The benchmark indices opened flat on Wednesday, tracking dismal macroeconomic data as the Index of Industrial Production (IIP) rose only marginally in July and consumer price index (CPI)-based inflation surged to five-month high in August.
In July, the IIP grew by only 1.2% over the same month last year, recovering slightly from a contraction of 0.1% in June. The CPI-based inflation rate, on the other hand, rose to a five-month high at 3.36% in August from 2.36% in the previous month, as food items, particularly vegetables, became more expensive.
Overseas,
Asian shares inched up to a 10-year high, cheered by record highs on Wall Street, while the dollar’s rise against the yen helped boost Japanese shares.
The S&P 500, Dow Jones industrials and Nasdaq Composite all marked record finishes as investors' concerns faded about North Korean tensions as well as the impact of Hurricane Irma.
10:15 AM
Buzzing stock
Tata Chemicals rose nearly 2% to Rs 646 after the Tata Global Beverages proposed to sell up to 1,05,00,000 equity shares of face value of Rs 10/- each of Tata Chemicals to Tata Sons.
10:00 AM
HDFC MF to join IPO bandwagon
HDFC Mutual Fund, the country’s second-largest money manager, has joined the list of probable asset management companies (AMCs) waiting to go public.
The AMC has begun preliminary discussions to list itself on the bourses but is yet to arrive at a time frame or appoint merchant bankers for the share sale, said two people familiar with the matter.
READ FULL REPORT9:50 AM
More upgrades for Tata Steel after pension deal
With the much-awaited Tata Steel UK pension scheme resolution getting cleared, investor sentiment has got a boost. For the company, which is working hard to make its European operations more profitable, resolving the British Steel Pension Scheme (BSPS) was critical for de-risking its future liabilities.
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9:42 AM Buzzing stock
Capital First rose over 2% to Rs 839 after the Reserve Bank has allowed foreign investors to hold up to 50% equity holding in financial services firm Capital First. READ MORE
9:30 AM Nifty Bank snaps four-day long rally
Source: NSE
9:25 AM Broader markets outperform
Broader markets outperformed with the BSE Midcap and the BSE Smallcap indices extending gains by up to 0.3%.
9:24 AM Sensex heatmap at open
Source: BSE
9:18 AM Markets at open
At 9:18 am, the S&P BSE Sensex was trading at 32,150, down 8 points, while the broader Nifty50 was at 10,088, down 5 points.
9:15 AM Stocks in news
ONGC, Oil India, Jet Airways, ITC, Phoenix Mills, Capital First, Dr Reddy's, GMR etc
9:10 AM Gold prices
Gold prices held steady on Wednesday as the dollar remained firm, with safe-haven demand for the metal buoyed after US President Donald Trump’s latest comments on tensions over North Korea.
Spot gold was nearly unchanged at $1,330.85 an ounce, while US gold futures for December delivery were flat at $1,335.00 an ounce.
9:08 AM
Pre-open trade
The Nifty50 index held above 10,100 in pre-open trade. The S&P BSE Sensex was trading at 32,163, up 5 points, while the broader Nifty50 was at 10,100, up 7 points.
9:08 AM
Macroeconomic data
The data on the Index of Industrial Production (IIP) and consumer price index (CPI)-based inflation, released on Tuesday, were more bad news for the Narendra Modi government, after growth of gross domestic product (GDP) crashed to its lowest in its tenure last week.
CLICK HERE FOR DETAILS 9:05 AM
Nifty outlook and technical calls by HDFC Securities
Nifty has surpassed the crucial resistance of 9,988, and is all set to register a new all-time high above 10,137. Despite lot of uncertainty, charts indicated the dominance of bulls over bears in the last one month and it seems to be getting right so far. Earlier resistance of 9,988 is expected to interchange its role as a support going forward for Nifty.
9:02 AM
Today's picks
9:00 AM
Technical calls
8:57 AM Oil prices
Oil prices were mixed, but largely held on to gains in the previous session after OPEC said it expected higher demand for its crude next year.
US West Texas Intermediate (WTI) was trading up 6 cents, or 0.1% at $48.29 a barrel after rising 0.3% on Tuesday.
International benchmark Brent crude was down 7 cents, or 0.1% at $54.20 a barrel, having settled up 0.8% in the previous session.
8:54 AM Wall Street on Tuesday
The major Wall Street indices hit record closing highs with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc shares after it unveiled its latest line of iPhones.
The S&P 500, Dow Jones industrials and Nasdaq Composite clocked record closes, with investors drawn to riskier assets as concerns about US tensions with North Korea eased and the financial impact from Hurricane Irma appeared less severe than was feared last week.
The Dow Jones Industrial Average rose 61.49 points, or 0.28% to 22,118.86, the S&P 500 gained 8.37 points, or 0.34% to 2,496.48 and the Nasdaq Composite added 22.018 points, or 0.34% to 6,454.28.
8:52 AM Asian markets
Asian shares inched up to a 10-year high. MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher in early trade, while Japan's Nikkei stock index added 0.4% to a one-month high, getting a tailwind from a weaker yen. China's Shanghai Composite remained little changed, while Hong Kong's Hang Seng bucked the trend to lose 0.4%.
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8:50 AM
Singapore Nifty
At 8:45 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange was trading at 10,099, up 9 points or 0.09%.
8:49 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Wed, September 13 2017. 09:17 IST
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