Stock Market LIVE Updates: Sensex, Nifty set to open mildly higher signals GIFT Nifty; Fed move eyed
Stock Market LIVE Updates: Indian markets were headed for a mildly positive open on Wednesday ahead of the US Federal Reserve's policy decision announcement later in the day.
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Stock Market LIVE Updates, Wednesday, September 18, 2024: Indian equity benchmark indices BSE Sensex and Nifty50 were headed for a mildly positive open on Wednesday, as indicated by GIFT Nifty futures, ahead of the US Federal Reserve's policy decision announcement later in the day.
At 8:30 AM, GIFT Nifty futures were at 25,465, marginally ahead of Nifty futures' last close.
On Tuesday in the domestic markets, benchmark equity indices, BSE Sensex and Nifty50, had ended with gains. The 30-share Sensex advanced 90.88 points or 0.11 per cent to 83,079.66, while the NSE Nifty50 added 34.80 points or 0.14 per cent to settle at 25,418.55.
That apart, India’s trade deficit widened to a 10-month high of $29.7 billion in August, as imports hit a record high of $64.4 billion on doubling gold imports. Exports contracted for the second month in a row to $34.7 billion due to softening oil prices and muted global demand.
Additionally, the country's wholesale price index (WPI)-based inflation eased to a four-month low of 1.31 per cent on an annual basis in August, from 2.04 per cent in July, data released by the Ministry of Commerce and Industry showed on Tuesday.
Meanwhile, markets in the Asia-Pacific region opened mixed on Wednesday, following gains on Wall Street that saw both the S&P 500 and the Dow Jones Industrial Average record new highs.
Australia’s S&P/ASX 200 was down slightly, while Japan’s Nikkei 225 climbed 0.74 per cent and the broad-based Topix was up 0.48 per cent.
Mainland China’s CSI 300 was nearly flat, and the Taiwan Weighted Index was down 0.35 per cent.
South Korea and Hong Kong markets are closed today while markets in mainland China will resume trade after a three-day holiday there.
That apart, the US stock markets ended nearly flat after hitting record highs on Tuesday, while the dollar stood firm as strong economic data allayed fears of a slowdown and investors braced for the Federal Reserve's expected move to cut interest rates for the first time in more than four years.
Signs of a slowing job market over the summer and more recent media reports had contributed in the past week to betting the Federal Reserve would move more drastically than usual at its meeting on Wednesday and shave off half a percentage point in policy rates, to head off any weakness in the US economy.
Data on Tuesday showed US retail sales rose in August and production at factories rebounded. Stronger data could theoretically weaken the case for a more aggressive cut.
Across the broader market, traders are still betting on a 63 per cent probability that the Fed will cut rates by 50 basis points on Wednesday and a 37 per cent probability of a 25 basis-point cut, according to CME Group's FedWatch tool.
The S&P 500 rose to an all-time intraday high at one point in the session, but flattened in afternoon trading and closed 0.03 per cent higher at 5,634.58. The Dow Jones Industrial Average fell 0.04 per cent, to 41,606.18.
The tech-heavy Nasdaq Composite bucked the Wall Street trend to close 0.20 per cent higher at 17,628.06, while MSCI's All-World index rose 0.04 per cent to 828.72.
The dollar perked up from its recent lows against most major currencies and stayed higher throughout the day.
Beyond the US, the Bank of England (BoE) and the Bank of Japan (BOJ) are also scheduled to meet this week to discuss monetary policy, but unlike the Fed, they are expected to keep rates on hold.
The two-year US Treasury yield, which typically reflects near-term rate expectations, rose 4.4 basis points to 3.5986 per cent, having fallen to a two-year low of 3.528 per cent in the previous session.
The benchmark 10-year yield rose 2.3 basis points to 3.644 per cent, from 3.621 per cent late on Monday.
Oil prices rose as the industry continued to survey the impact of Hurricane Francine on output in the US Gulf of Mexico. Meanwhile, the government in India slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18 on Tuesday.
