Stock Market NewsBenchmark indices are likely to open on a positive note today as Wall Street provided a good dose of inspiration for Asian markets, which gave mixed signals. The GIFT Nifty was trading 44.5 points higher at 25,392.5 at 7:37 am.
Asian markets were mixed on Friday as investors remained cautious ahead of next week’s Federal Reserve meeting. The Japanese yen rose against the dollar, weighing on export-heavy Japanese stocks, while Australia and South Korea posted gains. Traders remained on the lookout for any signs that the United States might cut interest rates, an indication that the Federal Reserve will do its best to boost the economy through upward pressure on inflation.
On Wall Street, major indexes rose overnight as data showed U.S. producer prices rose at a moderate pace in August. The Dow Jones closed up 243 points, the S&P 500 gained and the Nasdaq joined the party, boosted by investor hopes for a smaller 25-basis-point rate cut by the U.S. Federal Reserve. Technology and small-cap stocks outperformed, suggesting renewed investor interest in sectors that promise growth.
Actions to take into account
Wipro :The Company has declared share awards under its ADS Restricted Share Unit Plan and could have an influence on investor sentiment regarding the IT giant’s capital management efforts.
Reliance IndustriesReliance has been slapped with a tax penalty of Rs 63 lakh for input tax credit claims. The company will appeal against the order, so watch out for further developments.
Power gridPower Grid Corporation has emerged as the winner of the ‘Transformation Capacity Augmentation’ project in Gujarat, which augurs well for the company’s project execution.
HCL TechnologiesHCL has acquired Zeena SAS, a Paris-based software company, for €23.9 million. The acquisition is in line with HCL’s expansion strategy in Europe and strengthens its offering of enterprise software solutions.
Muthoot CapitalThe NBFC has also issued commercial paper worth Rs 25 crore, thereby increasing its operational liquidity, which could create excitement in its stock.
HG Infrastructure Engineering:This company has received a work order worth Rs 716 crore from Central Railway for construction of a new broad gauge line, another big win in the infrastructure sector.
BLS International:BLS has signed an agreement to acquire 100 percent of Citizenship Invest, a Dubai-based company specializing in residency and citizenship programs. This deal is valued at $31 million and is expected to increase BLS’s international presence.
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