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Wall Street ends flat as media stocks slump, healthcare gains

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Wall Street ended little changed on Thursday after a moderate late-day rally as media stocks, which slumped on negative business updates from Walt Disney and Comcast, were offset by gains in healthcare shares.

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Comcast dropped 6.2 percent after the cable operator warned of subscriber losses, while Disney shares fell 4.4 percent after the company cautioned about its profit growth. The S&P 500 media index ended down 3.6 percent.

Gains in healthcare stocks such as AbbVie and Bristol-Myers Squibb buoyed indexes, while strength in Microsoft and Amazon helped keep the tech-heavy Nasdaq in positive territory.

Investors were tracking Hurricane Irma, which was bearing down on Florida on the heels of devastation in Texas caused by Hurricane Harvey. Irma plowed past the Dominican Republic toward Haiti after devastating a string of Caribbean islands.

With Irma looming, shares of insurers were weaker, with the Dow Jones US Insurance index off 1.9 percent.

Indian Rupee gains 21 paise Vs Dollar in early trade

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The Indian Rupee gained in the early trade on Friday. It has opened higher by 21 paise at 63.84 per Dollar versus 64.05 Thursday.

ECB kept its policy on status quo mode yesterday. But the Dollar weakness continues due to various risks. The USD-INR pair to trade in a range of 63.90-64.10 today.

The 10-year benchmark bond yield is rallying a bit. It is likely to trade in a range of 6.51-6.54 percent for today.

The Dollar steadied against a basket of major currencies after falling overnight on US jobless claims data and worries about the impact of hurricanes Irma and Harvey.

Meanwhile, Euro hovers around two and a half year high against the Dollar as the ECB reaffirmed its ultra-easy policy stance.

Sensex opens 100 pts higher, Nifty Midcap hits record high; Eicher up

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ICICI Lombard General Insurance Company set Rs 651-661 as the price band for its initial public offering (IPO), which will make it a Rs 5,700-crore issue.

“The price band has been set at Rs 651-661. At the upper end of the band, it will raise Rs 5,700 crore,” a source said late in the evening.

The issue, the first by any general insurance company, hits the market on September 15. The roadshows are kicking off tomorrow in the financial capital.

Sources said the company promoters will dilute their holding by 19 per cent as part of the issue.

At present, its shareholders include largest private sector lender ICICI Bank and the Canadian Fairfax Financial Holdings.

Over 8.6 crore equity shares will be sold as part of the IPO, which will include ICICI Bank selling over 3 crore shares and the rest from Fairfax.

Wipro bags IT applications contract from Outokumpu

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Leading IT firm, Wipro has said that it has won a five year IT applications management contract from the global leader in stainless steel production, Outokumpu. “As part of the five-year contract, the company will provide applications management services for Outokumpu’s SAP landscape along with legacy applications support to cover Outokumpu locations, globally.

Leveraging the Wipro HOLMES artificial intelligence platform, the company will drive the next phase of delivery through enhanced user experience and productivity and accelerate processes through automation,” the IT firm said in a filing to the Bombay Stock Exchange. Outokumpu intends to upturn business efficiencies through operational excellence and cost optimisation measures as part of its 2020 vision to be the best value creator in stainless steel. Meanwhile, shares of the company were trading at Rs 299.95 apiece, up 0.93 per cent from the previous close at 10:25 hours on BSE.

NTPC offers 2.74 cr equity shares to staff at below Rs 160/share

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State-run NTPC Ltd on Wednesday announced it has offered 2.74 crore equity shares to its employees at a discounted price of Rs 159.60 per share.

The government of India has offered 2,74,02,498 equity shares of Rs 10 each to the eligible employees of NTPC at a discounted price of Rs 159.60 per share, India’s largest power generator said in a stock exchange filing.

The offer for sale (OFS) of shares will remain open from September 11-13, the NTPC said.

According to the offer document, the company employees would be eligible to apply for shares of only up to Rs 2 lakh each.

The discounted price was arrived at after factoring in a 5 per cent discount to the cut-off price of Rs 168, discovered through the government’s 5 per cent sale of a stake in NTPC last week.