US crude settled 1.57 per cent higher at $71.19 a barrel. Brent finished the day at $73.7 per barrel, up 1.31 per cent.
Spot gold slid 0.51 per cent to $2,569.51 an ounce, having touched a record high on Monday.
8:58 AM ![]()
Stock Market LIVE Updates: NFRA issues revised audit standards to address deficient quality
Stock Market LIVE Updates: The National Financial Reporting Authority (NFRA) on Tuesday brought out revised Standards on Auditing 600 (SA) to match the International Standards on Auditing (ISA 600).
This is for public consultation to address “the severely deficient quality and serious lack of due diligence” found in group audits in India. READ MORE
This is for public consultation to address “the severely deficient quality and serious lack of due diligence” found in group audits in India. READ MORE
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Stock Market LIVE Updates: We will not spare you: Gadkari fumes at poor upkeep of EPE, warns operators
Stock Market LIVE Updates: Union Road Transport and Highways Minister Nitin Gadkari on Tuesday came down heavily on agencies and contractors over ill-maintained roads, saying good operators would be awarded but bad ones would be "driven out of the system".
"We will not spare you. We'll ensure that bank guarantees of those doing bad work are forfeited and after this, we will blacklist you, not allow you to apply for new tenders," the minister said. READ MORE
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Stock Market LIVE Updates: Delhi, Mumbai airports emerge as key international hubs for LCCs
Stock Market LIVE Updates: India’s aspiration to turn Delhi and Mumbai into global mega hubs — among the world’s most connected international airports — remains a distant and difficult goal.
However, progress is being made on a different front, as both airports are emerging as key international hubs for low-cost carriers (LCCs), where airports in the Asia-Pacific (APAC) region already lead the charge. READ MORE
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Stock Market LIVE Updates: Road projects awarding declines, competition to remain elevated: ICRA
Stock Market LIVE Updates: ICRA, a credit rating agency, has revised its forecast for road project awards by the Ministry of Road Transport and Highways (MoRTH) in the financial year (FY) 2025 downwards to 8,500-9,000 kilometres (km).
The agency is expecting the awarding to remain similar to the last financial year’s awarding of 8,581 km, against its earlier estimate of 10,000-10,500 km. READ MORE
The agency is expecting the awarding to remain similar to the last financial year’s awarding of 8,581 km, against its earlier estimate of 10,000-10,500 km. READ MORE
8:45 AM
Cement makers continue to focus on reducing power and fuel costs as expenses on raw materials such as limestone, fly-ash and others remain elevated. Meanwhile, attempts to increase prices have largely failed to hold. READ MORE ![]()
Stock Market LIVE Updates: Cement makers may end H1FY25 with higher raw material costs, weak pricing
Stock Market LIVE Updates: As September draws to a close, cement makers in India may end the first-half of the current financial year (H1FY25) with higher than expected raw material costs, amid weak pricing, industry experts and analysts suggest.
Cement makers continue to focus on reducing power and fuel costs as expenses on raw materials such as limestone, fly-ash and others remain elevated. Meanwhile, attempts to increase prices have largely failed to hold. READ MORE
8:43 AM
Individual promoters and promoter families together earned around Rs 1.064 trillion through dividends and proceeds from share buybacks from their listed companies in FY24, up just 0.2 per cent from a year ago. READ MORE ![]()
Stock Market LIVE Updates: FY24 dividend income: Promoters and top business families beat govt
Stock Market LIVE Updates: Dividends and proceeds from share buybacks by individual promoters and prominent business families in India in 2023-24 were once again higher than the Government of India’s earnings from listed central public-sector undertakings (CPSUs) or multinationals’ earnings from their listed subsidiaries and associate companies in India.
Individual promoters and promoter families together earned around Rs 1.064 trillion through dividends and proceeds from share buybacks from their listed companies in FY24, up just 0.2 per cent from a year ago. READ MORE
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Stock Market LIVE Updates: Tracking the fields: Kharif acreage surpasses 5-year average, shows data
Stock Market LIVE Updates: The area under all kharif crops surpassed its five-year average for the week ended September 13, according to the latest data.
