up; Jefferies initiates 'buy', sees 24% upside

MUMBAI--1114 IST--Shares of Bajaj Finserv rose over 2% Thursday to an intraday high of INR 1,998. Global brokerage Jefferies initiated coverage in the stock with a 'buy' rating and has assigned a target price of INR 2,420. This target price implies a nearly 24% upside to the stock's previous close.

The brokerage sees lower borrowing rates beneficial for Bajaj Finance and a steady improvement in the profitability of Bajaj Allianz Life Insurance Co., according to an ET Now's post on X. It expects Bajaj Allianz General Insurance Co. to gain from profitable growth and a hike in the target price of motor's.

Jefferies believes new mutual fund and healthcare ventures, and tech and ventures will add optional value. It sees a limited impact from Allianz's exit from the joint venture with Bajaj Insurance and the entry of Jio Financial Services. Jefferies believes the lending and non-lending platforms are relatively insulated from economic cycles, the post said. It expects a 22% compound annual growth rate in core earnings.

The stock is up after falling in two previous sessions. At 1110 IST, shares of the company traded at INR 1,980.40, up 1.1%. The stock was the top gainer in the Nifty 50 and the Nifty Financial Services index. All stocks in Nifty Financial Services, except HDFC Life Insurance Co. and Jio Financial Services, were up.

Of the nine brokerage reports on the stock available with Informist, seven have a 'buy' or equivalent rating and two have a 'hold' or equivalent rating. The average target price of 'buy' recommendations is INR 2,152. So far Thursday, 1.36 million shares of the company changed hands on the NSE, sharply higher than 487,393 shares traded during the same period on Wednesday. (Simran Rede)

Equity Alert: Indices near intraday highs as heavyweights remain up

MUMBAI--1109 IST--Benchmark indices rose further to reach near their intraday highs, on the back of gains in heavyweights such as Larsen & Toubro, Reliance Industries, and ICICI Bank. India's flash manufacturing PMI came in at 59.8 in August, the highest level since January 2008 and higher than the 59.1 reported last month. The metric indicated robust activity in the manufacturing sector, lending some cues towards strong demand in the economy. A reading above 50 signifies expansion in manufacturing activity.

At 1105 IST, the Nifty 50 was at 25116.20 points, up 65.65 points or 0.3%, and the BSE Sensex was at 82122.35 points, up 264.51 points or 0.3%. Dr. Reddy's Laboratories, Bharat Electronics, and Cipla were up around 1?ch and were the top gainers in the Nifty 50. Bajaj Finserv was also up 1?ter Jefferies initiated coverage on the stock with a 'buy' rating.

Most sectoral indices were higher, with defence and pharmaceutical sectors being the top performers. On the other hand, the Nifty FMCG was the worst performer, having gained for three straight days. Tata Consumer Products, Tata Consumer Products, and Nestle India were down over 1?ch and were among the worst hit constituents on the Nifty 50.

Among other stocks, Jupiter Wagons was up nearly 10% and was the top gainer on the Nifty 500. Its subsidiary Tatravagonka Railwheel Factory won an order of INR 2.15 billion to supply a total of 5,376 wheelsets for Vande Bharat trains. Tejas Networks was up over 7?ter a two-session rally. On the other hand, Ola Electric Mobility was down over 6% and was the worst hit in the 500-stock index. (Akash Mandal)

Equity Alert: Mkt off highs after rising 0.4% at open; GoM meet on GST eyed

MUMBAI--0934 IST--Benchmark indices came off highs, having opened the session higher as sentiment remains positive on the goods and services tax rate rationalisation proposed by the government. The Group of Ministers will meet later in the day to deliberate upon the government's proposal to reform the indirect tax structure.

At 0924 IST, the Nifty 50 was at 25064.85 points, up 14.30 points or 0.1%, and the BSE Sensex was at 81942.95 points, up 85.11 points or 0.1%. Both indices were up for the sixth straight session, rising around 0.4% at the open. Most financial services stocks led the gains in the Nifty 50, with Bajaj Finserv, HDFC Life Insurance Co., and SBI Life Insurance Co. up 1-2%. Heavyweight Reliance Industries was up nearly 1%. Other heavyweights such as ICICI Bank and Bharti Airtel were also higher.

Most sectoral indices were higher, with Nifty Financial Services and Nifty Realty emerging as the top gainers. Among real estate players, Godrej Properties was up over 2?ter it won a bid worth INR 5.48 billion to acquire a 7.8 acre land parcel in Hyderabad, which has a revenue potential of INR 38 billion.