Last Wednesday, NTPC’s OFS for retail investors was oversubscribed 1.03 times on the second day of the sale as investors bid for 8.45 crore shares, over the 8.24 crore shares reserved for them at a discount of 5 per cent.

 

Trent raises Rs 100 cr via issue of commercial paper

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Trent Ltd said it has raised Rs 100 crore by issuing and allotting Commercial Paper. The proceeds will primarily be used to refinance upcoming repayments, the company said in a filing to the Bombay Stock Exchange. Credit Analysis & Research assigned a credit rating of ‘A1+’ to the said instrument.

Instruments with CARE A1 rating are considered to have very strong degree of safety regarding timely payment of financial obligations.

Meanwhile, shares of the company were trading at Rs 290.55 apiece, up 0.02 per cent from the previous close at 11:50 hours on BSE.

SIAM asks government to ban 15-yr-old vehicles

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Auto industry body SIAM today asked the government to ban vehicles that are 15 years old in the country to reduce pollution. The industry body urged the government to come up with a legislation to ban such old polluting vehicles across the country. “Auto industry is doing a lot of work to reduce pollution.

We are working to move to BS-VI emission norms. In order to reduce pollution, we request the government to ban vehicles which are 15 years old,” SIAM President Vinod K Dasari said. Speaking at the annual convention of SIAM, he also asked the government to create a national automotive board and to increase design capability which would aid Make in India program.

 

Sensex gains 100 pts, Midcap outperforms Nifty; RIL goes ex-bonus

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Reliance Industries forayed into new materials business by acquiring assets of Kemrock Industries.

“Reliance participated in an online e-bidding process held recently by Allahabad Bank being the leader of the consortium of 11 banks to sell/dispose of assets of ‘Kemrock Industries & Exports Limited’ of Vadodara (Gujarat) and has been declared as the winner in the said bid,” it said in its filing.

This participation is a part of Reliance’s efforts to enter the Composites business and establish a leadership position in this large and growing market in India.

Composites are used in a variety of applications and industries such as renewable energy, mass transportation, infrastructure and a host of other industrial products.

The assets will pave the way for Reliance to foray into new materials (Composites and Carbon Fibre) and further strengthen its petrochemicals business portfolio, the company said.

International Market Morning Update by Ripples Financial Investment Advisory

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In International markets, S&P500 recovered from its low of 2446 and is currently trading at 2463. The index rallied after President Donald Trump agreed to raise the debt ceiling and fund the government for three months.

The ISM data which is the non-manufacturing index climbed to 55.3 in August after falling to 53.9 in July, with a reading above 50 indicating growth in the service sector.

German Index Dax yesterday closed 12124, recently the index made a low of 11863.

MSCI emerging market index is trading at 1089. Recently the index made a high 1090. If the index goes above this level we might see huge buying in emerging markets.

7th September- Opening Bell >> Nifty May Again Head Towards 10000 Mark, Tracking Strong Global

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Yesterday, The Benchmark Index Nifty was down by 0.36%. The Index opened at 9899 and closed at 9916 after making a low of 9883. The index is trading in a narrow range of 250 points from 9752 to 9984, either side breakout may decide the direction of the market.

Major losers that dragged down the key indices were Sun Pharma, Adani Ports, Dr. Reddy’s, Infosys, HDFC Bank, ITC Ltd, ICICI Bank, Tata Steel, Axis Bank and HDFC Ltd, declining up to 2.37 per cent.

Bank Nifty declined by 0.20%. The index opened at 24192 and closed at 24279, after making a low of 24151. Bank Nifty is trading in a range of 700 points from 24496 to 23822, either side breakout will decide the direction of the market.

Nifty to open gap up by 17 points at 9961.50 against yesterday’s close of 9943.90 as per SGX Nifty.

Smallcap Index is made an all time high of 7919 and closed 7904 which is above its previous high of 7894. The index closed 0.38% higher from its previous close of 7874, we might see further buying in cash stocks.