Indian equity benchmarks resumed record closing high spree after a day’s blip on the weekly F&O expiry day, tracking gains in index majors TCS, Hindustan Unilever and Ultratech Cement. Markets witnessed the continuation of a positive trend, as investors cheered RBI’s statement that India’s holding of IMF’s Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion as per exchange rate. Traders also took some support from the finance ministry stating that the Goods and Services Tax (GST) collection topped the Rs 1-lakh-crore mark for the second straight month in August at Rs 1.12 lakh crore, signalling to accelerate economic activity. The trend in SGX Nifty is indicating a flat opening. With markets in an overbought position, caution is advised for traders.
U.S markets ended up as higher commodity prices helped energy names recover ground and the latest jobs data left investors unfazed about existing positions. The Dow Jones Industrial Average rose 131.29 points, or 0.37%, to 35,443.82, the S&P 500 gained 12.86 points, or 0.28%, to 4,536.95 and the Nasdaq Composite added 21.80 points, or 0.14%, to 15,331.18. Asian indices are trading mixed.
Stocks in news/Key Updates
- IRB Infrastructure Preferred bidder for Chittoor Thachur six-laning, Tamil Nadu Highway project bids at INR8.44b
- Jain Irrigation Board meeting on Sept. 7 to consider fund raising plan
- Jammu & Kashmir Bank Approves raising INR10b via shares and INR10b via NCDs
- MT Educare Defaults on repayment of interest and principal
- OnMobile Global Informed about dissolution of Co.’s branch in Panama
- Reliance Industries Says Reliance Retail Ventures acquires sole control of Just Dial (JUST) and now holds 40.98% stake
- India Jeweler Joyalukkas Said to Plan $400 Million IPO Next Year
- India Aug. Trade Deficit Widens 69.2% YoY to $13.9B.
- India Cumulative Monsoon Rainfall 9% Below Normal as of Sept. 2
- Tata Realty Acquires JV Partner Actis’s Stake in India Property
- Indian Steel Demand Seen Growing 12% This Fiscal, ICRA Estimates
ECONOMIC DATA :
10:30am: Markit India PMI Services for August, prior 45.4
10:30 am: Markit India PMI Composite for August, prior 49.2
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