Asian markets were mixed following a strong job report in the US on Friday that hints at an aggressive future monetary policy. Nikkei and Shanghai Indices gained strongly whereas the Hong Kong index lost around 0.7% to end in red. European markets gained in the morning but soaring inflation remains a concern.
Sensex and Nifty performed strong to gain 0.8% on Monday. Sensex hurdled past the 58,800 mark and Nifty 17,500 mark
Indian benchmark indices recorded a strong Monday and rose around 0.8% in today's session. Nifty crossed the psychological barrier of 17,500 and ended at 17,525, which is a gain of 127 points. Sensex surged 465 points to end at 58,853 points.
M&M, Bajaj Finserv and Coal India added around 3% to lead the rally, whereas BPCL and SBI featured prominently in stocks that lost ground today. Auto, Metal and Private Bank indices gained the most, but PSU Bank was the only index which ended in the red.
Asian markets reacted in a mixed fashion after a strong US jobs report boosted expectations that the Federal Reserve will continue on its path of big interest rate hikes to control inflation.
Japan's Nikkei index ended at a more than four-month high as investors scooped up stocks that reported robust outlooks. The Nikkei share average rose 0.26%.
Meanwhile, Hong Kong stocks closed lower with Hang Seng Index losing 0.77% but the Shanghai Composite Index added 0.31%.
European stock markets rebounded at the open on Monday following pre-weekend falls. Traders in Europe and Wall Street are assessing the pace of interest rate hikes aimed at cooling soaring inflation which will play a role in the market today.
IDFC, Indian Bank, Yes Bank put SpiceJet loans on high-risk: Report
Private lenders IDFC First Bank and Yes Bank and state-owned Indian Bank have put their loans to SpiceJet Ltd in the high-risk category, in the latest setback for the airline, people with knowledge of the matter said.
The lenders are concerned about SpiceJet's cash flows and have held discussions seeking assurances from the Indian budget carrier, as it is behind on payments to some aircraft lessors, the sources said.
SpiceJet said that no bank has put its account on high alert.
“Loans are being serviced as per the agreed terms. We are not aware of any bank having any ‘concern' nor has there been any communication regarding the same to SpiceJet,” a company spokesperson told Reuters in an email.
Adani Ports Q1 results: PAT drops 16% to ₹1,072 cr, revenue rises 21% sequentially
Adani Ports and Special Economic Zone posted a 16.09% drop in consolidated net profit attributable to owners, at ₹1,072.38 crore for the quarter ending June 30, 2022 (Q1FY23) compared to ₹1,277.99 crore in the same period last year. However, Q1 PAT climbed 4.72% from ₹1,024 crore in the preceding quarter. The Adani Group-backed company's revenue was broadly flat year-on-year, while the growth was double-digit sequentially. Adani Ports registered the highest ever quarterly cargo volumes in Q1FY23.
IOC's ₹169-cr LPG plant in Agartala inaugurated
PSU major Indian Oil Corporation has inaugurated its latest greenfield LPG bottling plant at Agartala, set up at an investment of ₹169.11 crore, a senior official said on Monday.
The foundation stone for the plant was laid in 2017 and the project got completed as per schedule in February 2020, Indian Oil Corporation Executive Director (IndianOil-AOD) Ganesan Ramesh said.
Angel One records growth in client base, expanding to 10.75 million
Fintech company Angel One Limited recorded growth in its client base which grew to 10.75 million, an 88.3% YoY growth, with a gross client acquisition of 0.34 million during July 2022.
Angel One recorded processing 66.60 million orders, a 39.3% YoY growth. The company also recorded growth in its average daily turnover, as it surged by 93.2% YoY to ₹10.31 trillion. This led to a 30 bps YoY expansion in its overall equity turnover market share to touch 22% in July 2022.
Gold gains ₹97; silver jumps ₹527
Gold in the national capital on Monday rose by ₹97 to ₹52,490 per 10 gram amid rise in international precious metal prices along with adepreciation in rupee, according to HDFC Securities.
The yellow metal had closed at ₹52,393 per 10 gram in the previous trade.
Silver also jumped by ₹527 to ₹58,465 per kg from ₹57,938 per kg in the previous trade.
Mahindra and Mahindra among top gainers on Monday, adds 3%
Govt to decide on re-initiating BPCL sale after reviewing situation in due course: FinMin
The government will decide on re-initiating the process of BPCL strategic sale based on a review of the situation in due course, Parliament was informed on Monday.
