Stock Market LIVE: Indices in red; Nifty around 17,500; Adani Ports, NTPC drag

Share Market LIVE: Indian benchmark indices are trading in red on Wednesday morning. ICICI Bank and Sun Pharma made gains in early trade, whereas IT and Media stocks are down. Markets are cautious ahead of US inflation data that will shape further Fed interest rate hikes. Stocks dipped in Asia on Wednesday following a Wall Street retreat.

Asian markets started on a negative note following a retreat in Wall Street. This was mostly due to the caution ahead of US inflation data that will shape investor expectations for further Federal Reserve interest-rate hikes. 

JSW Group partners ElectricPe to develop EV charging infra

Business conglomerate JSW Group has collaborated with ElectricPe to develop electric vehicle charging infrastructure across its office network.

This follows the introduction of a green policy by JSW recently to provide incentives for employees to purchase electric vehicles and provide charging infrastructure in its office and plant premises.

Tata Chemicals gains nearly 9% on strong Q1 results

Shares of Tata Chemicals gained nearly 9% in morning trade on Wednesday after the company posted strong first-quarter earnings.

Shares of Tata Chemicals opened on a bullish note at ₹999.95, then gained further ground to touch ₹1,043, registering a jump of 8.96% over its previous close.

On the NSE, the stock opened at ₹1,015, then climbed to ₹1,038.05, higher by 8.47% over its last close.

Jefferies suggests these Indian midcap stocks to buy, hold post Q1 results

Global brokerage Jefferies said in a note that its Indian small and midcaps coverage has posted a mixed Q1FY23 so far as while operating margin was robust in Crompton, V-Guard and Polycab, margins of durables (like Havells, Whirlpool) were below Jefferies estimates. 

Meanwhile, building materials posted sturdy volumes (SI, Finolex, Kajarai Ceramics). While Kajaria Ceramics operating margin improved despite rising gas cost, margin of Supreme Industrie, Finolex Industries was impacted due to sharp PVC volatility. 

India RBI's 27-day VRRR to be undersubscribed - traders

Indian money market participants expect the Reserve Bank of India's variable rate reverse repo (VRRR) to be sharply undersubscribed as liquidity surplus dips. RBI is conducting 27-day variable rate reverse repo auction for up to 500 billion rupees ($6.29 billion) on Wednesday, against the maturing amount of 308.84 billion rupees.

Global mergers and acquisitions to come under the scrutiny of CCI if the parties meet a specified customer base in India

Global mergers and acquisitions are set to come under the scrutiny of the Competition Commission of India (CCI) if the parties meet a specified customer base in India that the antitrust regulator will specify after public consultations, CCI chairperson Ashok Kumar Gupta said in an interview. Specifying a customer base in India for scrutinizing global transactions relevant to the Indian market is part of the government’s efforts to revamp competition regulation in a digital economy. In his first interview after the tabling of the Competition (Amendment) Bill in Parliament last week, Gupta explained how the proposed merger regulations, revamped leniency provisions and a ‘settlement and commitment’ scheme will change the regulatory landscape for businesses.

Bharti Airtel shares climb after strong Q1 earnings

The share price of telecom firm Bharti Airtel rose on Wednesday after the company announced an impressive 466 per cent year-on-year surge in its net profit for the first quarter of the current financial year.

Bharti Airtel's share was trading 0.67 per cent higher at ₹709.05 on the BSE at 9.48 am. The scrip started the day sharply higher at ₹719 against its previous session's close at ₹704.35.

However, the scrip pared the initial gains and fell to a low of ₹706.

PM Modi to dedicate to nation 2G ethanol plant in Panipat

rime Minister Narendra Modi on Wednesday will dedicate to the nation a second generation (2G) ethanol plant built at an estimated cost of ₹900 crore in Haryana's Panipat via video conferencing.

The 2G ethanol plant has been built at an estimated cost of over ₹900 crore by the Indian Oil Corporation Ltd (IOCL) and is located close to the Panipat Refinery, said an official statement.

Based on indigenous technology, the project will utilise about two lakh tonnes of rice straw annually to generate around three crore litres of ethanol annually, it said.

Lower levels of 17400-17350 might provide support to the market: Ashika Stock Broking

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bull candle on the daily chart breaching past the crucial resistance zone of 17500 indicating that positive biasness to continue and more upside is awaited. However, momentum oscillators are witnessing overbought levels, but no signs of exhaustion can be seen yet, the indicator though has flattened during the period. On the downside, the psychological level of 17,000 which further coincides with the 200dma would be the immediate short-term trend deciding level for the market. On the upside, one can eventually expect Nifty to head towards 17900 levels as it is 80% retracement of entire decline off October 2021 to June low (18600-15200). Thus, any temporary breather should not be construed as negative instead buy on dips strategy should remain in focus. During the day, Nifty is likely to open on a slight negative note, however, lower levels of 17400-17350 might provide support to the market.

