Sensex Loses Over 800 Points, Nifty Closes Below 17,500; FPIs Turn Net Sellers
India's stock benchmarks declined, extending losing streak for second day.
KEY HIGHLIGHTS
Adani Power Extends Winning Streak After Agreeing To Buy DB Power In A Rs 7,017 Crore Deal
Zomato Shares Volatile As Nomura Initiates Coverage With 'Reduce'
Rupee Falls Against U.S. Dollar On Hawkish RBI Minutes, Rise In Crude Prices
JSW Steel Falls After CCI Nod For Amalgamation Of Creixent, JSW Ispat with The Firm
KEC International Gains As Nomura Expects Improvement In EBITDA Margins, Raises Target
Closing Bell
India's stock benchmarks declined, extending losing streak for second day. Sensex and Nifty lost 1.5%, dragged by metal, banking, auto, information technology, pharma and realty stocks. The decline comes after Federal Reserve's commitment to tighten monetary policy triggered fears of aggressive rate hike across global markets.
The Sensex fell 1.5% (over 870 points) to 58,773.87. The NSE Nifty 50 declined by similar magnitude to 17,490.70. This is the steepest intraday decline for the measures in over two months. Today five of Nifty 50 stocks rose, 45 fell. Tata Steel, Asian Paints, Adani Ports and SEZ, Tata Motors, JSW Steel were among the top laggards.
The MidCap gauge underperformed Sensex and Nifty, losing nearly 2% while the SmallCap index outperformed, falling 1.2%. All 19 sectoral indices compiled by BSE Ltd. declined with Metal index shedding 2.7%.
The market breadth is skewed in the favour of bears. About 1,258 stocks rose, 2,281 fell and 167 remained unchanged.
Source: Bloomberg
Foreign Investors Net Sellers
Overseas investors turned net sellers on Monday.
FPIs snapped out of the longest stretch of net inflows of 13 days on Thursday, last week.
As per data from the National Stock Exchange, foreign portfolio investors net sold equities worth Rs 453.77 crore today.
Similarly, domestic institutional investors too net sold equities worth Rs 85.06 crore today.
Institutions have net bought Rs 11,378.74 crore worth of equities so far in August and net sold equities worth Rs 37,060.95 as yet in 2022.
10-Year Bond Yield Little Changed
Yield on the 10-year bond rose 4bps to 7.31%. The 10-year bond yield eased off the levels to close little changed at 7.27%
Source: Bloomberg
Rupee Falls Against The U.S. Dollar
Indian currency depreciated 14 paise to 79.92, during the session. The Rupee eased off those levels to close at 79.87.
Source: Bloomberg
Coffee Maker CCL Products Jumps Most In 2022 As Analyst Retains 'Buy' Citing Attractive Valuations
Shares of coffee maker and exporter CCL Products jumped 10%, most in 2022 so far. Trading volume is 19 times the 30-day average. The rise comes after Systematix Institutional Equities reiterated 'buy' and maintained target price at Rs 550, an implied return of 21.82%.
Systematix noted that the stocks has underperformed despite reasonable Q1 numbers and strong commentary from the management and added that valuations remain attractive amid improving growth prospects.
The brokerage added that the company managed to maintain EBITDA per kg, despite sharp inflation, capacity-led deterioration in product mix and high processing costs. Systematix termed the company's volume outlook as the 'best' over many years and expected possible doubling of revenue and earnings within next three years. Systematix built in 28%/31% EBITDA/Net Profit CAGR over FY22-24 and expected investors to appreciate demand visibility and value of India branded business.
All nine analysts tracking the company maintain 'buy'. The return potential of the stock is 20.4%.
Source: Systematix Institutional Equities note, Bloomberg
Euro Slides Below Parity With The U.S. Dollar
Euro slips below parity with the U.S. dollar briefly, the first time in over a month since July 14.
Source: Bloomberg
ITC Rises Most In Three Weeks To A 47-Month High
Shares of ITC Ltd. rose 1.6%, most in nearly three weeks, to a 47-month high of Rs 317 apiece. The stock is the top gainer in Nifty 50 index.
The stock has outperformed the benchmarks by 25 times, rising 51.5% in 2022 so far compared to 2.2% gain for the Sensex.
Of the 37 analysts tracking the company, 36 maintain 'buy' and one recommends 'hold'. The return potential of the stock is 9.9%.
