Share Market Highlights: Sensex and Nifty take a breather amid global uncertainty; PSU Bank stocks shine

India’s benchmark indices, Sensex and Nifty experienced a decline on Monday, marking a pause in their recent record-setting performance. Investors were closely monitoring economic developments in China and eagerly anticipating policy decisions from major central banks, including the U.S. Federal Reserve.

The Nifty 50 closed the day with a 0.35% decrease, settling at 20,122.55 points, while the Sensex recorded a 0.36% decline, closing at 67,596.84 points.

On the global front, market participants are anticipating that the U.S. Federal Reserve will maintain its current interest rates during its upcoming meeting. They will also be closely scrutinizing any hints about the future rate trajectory.

Within the sectoral indices, Nifty Metal, Nifty Media, Nifty IT, Nifty Financial Services, Nifty Pharma, Nifty Realty, and Nifty Private Banks all registered declines ranging from 0.45% to nearly 2%. Mid-cap companies experienced a 0.36% drop, while small-cap stocks ended the day 0.41% lower.

In a somewhat subdued trading session, PSU Banks took the spotlight. Ten out of the 11 banks in the NIFTY PSU Bank Index reached their 52-week highs on Monday. Notably, Indian Overseas Bank, UCO Bank, and Punjab & Sind Bank saw remarkable intraday rallies of 20% each, reaching their all-time highs. Central Bank of India followed closely with a 19% increase, while Maharashtra Bank recorded a 14% surge. State Bank of India also saw a 2% rise.

By the end of the trading day on BSE, there were 1,669 advancing stocks compared to 2,103 declining stocks, with a total of 3,946 stocks traded. Among them, 234 stocks reached their 52-week highs, while 26 touched their 52-week lows. Furthermore, 374 stocks hit their upper circuit limits, whereas 237 reached their lower circuit limits.

PSU Banks steal the show in an otherwise muted trading session. 10 out of 11 banks in the NIFTY PSU Bank Index touched their 52-weeek high on Monday. Indian Overseas Bank, UCO Bank, and Punjab & Sind Bank rallied 20 per cent intraday to touch their lifetime highs. It was followed by Central Bank of India (19 per cent) and Maharashtra Bank (14 per cent). State Bank of India was up 2 per cent.

Stocks advanced on BSE at 3 pm on September 18 were 1,704 against 2,032 stocks that declined. Total stocks traded were 3,924. The number of stocks that recorded a 52-week high was 225, and those that hit a 52-week low was 24.

The Indian equity markets are experiencing a robust momentum, with key index heavyweights recently joining the rally. However, caution is advised, especially in the small and microcap segments. The overall market conditions appear favorable, with stable macro-economic indicators, easing inflation, healthy corporate earnings in Q1FY24, and strong liquidity flows, including domestic investments through SIPs. But there are potential sources of intermittent volatility, such as the US Fed’s actions, rising commodity prices (especially crude oil), uncertain monsoon impact on crop production, upcoming state elections, and soft rural consumer demand. -- Milind Muchhala, Executive Director - Julius Baer India.

Export of oilmeals increased to 3.54 lakh tonnes (lt) in August against 2.81 lt in August 2022, recording a growth of 25.74 per cent. According to Solvent Extractors’ Association of India (SEA), the overall export of oilmeals during April-August 2023-24 stood at 19.45 lt as against 15.21 lt in the corresponding period of the previous fiscal, up by 27.85 per cent.

Tantia Constructions says has bagged Rs 62-crore from East Coast Railway for building some bridges. The shares unchanged at Rs 17.69.

Finance Ministry approves a slew of welfare measures for LIC agents and employees including increase in gratuity limit, eligibility for renewal commission, term insurance cover and a uniform rate of family pension for LIC agents and employees. The insurance major’s shares is trading flat at Rs 664.75 on BSE.

Indigo paints has announced that its automated manufacturing facility at Pudukkottai (Tamil Nadu) has commenced commercial production today. The new facility has the capacity to produce over 50,000 KL per annum of water-based paint products. Shares of Indigo Paints were trading flat at ₹1,530 on NSE.

Promoter Transworld Holdings Ltd has offered to acquire shares of Shreyas Shipping from investors at a revised indicative price of Rs 375 up from Rs 338 announced earlier.

Aluminium futures on the Multi Commodity Exchange (MCX) experienced a period of decline from February to June. But then it shifted into a sideways trading pattern as the downward momentum waned. Read more

Cipla’s robust ANDA pipeline with complex products (inhalers, peptides, injectables, etc.) should drive consistent growth in the US generics segment.

While CIPLA is focusing on its efforts towards resolving regulatory issues at Goa/Pithampur plants, it is simultaneously filing critical products such as gAbraxane, g-Advair from alternate site and de-risking the opportunity. This along with a steady outperformance in the branded generics market (of India/SA) would enable a 16% earnings CAGR over FY23-25.

