Stock Market LIVE Updates on, Friday, August 23: Indian benchmark indices BSE Sensex and Nifty 50 may open on a muted note with a slightly positive bias as indicated by GIFT Nifty futures that were quoting at 24,845, about 5 points ahead of Nifty50 futures, at around 7:30 AM on Friday.
Investors would have their eyes peeled for US Federal Reserve Chairman Jerome Powell’s keynote speech at the Jackson Hole Symposium, scheduled to be held between August 22 and August 24, to look for further clues about one or more possible interest rate cuts by the Fed this year.
All the three major US stock indexes lost ground on Thursday, weighed down by technology shares, as Treasury yields rose on easing recession fears in the US, ahead of the Fed chair’s speech.
The Dow Jones Industrial Average fell 177.71 points, or 0.43 per cent, to 40,712.78, while the S&P 500 lost 50.21 points, or 0.89 per cent, at 5,570.64 and the Nasdaq Composite dropped 299.63 points, or 1.67 per cent, to 17,619.35, overnight.
Benchmark indices in the Asian markets were mostly down, as investors everywhere trained their eyes on the gathering of central bank officials from around the world to look for cues about an interest rate easing cycle as inflation moderates gradually.
Japan’s Nikkei 225 was trading at 38,150, down 0.15 per cent, while Australia’s ASX 200 was down nearly 0.4 per cent, and Hong Kong’s HSI was quoting 0.34 per cent lower.
Stocks To Watch
FSN E-Commerce Ventures (Nykaa)
Harindarpal Singh Banga, a pre-IPO investor in Nykaa, is set to sell up to 1.4% of his stake in the beauty and personal care platform at a floor price of Rs 198 per share. Singh held a 6.4% stake in Nykaa at the end of the June quarter.
Ambuja Cements
Holderind Investments, a promoter group entity of Ambuja Cements, is launching a block deal to sell a 2.84% stake in Ambuja Cements for $500 million. The floor price for the deal is Rs 600 per share, reflecting a 5 per cent discount from the last closing price of Rs 631.80 on August 22.
Shriram Finance
The Competition Commission of India (CCI) has approved Shriram Housing Finance’s sale to Mango Crest Investment Ltd, an affiliate of Warburg Pincus. The approval is contingent upon receiving additional regulatory approvals.
Bharti Airtel
Bharti Airtel has announced a reduction in its Goods and Services Tax (GST) liability following an appeal. The Central Goods and Services Tax Appellate Authority has reduced Bharti Airtel’s GST demand from Rs 604.66 crore to Rs 194 crore following the company’s appeal. The dispute involved the reverse charge mechanism on License Fees and Spectrum Usage Charges, initially assessed by the Additional Commissioner of the Central GST in Delhi.
Adani Power
Adani Power’s Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL) has been approved by the National Company Law Tribunal (NCLT), Hyderabad Bench. The order, issued on August 21, 2024, was made available on the NCLT’s website the following day.