Source: Bloomberg
European Markets Decline
Midday Market Update: Sensex Loses 700 Points; Nifty Sheds Over 1%
India's stock benchmarks declined, dragged by losses in banking, information technology, auto, metal and realty stocks.
The Sensex lost 1.2% (700 points) to 58,944.51. The NSE Nifty 50 declined by similar magnitude to 17,551.15. Today six stocks rose, while 44 of Nifty 50 stocks fell. Divi's Laboratories, Asian Paints, Tata Steel, Kotak Mahindra Bank and Ultratech Cement were among the top laggards.
The MidCap index almost mirrored Sensex and Nifty while SmallCap measure outperformed, losing 0.75%. Sixteen of the 19 sectoral indices compiled by BSE declined with Bankex shedding nearly 2%.
The market breadth is skewed in the favour of bears. About 1,269 stocks rose, 2,184 fell and 164 remained unchanged.
Karnataka Mining: Supreme Court Reserves Order On Lifting Of Ceiling Limit On Iron Ore Mining
The top court was hearing applications requesting the lifting of the ceiling limits for production of iron ore for mining leases in districts of Bellary; Chitradurga and Tumkur.
Supreme Court’s order is likely to be pronounced this month.
Shilpa Medicare Surges Upon Completion Of Phase 3 Human Clinical Studies Of High Concentration Adalimubab Biosimilar
Shares of Shilpa Medicare surged over 5.3%, most in over five weeks. Trading volume is more than six times the 30-day average.
The company announced post market hours on Friday that its subsidiary Shilpa Biologicals completed the Phase 3 Human Clinical Studies of its first biosimilar, the 100 mg/ml High Concentration (HC) Adalimumab biosimilar.
The company has submitted the dossier to India's drug regulator for review and grant of marketing/manufacturing license.
The drug will cater to Rheumatoid Arthritis, Plaque Psoriasis, Psoriatic Arthritis, Ankylosing Spondylitis, Crohns disease among others. These are diseases where India has the largest patient populations, the company said.
Source: Exchange filing, Bloomberg
Greenlam Industries Gains In Weak Market On Commencement Of Commercial Production In Gujarat Plant
Shares of Greenlam Industries rose over 6%, most in two weeks, to Rs 377.4 apiece.
The rise comes after the company said that the manufacturing capacity in Gujarat has commenced commercial production from August 20. The facility has an installed capacity of 3.4 million laminate sheets per year and has a potential to generate Rs 150 crore per year on full capacity utilisation.
In an exchange filing, Greenlam Industries said that the total installed capacity of the company rose to 19.02 million laminate sheets per annum after production commenced in Gujarat plant.
The company said that it is upgrading the facility and will complete it by Q4FY2022-23. Post upgradation, installed capacity would rise to 5.4 million laminate sheets per year and potential revenue of Rs 250 crore per annum.
Trading volume is nearly 13 times the 30-day average. Of the seven analysts tracking the company, five suggest 'buy' and two recommend 'hold'. The return potential of the stock is 7.3%.
Source: Exchange filing, Bloomberg
Adani Power Extends Winning Streak After Agreeing To Buy DB Power In A Rs 7,017 Crore Deal
Shares of Adani Power jumped 5%, on course to extend winning streak for eighth day to record 432.5 apiece. Over the last year, the stock has surged nearly 500%.
Adani Power agreed to acquired DB Power Ltd. from the Bhaskar Group at an enterprise value of Rs 7,017 crore.
DB Power owns and operates 1,200 MW thermal plant in Chhattisgarh. The acquisition will help Adani Power expand its operations in thermal power sector in Chhattisgarh.
The deal is subject to regulatory approvals from CCI and expected to be completed by October 31, 2022. The timeline may be extended by mutual agreement of both the firms, according to an exchange filing.
Trading volume is twice the 30-day average. The relative strength index of the stock is 86, suggesting it may be overbought.
Source: Exchange filing, Bloomberg
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Zomato Shares Volatile As Nomura Initiates Coverage With 'Reduce'
Shares of Zomato were volatile and swung between 3.6% losses and 2% gains.
The volatility comes after Nomura initiated coverage of the stock with a 'reduce' recommendation with a target price of Rs 50, an implied downside of 18.6%.
Nomura said that the company's target to achieve double-digit contribution margin in food delivery is very difficult and hinged on rise in commissions from restaurants and rise in customer delivery fees. It expected food delivery revenue growth to moderate by FY2026-27.