In a written reply to the Lok Sabha, Minister of State for Finance Bhagwat Kishanrao Karad said the COVID pandemic, energy transition issues and geo-political conditions affected several industries globally, particularly the oil and gas industry.
“Government of India has decided to call off the present EoI process for strategic disinvestment of BPCL. The decision on re-initiation of the strategic disinvestment process of BPCL depends on the review of the situation in due course,” Karad said.
89% Indians intend to upgrade to 5G network despite challenges: Ookla
As India is slated to roll out its 5G services soon, consumers seem to be upbeat with 89% saying they “intend to upgrade” to the network, according to a recent survey.
With 5G services, 70% of respondents said that they would increase their use of video streaming, while 68% stated they would boost their mobile gaming. (Full Report)
India Seeks to Oust China Firms From Sub-$150 Phone Market
India seeks to restrict Chinese smartphone makers from selling devices cheaper than 12,000 rupees ($150) to kickstart its faltering domestic industry, dealing a blow to brands including Xiaomi Corp.
The move is aimed at pushing Chinese giants out of the lower segment of the world’s second-biggest mobile market, according to people familiar with the matter. It coincides with mounting concern about high-volume brands like Realme and Transsion undercutting local manufacturers, they said, asking not to be identified discussing a sensitive matter.
Exclusion from India’s entry-level market would hurt Xiaomi and its peers, which in recent years have increasingly relied on India to drive growth while their home market endures a series of Covid-19 lockdowns that crippled consumption. Smartphones under $150 contributed to a third of India’s sales volume for the quarter through June 2022, with Chinese companies accounting for up to 80% of those shipments, according to market tracker Counterpoint.
PSU Bank index drags in an otherwise strong market; down by 0.5%
Infra assets worth over ₹1.62 lakh cr to be monetised this fiscal: FinMin
Infrastructure assets worth over ₹1.62 lakh crore are expected to be monetised during the current fiscal, Parliament was informed on Monday.
The government had last year announced a ₹6 lakh crore National Monetisation Pipeline (NMP) to unlock value in infrastructure assets across sectors, ranging from power to road and railways in four years till 2025.
In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said about ₹97,000 crore worth of public assets were monetised in the last fiscal (2021-22).
Multibagger Adani Group stock extends rally, hits record high
Shares of Adani Total Gas extended their rally to hit record high of ₹3,471 apiece on the BSE in Monday's trading session. The Adani Group stock has outperformed by rallying more than 35% in a month's period as compared to about 8% rise in benchmark Sensex.
Axis Securities Multi-Asset Strategy for Equities, Gold, Fixed Income, and Currency
Equities: We maintain our Nifty Mar’23 target to 18,400 by valuing it at 20x on FY24 earnings vs. 22x earlier.
Fixed Income: We recommend a Quality approach for bonds with some nonAAA exposure based on risk appetite.
Gold: We continue our Neutral stance on Gold and recommend a ‘Buy-on-Dips’ strategy.
Currency: Key events deciding the currency market direction moving forward: 1) The progress in the Russia-Ukraine conflict; 2) Growth in the developed world 3) Direction of the Oil prices; 4) Direction of the commodity process; 5) Inflation and growth dynamics 6) The direction of the foreign flows.
5G mobile services likely to be rolled out in about a month: MoS Telecom
The long-awaited high-speed 5G services are expected to be rolled out in about a month, Minister of State for Telecom Devusinh Chauhan said on Monday.
Addressing the inaugural event of the International Telecommunication Union's Regional Standardisation Forum (RSF) for Asia and Oceania region, Chauhan said India is likely to deploy indigenously developed and manufactured 5G telecom gears by end of this year for 5G services.
“In about a month, 5G mobile services will roll out in the country, which will have multiplier effects on the development of all sectors. A 6G Technology Innovations Group, has also been set up, which is working towards the development of indigenous 6G stack,” Chauhan said.
Japan tech giant SoftBank posts $23 billion quarterly loss
Japanese technology company SoftBank Group posted a $23.4 billion loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier.
Godrej Industries to issue 3-month CP – traders
Godrej Industries Ltd plans to raise funds selling commercial papers maturing in three months, three merchant bankers said on Monday.
The company will offer a yield of 5.90% on this issue and has received commitments worth around 750 million rupees ($9.43 million), the bankers said.