While industry outlook is likely to remain competitive, we expect product-specific opportunities to be the key growth drivers over the next 3-4 years. We upgrade Cipla to BUY under this backdrop with TP of ₹1,420.

UTI AMC has announced elevation of Anurag Mittal as Head of Fixed Income with effect from October 1, 2023.

Anurag joined UTI AMC in 2021 as Deputy Head of Fixed Income and has been managing key flagship funds for the company.

Anurag has an experience of close to two decades in fund management, dealing and research. Prior to joining UTI AMC, he was Senior Fund Manager at IDFC Asset Management and managed key IDFC debt mutual fund schemes.

The short-term outlook turned negative for Asian Paints (₹3,197). The stock now finds an immediate support at ₹3,168 and the major one at ₹2,862. Read more

The stock, in the first half of August, witnessed a sharp fall. But since then, it has been charting a sideways trend, largely between ₹230 and ₹240. Immediately above ₹240 is another resistance at ₹245. Read more

The stock established the latest leg of uptrend in early June by taking support at ₹1,220. While there has been intermittent price corrections, the broader trend remains bullish.... Read more

Gold and Silver began the week on a weak note. The prices fell, but managed to bounce back on Friday recovering all the loss and close marginally higher. On the global front, spot gold has closed at $1,923.91 per ounce, up 0.25 per cent and silver at $23.04, up 0.48 per cent. Read more

While Western QSR brands like McDonald’s, KFC, and Domino’s have gained popularity in India, investing in the QSR sector isn’t straightforward amid high valuations... Read more

The stock of UCO Bank gained 15 per cent in the past week with the highest single day gain of 9.2 per cent on September 15, 2023.

The stock of SJVN Ltd. gained nearly 18 per cent in the past week with the highest single day gain of 20 per cent on September 11,2023.

For the week ending September 15,The stock of ITI Ltd gained nearly 58 per cent with the highest single day gain of 20 per cent on September 13,2023.

Shares of Vodafone Idea hit a 52-week high of Rs 12.50 earlier on Monday after the company announced making a payment of Rs 1,701 crore for 5G spectrum. However, early gains were erased with the stock trading at Rs 11.20 at 12.30 PM as investors booked profits from the initial surge. The scrip has soared around 50 percent in the past month.

Vodafone Idea trades at one year forward n EV/EBITDA of 15 times.

AU Small Finance Bank, has launched “Swadesh Banking,” an initiative aimed at banking in rural India. AU SFB will streamline its rural branches, banking outlets, banking correspondents, Financial & Digital Inclusion unit, and Small & Marginal Farmer (SMF) lending units under one umbrella

Tata Consultancy Services has launched the TCS Product Life Cycle Profiler, a life cycle assessment (LCA) tool that computes environmental impacts across product lines.

At the upper end of the ₹135-142 price band, the issue price Yatra Online at trailing Ev/revenue of around 4.5 times. The ultimate holding company of Yatra Online, which is Yatra Online Inc is listed in Nasdaq and trades at Ev/revenue of around 3.7 times. Industry leader in India MakeMyTrip which is also listed in Nasdaq trades at EV/revenue of 6.5 times, while India listed Easy Trip Planners trades at 15 times EV/revenue.

Jupiter Life Line Hospitals Limited’s equity shares were introduced on both the NSE and BSE within the ‘B’ group of securities today. The stock recorded an impressive gain of almost 10 per cent, reaching a trading price of Rs. 1066.60.

During today’s midday trading session, a total of 123 securities reached new highs and lows. Out of these, 116 reached new 52-week highs, while 7 touched new 52-week lows.

In a lackluster trading session, at noon, the Sensex and Nifty remained range-bound. The standout performers were PSU Banks, surging by over 4 per cent, led by Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank. Additionally, the Nifty Auto Index recorded a gain of over 1 per cent, driven by M&M and Bajaj Auto.

Among individual stocks, M&M, HDFC Life, Titan, Bajaj Auto, and NTPC led the gainers, while Dr. Reddy’s, HDFC Bank, UltraTech Cement, Hindalco, and Infosys struggled.

On the BSE, out of 3,783 listed stocks, 1,901 advanced, 1,660 declined, and 222 remained unchanged.

On MCX, gold October futures increased by ₹172 to ₹59,165 per 10 gm. Silver December contracts were up by ₹ 406 to ₹71,567 a kg.

A slew of central bank events helped gold climb toward $1,930 an ounce on Monday. This is the third straight session that the yellow metal gained. Gold investors are looking forward to key central bank events later this week, especially the US Federal Reserve’s likely move to hold interest rates steady. Focus will also be on the Fed’s outlook on inflation and its next policy steps. S&P Global PMI figures in the US and several housing indicators are due this week. The Bank of England and the Bank of Japan are also expected to chalk out their monetary policy this week as well. The Reserve Bank of Australia will release minutes of its September meeting tomorrow. And the Chinese rush to buy gold as a haven hedge lifted prices in Bejing to record highs.