Rupee rises 11 paise to 79.52 against US dollar in early trade

The rupee appreciated by 11 paise to 79.52 against the US dollar in opening trade on Wednesday, tracking easing crude oil prices and foreign fund inflows.

Forex traders said sideways USD/INR trades are likely ahead of crucial US inflation data.

At the interbank foreign exchange, the rupee opened at 79.59 against the US dollar and touched 79.52 in initial deals, registering a rise of 11 paise over the last close.

Imminent HDFC merger overshadows upcoming NIFTY50 index change: ICICI Securities and ICICI Direct report

Upcoming semi-annual changes to the NIFTY50 index wherein Adani Enterprises is likely to replace Shree Cement is dwarfed by the impact of the impending HDFC merger.

The HDFC merger will likely result in an unprecedented ~14% of the NIFTY50 weight (HDFC Ltd plus HDFC Bank) getting replaced by two new incoming stocks with a combined weight of ~1% and the remaining 13% weight getting distributed amongst the existing 48 stocks in the index at that time.

The regular, semi-annual change will likely see Adani Enterprises entering and Shree Cement exiting the NIFTY50 index

India sees rise in Covid-19 case with 16,047 infections; recovery rate at 98.54%

India sees rise in Covid-19 case with 16,047 infections; recovery rate at 98.54%. Earlier on Tuesday, India witnessed a a drop with 12,751 cases. Prior to that, on Monday, the country recorded 16,167 cases, while it had more than 18,000 infections on Sunday and over 19,000 cases on Saturday.

US inflation will likely stay high even as gas prices fall

Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months.

Thanks largely to falling gas prices, the government's inflation report for July, to be released Wednesday morning, is expected to show that prices jumped 8.7% from a year earlier — still a sizzling pace but a slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.

The forecast by economists, if it proves correct, would raise hopes that inflation might have peaked and that the run of punishingly higher prices is beginning to ease slightly.

India's Bajaj Housing Finance to issue 3-year bonds – traders

India's Bajaj Housing Finance Ltd plans to raise at least 100 million rupees ($1.26 million) through a sale of bonds maturing in three years, three merchant bankers said on Wednesday.

The housing finance company has invited bids from from bankers and investors for the same on Thursday, they said.

The notes are rated AAA by CRISIL and the issue will close for subscription on Friday.

Syrma share sale to offer cues for IPO fence-sitters

The primary market will offer important cues to IPO-bound companies and investors this week. After a dry patch of more than two months, the first initial public offering will hit the market on 12 August, with Chennai-based engineering firm Syrma SGS Technology set to test investor appetite.

Oil slips as U.S. crude stock piles rise

Oil prices eased on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand, though concerns over supply kept losses in check.

Brent crude futures fell 23 cents, or 0.2%, to $96.08 a barrel at 0323 GMT.

U.S. West Texas Intermediate crude futures declined 28 cents, or 0.3%, to $90.22 a barrel.

Elon Musk sells $6.9 billion of Tesla shares, says he was done

Elon Musk sold $6.9 billion of shares in Tesla Inc. according to regulatory filings Tuesday, just months after saying he didn’t plan to sell any more stock in the pioneering electric-car maker.

Tesla’s chief executive officer offloaded about 7.92 million shares on Aug. 5, according to the new filings. The sale comes just four months after the world’s richest person said he had no further plans to sell Tesla shares after disposing of $8.5 billion of stock in the wake of his now-pulled deal to buy Twitter Inc.

Musk, 51, has now sold around $32 billion worth of stock in Tesla over the past 10 months. The disposals started in November after Musk, a prolific Twitter user, polled users of the platform on whether he should trim his stake. The purpose of the latest sales wasn’t immediately clear.

Stocks to Watch: Airtel, HCL, Delhivery, IGL, TechM, Tata Chemicals

IRCTC, SAIL, Abbott, Coal India, Glenmark, Eicher Motors, and Tata Consumer will be in focus as they declare their June quarter earnings today.

India bond yields seen higher on hawkish rate hike view

Indian government bond yields are expected to move higher in opening trades on Wednesday as sentiment remains bearish with expectation of more rate hikes by the Reserve Bank of India (RBI) in the coming months. The yield on the 10-year benchmark bond is likely to trade in a 7.33%-7.39% band, a trader with a private bank said. It closed at 7.3485% on Monday and has gained 19 basis points in the last two sessions.

JSW Energy arm to buy some renewable assets from Mytrah Energy for ₹10,531 crore

JSW Energy announced on Wednesday that its unit JSW Neo Energy has agreed to buy some renewable energy capacity from Mytrah Energy (India) for about ₹10,531 crore. It has agreed to acquire a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy comprising of 17 SPVs and 1 Ancillary SPV.

JSW Energy informed that necessary definitive agreements have been signed between the parties and the transaction is subject to receipt of the necessary regulatory and other customary approvals.

China Consumer Inflation Reaches 2-Year High as Pork Surges

China’s consumer inflation accelerated in July to the highest level in two years, largely due to surging pork costs, while weak consumer demand kept overall price pressures in check.