The notes are rated A1+ by ICRA.
India's Paytm at near 6-month high as quarterly revenue surges
Shares of Indian digital payments firm Paytm jumped more than 6% on Monday to their highest levels in nearly six months, after the company's parent firm One 97 Communications Ltd posted an 89% surge in its quarterly revenue.
Higher number of monthly users, additional payment devices and more disbursal of loans lifted the company's revenue to 16.8 billion rupees ($211.16 million), from 8.91 billion rupees last year.
Investors appeared to show scant response to the company's wider loss of 6.44 billion rupees posted in its quarterly update after market close on Friday.
Bajaj Finserv among top gainers; adds 3%
Syrma SGS Tech IPO: GMP, price band, key details as issue to open for subscription this week
After a dull period for initial public offerings (IPOs) for the last few months, Syrma SGS Technology will be launching its public issue this week on Friday, August 12, 2022 and the initial share sale will conclude on Thursday August 18, 2022. The price band is fixed at ₹209 to 220 per share. (Full Report)
European stocks rebound at open
European stock markets rebounded at the open Monday following pre-weekend falls as traders assess the pace of interest rate hikes aimed at cooling soaring inflation.
London's benchmark FTSE 100 index climbed 0.7% to 7,489.13 points.
In the eurozone, Frankfurt's DAX index jumped 1.0% to 13,703.09 points and the Paris CAC 40 won 0.7% to 6,518.72.
SBI shares decline as Q1 earnings disappoint
Shares of State Bank of India fell 2.5% to ₹517.65 on Monday after the lender missed profit estimates on the back of mark-to-market losses on its bond portfolio.
Japan's Nikkei ends at 4-month high on robust corporate outlook
Japan's Nikkei index ended at a more than four-month high on Monday, as investors scooped up stocks that reported robust outlook, while caution ahead of the release of U.S. consumer prices report limited gains.
The Nikkei share average rose 0.26% to 28,249.24, its highest close since March 29. The index, which opened lower, posted a four-session winning run. The broader Topix edged 0.22% higher to 1,951.41.
Bharat Electronics board approves 2:1 bonus issue of equity shares
Government-owned Bharat Electronics (BEL) on Wednesday declared a bonus issue of equity shares in the ratio of 2:1. Simply put, an investor will receive two bonus equity shares for every one equity share held in the company. In a meeting held on Thursday, the company's board of directors decided issuance of bonus shares to the shareholders by capitalizing nearly ₹487.32 crore. BEL witnessed upbeat sentiment with shares nearing a 52-week high. BEL shares have climbed nearly 4% in one day. (Full Report)
Noon Update: Indices gain after starting flat; Senses adds around 270 points and Nifty 75. Auto and Metal shine, IT drags
BPCL and SBI stocks lost ground in the first half, whereas NTPC and M&M added around 2%.
Multibagger IT stock hits record high, rallies over 120% in a year
Shares of Tata Elxsi surged in Monday's early deals to hit a record high level of ₹9,630 apiece on the BSE. The Tata Group stock has outperformed by rallying more than 61% in 2022 (YTD) so far as compared to about a per cent fall in benchmark BSE Sensex. (Full Report)
Star Housing Finance Limited raises USD 2.7 mn Equity through the Initiative of Kamlesh Shah, to augment net worth and scale up in rural geographies
Star Housing Finance Limited (Star HFL) (Scrip code: BOM: 539017), a rural-focused HFC, has raised USD 2.7 mn capital through preferential allotment.
The capital has been subscribed by Arika Securities Pvt Ltd and Colo Securities Pvt Ltd.
This capital raise has been completed through the initiative of Kamlesh Shah. Shah is MD of Share India Securities Ltd, a three-decade veteran in the capital market, and president of ANMI (Association of National Exchanges Members of India), a pan India body comprising the trading members across the country of (NSE) (BSE), (MCX) and other exchanges having national presence and he is also on the advisory committee of BSE Limited and India INX.
IT index slips, all stocks in red
Wealth management startup Dezerv raise
Wealth tech platform, Dezerv Investments Pvt. Ltd., has raised $21 million in a Series A funding round led by technology venture capital investor, Accel Partners, taking its valuation to $100 million.
Home loans growing much faster in Tier 3, 4 districts, shows SBI Research study
Home loan portfolios in tier 3 and tier 4 districts are growing at a much faster rate than tier 1 and tier 2 districts post-pandemic, a study conducted by SBI Research showed.