Money market rates inched higher as liquidity tightened ahead of advance tax outflows. INR came under pressure on USD strength, weakness in Yuan and higher crude oil prices ending the week at 83.18 depreciating by 20 paise from the last weeks closing of 82.94. - Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund

Monsoon rains remain in deficit at 9% below the long-term average. Out of the 36 subdivisions 10 have received deficit rainfall, 22 have received normal rainfall and 4 have received excess rainfall. Overall sowing remains in line with last year, but pulses and oilseeds sowing is marginally down from last year.

Basin and reservoir levels are 11.6% below the long-term average. Government continues its proactive stance on managing food inflation particularly with respect to cereals, pulses, and vegetables.

India CPI Inflation came in lower than expected at 6.83% (expected 7.10%), with lower food prices while the core inflation remained subdued below 5%.

Food inflation can continue to be volatile though encouragingly core inflation is showing a softer trend sequentially. -- Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund

Indian Bond yields were volatile during the week. Bonds started the week on a weak footing as rising crude oil price and global bond yields dented sentiments and the benchmark 10yr Bond yield touched a high of 7.25% on the first day of the week before value buying crept in.

News reports about high probability of Indian Government bonds getting included in one of the global benchmark bond indices led to a decent rally with the 10yr benchmark bond touching a low of 7.13%. Yields were also supported by comments on higher collection in the small savings schemes which augurs well for the fiscal position.

The news about bond inclusion is not new and there was high speculation about Index Inclusion at the same time last year also and nothing has changed materially from last year including taxation for FPI’s (Govt has declined to tweak tax rules).

In any case even assuming the best case scenario of Index inclusion, the actual flows can take up to 6 months to come in and even when they come, it will not change the fundamentals of the market in a significant manner though in the short run, it can lead to a 20-30 bps rally as fast money will try to pre-empt the expected flows.

Market scepticism about Index inclusion become evident as yields rose a day after the news reports negating much of the earlier rally as the 10yr bond yield ended the week at 7.20%. Rising crude prices and higher global bond yields impacted sentiments as INR depreciated to the end of the week at 83.19 amidst USD strength. The curve remained flat.

August trade deficit widened to USD 24.2bn from USD 20.7bn.

Analysts expect the current account deficit to be around 1.50% of GDP in FY24. -- Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund

We believe that global monetary tightening is on its last legs and central banks globally will be on a long pause. RBI will also be on a long pause with the government taking fiscal steps to manage inflation. We think that the broad range of the benchmark 10yr bond yield will be between 7.10% to 7.25% till the end of the month. Given the recent rise in yields which has pushed back the expectations of rate cuts, yields are entering attractive territory and investors can look to increase allocation to Fixed Income as growth is expected to slow down towards the end of the year.

Investors with medium to long term investment horizon can look at funds having duration of 3-4yrs with predominant sovereign holdings as they offer a better risk reward currently. Investors having an investment horizon of 6-12 months can look at the money market funds as yields are attractive in the 1yr segment of the curve. - Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund

At this hour of trade, the Nifty PSU Bank index has seen a 3.30 percent surge, with Indian Overseas Bank and UCO Bank leading the way. Below is a list of stocks that are performing strongly.

In September, the 10-year G-sec yield is expected to stay high due to August inflation data and discontinuation of

incremental CRR and advance tax. Food prices will push headline inflation up for next two months, but cool after government intervention and new crop arrivals.

Three-month view

Factors such as food price, inflation print, fiscal numbers, and rate decisions by the Fed and the RBI MPC are expected to exert upward pressure for a couple of months.

The discontinuation of incremental CRR should soften yield from current levels. Liquidity will be comfortable and won’t pressure the long end: Crisil

Shares of Indian Overseas Bank have surged by 14.30 percent, reaching Rs 45.14 at 11 am.

Earlier, the bank’s CEO stated that Indian Overseas Bank (IOB) has likely become the only bank to improve its CASA (Current Account-Savings Account) ratio on a year-on-year and quarter-on-quarter basis. This comes as the Chennai-headquartered bank reported strong growth in net profit and interest income, along with an improvement in asset quality during the first quarter of this fiscal year.

Ajay Kumar Srivastava, MD, and CEO of IOB, mentioned, “We have been able to grow our CASA both in absolute terms and as a percentage, both year-on-year and quarter-on-quarter.”

The bank’s CASA ratio improved to 44.14 percent in Q1 of this fiscal year, up from 43.07 percent in the same quarter last year and 43.74 percent in the March 2023 quarter. Total CASA increased to ₹1,16,694 crore as of June 30, 2023, from ₹1,12,012 crore a year ago.

