Stock Market Live Updates: Asian stocks rise on Wall Street’s optimism over Fed’s rate hike pause

Stock Recommendations: Broker’s call: Jubilant Food (Add)

We interacted with Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy. According to him, the QSR industry demand continues to decelerate and recent trends are tougher than witnessed during the last six months. The pressure is across markets, brands, and formats. Signs of stress on demand are witnessed even in tier 2/3 cities with mall food courts wearing a deserted look. Moreover, one additional month of Sawan is expected to further dampen SSSG in Q2-FY24.

Stocks to Watch: IndiGo receives DGCA nod to wet lease 11 A320 aircraft ahead of winter schedule

IndiGo has received regulatory approval from the Directorate General of Civil Aviation (DGCA) to wet lease 11 Airbus A320 planes. Sources within DGCA, requesting anonymity, confirmed this approval. Read more

Stock Market Live Updates: Sectoral Trend: Nifty PSU Bank index hits multi-year highs

The Nifty PSU Bank index hit a fresh 52-week high on Wednesday, gaining 4.2 per cent to close at 4,938. The gauge has gained 10.5 per cent in September and is up 56 per cent in the last one year. In comparison, the Nifty 50 has gained 11.1 per cent in the past year.

The top gainers on Wednesday were J&K Bank (9.4 per cent), Punjab National Bank (8.5 per cent) and Indian Overseas Bank (8.2 per cent). State Bank of India, the country’s largest lender, was up 1.4 per cent.

Regulatory Move: SEBI revokes wind-up order against Brickwork Ratings

The market regulator revoked its earlier wind-up order against Brickwork Ratings (BWR) and passed several directions to the rating major.

The move follows the Securities Appellate Tribunal’s directive to relook at its earlier order cancelling the licence of BWR licence as a credit rating agency. “While affirming some of the violations, the tribunal remitted the matter to SEBI to issue a fresh order on the quantum of penalty.”

BL Interview: FPI allocation to India will remain strong despite US rate hike, says Nilesh Shah

Nilesh Shah, MD of Kotak Mahindra Asset Management Company, discusses India’s economic outlook amidst global developments, emphasizing trade deficits, local manufacturing, and attracting foreign investments. He also addresses the role of elections and challenges faced by ESG funds in India. Read more

Stocks to Watch: ITC invests close to ₹3,000 crore in Welcomhotels Sri Lanka

Official data from the Reserve Bank of India shows that in July, ITC invested $20 million in Welcomhotels Lanka Pvt Ltd equity. Read more

Stocks to Watch: Bank of India raises ₹2,000 cr via Tier II bonds

Bank of India (BoI) on Wednesday raised ₹2,000 crore via Basel-III compliant tier-II bonds at 7.88 per cent coupon rate through NSE’s Electronic Bidding Platform.

The public sector bank, in a statement, said it received a total of 83 bids amounting to ₹3,770 crore. Out of these, the bank accepted 48 bids totalling ₹2,000 crore.

Stock Market Live Today: Insights: Nifty50 at 20K: Is this the mother of all bull markets?

The Nifty50 has been in a structural uptrend over last two decades. This could continue, but with sporadic corrections. Read more

Stocks to Watch: NCLT rejects Torrent’s plea for staying RCap resolution till SC decision

NCLT said that while SC had reserved the rights of the parties to participate in the resolution process, Torrent Investments neither partook in the extended challenge mechanism, nor submitted a resolution plan

Stocks to Watch: Mahindra-backed Classic Legends makes a ₹1,000-crore bet to become a Indian global bike company

Classic Legends, which resurrected iconic brands, including Jawa, Yezdi and BSA, will ramp up marketing, distribution and new product development with the investment

Economy Watch: PE Investments into India decline 57% y-o-y in August at $651 million: Refinitiv

Private equity (PE) investments into India declined 57 per cent year-on-year in August 2023 to $651 million ($ 1,496 million), showed latest data from Refinitiv, an LSEG business. Read more

Technical Analysis: Day trading guide for September 14, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Share Market Live Today: Stock to buy today: Elgi Equipments (₹516.25): BUY

The short-term outlook is bullish for Elgi Equipments. The stock was up over 3 per cent on Wednesday. This rise has happened after a consolidation above the 200-day Moving Average (MA) for more than a week. Read more

Commodities Market Live Today: Spot gold edges up 0.3% as inflation data supports Fed’s rate pause decision

Gold prices firmed on Thursday as the dollar and Treasury yields weakened after the U.S. inflation data cemented the case for a Federal Reserve rate pause next week, although bullion was not far from a near three-week lows seen in the previous session.

FUNDAMENTALS: Spot gold added 0.3% to $1,912.09 per ounce, having hit its lowest level since August 25 on Wednesday at $1,905.10. U.S. gold futures were up 0.1% at $1,933.70. – Reuters

Commodities Market Live Today: Oil prices tick up as markets zoom in on supply tightness

Oil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023.

International benchmark Brent futures climbed 17 cents to $92.05 a barrel at 12:02 GMT, while U.S. West Texas Intermediate crude (WTI) rose 19 cents to $88.71.

Saudi Arabia and Russia’s extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it largely stuck by its estimates for demand growth this year and next.

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. – Reuters

Stock Market Live Today: Mixed Wall Street close amidst persistent inflation slowdown

On Wednesday, Wall Street experienced a mixed close, while U.S. Treasuries stayed within a narrow range. This came after data revealed that underlying inflation was continuing its gradual decline, reinforcing the expectation that the Federal Reserve will maintain current interest rates.

The Dow Jones Industrial Average declined by 70.1 points, equivalent to a 0.2% decrease, closing at 34,575.89. In contrast, the S&P 500 saw a modest gain of 5.59 points, a 0.13% increase, closing at 4,467.49. The Nasdaq Composite showed a more substantial rise, adding 39.96 points, or 0.29%, closing at 13,813.59.

Stock Market Live Updates: Asian stocks rise on Wall Street’s optimism over Fed’s rate hike pause

Asian stocks showed a positive trend driven by cautious optimism, as the majority of Wall Street investors appeared to overlook a US inflation report that fell in line with expectations. This reinforced the belief that the Federal Reserve might pause its rate hikes, though it’s important to note that this doesn’t necessarily signify the end of such actions.

Equity markets in Japan and South Korea experienced modest gains, while Australia’s stocks also saw a slight uptick in anticipation of an August jobs report.

As of 6:45 am, the Nikkei 225 index exhibited a decrease of 0.21 per cent, trading at 32,706.52, whereas the Topix index recorded a gain of 0.44 per cent, reaching 2,389.20. Meanwhile, South Korea’s KOSPI index was trading 0.54 per cent higher at 2,547.65, and Australia’s S&P/ASX 100 index was up 0.28 per cent at 6,028.5.