Market LIVE Updates: Sensex up over 100 pts, Nifty above 16,600; metals drag

Stock market LIVE Updates: Sensex was at 56,091.07, up 146.86 points or 0.26%, while Nifty was at 16,677.70, up 43.05 points or 0.26% at 10:27 am. IT, financials gain?

Sensex, Nifty opened flat on Thursday. Asian stocks wavered Thursday as traders await more clues about the regulatory outlook in China as well as the Federal Reserve’s approach to paring stimulus. A gauge of the dollar was firm.

M&M Financial names Raul Rebello as COO

Raul Rebello will join M&M Financial as COO. Rebello is currently EVP and head of rural lending and financial inclusion at Axis Bank.

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"We are successfully trading above 16,600 which is an indication of strength. 16,800-16,850 is a potential target and a resistance zone too! Traders should look at this level to take profits from their positions and update stops. Intra day falls can be used to accumulate long positions."

India's wobbling housing market to regain its feet next year: poll

India's wobbly housing market will find its footing next year, boosted by a recovery from the pandemic and easy monetary policy, according to property analysts in a Reuters poll who were split on what that would mean for affordability. The Aug. 11-24 poll predicted house prices would grow on average 2.5% nationwide this year, an upgrade from next to nothing, 0.75%, expected in a survey three months ago. But that forecast was significantly more modest than expectations in similar Reuters polls for most major housing markets, which are already up in double digits this year. Average Indian house prices were forecast to rise 4.5% next year and 5.5% in 2023, outstripping consumer price inflation by then, partly because raw material costs for builders are due to keep rising.

Xiaomi buys self-driving tech startup to propel EV ambitions

Xiaomi Corp. will buy autonomous driving technology startup Deepmotion for about $77.4 million, sealing a deal to help further its ambitions of getting into the fast-expanding field. The company announced the acquisition after reporting better-than-expected results for the second quarter, when a recovery in key markets like India helped it overtake Apple Inc. to become the world’s second-largest phone vendor by shipments. Revenue surged 64% to 87.79 billion yuan ($13.6 billion) in the quarter ended June, surpassing the 85.01 billion yuan average of estimates.

Wockhardt, Jemincare partner for respiratory drug

Wockhardt partners Jemincare for novel respiratory antibiotic Nafithromycin. Wockhardt will supply the product to Jemincare in return for royalties on net sales.

India's covid cases soar to 46,164 in 24 hrs; Kerala logs 31,445 new infections

India on Thursday logged 46,164 new coronavirus infections as Kerala reported a sharp surge in new cases, according to union health ministry data. Besides, India's active cases also increased to 3,33,725 in 24 hours, comprising 1.03% of the total infection count.

Indian sees pick up in air travel?

Indians have flocked to tourist spots across the country from the beaches of Goa on the west coast to the mountainous north on planes and in cars after the easing of restrictions. Air travel has climbed sharply, said Subhash Goyal, the chairman of STIC Travel—one of India’s biggest travel agents—estimating that domestic flights this month are around 75% of pre-virus levels. That’s translated into the biggest month-on-month increase in jet fuel sales in more than a year, according to preliminary data for the first half of August, although sales are still 45% below the same period in 2019.

Market opening

Sensex opened at 55,905.23, down 38.98 points or 0.07%, while Nifty was at 16,627.95, down 6.70 points, or 0.04%. Banks, pharma drag. On the 30-share Sensex, Bajaj Finserv, HCL tech, Asian Paints, and 12 other stocks opened in green, while Bharti Airtel, SBI, Axis Bank, and 12 other stocks opened in red.

India's GDP growth likely touched a record in April-June: poll

Indian economic growth likely touched a record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending, a Reuters poll found. The 20-25 August Reuters poll of 41 economists showed gross domestic product rose 20.0% in the three-month period, compared with a record contraction of 24.4% in the same quarter a year earlier. Forecasts in the poll ranged from 10.5% to 31.6%, showing the considerable uncertainty around those base effects.

Govt clears ?15,000 cr FDI plan to boost asset lease policy

India on Wednesday approved Canada’s Fairfax Financial Holdings Ltd’s proposal to invest ?15,000 crore in infrastructure projects through its local arm, boosting the government’s efforts to kick-start its ambitious ?6 trillion infrastructure asset monetization programme.?

