Trade Nivesh | Trade before Wednesday Top 10 Things to Know

Trends on SGX Nifty indicate a negative opening for the index in India with a 50 points loss.

The Indian stock market is expected to open in the red following weak global cues. Trends on SGX Nifty indicate a negative opening for the index in India with a 50 points loss.

The BSE Sensex was down 51.88 points at 38,365.35 on September 8 while the Nifty50 fell 37.60 points to 11,317.40. According to pivot charts, the key support levels for the Nifty is placed at 11,259.47, followed by 11,201.63. If the index moves up, the key resistance levels to watch out for are 11,406.17 and 11,495.03.

Stay tuned to Trade Nivesh to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms that could impact Indian as well as international markets.

US stocks closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500.

The Dow Jones Industrial Average fell 632.42 points, or 2.25%, to 27,500.89, the S&P 500 lost 95.12 points, or 2.78%, to 3,331.84 and the Nasdaq Composite dropped 465.44 points, or 4.11%, to 10,847.69.

Asian Markets

Asian stocks were set to come under pressure on Wednesday after Wall Street sank for the third consecutive day led by declines in heavyweight technology companies, and oil prices hit lows not seen since June.

MSCI’s gauge of stocks across the globe shed 2.03% following declines in Europe. Australian S&P/ASX 200 futures lost 1.64% in early trading. Japan’s Nikkei 225 futures fell 0.50%. Hong Kong’s Hang Seng index futures lost 0.63%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 50 points loss. The Nifty futures were trading at 11,263 on the Singaporean Exchange around 07:30 hours IST.

Signs of normalcy: Life insurers post a 15% rise in new premiums in August

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Showing clear signs of normalcy in business amidst the coronavirus pandemic, life insurance companies posted a 15 percent year-on-year (YoY) rise in the new premium collection at Rs 27,039.79 crore in August.

Among the listed insurers, ICICI Prudential Life Insurance saw a 14.5 percent YoY decline in new premium to Rs 892.31 crore in August. HDFC Life Insurance saw a 44.7 percent YoY increase in new premium to Rs 1,903.96 crore, while SBI Life saw a 26 percent YoY growth to Rs 1,805.8 crore.

Goldman Sachs expects a deeper trough in CY20, but a sharp rebound in Q2CY21

The Indian economy is expected to climb from a deeper trough in the calendar year 2020 (CY20) and see a stronger rebound in the year 2021, according to global financial firm Goldman Sachs.

“While the economy must now climb out of a deeper trough in 2020, we have upgraded our expectations of a rebound next year,” Goldman Sachs said in a report. In the second quarter of the year 2021, Goldman expects real GDP growth to bounce back sharply on a year-over-year basis due to favorable base effects.

SEBI allows NSE to undertake e-KYC Aadhaar authentication

Markets regulator Sebi on Tuesday added the National Stock Exchange (NSE) to the list of entities that can undertake e-KYC Aadhaar authentication. The regulator, in May, had come out with a list of eight entities permitted to use e-KYC (Electronic-Know Your Customer) Aadhaar authentication.

Central Depository Services (India) Ltd (CDSL), National Securities Depository Ltd (NSDL), BSE, CDSL Ventures, NSDL Database Management, NSE Data and Analytics, CAMS Investor Services, and Computer Age Management Services were the eight entities that were allowed to use e-KYC Aadhaar authentication.

GDP contraction not surprising, jobs will come back once the economy rebounds: KV Kamath

Veteran banker KV Kamath said jobs will return once the economy bounces back and the 24 percent economic contraction is not surprising. Official data released on August 31 revealed that India’s economy contracted 23.9 percent in the second quarter of 2019-20.

“Last two quarters have been most impacted by COVID-19. GDP contraction of nearly 25 percent was not a surprise for me,” Kamath said in an interview with CNBC-TV18. A committee led by Kamath had submitted a report to the Reserve Bank of India (RBI), recommending financial ratios lenders can follow during a resolution framework.

Earnings on September 9

Indiabulls Ventures, CESC Ventures, Emami Realty, Eveready Industries India, Lovable Lingerie, Shriram EPC, Texmaco Infrastructure among 45 stocks to announce quarterly earnings on September 9.

Route Mobile mops up Rs 180 crore from 15 anchor investors ahead of IPO

Route Mobile, the omnichannel cloud communication service provider (CPaaS), has garnered Rs 180 crore from 15 anchor investors on September 8, a day ahead of IPO opening. SBI Mutual Fund, SBI Life Insurance, Goldman Sachs, ICIC Prudential, Franklin Templeton, Kuwait Investment Authority, Vantage Equity, and Axis Mutual Fund among 15 investors participated in the anchor book.

“In anchor investors portion in the public issue of Route Mobile, 51,42,856 equity shares have been subscribed at Rs 350 per equity share,” said the company in its statement published on exchanges.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,056.52 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 620.29 crore in the Indian equity market on September 8, as per provisional data available on the NSE.

With inputs from Reuters & other agencies
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