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Domestic stocks are expected to start declining on Monday amid concerns over the Chinese economy, ahead of the two-day US Fed policy meeting that begins on Tuesday. Most Asian markets have been closed due to public holidays. Hong Kong’s Hang Seng Index dipped 2.5%; the dollar index gained as crude oil fell at the start of trading. Here is the detail of the actions prior to marketing:

STATE OF THE MARKETS


SGX Nifty announces start of delay
Shrewd futures on the Singapore Stock Exchange traded 147.5 points, or 0.84%, down to 17,454, signaling that Dalal Street was heading for a negative start on Monday.

  • Technical view: On Friday, Nifty50 closed below the 17,600 level and formed a dark cloud cover-like pattern on the daily chart, suggesting weakness ahead.
  • India VIX: The fear gauge climbed 6% to 15.23 on Friday from its close at 14.41 on Thursday.

The main Asian markets closed today
The majority of Asian stock markets, including Japan, China and Korea, remained closed on Monday due to a public holiday. The MSCI’s largest Asia-Pacific stock index outside of Japan fell 1.19 percent.

  • Hong Kong’s Hang Seng beat 2.45%
  • Australian ASX 200 loses 1.48%
  • New Zealand DJ is down 1.16%
  • Philippine PSEi Composited fell 0.06%

US stocks fell on Friday
US stocks ended sharply lower on Friday, ending a week shaken by strong economic data, concerns over the corporate tax hike, the Delta Covid variant and possible changes in the Federal Reserve’s schedule United States for reducing asset purchases.

  • The Dow Jones slipped 0.48% to 34,584.88
  • The S & P500 fell 0.91% to 4,432.99
  • The Nasdaq fell 0.91% to 15,043.97

Dollar soars as Fed cone looms
The dollar started the week firmly on Monday with investors in a cautious mood ahead of several central bank meetings, headlined by the Federal Reserve, as the looming disaster of indebted developer China Evergrande added to market fragility. .

  • The Dollar Index surged to 93.263
  • The euro fell to $ 1.1721
  • The pound fell to $ 1.3722
  • The yen weakened to 110.01 per dollar
  • The yuan depreciated to 6.4770 against the greenback

Oil extends losses on a firm dollar
Oil prices fell on Monday, extending Friday’s losses after the US dollar hit a three-week high and the number of US rigs increased. US West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $ 71.67 a barrel at 12:59 a.m. GMT. Brent crude futures fell 27 cents, or 0.4%, to $ 75.07 a barrel.

REITs buy shares worth Rs 1,553 crore
Net-net, foreign portfolio investors (REITs) turned buyers of domestic stocks to the tune of Rs 1,552.59 crore, according to data available from NSE. DIIs became net sellers to the tune of 1,398.55 crore, the data suggests. REITs have remained net buyers in Indian markets so far in September investing Rs 16,305 crore.

MONETARY MARKETS


Rupee: The rupee closed up 4 peas at 73.48 against the US dollar on Friday, reflecting broad weakness in the US currency abroad.

10-year bond: The Indian 10-year bond eased slightly 0.03% to 6.17 after trading in a range of 6.16 to 6.19.

Call rates: The weighted average overnight call rate stood at 3.15% on Friday, according to RBI data. It has moved in a range of 1.95 to 3.40 percent.

DATA / EVENTS TO FOLLOW

  • NAHB SEP U.S. Housing Market Index (7:30 p.m.)
  • 7-10 year U.S. New York Fed Treasury purchases (8 p.m.)
  • 3-month U.S. banknote auction (9:00 p.m.)
  • 6-Month U.S. Banknote Auction (9:00 p.m.)

MACROS


The government can still soften the PLI regime
India could further soften the deal for air conditioner and LED manufacturers chosen for the production incentive program (PLI) for white goods, allowing investments made after April 1 of this year to be eligible to the benefits of the program. The program offers 4-6% incentives on additional sales of products made in India through FY 29.

Advent to buy Eureka Forbes for Rs 4,400 crore
Private equity group Advent International has agreed to buy Eureka Forbes, the flagship consumer durables product of the diversified Shapoorji Pallonji (SP) group, for an enterprise value of Rs 4,400 crore. The sale will also help the 154-year-old leveraged real estate and construction conglomerate reduce debt and focus on its core businesses. The loss-making company, currently a publicly traded subsidiary of Forbes & Co., will go through a spin-off process approved by the National Company Law Tribunal (NCLT) and then be listed on the BSE Limited.

IPhone Manufacturers On Track To Meet PLI Goals
Apple’s main manufacturing partners, Foxconn (HonHai) and Wistron, are expected to meet their targets by the end of this fiscal year under the Production Incentive Program (PLI), after increasing the manufacturing of iPhones for India and exports in recent quarters, ET reported.

Top Spending Ecommerce Brands in IPL 2021 Stage One
E-commerce brands were the biggest spend before and during the 14th edition of the Indian Premier League, whose second leg resumed on Sunday. Vivo and Amazon Prime top the list in terms of recall given their high media spending for the tournament, said HI-CRICKET, an exclusive IP report from Havas Media Group India.

SBI wants new offers for Videocon
In another twist of Videocon Group’s torturous debt resolution, the consortium’s main lender, State Bank of India, approached an appeals court to order the Creditors Committee (CoC) to reconsider its decision to accept a claim. Collective discount of 95% on exposure. State Bank of India (SBI) is now seeking instructions from the National Company Law Appeals Tribunal (NCLAT) to allow the Resolution Professional (RP) to invite a new expression of interest and revised resolution plan .

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