Of the 23 analysts tracking the company, 19 maintain 'buy', two suggest 'hold' and two recommend 'sell'. The return potential of the stock is 31.5%.
Source: Bloomberg, Nomura note
Rupee Falls Against U.S. Dollar On Hawkish RBI Minutes, Rise In Crude Prices
Indian currency fell 10 paise (0.13%) to 79.88 during the session, on track to depreciate for the third day in a row against the greenback.
The decline comes after minutes of RBI's August monetary policy meeting hinted at concerns by members of the rate-setting panel over rising inflationary pressures.
The MPC dialled in a 50bps hike earlier in the month to address the spike in inflation, with all the six members voting for the hke. The MPC minutes showed that members believer that inflation has peaked in the country, but cautioned the uncertainty in prices due to geopolitical developments.
Nomura, in its note, said that the RBI minutes confirmed that more hikes were coming.
The depreciation in the Rupee also comes amid the rise in crude oil prices.
Source: Bloomberg
JSW Steel Falls After CCI Nod For Amalgamation Of Creixent, JSW Ispat with The Firm
Shares of JSW Steel fell over 2%, most in five weeks and trading near day's low.
The decline comes after Competition Commission of India approved the merger of Creixent Special Steels Ltd., and JSW Ispat Special Products Ltd. with and into JSW Steel, under Section 31 (1) of the Competition Act, 2002.
JSW Ispat, incorporated in 1990 is engaged in manufacture of iron, semi-finished steel, long steel products and is listed on BSE and NSE. Creixent Special Steels is the holding company of JSW Ispat.
Of the 33 analysts tracking the company, eight maintain 'buy', nine suggest 'hold' and 16 recommend 'sell'. The return potential of the stock is -14.8%. Over the last three days, Credit Suisse reiterated 'underperform' and Nomura retained 'reduce' on the stock.
Source: CCI order, Bloomberg
KEC International Gains As Nomura Expects Improvement In EBITDA Margins, Raises Target
Shares of KEC International rose nearly 2% in a weak market. Trading volume on the power transmission firm was similar the 30-day average.
The rise comes after Nomura reiterated 'buy' and raised target from Rs 515 to Rs 566, implying a 39.5% upside for the stock.
Nomura expected the company's EBITDA margin to improve from H2FY2022-23 driven by strong order inflows, lower commodity costs and completion of legacy loss-making projects in Brazil.
In its note on Sunday, Nomura said that the decline in steel prices and possible increase in order won during high-commodity-prime regime would aid gross margins. The company estimated tender pipeline of Rs 1.1 lakh crore in near term. Nomura also expects normalisation of working capital levels from FY2023-24 as railway projects get executed.
Nomura's revenue estimate is 3-4% higher than consensus, to account for stronger order inflows, pick-up in execution and easing commodity costs.
Of the 27 analysts tracking the company, 18 maintain 'buy', six suggest 'hold' and three recommend 'sell'. The return potential of the stock is 16.2%.
Source: Bloomberg, Nomura Note
Hatsun Agro Products Falls Most In Five Weeks
Shares of Hatsun Agro Products fell nearly 3.7%, most in nearly five weeks. Trading volume is more than twice the 30-day average.
The company approved proposal to raise funds not exceeding Rs 700 crore, through private placement of equity shares by way of QIP,on Monday. Hatsun Agro Products also gave its nod to invest in buying paid up share capital (not exceeding 20%) of Huoban Energy 4 Pvt Ltd. The investment is done for the purpose of consuming solar energy captively for the company's plant in Maharashtra.
The dairy products' maker will hold its 37th Annual General Meeting on September 20.
The stock has underperformed the benchmarks in 2022 so far, falling 14% compared to 2.6% gains for Sensex.
Source: Exchange filing, Bloomberg
HPCL Declines Most In Two Weeks
Shares of Hindustan Petroleum Corp Ltd. fell over 6%, the steepest intraday decline in two weeks.
The company recommended a final dividend of Rs 14 per share on the face value of Rs 10 each on equity shares for FY2021-22, in its board meeting on May 19. The company will pay dividend, if approved by shareholders at the AGM, to eligible member whose names appeared as beneficial owners as on August 23, as per NSDL, CSDL data, making today's session the ex-dividend date.
