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Trends on SGX Nifty indicate a cautious opening for the index in India with a 8-points gain.

September 02, 2021 / 07:51 AM IST

The Indian stock market is expected to open flat as trends on SGX Nifty indicate a cautious opening for the index in India with a 8-points gain.

The BSE Sensex fell 214.18 points to 57,338.21, while the Nifty50 declined 55.90 points to 17,076.30 and formed a bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,012.27, followed by 16,948.33. If the index moves up, the key resistance levels to watch out for are 17,182.97 and 17,289.73.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy.

The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38.


Asian Markets

Shares in Asia-Pacific were mixed in Thursday morning trade, with Australia’s July trade data expected later in the day.

In Japan, the Nikkei 225 advanced 0.52% in early trade while the Topix index gained 0.26%. South Korea’s Kospi dipped 0.24%.

SGX Nifty

Trends on SGX Nifty indicate a cautious opening for the index in India with a 8-points gain. The Nifty futures were trading at 17,108 on the Singaporean Exchange around 07:30 hours IST.

Oil falls after OPEC+ sticks to raising supply amid demand doubts

Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline.

Brent crude was down by 52 cents, or 0.7%, at $71.07 a barrel by 0134 GMT, after dropping 4 cents on Wednesday. U.S. oil fell 56 cents, or 0.8%, to $68.03 a barrel, after rising 9 cents in the previous session.

IMF makes $17.86 billion SDR allocation to India, says RBI

The International Monetary Fund (IMF) has made an allocation of Special Drawing Rights (SDR) equivalent to around $17.86 billion to India on August 23, the RBI said in a press release on September 1.

With this, the total SDR holdings of India now stands at equivalent to around $19.41 billion as on August 23, 2021, the RBI said. This increase in SDR holdings will be reflected in the Foreign Exchange Reserves (FER) data that shall be published for the week ended August 27, 2021, the central bank said.

US manufacturing activity rises

US manufacturing activity unexpectedly picked up in August amid strong order growth, but a measure of factory employment dropped to a nine-month low, likely as workers remained scarce.

The ISM said its index of national factory activity inched up to 59.9 last month from a reading of 59.5 in July. A reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index falling to 58.6.

SEBI slaps Rs 40 lakh fine on 8 entities in illiquid stock options case

Capital markets regulator SEBI has imposed penalties totalling Rs 40 lakh on eight entities, including individuals, for indulging in non-genuine trades in illiquid stock options at BSE.

In eight separate orders, the regulator levied a fine of Rs 5 lakh each on Nikita Rungta, Aakash Prakash Shah, Abha Mohunta, Aachman Vanijya, Abhi Portfolio, A C Agarwal Commodities, Vinay Ramanlal Shah HUF and Vinodkumar M Jain. The Securities and Exchange Board of India (SEBI) observed large scale reversal of trades in stock options segment of BSE.

With inputs from Reuters & other agencies.

Indian Railways freight loading in August grows to highest ever level

The Indian Railways surpassed its highest-ever freight loading volumes in a month once again in August, after the national carrier managed to transport 110.55 million tonnes of freight last month.

Indian Railways freight loading during August 2021 was 110.55 million tonnes which is 16.87 percent higher when compared to August 2020. The railways earned Rs. 10,866.20 crore from freight loading during August which is 20.2 percent higher when compared to last year.

US private payrolls rise moderately in August

US private employers hired far fewer workers than expected in August, likely because of a resurgence in new COVID-19 infections, but the labour market continues to steadily recover.

Private payrolls increased by 374,000 jobs last month after rising 326,000 in July, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private payrolls would increase by 613,000 jobs.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 666.66 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,287.87 crore in the Indian equity market on September 1, as per provisional data available on the NSE.
 With inputs from Reuters & other agencies
Sandip Das
first published: Sep 2, 2021 07:48 am

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