Sensex Today: Sensex ends 228 points higher, Nifty at 10,829 level; 63 Moons rises 10%

 Sensex Today :Equity markets are tradingon a bearish note on Thursday's trading session tracking weak cues from other Asian markets amid concerns of a looming global economic slowdown, with domestic investors turning cautious awaiting a stimulus package from the Union government. While Sensex trdades 358 points lower at 36,472, Nifty50 at 10,641, registering a decline of 99 points.  

Markets continue to trade negative on account of global cues as well as domestic factors.


Asian stocks trade shaky before Powell's speech as growth woes weigh. At the Singapore Exchange, SGX Nifty is flat-to-negative (down 8.5 pts) at 10,710.50.


On the Wall-Street, US Futures (Dow Jones) trades at 26312 up 87 pts or 0.33%. US stocks closed mixed as attention turns to Fed.

 

Foreign investors continued their selling spree in the Indian equities amid fading hopes of any stimulus measures by the government to arrest slowdown. FPIs withdrew around Rs 900 crore from capital markets on a net basis on Thursday. On the other hand, domestic institutional investors (DIIs) bought Rs 1,719.07 crore on Thursday.
 
 

 The rupee declined below the 72 mark against the US currency on Friday's opening session due to continued foreign fund outflows and losses in the equity markets.

The local currency fell by 22 paise to trade at a nine-month low of 72.03 against the US dollar in early session and traded in a range of 71.93 to 72.05 to te US dollar. The dometic unit had closed at 71.81 to the US dollar on Thursday.

Rising dollar in the overseas markets coupled with continued foreign fund outflows weighed on the domestic currency, according to forex traders.

The dollar index was trading up 0.15% ahead of a key address by the US Federal Reserve Chairman, who is under pressure from the Trump administration to cut rates.

Shares of Future Retail, that owns entities such as Big Bazaar among others, plunged 7.95% to Rs Rs 380.60 in the opening session Friday, after the retail firm reported 49% stake acquisition by the global e-commerce giant Amazon in Future Coupons, a Future Group entity that holds minority stake in Future Retail.


The stock has also touched an intraday high of Rs 424.30, registering an advance of 2.62%. The stock price of Future Retail currently trades 4.97% down at Rs 392 on BSE, mere 4.73% away from 52 low of Rs 375.

Almost all Asian currencies were trading weaker against the dollar.

The Indian rupee currently trades at its lowest in more than 8 months tracking weakness in other regional currencies, while concerns over flagging domestic growth also weighed on sentiment.

 

Gold prices dipped on Thursday but held near the pivotal level of $1,500 per ounce ahead of the Fed rate cut meet scheduled for today. Wwhile locally, MCX gold price fell to 38,093 rupees per 10 grams, down 0.1% from last close.

Oil prices weakened overnight, with both Brent crude and U.S. West Texas Intermediate down 0.6% each, on worries about the global economy.

Brent crude was last up 0.3% at $60.11 per barrel and WTI crude added 0.2% to $55.46. 

Globally, markets trade lower over the unncertainity of how much further the U.S. Federal Reserve would cut interest rates added to investors’ worries over slowing global growth. 

Market participants keenly await the Fed Chair Jerome Powell’s speech at a gathering of central bankers in Jackson Hole, Wyoming, later in the day

 

The market is closely watching Fed Chairman Powell’s speech at the Jackson Hole seminar due later in the day (1400 GMT) for clarity on monetary policy after minutes of the U.S. central bank’s July meeting tempered hopes of aggressive rate cuts.

(Reuters)

G7 summit in France is scheduled from Saturday to Monday where the world's most industrialized nations with leaders from US, Britain, France, Germany, Japan, India and Canada will open their annual summit over the weekend by discussing the global economy.

“President Trump is very much looking forward to his meeting with Indian Prime Minister Modi where they will discuss the strategic partnership and how they can cooperate more closely on issues like defence cooperation, counter terrorism and trade. We expect the two leaders to build on the very productive discussions they had in Osaka at the G20 as well as the phone call that they held earlier this week,” a senior administration official on the call said.  

President Donald Trump, who has repeatedly accused the Fed of undercutting economic growth by keeping rates too high, said on Twitter that the economy “is doing really well,” but that the central bank “can easily make it Record Setting.”

Trump also said the escalating trade conflict with China was necessary despite research suggesting tariffs and the uncertainty they cause businesses were slowing growth. With markets betting on a rate cut next month, any disappointment that leads to a selloff could roil the economy further. ( Reuters)

Bosch ltd today announced that the auto parts & equipment-maker has accepted the resignation of Mr. V.K. Viswanathan as a Chairman and Director of the Company with effect from August 23, 2019, as a part of succession planning. The filing added that the Board has approved the appointment of Dr. Bernhard Straub, (Non-Executive, Non-Independent Director) as an Additional Director designated as a Chairman of the Board.

The stock price of Bosch ltd currently trades 2.81% higher at Rs 13,785 on BSE.

The Enforcement Directorate (ED) carried out searches at the residential premises of Jet Airways founder Naresh Goyal on August 23, including several offices of the debt-laden carrier in New Delhi and Mumbai. The searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA).

Stock price of Jet Airways has risen 5% intraday to Rs 34.45 on BSE.

In a reply notice to a clarification asked by the exchanges on the report 'Temasek, True North and CPPIB in investment talks for stake in Biocon arm', Bioncon Ltd said that ," Over the last few months we have been approached by multiple investors who have expressed interest  in  infusing  funds  into  BBIL."

The filing added, "Multiple discussions with such potential investors (not limited to just  True North, Temasek and CPPIB) are underway on the primary issue of funding and nothing conclusive is yet arrived at. The terms of a deal, its structure or even the quantum  of funding is yet to be finalized and there is no concreteness in any of such discussions."

Shares of 63 Moons Technologies rose 10% to hit upper circuit limit of Rs 115.50 on BSE, also its intaraday high today after the Bombay High Court on Thursday ruled that the National Spot Exchange Limited (NSEL) was not a financial establishment and hence, the attachment of assets of its promoter (63 Moons Technologies), under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act (MPID) Act was not valid.

"The Hon'ble Bombay High Court has quashed all the notifications issued by the State Government in the year 2016 and 2018 attaching movable and immovable properties of 63 moons under the MPID Act, 1999 by observing that NSEL is not a Financial Establishment since it did not accept any deposits," the company said in BSE filing.

Maruti has proactively recalled 40,618 Wagon R (1 Litre) vehicles manufactured between 15th November 2018 and 12th August 2019, so as to inspect for a possible issue of fuel hose fouling with metal clamp. Owners of suspected vehicles will be contacted by company dealers for inspection and replacement of faulty parts, as per media reports.

The stock of Maruti Suzuki has fallen 2.67% to touch an intraday low of Rs 6,041 on BSE.

Sensex Today: Benchmark indices Sensex and Nifty closed majorly bullish on Friday, backed by optimism in investors awaiting an official announcement later in the day by the Union FM Nirmala Sitharaman, who will be addressing a press conference at 5 pm today at National Media Centre. While Sensex closed 228 points higher at 36,701, Nifty50 endd the day's trade at 10,829, registering a advance of 88 points.

Sensex Today: Yesterday, Sensex closed almost 587 pionts lower at 36,472, Nifty50 ended the day at 10,736, registering a decline of 182 points.