Among other stocks, Clean Science and Technology was down over 8% and was the worst hit in the Nifty 500 after multiple large deals were executed on the exchanges at a discount to its Wednesday closing price. Reports suggested the company's promoters were the likely sellers. Ola Electric Mobility was down over 4?ter two straight days of gains. On the other hand, Jupiter Wagons, The New India Assurance Co., and Happiest Minds Technologies were up 6-10% and were the top gainers in the 500-stock index. (Akash Mandal)

Equity Alert: Seen rising tad more on short covering on day of weekly expiry

MUMBAI--0815 IST--Benchmark indices are likely to rise after a muted start to the day of the expiry of the Nifty 50's weekly derivatives contract. Gains are likely to be capped amid high volatility and the 50-stock index is likely to face strong resistance at 25100 points. The index is seen moving in a range of 24850-25100 points.

The August contract of the GIFT Nifty indicates a slightly higher start to the market Thursday. At 0803 IST, the GIFT Nifty was at 25108 points, up over 57 points from the Nifty 50's Wednesday's spot close of 25050.55 points, up 69.90 points or 0.3%. The index closed above 25000 points for the first time since Jul. 24. The BSE Sensex closed at 81857.84 points, up 213.45 points or 0.3%.

"For now, a 'buy-on-dips' strategy remains the most prudent play, with traders eyeing a breakout above 25,200 to confirm the next leg of upside momentum," Dhupesh Dhameja, derivatives research analyst at SAMCO Securities said in a note.

Overnight, indices in the US ended lower, weighed down by technology stocks as investors remain concerned over high valuations. The technology-heavy Nasdaq Composite ended nearly 1% lower, the worst hit among the three benchmark indices. However, most Asian indices were higher in early trade, with Australia's S&P/ASX 200 reaching an all-time high. (Akash Mandal)

Equity Alert: Barring Japan, all Asian markets rise; Kospi top gainer

MUMBAI--0810 IST--Equity indices in Asia were mixed in early trade Thursday with those in South Korea and Australia leading the gains. Meanwhile, Japan's Nikkei 225 and Topix fell in early trade. Investors in the region now await US Federal Reserve Jerome Powell's speech at Jackson Hole, Wyoming, on Friday.

Japanese indices extended losses from Wednesday as sentiment was hit post a weaker-than-expected trade data. Japan's exports fell 2.6% on year in July, with exports to the US falling over 10%, as per a CNBC report. The 2.6% drop in exports was more than the 2.1% expected by a Reuters poll. At 0809 IST, Nikkei was down 0.4% and Topix was down 0.5%.

South Korea's Kospi snapped a three-day losing run and was nearly 1% higher. The index has fallen 3% since Monday. Meanwhile, Australia's S&P ASX 200 was up almost 1% and was higher for the second straight session. China's CSI 300 was also in the positive territory and was 0.6% higher, while Hong Kong's Hang Seng was marginally higher.

Powell's speech at Jackson Hole will be tracked for cues on chances of a rate cut at the central bank's September meeting. Any comments on the outlook of the US economy will also be keenly eyed. On Thursday, the CME FedWatch Tool showed the probability of a 25-basis-point rate cut in September at 82%, down from 87?ay ago.

Following were the levels of key Asian indices at 0809 IST:

(Gopika Balasubramanium)

Equity Alert: Sell-off continues in tech-heavy Nasdaq; Powell's speech eyed

MUMBAI--0720 IST--The technology-heavy Nasdaq Composite index extended losses and ended in the red on Wednesday, with investors shedding shares of technology companies due to concerns about demand for aritificial intelligence in the future. The two other benchmark US indices – Dow Jones Industrial Average and Nasdaq Composite – ended largely muted. Traders will now track Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.

The Nasdaq fell 0.7% to close at 21172.857 points and the S&P 500 closed 0.2% lower at 6395.78 points. The Dow Jones Industrial Average ended Wednesday's session marginally higher at 44938.31 points.

Weakness in technology stocks was likely due to concerns about rich valuations and as investors turned risk-averse, exiting their profitable positions. US President Donald Trump's increasing influence over tech companies also made investors rethink their bets. US Commerce Secretary Howard Lutnick is looking into the government buying equity stakes in Intel and other chip-makers, Reuters reported, quoting two people in the know. This was in exchange for grants under the 'CHIPS Act', the report said.

"Technology in general is up 40% from its April lows, and the group clearly got ahead of itself," said Art Hogan, market strategist, B. Riley Wealth Management. "Also, if there's anything to the market consensus that we'll see a Fed rate cut, then there will be room for other things to work as well – and there are 493 other stocks in the S&P 500 that are lagging the Mag 7 right now. So, I think there's a bit of a rotation," he added.

Minutes from the US Fed's July meeting, where interest rates were held at 4.25-4.50%, showed it appropriate to maintain the target range for the federal funds rate, despite two objections. Powell's remarks on the near-term outlook for interest rates will be keenly watched as traders are almost fully pricing in a rate cut at the September meeting.

Following are the closing levels of US indices Wednesday:

(Gopika Balasubramanium)

US$1 = INR 87.15

End

Edited by Ashish Shirke

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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