Wednesday, September 05, 2018

Stock Market LIVE: Sensex, Nifty set for flat start amid weak Asian markets

The rupee ended at a record low of 71.21 to a dollar on Monday.

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Market Trend:-
 Negative Nifty Future :- Resistance 1 - 11,737.87 , Resistance 2 - 11,833.98 , Support 1 - 11,582.82 , Support 2 - 11,523.88 , Bank Nifty Future :- Resistance 1 - 28,222.48 , Resistance 2 - 28,430.42 , Support 1 -27,884.08 , Support 2 -27,753.62 .

New Delhi: Sensex and Nifty are set for a flat start with Singapore-traded SGX Nifty trading slightly lower at 11,629. The global cues are weak with Asian markets down in early trade, amid growing concerns over escalating international trade disputes. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2% after European shares ended mostly flat. US markets were closed on Monday for Labor Day. Growing turbulence in Argentina once again focused global attention on emerging markets. The troubles in Turkey and Argentina, which has seen its peso collapse in recent weeks, are rattling markets on fears their crises could spread.

Back in the Indian markets, the yield on the 10-year benchmark bond on Monday touched 8% during the day and closed at a nearly four-year high, as a continued surge in crude oil prices and trade war worried investors. The rupee ended at a record low of 71.21 to a dollar, down 0.29%, from its Friday’s close of 71.

8:45 am | Opening bell: Cues to look out for before trading today
Asian stock indexes were trading negative on Tuesday morning as markets remained uncertain about the future of the North American Free Trade Agreement (NAFTA) and a possible escalation of the U.S.-China trade war. It should be noted that the US market was closed for Labour Day.

US duty hikes begin to hurt as steel exports plunge 42%
India’s exports of steel items to the US affected by sanctions slapped by the Donald Trump administration plunged 42% in the June quarter after duty hikes imposed on the grounds of national security took effect in March

Graphite India buys 16% stake in US-based General Graphene for Rs132 crores

Graphite India Ltd., the largest Indian maker of graphite electrodes used to melt scrap iron and steel, bought a 16% stake in US-based General Graphene Corporation for Rs132 crores, ($18.6 million) in an all-cash deal, the company said in a stock exchange announcement.

Infosys shrugs off attrition fears
Infosys Ltd’s chief executive, Salil Parekh, has reached out to investors to assuage concerns about a string of senior management exits, including that of chief financial officer M.D. Ranganath, assuring them that India’s second-largest software services company will strengthen its leadership team and contain attrition. 

GMR Infra divests stake in four Indonesian firms
GMR Infrastructure said it has divested entire stake in four Indonesian coal mining entities through its step down subsidiaries. “...PTBNL Group entities have ceased to be subsidiaries of the company,” GMR Infrastructure said in a filing.

PVR eyes overseas expansion after India acquisitions
PVR Ltd, India’s largest movie exhibitor, is seeking growth opportunities overseas after sealing a deal to acquire a local cinema chain.

Jindal Steel & Power studies breakup as Rs 42,000 crore of debt weighs
Jindal Steel & Power Ltd. is considering a breakup plan as part of a restructuring to help trim its Rs 42,000 crore ($6 billion) debt pile and boost investor confidence in a company that was once India’s biggest steelmaker by market value.

Anil Agarwal to take Vedanta Resources private on 1 October

Vedanta Resources Plc chairman Anil Agarwal will take the London-listed miner private on 1 October, after the holders of 26% of shares agreed to sell to his family trust Volcan Investments.
11 IPO proposals worth Rs 7,000 crore made in August

As many as 11 firms, including AGS Transact Technologies Ltd and ASK Investment Managers Pvt. Ltd, approached Securities and Exchange Board of India (Sebi) in August to raise over Rs 7,000 crore through initial public offerings (IPOs), largely to fund their expansion projects and working capital requirement.

DLF to invest over Rs 1,400 crore in Gurugram project
Realty major DLF Ltd will invest over Rs1,400 crore to develop a commercial project in Gurugram after the firm received environmental clearance to expand the office space by nearly 1 million square feet.

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