Reports also suggested that the firm is likely seeking $500 million in ECB loan and the effective tenor is 24 months
Of the 37 analysts tracking the company, 25 maintain 'buy', seven suggest 'hold' and five recommend 'sell'. The return potential of the stock is 14.1%.
Source: Exchange filing, Bloomberg
Opening Bell: Sensex, Nifty Fall; I.T., Banking, Metal Stocks Decline
India's stock benchmarks declined, dragged by banks, information technology, metal and realty stocks, amid concerns over global growth and Federal Reserves focus on tightening monetary policy.
The S&P BSE Sensex fell over 370 points (0.6%) to 59,274.99. The NSE Nifty 50 declined by similar magnitude to 17,666.65. Today 12 of Nifty 50 stocks rose while 38 fell. Kotak Mahindra Bank, ONGC, Wipro, Hindalco, UPL were among the top laggards.
The broader indices underperformed their larger peers with MidCap index losing over 1% and SmallCap gauge falling 0.8%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. declined with Realty, Bankex measures losing over 1%.
The market breadth is skewed in the favour of bears. About 1,029 stocks rose, 1,521 fell and 164 remained unchanged.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 4bps to 7.30%, at the open.
Source: Bloomberg
Rupee Falls Against The U.S. Dollar
Indian currency depreciated 0.07% (5 paise) to 79.84, at the open.
Source: Bloomberg
Trade Setup For Monday
FTSE Inclusions & Exclusions
LargeCap
Inclusions:
Ashok Leyland Mid to Large
Bharti Airtel Partly Paid Lagecap addition
Hindustan Aeronautics Mid to Large
One 97 Communications Mid to Large
Tata Elxsi Mid to Large
TVS Motors Mid to Large
Varun beverages Mid to Large
Exclusions:
Aurobindo Pharma Large to Mid
Guj Gas Large to Mid
Hindustan Petro Large to Mid
Lupin Large to Mid
NMDC Large to Mid
Star Health & Allied Large to Mid
SAIL Large to Mid
Vodafone Idea Large to Mid
MIDCAP
Inclusions:
CG Power Small to Mid
Guj Fluorochemicals Small to Mid
Indian Hotels Small to Mid
Linde India Small to Mid
Schaeffler India Small to Mid
Aurobindo Pharma Large to Mid
Guj Gas Large to Mid
Hindustan Petro Large to Mid
Lupin Large to Mid
NMDC Large to Mid
Star Health & Allied Large to Mid
SAIL Large to Mid
Vodafone Idea Large to Mid
Exclusions:
Ashok Leyland Mid to Large
Hindustan Aeronautics Mid to Large
Indiabulls Housing Fin Mid to Small
One 97 communications Mid to Large
Tata Elxsi Mid to Large
TVS Motors Mid to Large
Varun beverages Mid to Large
SMALLCAPS
Inclusions
Aptus Value Housing Finance India Small Cap Addition
Asahi India Glass Small Cap Addition
Blue Dart Express Small Cap Addition
Borosil Renewables Small Cap Addition
CCL Products India Small Cap Addition
Deepak Fertilizers and Petrochemicals Corporation Limited Small Cap Addition
Devyani International Small Cap Addition
Elgi Equipments Small Cap Addition
Fine Organic Industries Small Cap Addition
Galaxy Surfactants Small Cap Addition
Garware Technical Fibres Small Cap Addition
GMM Pfaudler Small Cap Addition
Hitachi Energy India Small Cap Addition
Home First Finance Company India Small Cap Addition
Indiabulls Housing Finance Mid to Small
Indigo Paints Small Cap Addition
Inox Leisure Small Cap Addition
Mahindra Lifespace Developers Small Cap Addition
Medplus Health Services Small Cap Addition
Motherson Sumi Wiring India Small Cap Addition
Polyplex Small Cap Addition
Restaurant Brands Asia Small Cap Addition
Shree Renuka Sugars Small Cap Addition
Tejas Networks Small Cap Addition
Vedant Fashions Small Cap Addition
Exclusions
CG Power and Industrial Solutions Small to Mid
