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Market Opening - An Overview
Nifty futures on Singapore Exchange were trading 0.27% higher at 17,426.50, signalling that Dalal Street was headed for a positive start on Wednesday.
The Indian rupee lost 31 paise to end at 73.42 against the US dollar on Tuesday.
Most asian shares were trading higher on Wednesday but gains were capped due to weak lead from Wall Street. Japan’s Nikkei was up 0.82%, Topix advanced 0.66% as revised GDP growth numbers boosted investor sentiments. China’s Hang Seng was 0.36% higher but CSI 300 was 0.20% lower.
Capital markets regulator SEBI introduced T+1 settlement cycle for completion of share transactions on optional basis starting from January 1 in order to enhance market liquidity. The regulator said that the stock exchanges will have the flexibility to offer either T+1 or T+2 settlement cycle for completion of share transactions, according to a circular. The stock exchange must give an advance notice of at least one month, regarding the change in the settlement cycle of scrips, to all stakeholders, including the public at large, and also disseminating the same on its website.
SEBI also said in the circular that a stock exchange will have to mandatorily continue with the same for a minimum period of six months after opting for T+1 settlement cycle for a scrip. In case the stock exchange wishes to switch back to T+2 settlement cycle, it will have to give one-month notice to the market.
FII/DII trading data on Tuesday (07-09-2021)
| Category | Buy Value | Sell Value | Net Value |
| FII/FPI | 6640.48 | 6785.93 | (145.45) |
| DII | 5160.43 | 5297 | (136.57) |
| *All numbers are in INR crore | |||
Stocks in News Today
HDFC Bank: The lender has signed a deal with the National Small Industries Corporation (NSIC) for providing credit support to MSME sector. The bank said it would process loan applications forwarded by NSIC and consider sanctioning loans as per its lending policy. The bank will have specially-tailored schemes to enhance the competitiveness of firms in the sector.
Reliance Industries: The company’s telecom arm is targeting a large market of about 54 crore users with its new smartphone that is to be launched soon, according to a note by brokerage firm Jefferies. The brokerage firm said the new smartphone could add about 10% to Jio’s revenue in FY23. The new smartphone is likely to be priced below Rs 5000.
Piramal Enterprises: The company and Bain Capital Credit-promoted India Resurgence Fund will invest Rs 615 crore in Setco Group which is based in Gujarat. As part of the investment deal, Setco Automotive will transfer its clutch business into a subsidiary, Setco Auto Systems Pvt Ltd (SASPL) and IndiaRF will invest through a senior debt facility and 35% equity stake in SASPL, the fund said.
TVS Motor: The company has joined hands with ETG Logistics, which will be the two-wheeler’s new distribution partner in South Africa. The company will launch its products such as TVS Apache series, TVS HLX series, TVS NTORQ 125 and TVS Duramax Cargo in South Africa.
Embassy Office Parks REIT: The company raised Rs 300 crore through an issue of non-convertible debentures on a private placement basis to refinance existing debt, according to a regulatory filing. The period of the NCDs will be 60 months from the deemed date of allotment, with a coupon rate of 6.80 per annum.
Vodafone Idea: The Rajasthan government has ordered the telecom operator to pay a fine of Rs 27 lakh for a data leak incident, as per the IT Act 2000. The company must pay the amount to the victim within the stipulated time or interest will be levied.