Sowing for most crops is complete, and the final harvest of some is either entering or about to enter the markets in the coming weeks, traders said. READ MORE
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Stock Market LIVE Updates: Bajaj to TVS, legacy ICE players assert dominance in EV two-wheeler segment
Stock Market LIVE Updates: Legacy ICE players Bajaj Auto, TVS and Hero Motocorp have responded to the challenge thrown by certain two-wheeler startups -- which have forecast their demise.
The three players are collectively close to achieving a new milestone by grabbing nearly half the electric two-wheeler market share in the second half of September till 17th, VAHAN figures suggest. READ MORE
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Stock Market LIVE Updates: Petroleum product exports shrink 14% in August as global demand cools
Stock Market LIVE Updates: The continuing decline in the export of refined petroleum products widened in August to 5 million tonnes (mt), according to the latest data from the Petroleum Planning and Analysis Cell.
Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports. READ MORE
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Stock Market LIVE Updates: India's exports shrink 9.3% in August, trade deficit at 10-month high
Stock Market LIVE Updates: India’s trade deficit widened to a 10-month high of $29.7 billion in August as imports hit a record high of $64.4 billion on doubling of gold inflows, and exports contracted for the second month in a row to $34.7 billion due to softening of oil prices and muted global demand. READ MORE
8:31 AM
The broader category, which includes offerings across equity, debt and commodities, has seen a spike in the inflows over the past two months. READ MORE ![]()
Stock Market LIVE Updates: Tax change, spike in inflows revive interest in Rs 84,000-crore FoF space
Stock Market LIVE Updates: The Rs 84,000 crore domestic fund of funds (FoFs) space, which was in the doldrums over the past 18 months, has now caught the attention of investors due to a change in the tax structure in Budget 2024.
The broader category, which includes offerings across equity, debt and commodities, has seen a spike in the inflows over the past two months. READ MORE
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Stock Market LIVE Updates: Street awaits US Federal Reserve's first interest rate cut in 4 years
Stock Market LIVE Updates: To cool inflation, the US central bank raised rates 11 times between March 2022 and July 2023. After its last rate hike of 25 basis points (bps) in July 2023, pushing rates to 5.25-5.5 per cent, a 23-year high, the Fed has held rates steady.
Last week, US markets, along with domestic equities, rallied sharply as expectations shifted from a conventional 25-bp cut to a more aggressive 50-bp cut. Optimism was driven by recent US economic data showing a slowdown in the labour market and cooling inflation. READ MORE
8:28 AM
The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). READ MORE ![]()
Stock Market LIVE Updates: Govt asks oil firms not to hike retail prices, 3 MT of edible oil available
Stock Market LIVE Updates: The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty.
The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). READ MORE
8:27 AM
Around 95 per cent of palm and sunflower oil requirements are imported and around 70 per cent of soybean oil is also imported. READ MORE ![]()
Stock Market LIVE Updates: Sharp import duty hike likely to impact margins of consumer majors
Stock Market LIVE Updates: A sharp import duty hike on edible oils -- palm, sunflower, and soy -- will significantly impact FMCG businesses. The hike is to the tune of 22 per cent. The duty has been raised from 5.5 per cent on crude oils to 27.5 per cent while that for refined oils is up from 13.75 per cent to 35.75 per cent.
Around 95 per cent of palm and sunflower oil requirements are imported and around 70 per cent of soybean oil is also imported. READ MORE
8:25 AM
This trend is being amplified by strong returns in the equity markets in recent years, said Kotak Institutional Equities in a report. READ MORE ![]()
Stock Market LIVE Updates: Post-Covid: Households shift to equities amid attractive returns
Stock Market LIVE Updates: Households are shifting their investment more to equities, directly as well as through mutual funds (MFs), particularly after the pandemic, at the expense of deposits.
This trend is being amplified by strong returns in the equity markets in recent years, said Kotak Institutional Equities in a report. READ MORE
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First Published: Sep 18 2024 | 7:57 AM IST
