Market Wrap
Indian equity benchmarks ended mixed on Friday, September 4, with the Sensex rising 363 points to 76,515, while the Nifty gained 24.25 points to 23,898 in a range-bound session. Foreign institutional investors remained sellers, offloading ₹3,111.94 crore in equities on a provisional basis.
However, domestic institutional investors provided strong support, recording net purchases worth ₹8,930.12 crore. The rupee also strengthened marginally, rising 2 paise to close at 94.49 against the US dollar. Sensex rises 363 points, Nifty gains 24 points: 3 reasons why stocks ended mixed
The equity benchmark indices BSE Sensex and NSE Nifty ended mixed on Friday (September 4), with the Sensex rising 363 points to 76,515 while the Nifty gained 24.25 points to 23,898 in a range-bound session. Read more
Also read: Rupee rises 2 paise to close at 94.49 against US dollar
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DIIs cushion FII selling with ₹8,930 crore buying on Friday
Domestic Institutional Investors (DIIs) stepped up their buying in Indian equities on Friday, recording net purchases of ₹8,930.12 crore, according to provisional data. This marked their 19th consecutive session of net buying, as domestic flows continued to cushion persistent selling by foreign investors.
Read more Key week ahead
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Markets will track several key developments next week. India’s forex reserves have hit a record $740.8 billion after an $11.5-billion weekly jump.
The Aditya Birla Group’s ₹1,800-crore entry into the wires and cables market under the Ultravolt brand will also remain in focus. Investors will watch the NSE IPO after SEBI cleared the much-awaited issue.
Capital market stocks such as BSE and Angel One could also remain active following SEBI’s latest circular on the Closing Auction Session. India’s forex reserves hit fresh record of $740.8 billion after $11.5-billion jump
India’s foreign exchange reserves jumped $11.48 billion in the week ended August 28 to a record $740.80 billion, according to data released by the Reserve Bank of India (RBI).
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SEBI greenlights the much-awaited NSE IPO
The Securities and Exchange Board of India (SEBI) has cleared the much-awaited initial public offering (IPO) of the National Stock Exchange (NSE), removing a key regulatory hurdle for the exchange. Read more
BSE, Angel One, shares gain up to 7% after latest SEBI circular on CAS
Shares of BSE Ltd., Angel One Ltd., and other capital market linked stocks gained up to 5% on Friday, September 4, after the latest circular by market regulator Securities and Exchange Board of India (SEBI) with regards to the Closing Auction Session. Read more
Aditya Birla Group enters wires & cables market with ₹1,800 crore Ultravolt bet
Aditya Birla Group has entered India’s wires and cables market with an investment of ₹1,800 crore, launching the business under the Ultravolt brand through its cement arm UltraTech Cement. Read more
Tech, Tragedy, Turmoil
Capgemini CEO Aiman Ezzat rejected concerns that AI would eliminate junior technology jobs, saying younger employees remained important to the company’s AI transformation.
In Nepal, two people were rescued alive from a hydropower tunnel nine days after a deadly landslide, with more voices reportedly heard inside. The AAIB flagged serious concerns over an Air India Phuket flight incident after autopilot disengaged following hydraulic failures at 36,000 feet. Meanwhile, startups raised $150.6 million across 19 rounds in the week ended September 3, with seed and early-stage funding rising even as late-stage investment fell sharply. Capgemini CEO rejects idea that AI will kill junior tech jobs: ‘We need them’
Capgemini Chief Executive Aiman Ezzat has pushed back against the idea that artificial intelligence will eliminate the need for junior employees at technology-services companies, saying younger workers are playing an important role in driving the company’s AI transformation. Read more
Also read: IT services not out of the woods yet as investors remain split over AI impact, Capgemini CEO says
Nine days after Nepal floods, two people rescued alive from tunnel; more voices heard inside
Two people were pulled out alive on Friday (September 4) from a tunnel linked to a hydropower station on the Trishuli River, nine days after an ice, rock and mud slide swept through a valley in Nepal, kill. Read more
Air India Phuket Flight Incident | Autopilot Disengaged Mid-Air, Says AAIB Preliminary Report
The Aircraft Accident Investigation Bureau (AAIB) has flagged serious concerns over the Air India Phuket flight incident, noting that the aircraft’s autopilot disengaged after multiple hydraulic system failures at an altitude of 36,000 feet.
The pilot also tested non-negative for a psychoactive substance, while 24 people required medical assistance after the aircraft landed. Investors write more startup cheques, but spend less as late-stage funding falls
Startup funding became more broad-based in the week ended September 3, with more companies raising capital even as the total amount invested declined.
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That’s your Top 10@10 for today. See you next week with another roundup of the stories shaping markets, business and the economy.
