Tuesday, Nov 29, 2022

Important Information For September 28 Stock Trading Strategy

Foreign institutional investors sold shares worth Rs 2,824 crore on Tuesday while domestic institutional investors bought shares worth Rs 3,505 crore

The Indian equity benchmarks are set to open lower on Wednesday as indicated by the Nifty Futures traded on Singapore Exchange amid weak global cues. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures fell 1 per cent or 176 points to 16,861.

Here are key things to know before market opens on Wednesday:

Asian Markets

Asian markets were trading lower after mixed closing of US Markets on fears of global recession. Japan's Nikkei fell 2.35 per cent, Singapore's Straits times declined 0.88 per cent, Hong Kong's Hang Seng dropped 2 per cent and Taiwan Weighted fell 1.54 per cent.

US Markets

A wobbly day of trading on Wall Street ended with a mixed finish for U.S. stock indexes Tuesday as markets stagger amid worries about a possible recession.

The volatile trading comes a day after a broad sell-off sent the Dow Jones Industrial Average into a bear market, joining other major U.S. indexes.

The S&P 500 slipped 0.2 per cent, its sixth consecutive loss. The benchmark index had been up 1.7 per cent in the early going before a midafternoon pullback. The Dow fell 0.4 per cent, while the Nasdaq composite wound up with a 0.2 per cent gain.

Major indexes remain in an extended slump. With just a few days left in September, stocks are heading for another losing month as markets fear that the higher interest rates being used to fight inflation could knock the economy into a recession.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for November delivery rose $1.79 to $78.50 a barrel Tuesday. Brent crude for November delivery rose $2.21 to $86.27 a barrel.

Wholesale gasoline for October delivery rose 11 cents to $2.49 a gallon. October heating oil rose 13 cents to $3.26 a gallon. October natural gas fell 25 cents to $6.65 per 1,000 cubic feet.

Gold for December delivery rose $2.80 to $1,636.20 an ounce. Silver for December delivery fell 14 cents to $18.34 an ounce and December copper fell 1 cent to $3.28 a pound.

The dollar rose to 144.76 Japanese yen from 144.72 yen. The euro fell to 95.97 cents from 96.12 cents.

Foreign Flows

Foreign institutional investors sold shares worth Rs 2,824 crore on Tuesday while domestic institutional investors bought shares worth Rs 3,505 crore.

Stocks In Focus

NHPC: A power house at the NHPC's under-construction Subansiri Lower Hydro Electric project was partially flooded, the state-owned power company informed on Tuesday.

However, no significant impact is anticipated on the project commissioning schedule due to the unforeseen incident, except for some time for dewatering and cleaning works, NHPC said in a regulatory filing.

"Incessant rain and high discharge at one of the under-construction Subansiri Lower HE Project (2,000 MW) has resulted in partial flooding of the power house on September 25, 2022, and all requisite possible measures have been/are being taken to protect the structure and minimise any potential consequential losses," it said.

Axis Bank: The country's third largest private sector lender Axis Bank will invest around Rs 50-70 crore to acquire a little less than a 10 per cent stake in Fairfax-backed Go Digit Life Insurance.

The lender is already a promoter of Max Life Insurance Company.

Axis Bank has entered into an indicative and non-binding term sheet with Go Digit Life Insurance for a proposed investment of up to Rs 70 crore in two tranches by picking up equity in the insurer.

The lender in a regulatory filing said it is planning to acquire an equity stake of up to 9.94 per cent in Go Digit Life Insurance. 

Bank of India: State-owned Bank of India has acquired over 5.5 per cent 
stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday.

On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount of Rs 10 crore in ONDC, under the private placement route, Bank of India said in a regulatory filing.

The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022.

Power Grid: State-owned Power Grid Corporation on Tuesday said that its board has appointed its Director (Finance) G Ravisankar as Chief Financial Officer (CFO) with effect from Monday.

"Board of Directors of POWERGRID in their meeting held on 26th September, 2022 has accorded approval for appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO) of the company from 26th September, 2022," a BSE filing said.

Ravisankar (56), a mathematics graduate from University of Madras, is a Cost Accountant from The Institute of Cost Accountants of India.