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WEEKLY MARKET REVIEW
The Indian stock market finished on a higher note despite trading sideways throughout the week. The Nifty 50 index finished at 24,823, logging a weekly gain of 283 points or 1.15 percent. The BSE Sensex ended with a weekly gain of 0.80 percent or 650 points at 81,086.
Among the sectoral indices, The Bank Nifty index recorded a weekly gain of around 0.83 percent and closed at 50,933.
In the broad market, the Small-cap and Mid-cap indices outperformed the frontline Indian indices. The Small-cap index recorded a weekly gain of around 3.40 percent, whereas the Mid-cap index registered a 1.95 percent rise this week.
DIIs bought Rs 13,341 crore worth of shares and sold shares worth Rs 10,445 crore. Meanwhile, FIIs purchased Rs 16,776 crore in shares and offloaded equities worth Rs 14,831 crore during the trading session.
GLOBAL MARKETS
Wall Street ends sharply higher as Powell cements September rate cut hopes
US stocks rallied on Friday as dovish remarks from U.S. Federal Reserve Chair Jerome Powell solidified expectations that the central bank will cut its key policy rate in September.
In highly anticipated comments before the Jackson Hole Economic Symposium, Powell said “the time has come” to lower the Fed funds target rate, and “the upside risks of inflation have diminished.”
The Dow Jones Industrial Average rose 462.3 points, or 1.14%, to 41,175.08, the S&P 500 gained 63.97 points, or 1.15%, to 5,634.61 and the Nasdaq Composite added 258.44 points, or 1.47%, to 17,877.79.
Asian stocks and bonds face pressure
Japanese equities showed signs of resilience as other Asian markets opened lower, as investors prepared for comments from Jerome Powell later Friday.
Equities in Australia and South Korea fell alongside Hong Kong share futures, echoing Thursday’s selloff in US stocks where both the S&P 500 and tech-heavy Nasdaq 100 indexes retreated.
The 10-year Treasury yield was steady in Asian trading after rising five basis points Thursday, when the policy-sensitive two-year yield climbed seven basis points, largely reversing the move from the prior session.
ECONOMY
For every dollar, India’s space sector has given back $2.54 to the economy, says report
For every dollar generated through investments or revenues in India’s space sector, an additional $2.54 has been generated for the national economy, preliminary findings of a report titled “Socio-economic impact analysis of Indian space program”, released on August 23, said.
The study conducted by Econ One and Euroconsult, commissioned by the Indian Space Research Organisation (ISRO), assessed and evaluated the different levels of benefits that have been generated by the Indian space activities.
The report also found that the Indian space sector has contributed $60 billion to the Indian GDP over the last decade through direct, indirect, and induced effects.
Formal employment declines in June; new EPF, ESIC, and NPS subscribers fall
Formal employment declined in June, as new subscriptions in the government’s three social sector schemes fell from the previous month, data released on August 23 showed.
New subscriptions to the Employees’ Provident Fund (EPF) scheme were down a percent in June from the previous month at 1.02 million. Subscriptions to the Employees’ State Insurance Scheme (ESIC), which caters to relatively low-paid employees, fell much more by 6.5 percent to 1.62 million, a Ministry of Statistics and programme implementation report said.
STOCKS IN NEWS
Adani Power: Billionaire Gautam Adani’s power-generating unit has raked up unpaid dues of as much as $800 million from Bangladesh, where weeks of violent protests left hundreds dead and forced out the previous administration this month.
Ambuja Cements: GQG Partners Emerging Markets Equity Fund purchased 1.71 crore shares, or a 0.69 percent stake, in Ambuja Cement Ltd. at Rs 625.5 a piece via a bulk deal on August 23. Holderind Investments Limited sold 6.80 crore shares, or 2.75 percent stake in Ambuja Cement at Rs 625.5 per share via a bulk deal.
Adani Power: Adani Power on Thursday said the NCLT Hyderabad bench has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL) for an upfront payment of Rs 4,101 crore. LAPL is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, a BSE filing said.
KEC International: KEC International Ltd. won new orders worth Rs 1,079 crore in the Transmission & Distribution (T&D) and Cables businesses. Vimal Kejriwal, MD & CEO, of KEC International Ltd., said: “The prestigious order from a private developer has enhanced our presence in the India T&D market and further diversified our clientele.