Total portfolio in terms of outstanding grew by more than 10% in the financial year that ended in March.
The share of housing loans in bank credit has increased to 14.4% in June 2022 from 13.1% in March 2020. Housing contributes around 50% of the personal/retail loans.
The trend of rising home loan demand in rural districts can be attributed to the SVAMITVA scheme, which provides rural people with the right to document their residential properties which can then help them to use their property for economic purposes.
Haryana and Uttar Pradesh, where this scheme has already covered many villages, have more districts where home loan disbursal is increasing at a faster pace, SBI Research said.
India’s billionaire Ambani says green push to ‘outshine’ other Reliance businesses
Reliance Industries Ltd., which pledged to spend $76 billion on green energy, will scale up investments in the area as its billionaire owner, Mukesh Ambani, seeks a strong foothold in the sector where competition is heating up.
“Over the next 12 months, our investments across the green energy value chain will gradually start going live, scaling up over the next couple of years,” Ambani, Reliance’s chairman, said in the annual report for the financial year that ended March 31. “This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years.”
ICICI Bank stock in focus as share trades ex-dividend today. Details here
ICICI Bank shares are going to trade ex-dividend today as the private lender has fixed 10th August 2022 record date for final dividend payment. In April 2022, the board of directors of ICICI Bank had recommended a dividend payment of ₹5 per equity share, which was subject to requisite approvals. As 9th August 2022 will be a stock market holiday, the banking stock would trade ex-dividend on Monday trade session. (Full Report)
India's Virescent Renewable Energy to issue 3-year bonds – traders
India’s Virescent Renewable Energy Trust plans to raise 500 million rupees ($6.29 million) selling bonds maturing in three years, two merchant bankers said on Monday.
The company will pay an annual coupon of 7.95% on this issue, and has invited commitment bids from bankers and investors for the same on Wednesday, they said.
The bonds are rated AAA by CRISIL and India Ratings and the issue will close for subscription on Friday.
Prabhudas Lilladher recommendations on Petronet, M&M, SBI, Titan, and Kalpataru Power.
Petronet LNG (PLNG IN): BUY | CMP: Rs216 | TP: Rs307
Mahindra & Mahindra (MM IN): BUY | CMP: Rs1,236 | TP: Rs1,400
State Bank of India (SBI IN): BUY | CMP: Rs532 | TP: Rs620
Titan Company (TTAN IN): ACCUMULATE | CMP: Rs2,433 | TP: Rs2,608
Kalpataru Power Transmission (KPP IN): BUY | CMP: Rs373 | TP: Rs442
Nykaa shares are down 44% from life-time high. Should you buy after Q1 results?
Nykaa shares have ascended in early morning deals after announcing over 33% rise in consolidated net profit in Q1FY23. Shares of FSN E-Commerce Ventures (Nykaa) today opened upside and went on to hit its intraday high of ₹1,473.65 apiece levels, logging near 2 per cent rise from its Friday close. However, the stock is still around 44 per cent lower from its lifetime high of ₹2,573.70 on NSE. So, those positional investors who are looking for discounted buying after recent sell-off, they might feel attracted to this internet stock. (Full Report)
Axis Securities pick of the week and recommendations
Axis Securities Pick of the Week
Westlife Development Ltd: We recommend a BUY rating on the stock with a near-term TP of ₹655/share, implying an upside of 10% from the CMP.
Axis Securities Recommendations on:
Birla Corporation – BUY with TP at 1250
Dalmia Bharat – BUY with TP at 1850
India logs 16,167 Covid-19 new infections on Monday
The data shows that a total of 15,549 people recovered from the coronavirus infection in the last 24 hours, taking the country's cumulative recoveries to 4,34,99,659. The recovery rate remains consistent at 98.50%.
In India, the daily positivity rate is 6.14%, while the weekly positivity rate is 4.64%. The country has conducted over 87.81 crore covid tests till date whereas 2,63,419 tests were conducted in the last 24 hours.
SBI shares: Why brokerages are bullish on the bank stock despite Q1 miss
State Bank of India (SBI), the country's largest lender, reported a 6% drop in its standalone net profit at ₹6,068 crore for the first quarter ended June 2022, on account of mark-to-market (MTM) losses. Net Interest Income (NII) increased by nearly 13% to ₹31,196 crore from ₹27,638 crore. Domestic net interest margins (NIM) improved by to 3.23%.
