Concerns over the China Evergrande group have put investors on edge and added to recent worries about the economic growth of the Delta variant. Investors are awaiting the end of this week’s Fed meeting which may shed light on when its massive government debt buyout will start to ease off
Clever Perspective: Manish Hathiramani, Owner Index Trader and Technical Analyst, Deen Dayal Investments
The Nifty has taken support at the 17300 levels. The near term direction is still unclear; we need to stay above 17600 on a closing basis in order to resume the current uptrend. On the other hand, if we break 17300 on a close basis, we will attempt a further slide towards 17100-17150. It’s a wait and look at the situation. “
Zee Entertainment extends earnings, stocks jump 20%
Sensex winners / losers at this time
ICICI Securities initiates hedging on Reliance Industries with a HOLD rating
The long-term outlook and the dominant position of Reliance Industries Ltd (RIL) in each of its product and service portfolios provide comfort for long-term value creation.
RIL’s consumer business will be the engine of growth going forward. The company has a strong balance sheet after fundraising, while its traditional business will continue to generate stable cash flow.
We are initiating a hedge on the stock with a HOLD recommendation.
Target Price and Valuation: On a SOTP basis, we value the stock at | 2480 / share
Vodafone plc rules out new equity injection Vodafone Idea: media report
Godrej Properties Records 575 Crore In Sales On First Day Of Noida Project Launch
Godrej Properties Ltd announced on Wednesday that it had sold 340 homes, representing half a million square feet, worth Rs 575 crore, on the first day of the launch of the second phase of its “Godrej Woods” project in Noida.
The Mumbai-based property developer said the response to its forest-themed phase named âEvergreenâ has pushed total sales for the project over the past six months to around Rs 1140 crore.
ZEE Entertainment jumps on merger deal with Sony Pictures India
Sensex in the first transactions
Nifty in opening offers
Freshworks raises $ 1.03 billion in US IPO valued at $ 10.13 billion: Reuters
Enterprise software company Freshworks said it valued its initial U.S. public offering well above target range to raise $ 1.03 billion, valuing rival Salesforce.com at $ 10.13 billion. dollars, because hybrid labor fuels demand for its products.
Freshworks listed 28.5 million shares at $ 36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had previously planned to raise $ 969 million at the top of its price range increased from $ 32 to $ 34 per share.
Freshworks, based in San Mateo, Calif., Joins a number of big names in the enterprise software industry that have taken advantage of the booming US capital markets over the past 18 months.
Nifty above 17,600 in pre-opening
Sensex goes up in pre-opening
Oil prices rise on sharp drop in U.S. crude inventories
Oil prices rose about 1% on Wednesday, extending gains overnight, after industry data showed U.S. crude inventories fell more than expected last week following two hurricanes, highlighting tight supply as demand improves.
US WTI crude futures were up 75 cents, or 1.1%, to $ 71.24 a barrel in early trades, adding to a 35-cent gain from Tuesday. Brent crude futures rose 68 cents, or 0.9%, to $ 75.04 a barrel, after gaining 44 cents on Tuesday.
SGX Nifty Down in Early Trades, Indicates Sluggish Start for Indian Stocks
SGX Nifty futures were at 17,519.50, down 42.55 points, or 0.24%, in early trades.
ZEEL Board of Directors approves in principle merger between ZEEL and Sony Pictures Networks India
ZEE Entertainment Enterprises Ltd (ZEEL) has signed a merger agreement with Sony Pictures Networks India Private Ltd, the company said on Wednesday in an exchange document. Under the terms of the deal, Sony Pictures Entertainment will inject $ 1.575 billion into the merged entity.
âZEEL’s Board of Directors, at its meeting on September 22, 2021, approved the execution of a non-binding Termsheet with Sony Pictures Networks India Private Limited (â Sony India â), regarding a potential transaction involving a composite plan of arrangement for the merger of the Company and Sony India and the injection of growth capital by the promoters of Sony India into Sony India as part of the merger, âaccording to a statement from ZEEL.
After the merger, ZEEL shareholders will own 47.07%, while Sony Pictures Networks will own 52.93% of the capital of the merged entity.
Actions to watch
Stocks of HDFC Bank, Kotak Mahindra Bank, Tata Motors, SBI Card, among others, will be the focus today.
Indiabulls Housing Finance, Vodafone Idea, IRCTC, Punjab National Bank and Sun TV Network are under F&O ban on September 22
Smart View: Sameet Chavan, Chief Analyst – Techniques and Derivatives, Angel Broking:
In the last two sessions, Nifty corrected almost 450 points and as a result it was a bit oversold. Importantly, it hit its key support area of ââ17350-17250 which coincided with the ’89 -EMA ‘on the hourly chart. Therefore, with the sharp rebound in global markets, this was the right time from which the market can see some recovery. But we have to accept the fact that, while the recovery was evident, it has far exceeded our projected levels of 17,500. Nonetheless, we still think it is only a rebound and we are not yet completely. out of the woods.
For the coming session 17600-17650 should be seen as immediate hurdles while weakness will pick up once we start staying below 17450.
We advise traders not to get carried away by this rebound and to continue to remain cautious. In order to regain confidence, a few more days of strength is quite crucial for the market. In addition, all eyes are on the global market, because the next course of action has yet to be dictated by them alone.
Asian stocks cautious in line with muted overnight closing on Wall Street
Asian stock markets got off to a cautious start on Wednesday and the dollar remained firm despite lingering fears about the fallout from an impending failure by developer China Evergrande and anticipation that the US Federal Reserve could move closer to the cut.
The Japanese Nikkei lost 0.5%. China’s equity, bond and currency markets opened for the first time on Wednesday since concern over Evergrande’s predicament sparked a wave of sales and contagion worries around the world.
Singapore-traded FTSE China futures are around 2% below Friday’s closing level. Safe-haven assets such as the yen and US Treasuries edged up in morning trading.
Globally, markets calmed down after falling sharply on Monday as analysts downplayed the threat that Evergrande’s problems could turn into a “Lehman moment” and trigger a financial crisis. But stocks have barely rebounded and commodities remain under pressure as worries focus on the economic consequences.
Overnight on Wall Street, the Dow Jones Industrial Average lost 50.63 points, or 0.15%, to 33,919.84, the S&P 500 lost 3.54 points, or 0.08%, to 4 354.19 and the Nasdaq Composite added 32.50 points, or 0.22%, to 14,746.40.
S&P 500 futures fell 0.4% in early Asian trading and the offshore yuan was under pressure near a one-month low at 6.4850 to the dollar. Hong Kong markets are closed for a public holiday.
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