Stock Market LIVE: Sensex above 59,500, Nifty adds 150 pts; IT, Bank shine

Share Market LIVE Update: Indices track their Asian peers to start in the green on Thursday. Sensex is trading 500 points higher and Nifty 150 points. BPCL and Airtel have made gains of 3%. Coal India and SBI Life are under pressure.

Wall Street on Wednesday closed solidly higher placing the market on pace to break a 3-week losing streak. Asian peers also started the day in the green. Traders are cautious though and the market is likely to see more volatility ahead of the next Federal Reserve interest rate policy update scheduled for September 21.

Oil prices climb on tight supply worries

Oil prices rose nearly $1 per barrel on Thursday after dropping through key technical support levels in the previous session, as an energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become.

Brent crude futures rose by 91 cents, or 1%, to $88.91 per barrel by 0331 GMT after closing at their lowest since early February in the previous session. U.S. crude futures were up 95 cents, or 1.2%, at $82.89 per barrel.

Prices drew support from Russian President Vladimir Putin's threat to halt the country's oil and gas exports if price caps are imposed by European buyers.

India to seek review of trade pact with Japan: Goyal

India will seek review of its free trade agreement with Japan during a meeting between Commerce and Industry Minister Piyush Goyal and his Japanese counterpart in Los Angeles on Thursday.

Nishimura Yasutoshi is the Japanese Minister of Economy, Trade and Industry.

In such reviews, normally two countries seek more market access for their respective domestic products and resolve issues which are hindering trade.

Small-caps look set for a rebound but note the risks as well

Market uncertainties notwithstanding, Indian investors have pumped in around ?11,500 crore into small-cap mutual funds since the start of the year.

Experts say that many quality companies in this space have witnessed significant correction over the past six months, and are thus attracting a lot of interest from value investors who are looking to invest in quality companies at compelling valuations.

Angel One views on market: It’s a matter of time we would see oversold US markets rebound

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: For the third consecutive session, we witnessed a gap down opening on the back of nervous global cues. Similar to previous sessions, the early morning dip once again got bought into. Thereafter, the range bound action continued with a lot of stock specific moves to attract the market participants. Eventually, the Nifty ended the session marginally in the range above the 17600 mark.

The overall strength in our domestic market is providing the cushion at lower levels; whereas the uncertainty in US bourses is not letting us surpass the higher range. In our sense, it’s a matter of time we would see oversold US markets rebound, which will provide the much needed impetus to our key indices. As far as levels are concerned, the sturdy wall remains unchanged at 17700 - 17800; whereas on the flipside, 17600 followed by 17500 are to be treated as key supports.?

Online sales to touch $11.8 bn in festival season

Online sales during the 2022 festival season is likely to grow 28% year-on-year to touch $11.8 billion, according to estimates by Redseer Strategy Consultants.

The festival season is generally defined as a period starting from the first sales event and lasting roughly till Diwali week, including non-sale or business-as-usual days in between. Redseer estimates sales to reach $ 5.9 billion in the first week itself. Compared to pre-pandemic sales in 2018, Redseer projects online festive sales to triple in gross merchandise value or GMV this year.

Govt to invite bids for battery storage, green hydrogen, ammonia projects: RK Singh

The government will invite bids for battery storage projects from players looking to invest in the renewable energy sector, Union Minister RK Singh said on Wednesday.

Bids will also be invited for green hydrogen and green ammonia projects, the power, new and renewable energy minister said at 'India Ideas Summit' organised by the US-India Business Council (USIBC) here.

Singh also informed that the bid for 1,000 MW storage project invited by the government earlier has been finalised.

"The bids which I got...(are) quite expensive. The only way to bring down the prices of solar is to start manufacturing here. That is what we are going to do...," he said.

Consumer electronics manufacturers and retailers are relying on the festive season

Consumer electronics manufacturers, and online and offline retailers, are relying on the festive season to recoup a tough year for sales so far.

