Market Live Updates Today: Indices trade firm today
image for illustrative purpose
The Nifty futures were trading higher around 17,447 level on the Singaporean Exchange at 8:55 IST. US markets ended lower, while Asian markets are trading mostly higher.
Coforge announced the opening of its center of excellence (CoE) for the Metaverse and Web3. The facility will promote inter-disciplinary research and identify various usecases using the metaverse and its intersection with digital technologies including blockchain, smart contracts, AI, ML, cognitive, data & analytics, and integration with other enterprise systems.
In the previous trading session, the share closed down 4.13 percent or Rs 151.30 at Rs 3,511.50 on the BSE.
Markets are likely to shrug off overnight slump in the US markets and mirror the gains seen in most of the Asian pack. While domestic equities may start on a positive note, the market remains obsessed with the hawkish Fed rhetoric.
With the Fed and other central banks across the globe trying to rein on inflation desperately, it's going to be a tough call to take bullish bets on any excessive strength from hereon.
Technically, Nifty has the biggest make-or-break support at 17161 mark. However, the first signs of an interim top will be seen if Nifty slips below 17161 mark. Confirmation of strength on Nifty is above the 17757 mark.
Near term weakness might continue in Nifty given weak global economic cues, crude hovering around $100/bbl and rupee depreciating above 80 levels.
Broader market which has been showing strength could also see some pressure going ahead, if overall weakness persists.
Given the global uncertainty, India's Q1FY23 GDP data this week could provide some relief in an otherwise lacklustre market. In the near term traders should remain cautious due to increasing volatility, while long term investors could use correction as an opportunity to accumulate quality stocks.
The hawkish statement by the US Fed Chairman has led to a risk off environment globally as markets have started baking in higher probability of a 75-bps rate hike in the September Fed policy meeting. Post Jackson hole markets will be keenly awaiting the US non-farm payroll on the 2nd of Sep followed by the US CPI numbers on the 13th of Sep.
A stronger than expected non-farm payroll and inflation numbers will to further sell off in global equities which in turn would lead to a sell off by FPIs in Indian equities. However, a weaker than expected non-farm payroll and inflation numbers will lead to a risk on environment globally which may actually result in small FPI flows into Indian equities.
Live Updates
- 30 Aug 2022 9:34 AM IST
The 5G and new energy are in focus, while overall capex to stay high.
The company will deploy 5G services in key metro cities by October 2022 and Pan-India by December 2023. The total capex of Rs 1.1 trillion to be spent on the roll-out, including cost of CPE for FWA.
The acquisition of 700 MHz would help Jio offer deep indoor 5G coverage. The key use cases include enhanced mobile broadband, gaming, network slicing and IoT.
- 30 Aug 2022 9:33 AM IST
Powell gave no indication on Friday of how high rates might rise before the Fed is finished, only that they will go as high as needed.
This week focus will be on the employment number that will be released from the US. We expect the USDINR (Spot) to trade sideways with a positive bias and quote in the range of 79.70 and 80.50.
- 30 Aug 2022 9:33 AM IST
Rupee fell to fresh all-time lows after hawkish comments from the Fed Chairman at the Jackson Hole symposium. Fed Chaiman said the U.S. economy will need tight monetary policy "for some time" before inflation is under control.
- 30 Aug 2022 9:32 AM IST
Nazara Technologies announces $10.4 min acquisition
WildWorks Acquisition Sub, Inc. has entered into Agreement and Plan of Merger with WildWorks, Inc. and WildWorks Holdco, Inc. on August 29, 2022 for the purpose of acquisition of 100% share capital of WildWorks, Inc. from its existing stockholders by way of merger of WildWorks Acquisition Sub, Inc. with WildWorks, Inc.
The aggregate cost for the proposed acquisition is USD 10.40 million, which is being paid in cash to the creditors of the WildWorks, Inc. at closing. The present stockholders of the WildWorks, Inc. will not be receiving any consideration for the proposed acquisition
Nazara Technologies FZ LLC (Nazara Dubai”), wholly owned subsidiary of Nazara Technologies, has on August 29, 2022 incorporated a wholly owned subsidiary namely ‘WildWorks Holdco,Inc.' a State of Delaware Corporation, United States. Further, WildWorks Holdco, Inc. has set up a special purpose vehicle namely ‘WildWorks Acquisition Sub, Inc.’, a State of Delware Corporation, United States, as a wholly owned subsidiary on August 29, 2022.