Capacit’e Infraprojects Ltd has received a repeat order from Raymond Limited for total contract value of Rs 281 crore for project ‘Codename Xception’ at Thane. Stocks jump 4 per cent to Rs. 223.85 on NSE

In the past week, the Benchmark indices, Sensex and Nifty 50 gained 1.9 per cent each respectively . BSE Teck gained the most by 3.2 per cent followed by BSE Bankex 2.5 per cent and BSE IT 2.4 per cent. BSE Capital Goods, BSE Oil and Gas, BSE Power declined by around 1.2 per cent each. Read More

Here is what the charts say about the shares of CG Power and Industrial solutions, Finolex Industries and Tata Motors... Read more

Bank Nifty began today’s session lower at 46,101 versus Friday’s close of 46,232. It has now recovered a bit to 46,150. Note that the overall trend remains bullish.

The advance/decline ratio shows a bearish bias as it stands at 5/7. Punjab National Bank, up 3.9 per cent, is the top performer whereas IDFC First Bank is the top loser, down 1 per cent. Read more

During its analyst meet on 15th Sept, Dabur outlined its future plans that included leveraging on its strengths in Naturals and Ayurveda (making more tangible product claims). Besides launching products in adjacencies to increase its TAM, the company aims to premiumise portfolio and align it more with future trends. Dabur has also embarked on a digital drive and will be driven more by systems and processes, in order to manage complexity. On the other hand, expanding distribution reach across channels is also in focus. Margin expansion will be modest as the company invests in brand building. Maintain BUY with TP Rs 640. -- IIFL Securities

NIIT Ltd gains 6.42 pc in early trade to trade at Rs 131.68. The shares hit the upper circuit on September 14 at Rs 154.63.

“WTI Crude oil futures saw the third consecutive weekly gain and closed at a fresh 10-month high of $90.77 per bbl during the previous week, as extension of the supply curbs by Saudi and Russia tightened the oil market outlook. Meanwhile, IEA projected that demand will eclipse supply by 1.2 mbpd on average during the second half of the year, while OPEC report showed that global oil markets face a supply shortfall of 3.3 mbpd next quarter, potentially the biggest deficit in more than a decade. Data from China showed that economy gathered pace in August, while odds of a US soft landing remains high, keeping the prices buoyed. Fed policy outlook and western Manufacturing PMIs can be closely watched for the week.” -- Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities

The stock has corrected well from 310 levels, bottoming out near the 245 level near the trend line support zone, and is currently indicating a positive candle with improved bias, anticipating a further upside move in the coming days. The RSI has also indicated a trend reversal, signaling a buy, and has the potential to rise further. We suggest buying and accumulating this stock for an upside target of 280 while keeping the stop loss at 245. -- Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

The dollar index (DXY) measures the value of USD against a geometric weighted average basket of six major international currencies – Euro, Yen, British Pound, Canadian Dollar, Swedish Krona, and the Swiss Franc. Read more

Nifty 50 (20,150) and Sensex (67,650) have begun today’s session with a gap down after having gained last week. Both indices are down nearly one-third of a per cent. Read more

Indian benchmark indices, Sensex and Nifty, trade weak due to concerns over Chinese economic data and awaited the U.S. Federal Reserve’s policy meeting. At 10.05 am, the Sensex lost 102 points, trading at 67,684.51, while Nifty fell 17 points to 20,174. Despite the overall market caution, certain stocks, including M&M, HDFC Life, Cipla, BPCL and SBI, managed to make gains. In contrast, Hindalco, Tech Mahindra, LTIMindree, Infosys and HDFC Bank saw declines.

Jet Airways debt resolution could hit a hurdle after a Liechtenstein court order has exposed a trove of luxury cars and watches among the items seized by prosecutors investigating allegations of fraud linked to one of the investors aiming to revive the airline

VA TECH WABAG enters into a strategic alliance with Al Jomaih Energy and Water to pursue large-scale PPP Projects as an EPC Partner. Al Jomaih Energy and Water (AEW), is a leading developer of energy and water projects in the Middle East.

Co. aiming to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

This MoU was signed during the India-Saudi Investment Forum held on the 10th and 11th of September, on the occasion of the G20 Summit, aiming to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

“Gold and silver witnessed high volatility but managed to recover from their lows on Friday. Both precious metals recovered from their key support levels after profit taking in the dollar index from its highs and hopes around a likely pause in U.S. interest-rate hike. The U.S. University of Michigan consumer confidence and inflation expectations data supported gold and silver prices. Besides, China’s physical gold premiums soared to a new high last week amid strong demand, shoring up the depreciating yuan. On the other hand, U.S. 10 year bond yields are trading at 16 year high, which might restrict the upside in bullions. We expect gold and silver to remain volatile this week amid volatility in the dollar index and the U.S. Fed monetary policy meetings. Gold has support at $1910-1898 while resistance is at $1934-1945. Silver has support at $22.94-22.82, while resistance is at $23.22-23.37. In INR terms gold has support at Rs58,840, 58,680. while resistance is at Rs59,240, 59,380. Silver has support at Rs71,410-70,850, while resistance is at Rs72,740–73,250.

