Nifty will open slightly weaker; IREDA and Reliance will be the spotlight.

Muted Start for Nifty; Focus Shifts to IREDA and Reliance.

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: September 11, 2024

Summary: On Tuesday, institutional foreign buyers purchased shares valued at ₹2,208 crore, while domestic buyers sold shares valued at ₹275 crore.

Nifty futures trading on Gift Nifty suggests that the Indian market indexes would open modestly lower due to negative global cues. At Gift City in Gandhinagar, Nifty futures dropped 24 points, or 0.10 percent, to 25,095.

With the Nikkei in Japan falling 0.89 percent, the Shanghai Composite in China falling 0.67 percent, the Hang Seng in Hong Kong declining 1.08 percent, and the KOSPI in South Korea declining 0.52 percent, most Asian markets were trading lower.

Wall Street's benchmark S&P 500 index ended Tuesday's trading day up 0.5%, but worries over decelerating economic growth limited gains. The Dow also fell as bank stocks fell on alerts about current-quarter difficulties and oil shares plummeted.

Crude oil futures dropped as OPEC+ lowered its demand prediction for 2024 and 2025, making the energy sector the largest percentage decliner among the benchmark's 11 industrial indexes, falling 1.9%.

Following David Solomon, the CEO of Goldman Sachs, warning late on Monday that trading revenue would decline by 10% this quarter, bank stocks saw a broad decline. JPMorgan Chase reduced forecasts regarding interest income on Tuesday.

The S&P 500 climbed 24.47 points, or 0.45 percent, to 5,495.52, the Nasdaq Composite gained 141.28 points, or 0.84 percent, to 17,025.88, and the Dow Jones Industrial Average dipped 92.63 points, or 0.23 percent, to 40,736.96.

On Tuesday, institutional overseas buyers purchased shares valued at ₹ 2,208 crore, while domestic buyers sold shares valued at Rs 275 crore.

Stocks to focus on:

IREDA: On September 4, the International Financial Services Centre Authority (IFSCA) granted IREDA Global Green Energy Finance IFSC Limited, a subsidiary of IREDA, preliminary registration as a finance firm at Gift City.

Reliance Industries: Reliance Retail Ventures Limited and Delta Galil Industries have formed a joint venture to establish an apparel innovation platform and increase Delta Galil's market share in India.

Bhageria Industries: With a tax demand of ₹2.09 crore issued by the Commissioner of CGST, Palghar, Bhageria Industries intends to appeal a Show Cause Cum Demand Notice.

Astra Microwave Products: To collaboratively develop and market some products, Astra and Premier Explosives Limited have formed a strategic relationship.

Oil India: On September 10, an agreement was inked by OIL, OVL, KABIL, and the UAE-based IRH to collaborate internationally on vital mineral supply chains.

Yes Bank: For three years, Manish Jain, the country head of wholesale banking, has been named an additional director and executive director.

Medplus: Two drug license suspension orders were obtained by subsidiary Optival Health Solutions for its Bangalore-based outlets.

UCO Bank: As of September 11, 2024, UCO Bank's ALCO amended MCLR and TBLR rates. The new MCLR for a year is 9.00 percent, and other rates have been modified correspondingly.

Dixon Technologies: Dixon's purchase of a 6.5% share in Aditya Infotech Limited through a 95 lakh share transfer has been approved by the Competition Commission of India.

Sun Pharmaceutical: For non-compliance in FY 2014–15, Sun Pharma was fined Rs 10.7 lakh, comprising Rs 1.55 lakh for each of the business's top executives and Rs 6.05 lakh for the company itself.

Disclaimer: The sole purpose of our news article is to provide you with educational and informative content. The content in these articles does not intend investment, financial, legal, tax, or any other advice. It should not be used as a substitute for professional advice or assistance.