The industry is hoping that deep discounts during the festive season, along with new product launches, and consumers’ looking to upgrade to 5G phones, will help make up for the sales lost during the first half of the year due to supply constraints and weak demand.

Hybrid working here to stay; 63% corporates embracing hybrid work model: Survey

Hybrid working is here to stay as about 63 per cent of corporates are currently embracing the flexible model, according to a survey by Colliers India.

Real estate consultant Colliers surveyed occupiers of office space to understand their current and future workplace strategies.

The survey was carried out during May-June 2022 across various occupier segments and about 300 responses were received from occupiers. Small-sized (less than 500 employees), mid-sized (501-5000 employees) and large-sized firms (over 5,000 employees) participated in the survey.

Adani to build three gigafactories as part of $70 bn green push

Gautam Adani, the world’s third richest man, on Wednesday said his group would set up three gigafactories as part of its commitment to invest $70 billion in green energy and related businesses. This will lead to one of the world’s most integrated green energy value chains, Adani said.

Adani added that these gigafactories and planned investments will generate an additional 45 gigawatts (GW) of renewable energy to add to the group’s existing 20GW capacity and 3 million tonnes of hydrogen—all of which will be completed before 2030.

Domestic airline industry expected to report ?15,000-17,000 crore loss in FY23

Domestic airlines industry is expected to report a net loss of around ?15,000-17,000 crore this fiscal on account of elevated price of Aviation Turbine Fuel (ATF) and a weak rupee, a report said on Wednesday.

The losses for the industry in the previous fiscal were estimated at around ?23,000 crore, credit ratings agency Icra said in its report.

However, the debt levels for the industry are expected to be at around ?1 lakh crore (including lease liabilities) as on March 31, 2023, as per the ratings agency.

Cryptocurrency prices today surge. Bitcoin gains 3%, ether rallies 8%.

Bitcoin price today rose to trade above the $19,000 level. The world's largest and most popular cryptocurrency was trading more than 3% higher at $19,213. The global crypto market cap today was back below the $1 trillion mark, as it was up over 3% in the last 24 hours at $1.02 trillion, as per CoinGecko.

Tamilnad Mercantile Bank IPO subscribed 2.86 times on last day

The initial public offer of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription on Wednesday.

The ?831.6-crore public offer received bids for 2,49,39,292 shares against 87,12,000 shares on offer, according to an update with the NSE.

Retail individual investors' category received 6.48 times subscription, while the quota for non-institutional investors was subscribed 2.94 times. The category for qualified institutional buyers (QIBs) got 1.62 times subscription.

The initial public offer of 1.58 crore equity shares had a price range of ?500-525 a share. Private sector lender Tamilnad Mercantile Bank on Friday mobilised a little over ?363 crore from anchor investors.

Singtel entities offload 1.76% stake in Bharti Airtel for ?7,128 crore

Singtel entities on Wednesday have jointly offloaded a 1.76% stake in Bharti Airtel for about ?7,128 crore, according to sources.

Bharti Airtel promoter Bharti Telecom Ltd has bought a 1.63% stake from Singtel entity Pastel Ltd for ?6,602 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE), Bharti Telecom purchased 9,62,34,427 shares, amounting to a 1.63 per cent stake in the company.

The shares were acquired at an average price of ?686 apiece, taking the transaction value to ?6,601.68 crore.

Stocks to Watch: Indigo, Zee Entertainment, Airtel, TCS, Maruti Suzuki, Mindtree, Bank of Maharashtra, Salasar Techno, Adani Green, Aditya Birla Fashion

Delta Corp will continue to remain under the F&O ban stock list for the fourth day. The stock will be under the ban for the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Putin threatens to stop European energy exports if price cap on gas is enforced

Russian President Vladimir Putin threatened to halt all energy shipments to Europe if Brussels goes ahead with a proposal to cap the price of Russian gas and suggested restricting a U.N.-brokered deal for Ukrainian grain exports via the Black Sea.