Govt supporting several programmes to tackle climate change: DST official

The government is supporting several programmes to tackle climate change, senior Department of Science and Technology (DST) official Akhilesh Gupta said on Wednesday during an online interaction with several young journalists from Manipur. He was speaking at a programme for 'Young State-Level Media Fellows on Climate Change Reporting' organised by the Manipur government. Gupta, who is senior advisor and head of the policy coordinator and programme management division in the DST, said developed countries are the root cause for the climate change problem.

Edtech Camp K12 raises $12 mn in Series A led by Matrix and Elevation Capital

Edtech startup, Camp K12, has raised $12 million as a part of its Series A funding round co-led by Matrix Partners India and Elevation Capital. According to the company, it will use the funds to foray into two new geographies and deepen its reach in existing ones by introducing group class learning format. The proceeds from the current fundraise will also be used to hyperscale its operations, and for hiring leaders across functions of marketing, engineering and product team.

Stocks to Watch

Automobiles, Bharti Airtel, BoI, Cipla, FRL, sugar, among other stocks may be in focus today.

Market outlook

Markets are likely to be cautious on Thursday while trends in SGX Nifty indicate a soft opening of Indian benchmark indices. On Wednesday, the Sensex ended at 55,944.21, down 14.77 points or 0.03% and the Nifty closed at record high, ending at 16,634.65, up 10.05 points or 0.06%.

CAIT urges govt to take action against e-pharmacy firms

Domestic traders body CAIT on Wednesday alleged malpractices and violation of rules by e-pharmacy firms, and urged the government to take action against them. In a memorandum to Commerce and Industry Minister Piyush Goyal, the Confederation of All India Traders (CAIT) said it "has strongly raised the issue of malpractices being conducted in online pharmacy trade and alleged" that firms including "Pharmeasy, and1Mg" are conducting business practices in contravention of provisions of The Drug and Cosmetics Act, 1940.

Asian stocks fluctuate

Asian stocks wavered Thursday as traders await more clues about the regulatory outlook in China as well as the Federal Reserve’s approach to paring stimulus. A gauge of the dollar was firm. Equities in Japan, Hong Kong and China fluctuated. South Korean shares pared gains after the central bank raised rates, making the nation the first major Asian economy to start exiting record-low borrowing costs. U.S. equity futures fell after the S&P 500 and Nasdaq 100 edged up to records overnight. The 10-year U.S. Treasury yield held an advance ahead of the Jackson Hole meeting, which may offer fresh insight on how the Fed intends to scale back bond purchases. In China, Beijing’s crackdown on private industries is coloring sentiment and hampering the outlook for the world’s second-largest economy. A rebound in Chinese technology has fizzled.

S&P 500 futures fell 0.1% as of 10:51 a.m. in Tokyo. The S&P 500 rose 0.2%

Nasdaq 100 futures lost 0.1%. The Nasdaq 100 was little changed

Japan’s Topix index was flat

Australia’s S&P/ASX 200 Index fell 0.4%

South Korea’s Kospi index was steady

Hong Kong’s Hang Seng Index was steady

China’s Shanghai Composite Index dropped 0.1%

SGX Nifty was up 0.15%

Vijaya Diagnostic Center IPO fixes price band of ?522-531 a share

Kedaara Capital backed Vijaya Diagnostic Center Ltd's initial public offering has fixed its price band of ?522-531 a share. Earlier the firm said its IPO will open on 1 September and close on 3 September.

Wall Street hits records on economic optimism

Wall Street stocks rose while the U.S. dollar slipped on Wednesday, with investors more optimistic a day after the House of Representatives passed the $3.5 trillion budget framework and a top health official expressed confidence in fighting covid-19. On Tuesday, the Democratic-controlled House voted to advance the framework, key to President Joe Biden's agenda. Investor confidence in the economic outlook also got a boost when Dr. Anthony Fauci, top U.S. infectious disease expert, said COVID-19 could be under control by early next year. The benchmark S&P 500 and the Nasdaq closed at all-time record highs, while the Dow made gains led by financials, industrials, communications and the consumer discretionary sector. It was the S&P 500's 51st record high close this year. Investors remained focused on what U.S. Federal Reserve Chair Jerome Powell might say on Friday about tapering the central bank's bond-buying program when he speaks at the Jackson Hole symposium. Benchmark 10-year yields gained six basis points to 1.347%. On Wall Street, the Dow Jones Industrial Average rose 0.11% to 35,405.5, the S&P 500 gained 0.22% to 4,496.19 and the Nasdaq Composite added 0.15% to 15,041.86.

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