Future Consumer Small Cap Deletion/Fail Invt Mkt Cap/Fail Mkt Cap/
Future Retail Small Cap Deletion/Fail Invt Mkt Cap/Fail Mkt Cap/
Gujarat Fluorochemicals Small to Mid
Indian Hotels Small to Mid
Linde India Small to Mid
Schaeffler India Small to Mid
MICROCAP
Additions
Arihant Capital Markets Micro Cap ADDITION
Bajaj Healthcare Micro Cap ADDITION
Barbeque Nation Hospitality Micro Cap ADDITION
Bhagiradha Chemicals & Industries Micro Cap ADDITION
Bigbloc Construction Micro Cap ADDITION
Coffee Day Enterprises Micro Cap ADDITION
D. P. Abhushan Micro Cap ADDITION
Deep Industries Micro Cap ADDITION
Delta Micro Cap ADDITION
Emami Paper Mills Micro Cap ADDITION
Privi Speciality Chemicals Micro Cap ADDITION
Ganesh Benzoplast Micro Cap ADDITION
Garware Hi-Tech Films Micro Cap ADDITION
GFL Micro Cap ADDITION
GSS Infotech Micro Cap ADDITION
TAJGVK Hotels & Resorts Micro Cap ADDITION
Hikal Micro Cap ADDITION
Hindustan Motors Micro Cap ADDITION
Hinduja Global Solutions Micro Cap ADDITION
HLE Glascoat Micro Cap ADDITION
Hubtown Micro Cap ADDITION
Ion Exchange (India) Micro Cap ADDITION
Jagsonpal Pharmaceuticals Micro Cap ADDITION
Jayant Agro-Organics Micro Cap ADDITION
Jindal Stainless (Hisar) Micro Cap ADDITION
Johnson Controls-Hitachi Air Conditioning India Micro Cap ADDITION
JTL Infra Micro Cap ADDITION
Jupiter Wagons Micro Cap ADDITION
Khaitan Chemicals & Fertilizers Micro Cap ADDITION
Madhya Bharat Agro Products Micro Cap ADDITION
Mangalam Organics Micro Cap ADDITION
Marathon Nextgen Realty Micro Cap ADDITION
Max India Micro Cap ADDITION
Medicamen Biotech Micro Cap ADDITION
Monarch Networth Capital Micro Cap ADDITION
MTAR Technologies Micro Cap ADDITION
Music Broadcast Micro Cap ADDITION
Nahar Poly Films Micro Cap ADDITION
Navkar Micro Cap ADDITION
Nazara Technologies Micro Cap ADDITION
Olectra Greentech Micro Cap ADDITION
Orient Bell Micro Cap ADDITION
Oriental Hotels Micro Cap ADDITION
Paras Defence and Space Technologies Micro Cap ADDITION
Pearl Global Industries Micro Cap ADDITION
Prakash Pipes Micro Cap ADDITION
Rossari Biotech Micro Cap ADDITION
Shipping Corporation of India Micro Cap ADDITION
Shivalik Rasayan Micro Cap ADDITION
Shree Pushkar Chemicals & Fertilisers Micro Cap ADDITION
Sigachi Industries Micro Cap ADDITION
SOM Distilleries and Breweries Micro Cap ADDITION
Speciality Restaurants Micro Cap ADDITION
Sree Rayalaseema Hi-Strength Hypo Micro Cap ADDITION
Suprajit Engineering Micro Cap ADDITION
Talbros Automotive Components Micro Cap ADDITION
TCPL Packaging Micro Cap ADDITION
The Dharamsi Morarji Chemical Micro Cap ADDITION
Thyrocare Technologies Micro Cap ADDITION
Udaipur Cement Works Micro Cap ADDITION
Ugar Sugar Works Micro Cap ADDITION
United Drilling Tools Micro Cap ADDITION
Uniphos Enterprises Micro Cap ADDITION
Uttam Sugar Mills Micro Cap ADDITION
Vadilal Industries Micro Cap ADDITION
Vardhman Holdings Micro Cap ADDITION
Vijaya Diagnostic Centre Micro Cap ADDITION
Vikas EcoTech Micro Cap ADDITION
Vinyl Chemicals (India) Micro Cap ADDITION
Zuari Agro Chemicals Micro Cap ADDITION
EXCLUSIONS
Aurum Proptech Micro Cap DELETION /Fail Microcap invcap/
Chalet Hotels Micro Cap DELETION /Above 92%/
Deepak Fertilizers and Petrochemicals Corporation Limited Micro Cap DELETION /Add to All Cap/ Above 92%/
DiGiSPICE Technologies Micro Cap DELETION /Fail Microcap invcap/
Esab India-A Micro Cap DELETION /Above 92%/
Future Enterprises Micro Cap DELETION /Fail Microcap invcap/
Gayatri Projects Micro Cap DELETION /Fail Microcap invcap/
GHCL Micro Cap DELETION /Above 92%/
Greenpanel Industries Micro Cap DELETION /Above 92%/