Although HPCL/BPCL/IOCL are trading at 0.9/1.2/0.8x FY24 PBV, a look at their long term valuation charts suggests that they could still correct from here. More importantly, the common carrier access of product pipelines may result in sustained de-rating of these stocks even lower. We reiterate ‘HOLD’ rating on HPCL/BPCL/IOCL with TP of Rs263/353/97 valuing at 0.8/1.1/0.8x FY25 PBV. -- Prabhudas Lilladher

Nifty outlook: The near achievement of the 20230 objective on Friday, prompts us to give weightage to the possibilities of a consolidation, given how stretched the oscillators have been for sometime. Any rise in VIX from here on, could signal long liquidation. We will test the premises of this construct by watching if Nifty manages to float above 20180. If unable to do so, 19550 could emerge as a downside objective, but the prospects of 20600 would continue be very much alive, as long as 20000 holds-- Anand James, Chief Market Strategist at Geojit Financial Services

We initiate coverage on Navin Fluorine International with ‘Accumulate’ rating and target price of Rs 5,064 valuing at 40x Sep’25 EPS of Rs 127.

We believe the company presents an attractive investment opportunity led by growing emphasis in Contract design manufacturing organisation, launch of new molecules from multi-purpose plant and the dedicated Rs 5.4bn agrochemical plant, growth in hydrofluoro olefins with debottlenecking of 25% by CY24-end and possibility of further expansion, and possibility of venturing into fluoropolymers as new vertical.

Dhanlaxmi Bank slips 4 per cent in early trade to Rs 28.20 on NSE. An independent director resigned from the Board during the weekend citing multiple issues in the bank’s operations and differences with the Bank’s MD&CEO and other members of the Board.

Vodafone Idea has denied a media report that suggested that it will be acquired by a US telecom giant soon and named Verizon, Amazon, and Starlink as being in the race. “We wish to submit that the said News Item is incorrect. The Company is not in any such discussion with any of the named parties,’ Vodafone Idea said in an exchange filing. Its shares were flat at Rs 11.70 on the NSE

BofA Securities has estimated Reliance Retail Ventures (RRVL) to deliver 25 per cent growth for both FY25 and FY26. The broker said that based on RIL’s quarterly comments,it estimated 50 per cent of RRL’s ex-connectivity revenues coming from grocery and 20-25 per cent each from electronics & fashion. “Given that there is still a vast opportunity in the retail mkt, at this scale also we believe RRVL is in investment mode.”

The Bofa Securities note said that this would likely keep capex high and return on equity and return on invested capital is unlikely to improve for next 3-4 years. Observing that RRVL intended to create an InvIT for warehousing, it said that a third of the total capex (related to warehousing) would move to InvIT, but investments in store front and tech would continue. We value 83.8 per cent of Reliance Retail at $98 bn in our SOTP (sum of the parts). “We raise our FY25/26 EPS by 1-3% and retail EV/EBITDA multiple to 32.5X (from 32X) to factor sustained momentum.”

NIFTY-50 has closed at all time high with gains of 4.9% higher from last expiry and we expect some profit booking from the higher resistance range of 20,400 levels. f The positive momentum w-o-w continues and the previous top of 19,900-20,000 levels and round number would act as short term reversal. f The mid week holiday and global event would keep the markets volatile near to all time high. f On the higher side resistances will near to 20,300-20,400 levels as sharp addition in 20,300 strike CE for the weekly expiry. -- Views of Vikas Jain, Senior Research Analyst at Reliance Securities

Sona BLW Precision Forgings Ltd has said the strike by United Auto Workers (UAW) at some of the plants of three OEMs - Ford, General Motors, and Stellantis - in the US on September 15 has minimal impact on the sales of the company at the moment. However, the company said it is monitoring the situtation closely and there may be higher potential impact if this strike persists for long or extends to the other plants. The company supplies to these three OEMs directly or indirectly.

Water tech company Va Tech WABAG has signed a MoU with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East, to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

L&T Realty, the real estate arm of Larsen & Toubro, has announced a complete sell-out of the Phase-1 of Avinya Enclave - its first residential project in Manapakkam, Chennai.

WPIL Limited has received a contract for supply of onboard range of centrifugal pumps and spares for different classes of ships from Ministry of Defense (Navy) for Rs 14.3 crore.

This contract for onboard centrifugal pumps will greatly strengthen WPIL product offering to the Indian Navy which is undergoing a major fleet expansion program.

Indian Railway Catering & Tourism Corporation Limited (IRCTC) has made live a pilot project with Amazon for e-Market Place, Recharges & Bill Payment for a period of six months. This would involve the integration of Amazon e-commerce products on IRCTC’s Websites and Mobile Apps. This initiative aims to offer IRCTC Users access to Amazon’s eMarketplace services, in addition to Bill Payments and Recharge services.

Indian benchmark indices, Sensex and Nifty, opened the week on a weak note, with investors digesting Chinese economic data and anticipating the U.S. Federal Reserve’s upcoming policy meeting.

Sensex dropped 154.12 points to 67,684.51, while Nifty fell 64.20 points to 20,128.15.