The lender took a hit on account of MTM losses amounting to ₹6,549 crore on its investment book, which had an adverse impact on the Return on Assets (RoA) and Return on Equity (RoE), which were down 9 basis points (bps) and 203 bps, respectively. (Full Report)
Reliance Securities Stock in Focus: Prince Pipes
STOCK IN FOCUS
Prince Pipes (CMP Rs.633)
In view of the healthy performance despite challenges, cost optimization measures and series of strategies for the next level of growth, we have a BUY rating on the stock, with a Target Price of Rs780.
CANBK (PREVIOUS CLOSE: 225) SELL
For today’s trade, short position can be initiated in the range of ₹226-229 for the target of Rs.219 with a strict stop loss of ₹231.
POWERGRID (PREVIOUS CLOSE: 221) BUY
For today’s trade, long position can be initiated in the range of ₹216- 219 for the target of Rs.225 with a strict stop loss of ₹215.
TATASTEEL (PREVIOUS CLOSE: 108) SELL
For today’s trade, short position can be initiated in the range of ₹109- 110 for the target of Rs.105 with a strict stop loss of ₹112.
India's Bajaj Finance accepts bids on 3-year bonds – traders
India's Bajaj Finance Ltd has accepted bids worth 5.50 billion rupees ($69.21 million) on its bonds maturing in three years, three merchant bankers said on Monday.
The non-banking finance company will pay an annual coupon of 7.38% and had invited bids from bankers and investors for the same on Friday, they said.
The notes are rated AAA by CRISIL and India Ratings and the issue will close for subscription on Monday.
BPCL drags in the morning session, slips 4%, following its quarterly report
Auto and Metal gain in the morning, whereas Bank and other Financial Sector indices lose ground
Sensex and Nifty opened flat on Monday with SBI losing 2% at the start.
Economists expect India’s Q1 GDP growth at 12.5-15%
The Indian economy is likely to have grown in double digits in the first quarter of the current financial year, supported by strong revival in consumption and recovery in the services sector, and a low base, according to economists. (Full Report)
Stocks to Watch: Stocks to Watch: SBI, BPCL, Paytm, Tata Motors, Shipping Corp
Bharti Airtel, Adani Ports, Delhivery, City Union Bank, Power Grid, and Torrent Power will be in focus as they declare their June quarter earnings today. (Full report)
Sensex remains flat at pre-open. Tata Motors, SBI, BPCL, Paytm will be in focus in today's session.
Oil endures choppy start to week with demand concern to the fore
Oil shook off an early slump at the week’s open to trade steady as investors weighed up prospects for demand ahead of a barrage of intelligence from leading energy players on the market outlook.
West Texas Intermediate was little changed above $89 a barrel after initially slumping more than 1%. Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop, including for gasoline. That helped WTI to sink by almost 10% last week.
Rakesh Jhunjhunwala portfolio: Experts see big upside in this tech stock
Nazara Technologies shares have remained under the block building phase after climbing to its 52-week high in October 2021. The stock hit its 52-week low in June 2022 but after that, it has bounced back strongly recording around 40% upside from its 52-week lows in near two months.
According to stock market experts, this Rakesh Jhunjhunwala stock is expected to come out its long consolidation phase and can go up to ₹911 apiece levels in long term. Nazara Technologies share price today is around ₹672 per share, which means experts are expecting around 35 per cent upside in this tech stock. (Full Report)
Reliance Industries fixes record date for dividend for the FY 2021-22
With a market valuation of ₹17,14,256.39 Crore, Reliance Industries Ltd. is a large cap corporation that produces petroleum products. The largest private sector company in India and a Fortune 500 company is Reliance Industries Limited. The company's business activities include the research and production of oil and gas as well as the production of synthetic textiles and fabrics, plastics, chemicals, petroleum products, polyester products, and polyester intermediates.
The company's board of directors has recommended a dividend of Rs. 8.00 per equity share of Rs. 10 for the fiscal year ended March 31, 2022. This amounts to a dividend yield of 0.31 per cent at the stock's current price of ₹2,532.90. In order to determine the eligibility of the shareholders to receive dividend, the company has announced a record date, which shareholders need to be aware of.
Tata Motors EV subsidiary acquires Ford's Sanand plant for ₹726 crore
Tata Motors Sunday said its subsidiary Tata Passenger Electric Mobility Ltd (TPEML) has signed a Unit Transfer Agreement (UTA) for the acquisition of Ford India’s manufacturing plant at Sanand in Gujarat for ₹725.7 crore.
