Energy Trading Stressed by Margin Calls of $1.5 Trillion : Domestic equity barometers recovered all losses and traded close to the flat line in mid-morning trading, although with some negative bias. Nifty traded above 17,650. Asian markets advanced mainly.
The S&P BSE Sensex barometer index was at 11:29 IST and had fallen 14.15 points, or 0.02%, to 59.231.83. Nifty 50 lost 4.10 points, or 0.02%, to 17,661.70.
The S&P BSE Mid-Cap Index rose by 0.33% in the wider market while the S&P BSE Small-Cap Index increased by 0.23%.
Market breadth was negative. The BSE saw 1686 shares rise and 1570 share fall. 150 shares remained unchanged.
China’s efforts to boost its economy were reaffirmed by the Reserve Bank of Australia, who raised rates 50 basis points to try to control inflation in Australia.
The European Central Bank will meet Thursday to discuss interest rate rise actions. A meeting of the US Fed Res is scheduled for 21 September 2022.
Dreamfolks Services shares were trading at Rs 473. This is a premium of 45.09% to the issue price, Rs 326. The issue price was Rs 326. The scrip was listed for Rs 505, which is 54.91% more than the issue price.
The scrip has reached a maximum of Rs 550 and a minimum of Rs 452.25. Up to now, 12.55 million shares of the company were traded on the counter.
56.68 people subscribed to the initial public offering (IPO) for Dreamfolks Services. The IPO was open for public subscription between 24 and 26 August 2022 at a price range of Rs 308-326 per share.
Stocks In Spotlight:
Blue Star fell 1.42%. Two orders totalling Rs 390 crore were placed by Bangalore Metro Rail Corporation for Phase-II of Reach-6 Bangalore Metro Rail Project. This project stretches from Kalena Agrahara through Nagawara.
One 97 Communications (Paytm), rose 1.21%. The company’s platform disbursed 246% YoY, to 6 million loans in the two-month period ending August 2022. Meanwhile, the amount of loans disbursed increased 484% YoY at Rs 4,517 crore ($568million). For the two months ending August 2022, the total merchant gross merchandise value (GMV), processed through the platform amounted to Rs 2.10 crore crore ($26 billion). This is a YoY increase of 72%.
RateGain Travel Technologies increased by 1.44% to Rs 291.55. Kuwait’s second-largest airline Jazeera Airlines chose the SaaS-based solutions provider’s product to provide airfare pricing insights.
Stocks of Asia were mostly up on Tuesday.
The People’s Bank of China announced Monday that it would reduce the foreign currency reserve requirement ratio (or the amount of FX reserves financial institutions must have) to increase the ability of financial institutions use foreign exchange funds.
The Reserve Bank of Australia increased rates by half a point to 2.35%. This is the fifth consecutive rate increase since May, when the central bank began raising rates.
Australia’s inflation was 6.1% during the June quarter. This is higher than the target range of 2% to 3%.
Monday was Labor Day in the USA, so markets were closed.
After defeating Rishi Sunak in a leadership race for the Conservative Party, Mary Elizabeth Truss (or Liz Truss) was announced as the next prime Minister of the United Kingdom.
After OPEC and key allies Russia agreed to reduce production quotas by 100,000 barrels per hour in October, crude oil prices rose.