Despite the cautious start, HDFC Life, Tata Steel, Grasim, PowerGrid, and Eicher Motors saw gains, while Bharti Airtel, Hindalco, Infosys, Tech Mahindra, and LTI Mindtree were among the decliners.

The Chinese property sector’s ongoing stress and expectations of a Fed rate hold added to market uncertainty.

Nifty 50 and Sensex had strong gains last week, while small- and mid-cap stocks experienced volatility due to valuation concerns. Foreign and domestic investors showed interest in the Indian market.

Brigade Tetrarch Private Limited, a wholly owned subsidiary of Brigade Enterprises Limited has entered into a sale deed today for acquiring 5 Acres 35.25 guntas of land parcel located at Venkatala Village, Yelahanka Hobli, Bangalore North Taluk, Bangalore for an overall consideration of Rs. 123.50 crorefrom Bangalore Ceramics.

The Baroda Rayon Corporation Limited has entered into loan agreement to avail consortium Long Term Bank loan from The Mehsana Urban Co-op. Bank Ltd. (Lead Bank), The Sutex Co-op. Bank Ltd. (Member Bank) and Surat National Co-op. Bank Ltd. (Member Bank) total amounting to Rs75 crore for commercial real estate project.

Kothari Industrial Corporation Limited at its meeting held on March 4, 2023, approved to Sell / Transfer / dispose part of the assigned land , Plant and Machinery and Building situated at Kathivakkam Village, Ennore, Chennai-600057 subject to the approval of the members in the Extra Ordinary general meeting(EGM) and Members of the company has approved the same at the EGM held on March 28.

The company executed a sale deed on September 14 with Coromandel International limited to sell the part of the assigned Land, Plant and Machinery and Building situated at Kathivakkam Village, Ennore, Chennai-600057. Out of a total of 45.17 acres land, 29.55 acres land has been sold to Coromandel International and the remaining of 15.61 acres land is with the company.

STL, a leading global optical and digital solutions company, has formally announced the launch of its state-of-the-art manufacturing facility in Lugoff, South Carolina - The Palmetto Plant. Named after the state tree of South Carolina, this facility, also designated as STL’s North American Headquarters, symbolizes STL’s commitment to the US market

Trescon Limited has acquired plot admeasuring 3772 sq. mtr. situated at Kalyan, Dist. Thane, Maharashtra for construction of residential and commercial buildings.

The Great Eastern Shipping Company Limited (G E Shipping) has contracted to buy a medium range (MR) product tanker of about 46,197 dwt on September 15, 2023. The 2008 built vessel is expected to join the Company’s fleet in Q3 FY24.

The Company’s current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.33 mn dwt. The Company’s current capacity utilization is close to 100%.

Hindustan Oil Exploration Company Limited has announced that the oil export line from Wells to MOPU has blockage due to wax deposition in the pipeline of B-80 field. To remove the wax deposition from the pipeline, the production is planned to be shut-in on 11:00 hours of 16th Sep 2023 for flushing of the wax deposition in oil export line. On completion of flushing and recommencement of production from the field.

Blue Star Industrial Solutions, a division of Blue Star Engineering & Electronics, has forged a partnership with the Gebhardt Intralogistics Group, a 70-year-old German corporation known for its cutting-edge supply chain solutions. Blue Star Industrial Solutions specialises in diverse quality testing and automation offerings, and the collaboration with Gebhardt further strengthens its capabilities. Gebhardt is renowned for its automated picking, packaging, conveying and storage solutions, including mechatronics, controls and software systems.

Through this partnership, Blue Star will enhance its warehouse automation solutions capabilities in India by integrating state-of-the-art technologies. Simultaneously, Gebhardt will leverage this collaboration to expand its global presence, with a particular focus on rapidly emerging markets like India.

INDIA

1)India’s foreign exchange (forex) reserves fell to an 11-week low of $593.90 billion as of September 8 - a decrease of $5 billion from the previous week, Reserve Bank of India’s (RBI) data showed on Friday, September 15.

2)The Indian central bank’s move to remove the cap on how much a bank can invest in bonds they intend to hold to maturity will boost lenders’ appetite for government securities and benefit their bottom lines, bankers and analysts said on Wednesday.

•Three categories now: Available for sale (AFS), Held to maturity (HTM) and new category ‘fair value through profit & loss (FVTPL)

•HFT becomes a sub-category of FVTPL.

•Valuation gains and losses for AFS to go to ‘AFS reserve’ (not through the P&L)

•FVTPL category shall be fair-valued and go to P&L - Convertibles, loss-absorbing bonds to go to FVTPL. -Valuation of subsidiaries to be evaluated at least quarterly.

•The new norms also do away with the 90-day ceiling on holding period under HFT, while removing ceilings on the held-to-maturity category of banks’ investment portfolio.

3)The India’s retail inflation eased to 6.83 per cent in August from 7.44 per cent in July as vegetable prices cooled somewhat compared to the previous month, the National Statistical Office (NSO) data showed on Tuesday.