As part of the deal, Tata Motors will get entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement.
Indian bond yields seen higher tracking U.S. peers, sentiment remains weak
Indian government bond yields are expected to trade higher in opening deals on Monday, extending gains fuelled by the central bank's interest rate hike and hawkish commentary on Friday, and tracking a spike in U.S. Treasury yields.
The yield on the 10-year benchmark bond is likely to trade in a 7.32%-7.38% band, a trader with a private bank said. It closed 14 basis points higher at 7.3005% on Friday, posting the biggest single-day rise in three months.
IOC, HPCL, BPCL post ₹18,480 cr loss in Q1 on holding petrol, diesel prices
State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of ₹18,480 crore on holding petrol and diesel prices despite a rise in cost.
According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG.
This wiped away gains from the record refining margin. IOC, HPCL and BPCL, which are supposed to revise petrol and diesel prices daily in line with cost, have not changed rates for four months now despite international oil prices shooting up.
Delta Corp among 3 stocks under F&O ban on NSE today
A total of three stocks have been put under the ban for trade on Monday, August 8, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Auto stock Escorts continues to be part of F&O ban list by the stock exchange for today, whereas two other stocks Balrampur Chini and Delta Corp have been added to the list on Monday. The NSE updates the list of securities in F&O ban for trade every day.
India's new Akasa Air commences operations, takes off first flight on Mumbai-Ahmedabad route
Akasa Air is finally in Indian skies as the first flight took off on Sunday between the Mumbai-Ahmedabad route, which was inaugurated by Union Minister for Civil Aviation Jyotiraditya M Scindia along with MoS General Vijay Kumar Singh (Retd.)
On July 22, India's newest airline Akasa Air on Friday opened ticket bookings for its first commercial flights with an initial network in Ahmedabad, Bengaluru, Mumbai, and Kochi.
New rules may pull rug out from India’s bid to boost bond market
India’s plan to expand its corporate bond market faces an unexpected impediment because the regulator is considering tightening control of trading platforms that allow investments in company debt in just a few clicks.
While the proposed framework is designed to protect investors and is therefore being welcomed by some, a few of the proposals by the Securities and Exchange Board of India (SEBI) could actually prove counterproductive and hurt liquidity, according to experts who spoke to Bloomberg. That’s because the sale of unlisted debt would be banned, platforms would be forbidden to sell privately placed corporate notes on to non-institutional investors soon after acquiring them, and trades would need to be settled via routes that today are not commonly used. (Full Report)
Tokyo markets open lower after recent gains
Tokyo stocks opened lower Monday after recent gains in Japanese markets and with US tech share prices softening.
The benchmark Nikkei 225 index fell 0.33%, or 92.54 points, to 28,083.33 in early trade, while the broader Topix index lost 0.36%, or 6.94 points, at 1,940.23.
Auto industry expects car sales on fast lane in festive season
The auto industry expects car sales to be on the fast lane this festive season on the back of new launches and improved production but is cautiously optimistic on the road ahead once the festivities peter out.
The festive season, which usually witnesses a spike in automobile sales, begins this year on August 11 with Rakshabandhan stretching up to Diwali on October 25.
“We expect the festive season this year to be the best in terms of passenger vehicle sales on the back of new launches and improved production activity. The industry has been rolling out over 3 lakh units on an average in the past 4-5 months which is helping in retails,” automobile dealer's body FADA President Vinkesh Gulati told PTI in an interaction.
NITI meet: PM Modi urges states to focus on 3Ts, modernising farm sector
Prime Minister Narendra Modi on Sunday made a strong case for modernising agriculture, animal husbandry and food-processing to help the country become self-sufficient and a global leader in the agriculture sector, even as some states demanded that the MSP mechanism be made more effective in case of pulses and oilseeds.
The Prime Minister also asked the states to focus on promoting 3Ts — Trade, Tourism, Technology — with a view to reducing imports and increasing exports, said an official release after the seventh meeting of the Governing Council of NITI Aayog.
Wall Street stocks mostly fall on Friday after US jobs growth surges
Stock markets mostly fell Friday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation.
Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown.
Friday's data also showed US wages jumped, which will add to inflation concerns and likely push the Fed to raise rates aggressively again next month.
The Fed has previously said its decision will be guided by data.
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