Nifty is expected to open slightly lower; Orient Technologies IPO opens today
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Summary: On Tuesday, shares valued at Rs 2,252 crore were purchased by domestic investors, while foreign institutional investors sold shares worth Rs 1,457 crore.
With weak global indications, Nifty futures at Gift City indicate a small decrease of 0.11 percent, sliding 26 points to 24,691, setting the stage for a muted opening for Indian markets on Wednesday.
The cautious approach comes in the wake of losses in the major Asian indices, which included Australia's S&P ASX 200 down 0.5%, South Korea's KOSPI down 0.2%, Hong Kong's Hang Seng down 0.78 percent, and Japan's Nikkei down 0.80%.
US stocks ended a recent winning streak overnight on Tuesday, falling as investors exercised caution ahead of the much-awaited Jackson Hole Economic Symposium, which kicks off on Thursday.
The markets recovered from an earlier sell-off driven by recession fears, but the Dow Jones Industrial Average, S&P 500, and Nasdaq all registered minor losses.
With eight consecutive gains, the S&P 500 and Nasdaq had completed their longest winning streaks since late last year.
International central bankers will be present in Jackson Hole, Wyoming, where US Federal Reserve Chair Jerome Powell will give a speech on Friday. Participants in the market will be keenly examining his comments for any hints on the size and timing of future interest rate reductions.
Stocks to focus on:
Genus Power: Acquired three orders for advanced metering infrastructure totaling Rs 3,609 crore.
GE T&D India: The company's promoters are reevaluating their ownership plan and may sell a minority stake.
Petronet LNG: Agreed to supply LNG under an agreement with LTL Holdings of Sri Lanka.
CESC: To investigate prospects for renewable energy, it incorporated Ecofusion Power as a subsidiary.
Cyient: Agreed to sell 14.5 percent of its Cyient DLM division, with completion scheduled for August 21.
Sansera Engineering: Intends to finance Rs 1,200 crore through QIP or alternative strategies.
Dhanuka Agritech: Announced the buyback of 5 lakh shares for Rs 100 crore, for Rs 2,000 per share.
Orient Technologies IPO
The ₹214.8 crore IPO by Orient Technologies is scheduled to go live today for subscription. The company is combining a new issue of Rs 120 crore with the remaining amount as an offer for sale and is offering its shares at a price range of Rs 195–206 per share.
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