4)India’s industrial output grew by 5.7 per cent in July from 3.8 per cent in June. The July IIP growth of 5.7 per cent is above expectations of 5.0 per cent.

5)Core YOY CPI (Ex Food, Fuel & Light, Transport) softens to 5.35% vs 5.41% in July.

6)The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 0.52% (Provisional) for the month of August, 2023 (over August, 2022) against (-) 1.36% recorded in July, 2023.

7)India’s outward FDI down 33.3 pc-in August on grim global prospects. Reflecting subdued global economic growth, India’s outward foreign direct investment (FDI) fell by 33.3 per cent sequentially to $1.21 billion in August, compared to over $1.82 billion in July.

8)Fitch Ratings on Thursday retained India’s growth forecast for the current fiscal at 6.3% saying the Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, but upped year-end inflation projection on El Nino threat

9)India’s central bank, The Reserve Bank of India (RBI), has said that banks and financial institutions will have to return all original property documents within 30 days of full repayment of a loan by a borrower. If banks fail to do so, they’ll have to compensate the borrower at the rate of 25,000 for each day of delay, RBI said.

10)The chances of inclusion of India in JP Morgan’s emerging market bond index are increasing ahead of its scheduled rebalancing this month, The Economic Times (ET) reported on Thursday i.e., 14th Sept. This is likely to lower the borrowing costs in the country. The report said that index providers are “increasingly tilted” to include India to fill the gap expected due to Russia’s exclusion.

WORLD

1)US CPI inflation accelerated to 3.7% YoY in Aug-23 from 3.2% in Jul-23 driven by rising gasoline prices. Meanwhile, Core CPI inflation remained steady at 4.3%.

2)U.S. CPI increased by 0.6% last month, the largest gain since June 2022, as gasoline prices jumped, Labor Department data showed. Excluding the volatile food and energy components, the CPI increased 0.3%, moderated by a decline in prices for used cars and trucks.

3)US Initial Jobless Claims for the week ending on September 8, printed the reading of 220K new claimants better than the forecast 225K. The previous week’s print was 217K.

4)The U.S. Core Producer Price Index (PPI) for August increased by 2.2% as expected, and below the previous rate of a 2.4% hike. Retail Sales improved to 0.6% against the previous month’s 0.5% readings and the market consensus of slowdown to 0.2%.

5)UK economy contracted in July at an unexpectedly sharp rate, as GDP shrank 0.5% from June, below expectations for a 0.2% contraction.

6)The UK Unemployment Rate ticked higher to 4.3% in the three months to July. The UK Average Earnings excluding bonuses rose 7.8% 3M YoY July vs. 7.8% expected.

7)The European Central Bank increased its key interest rate by 25 bps to 4.0%, to combat inflation. However, it signaled that this hike is likely to be the last, given the struggling state of the euro zone economy.

8)China’s central bank tightened its scrutiny of bulk dollar purchases by domestic firms, amid mounting depreciation pressure on Yuan

9)Denmark’s central bank raised its key interest rate by 0.60 percentage points to 1.25% on Thursday to its highest level in thirteen years, following a rate hike earlier in the day by the European Central Bank.

10)Russia’s central bank raised its key interest rate by 100 basis points to 13% on Friday, jacking up the cost of borrowing for the third meeting in succession in response to a weak rouble and other persistent inflationary pressures.

11)Peru cut interest rates for the first time since the Covid-19 pandemic, joining a regional trend as inflation ebbs across Latin America. The central bank reduced its policy rate to 7.50% from 7.75% on Thursday, as expected by a majority of analysts.

•Fixed Income

The New 10-Year Benchmark GOI 7.18 2033 traded between 7.09% - 7.21% during this week

Old 10-Year Benchmark GOI 7.26 2033 traded between 7.11% – 7.24% during this week, tracking movement in Crude Oil, Currency, US Treasury Yields, and Inflation Data

•Auction Highlights

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 31,000 Crore, INR 15,100 Crore and INR 24,000 Crore respectively.

G-sec:

7.17% GS 2030 (100.10/7.1490%)

7.18% GS 2037 (99.36/7.2525%)

7.25% GS 2063 (99.04/7.3233%)

SDL Cutoff:

10 Years: HR 7.47%, MH 7.46%, UK 7.48%

11 Years: MH 7.47%, PN 7.48%

15 Years: AP 7.48%, GA 7.46%, MP 7.46%

16 Years: MP 7.46%

18 Years: AP 7.46%

19 Years: TS 7.46%

22 Years: TS 7.44%

30 Years: JK 7.43%

T-Bill Cutoff:

091 Days: INR 10000 Crore 98.3215/ 6.8474%

182 Days: INR 8000 Crore 96.6043/ 7.0494%

364 Days: INR 6000 Crore 93.4225/ 7.0599%\u0009

•Corporate Bond Highlights

AAA 5 Years PSU Bond traded between 7.58%-7.62% this week.