In a combative speech to an economic forum in Russia's Far East region, Putin said on Wednesday that Russia would not lose its war in Ukraine, which he says is being waged to ensure Russian security and to protect Russian speakers there.

Gangwal, co-founder of IndiGo, will sell up to a 2.8% stake

Rakesh Gangwal, co-founder of India’s biggest airline, IndiGo, will sell up to a 2.8% stake in Interglobe Aviation Ltd through a block deal that will fetch him at least $250 million, according to deal terms reviewed by Mint. The selling shareholders include Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust, collectively the Rakesh Gangwal promoter group, which owned a 36.6% stake in the airline as of 30 June.

Tokyo shares open higher on Wall Street gains, eyes on Fed

Tokyo stocks opened higher Thursday as investors cheered rallies on Wall Street while keeping an eye on a surging dollar driven by lingering fears of aggressive US rate hikes.

The benchmark Nikkei 225 index jumped 1.21%, or 331.14 points, to 27,761.44 in early trade, while the broader Topix index added 1.18%, or 22.70 points, to 1,938.35.

US stocks staged a broad rebound following slides in recent weeks, while investors cheered a drop in US Treasury yields that sent bond prices higher.

But the market remained cautious about the Federal Reserve's campaign to tame inflation amid fears that its aggressive rate hikes may harm growth.

This stock hits upper circuit, as Board sets record date for bonus shares

With a market worth of ?14.03 Cr, Kaarya Facilities & Services Ltd. is a small-cap company that engages in the commercial services industry. The company provides a wide range of services for facilities management needs, including specialized cleaning and hygiene services, housekeeping, pantry, MEP (Mechanical, Electrical, Handyman services - repair & maintenance), pest control, landscaping, guest house management, and fa?ade cleaning. The shares of Kaarya Facilities & Services Ltd opened today at ?29.75 apiece and closed today at an upper circuit limit of ?30.00 with an upside gap of 19.52% from the previous close. The total number of shares traded today was 18,000 shares.

Gold falls ?225; silver drops ?315

Gold prices fell by ?225 to ?50,761 per 10 grams in the national capital on Wednesday, according to HDFC Securities.

In the previous trade, the precious metal had closed at ?50,986 per 10 grams.

Silver also declined by ?315 to ?54,009 per kg from ?54,324 per kg in the previous trade.

Government to bring in data protection law soon: Rajeev Chandrasekhar

India will replace the IT Act with a Digital India Act, comprising a modern framework of laws and rules that will act as catalysts for innovation and protecting citizen's rights, said Rajeev Chandrashekhar, minister of state for electronics and information technology.

Speaking at the USIBC India Ideas summit, he said that the government will bring a fresh comprehensive legislative framework within three to four months, which will address digital data protection and non-personalised, anonymous data.

Rupee declines 13 paise to 79.95 against US dollar on rate hike worries

The rupee declined by 13 paise to close at 79.95 against the US currency on Wednesday as growing expectations of aggressive interest rate hikes by the US Fed drove the greenback to multi-year highs against major global currencies.

Forex inflows into equities and weak crude oil prices, however, restricted losses in the local currency.

At the interbank foreign exchange market, the domestic currency opened at 79.93 per dollar. It hovered in a range of 79.84 to 79.9550 during the session.

Stocks charge higher on Wall Street, erasing weekly losses

Stock indexes on Wall Street closed solidly higher Wednesday, placing the market on pace to break a 3-week losing streak.

The S&P 500 rose 1.8% Wednesday, its biggest single-day gain in four weeks, with roughly 95% of the stocks in the benchmark index closing higher.

The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Smaller company stocks outgained the broader market, driving the Russell 2000 index 2.2% higher.

The indexes are now all in the green for the week, a welcome respite for traders after a slump in recent weeks that erased much of the market's gains from a July and early August rally.

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