Gujarat Alkalies and Chemicals Micro Cap DELETION /Above 92%/
Gujarat Ambuja Exports Limited Micro Cap DELETION /Above 92%/
Gujarat State Fertilizers & Chemicals Micro Cap DELETION /Above 92%/
Inox Leisure Micro Cap DELETION /Add to All Cap/ Above 92%/
Inox Wind Energy Micro Cap DELETION /Fail Microcap invcap/
Jamna Auto Industries Micro Cap DELETION /Above 92%/
JK Paper Micro Cap DELETION /Above 92%/
Jubilant Industries Micro Cap DELETION /Fail Microcap invcap/
Jyothy Laboratories Micro Cap DELETION /Above 92%/
Karda Constructions Micro Cap DELETION /Fail Microcap invcap/
KSB Micro Cap DELETION /Above 92%/
Mahindra Lifespace Developers Micro Cap DELETION /Add to All Cap/ Above 92%/
Meghmani Finechem Micro Cap DELETION /Above 92%/
MIRC Electronics Micro Cap DELETION /Fail Microcap invcap/
Parsvnath Developers Micro Cap DELETION /Fail Microcap invcap/
RHI Magnesita India Micro Cap DELETION /Above 92%/
Sadbhav Engineering Micro Cap DELETION /Fail Microcap invcap/
Securekloud Technologies Micro Cap DELETION /Fail Microcap invcap/
Sharda Cropchem Micro Cap DELETION /Above 92%/
Shoppers Stop Micro Cap DELETION /Above 92%/
Siti Networks Micro Cap DELETION /Fail Microcap invcap/
SVP Global Textiles Micro Cap DELETION /Fail Microcap invcap/
Swan Energy Micro Cap DELETION /Above 92%/
TAKE Solutions Micro Cap DELETION /Fail Microcap invcap/
Tejas Networks Micro Cap DELETION /Add to All Cap/ Above 92%/
Venus Remedies Micro Cap DELETION /Fail Microcap invcap/
VRL Logistics Micro Cap DELETION /Above 92%/
Xelpmoc Design and Tech Micro Cap DELETION /Fail Microcap invcap/
Zee Learn Micro Cap DELETION /Fail Microcap invcap/
Paytm AGM Outcome
Stocks To Watch
Adani Power: The company has agreed to acquire DB Power at an enterprise value of Rs 7,017 crore. DB Power owns and operates a 2x600 MW thermal power plant at District Janjgir Champa in Chhattisgarh.
JSW Steel: The company has entered into a joint venture agreement with National Steel Holding for establishing scrap shredding facilities in India.
Piramal Enterprise: The company appointed Upma Goel as the Chief Financial Officer effective from Aug. 18.
Central Bank of India: The bank entered into strategic co-lending partnership with lncred Financial Services to offer loans to MSME Borrowers.
AstraZeneca India: The company has received Import and Market permission from the Drugs Controller General of India for Olaparib Film-Coated tablets. The drug is additionally indicated as a monotherapy for the adjuvant treatment of adult patients with BRCA-mutated HER2- negative high risk early breast cancer who have previously been treated with neoadjuvant or adjuvant chemotherapy.
Shilpa Medicare: The company’s wholly owned subsidiary Shilpa Biologicals completed the phase 3 Human Clinical studies of its first biosimilar, the 100mg/ml High Concentration Adalimumab biosimilar and has submitted the dossier to the CDSCO for review and grant of marketing/manufacturing license — a first in India.
Sensex, Nifty Set To Open Lower; Adani Enterprises, PSU Banks, JSW Steel, Paytm In Focus
Stocks declined while U.S. equity futures fell on Monday amid rising threats to global growth and the U.S. central bank's focus to tighter monetary settings in its bid to tackle surge in inflation.
Equities in Japan, Australia and South Korea fell after the worst week for global shares since late June.
At 7:10 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.42% lower at 17,669 points.
Key for markets this week is the Fed’s symposium at Jackson Hole, Wyoming. West Texas Intermediate crude dropped 1.1% to $89.78 a barrel