Gift Nifty indicates a positive start for the Indian stock indices; The US markets ended higher amid Fed rate cut expectations; The Asian markets also traded higher following the Wall Street

PRE-MARKET REPORT

The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Wednesday following a positive momentum in global markets.

Gift Nifty was trading around 24,235 level, a premium of nearly 75 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

The US stock market ended higher on Tuesday, hitting a near two-week high, as softer producer prices data increased bets of a Fed rate cut.

The Dow Jones Industrial Average rallied 408.63 points, or 1.04%, to 39,765.64, while the S&P 500 jumped 90.04 points, or 1.68%, to end at 5,434.43. The Nasdaq Composite closed 407.00 points, or 2.43%, higher at 17,187.61.

Asian markets traded higher on Wednesday following an overnight rally on Wall Street.
Japan’s Nikkei 225 gained 0.98%, while the Topix rose 0.72%. South Korea’s Kospi rallied 1.1%, while the Kosdaq jumped 1.4%. Hong Kong Hang Seng index indicated a higher opening.

STOCKS TODAY

SJVN: The company has received board approval for monetization through the securitization of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS). The board also approved, in principle, the dilution of stake in the subsidiary, SJVN Green Energy.

Sundram Fasteners: SBI Mutual Fund bought a 0.6% stake in the company at an average price of Rs 1,318 per share. However, promoter TVS Sundram Fasteners sold a 1.57% stake at the same price.

Vedanta: The company has received approval from the Committee of Directors to sell up to 11 crore equity shares (a 2.6% stake) of Hindustan Zinc via an offer-for-sale.

Mahindra and Mahindra: Total sales for July increased by 2.1% year-on-year to 64,929 units, but production fell by 1.2% to 69,138 units, and exports dropped by 40.4% to 1,515 units.

Brainbees Solutions: Nomura India Investment Fund Mother Fund A/C (Nomura) (MF India) bought a 0.93% stake in the FirstCry operator, and TNTBC as the Trustee of Nomura India Stock Mother Fund (Nomura) NISMF purchased 0.62% shares, at an average price of Rs 681.03 per share.

Bombay Dyeing and Manufacturing Company: The company has executed definitive agreements with Goisu Realty (a subsidiary of Sumitomo Realty & Development Company) and received Rs 537.78 crore to complete the land sale transaction at Worli.