The consumer price index rose 2.7% last month from a year earlier as pork prices surged 20.2%, National Bureau of Statistics data showed Wednesday. The pickup in CPI was lower than the 2.9% median estimate in a Bloomberg survey of economists and compares with 2.5% growth in June.

Producer price inflation, meanwhile, slowed to 4.2% in July from 6.1% in June as commodity prices weakened.

India passes energy conservation bill

India took another step toward meeting its climate goals Tuesday when lawmakers in parliament’s lower house approved legislation that would require greater use of renewable energy and force industrial polluters to pay a price for the carbon they emit.

The bill sets out a minimum requirement for renewable energy use for corporations and residential buildings. It also grants clean energy users carbon-saving certificates that can be sold or traded and lays out a new energy efficiency standard in homes, which account for 24% of India’s electricity use.

Food inflation eases, but uncertain crops slow wider relief

While the outlook for global crops is improving from the tumultuous weeks after Russia’s attack on Ukraine, the threats of drought, flooding and blistering heat are keeping supplies tight and prices elevated.

Crop futures have retreated to pre-war levels, and the UN’s monthly measure of food prices sank the most since 2008. That’s offering some relief to consumers who have faced rampant food inflation since the start of the pandemic. Still, the war is putting more pressure on farmers from the US to India to replace crop losses and shipments from Ukraine -- a key supplier to poorer nations in the Middle East and Africa.

Airlines asked to share PNR details of international passengers with customs authorities

Airlines will have to mandatorily share PNR details of passengers with customs authorities 24 hours prior to departure of international flights, a move which will help prevent law offenders from fleeing the country.

The information, which shall include name, contact details and payment details, will be used by the customs department for improved surveillance and risk assessment of passengers entering or leaving the country, according to a finance ministry notification.

Profit of public sector banks rises 9% to ₹15,306 crore in April-June

All the 12 public sector banks earned a cumulative profit of about ₹15,306 crore, registering a 9.2% growth annually, despite poor showing by large lenders like SBI and PNB.

During the April-June period of the previous fiscal, state-owned banks recorded a total profit of ₹14,013 crore, according to quarterly numbers published by public sector lenders.

Of the total 12, three lenders -- State Bank of India (SBI), Punjab National Bank (PNB) and Bank of India -- reported fall in their profits ranging from 7-70 per cent.

Future Lifestyle Fashions to sell identified assets after receiving lenders' nod

Debt-ridden Future Lifestyle Fashions Ltd (FLFL) on 9 August said that its board has considered and approved the proposed sale of certain identified assets of the company.

"Accordingly, based on the recommendation of the Audit Committee, the Board of Directors at its meeting held today have inter-alia considered and approved the proposal to sale, lease, rent or dispose of the Specified Assets or in any other manner as it may deem fit, at a price which shall be at least equal to book value at the relevant point of time, subject to requisite approvals of lenders, debenture holders, shareholders and other contractual approvals, if any," company in a regulatory filing.

Airtel plans pan-India 5G coverage by Mar ‘24

Bharti Airtel will launch its 5G services later this month, and is looking to cover 5,000 towns and cities by March 2024, Gopal Vittal, the company’s chief executive officer and managing director, said in an analysts call on Tuesday. India’s second largest telecom company reported a five-fold jump in net profit in the June quarter.

Airtel will front-load its capital expenditure plans to prioritise the 5G rollout. It will be funded via internal cash flow. “The rapid rollout will see advanced capex on an India basis," Vittal said. The three-year capex will remain at present levels. For FY22, Airtel’s capex was ₹25,661 crore, up from ₹24,168 crore in the year ago.

Tokyo shares open lower ahead of US inflation data

Tokyo stocks opened lower on Wednesday, following overnight falls of Wall Street tech shares and with key US inflation data set to be released later in the day.

The benchmark Nikkei 225 index dropped 0.69 percent, or 193.49 points, to 27,806.47 in early trade, while the broader Topix index fell 0.53 percent, or 10.27 points, to 1,926.75.

India’s trade gap with UAE widens as oil imports rise

India’s trade gap with the United Arab Emirates ballooned fourfold in the May-June period, the first two months since the India-UAE free trade agreement came into effect, driven by a jump in oil and gold imports. The country’s trade deficit with the UAE widened to $3.92 billion in the two-month period from $980 million the year earlier.

Wall Street slips as weak earnings hit tech, travel stocks

Stocks on Wall Street extended their recent run of losses Tuesday as investors reviewed disappointing earnings reports and looked ahead to the release of an inflation snapshot closely watched by the Federal Reserve.

The S&P 500 fell 0.4%, marking its fourth consecutive drop. The Dow Jones Industrial Average fell 0.2% and the Nasdaq slid 1.2%.

Technology companies and retailers were the biggest drags on the market, outweighing gains in energy, financials and elsewhere. Bond yields rose broadly.

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