AAA 10 Years Private Bond traded between 7.65%-7.75% this week.

•New Issuances:

THDC INDIA LIMITED

Ratings: AA (Outlook- stable) by IND Rating & CARE

Issue Size: 300 + 500 Cr

Maturity Date: 13/09/2033

Allocated 763 Crs at 7.76%

India Infrastructure Finance Company Limited

Ratings: AAA/Stable by ICRA & IND Rating

Issue Size: 500 + 1500 Cr

Maturity Date: 18/09/2038

Allocated 2000 Crs at 7.53%

Bank of Maharashtra

Ratings: AA+ (Stable) by ACUITE Ratings & Infomerics Valuations and Rating Pvt ltd

Issue Size: 250 + 1250 Cr

Maturity Date: 18/09/2033

Allocated 515 Crs at 7.98%

Bank of India

Ratings: AA+/stable by CRISIL & ACUITE

Issue Size: 1000 + 1000Cr

Maturity Date: 15/09/2033

Allocated 2000 Crs at 7.78%

Mahindra & Mahindra Financial Services Limited

Ratings: AAA/stable by CRISIL

Issue Size: 175 + 875 Cr

Maturity Date: 15/09/2026

Allocated 345 Crs at 7.99%

MOTILAL OSWAL FINVEST LIMITED

Ratings: AA/stable by CRISIL

Issue Size: 500 + 400 Cr

Maturity Date: 12/09/2025

Allocated 810 Crs at 9.50%

•Commodities:

1)Brent Crude Oil: $90.11-$94.63 (Per barrel)

2)WTI Crude Oil: $86.71-$91.23 (Per barrel)

3)Gold: INR 5,945-INR 5,945 24 Carat (1 Gram)

4)Silver: INR 73,500-INR 74,500 (1 KG)

•US Treasury Yield:

1)US 2 Year Treasury: 4.95%-5.08%

2)US 5 Years Treasury: 4.35%-4.50%

3)US 10 Years Treasury: 4.22%-4.35%

Ex-Dividend 20 September 2023 (Wednesday)

Last date for Cum-Dividend Today

63 Moons Technologies Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 293.7

Aksharchem (India) Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 288.7

Amarjothi Spinning Mills Ltd.

Dividend Per Share Rs.2.2

Previous day Closing Price – Rs. 169.45

Arrow Greentech Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 382.4

Balmer Lawrie & Co. Ltd.

Dividend Per Share Rs.7.5

Previous day Closing Price – Rs. 168.9

Bharat Dynamics Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 1064.05

BEML Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 2407.1

Best Agrolife Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1161.1

Balmer Lawrie Investments Ltd.

Dividend Per Share Rs.33

Previous day Closing Price – Rs. 480.3

Beekay Niryat Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 65.79

Century Plyboards (I) Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 656.6

CG-Vak Software & Exports Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 483.25

Ester Industries Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 94.22

Filatex India Ltd.

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 45.98

Garware Hi-Tech Films Ltd

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 1265.3

Heidelbergcement India Ltd.

Dividend Per Share Rs.7

Previous day Closing Price – Rs. 187.75

Hindware Home Innovation Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 578.4

Indo Amines Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 125.4

India Tourism Development Corporation Ltd.

Dividend Per Share Rs.2.2

Previous day Closing Price – Rs. 388.2

The Indian Wood Products Company Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 37.74

KCP Sugar & Industries Corporation Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 36.5

Kilburn Engineering Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 159.5

Lehar Footwears Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 157

Likhitha Infrastructure Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 307.35

Mazagon Dock Shipbuilders Ltd

Dividend Per Share Rs.6.86

Previous day Closing Price – Rs. 2267.1

Medicamen Biotech Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 673.8

Mercury Laboratories Ltd

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 784.25

PTC India Ltd.

Dividend Per Share Rs.7.8

Previous day Closing Price – Rs. 149.3

Ruby Mills Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 253.85

Rail Vikas Nigam Ltd

Dividend Per Share Rs.0.36

Previous day Closing Price – Rs. 170.35

Steel Authority Of India Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 96.3

Sky Gold Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 287

Spenta International Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 131

Southern Petrochemicals Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 77.1

Sunteck Realty Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 420.3

Tanfac Industries Ltd.

Dividend Per Share Rs.6.5

Previous day Closing Price – Rs. 1852.1

Victoria Mills Ltd.

Dividend Per Share Rs.50

Previous day Closing Price – Rs. 4281

Vintage Coffee And Beverages Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 27.39

The dollar index continues to move up. Although the index began the week on a weak note, it gathered momentum and rose sharply towards the end of the week. The major trigger for the rise in the second half of the week came from the European Central Bank (ECB) meeting. Read more

The Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch recently said the regulator plans to move towards T+1 hour settlement cycle by March 2024 and instantaneous settlement by October 2024.

Indian government bond yields are likely start the week higher, as U.S. yields continue to remain elevated.

The 10-year benchmark 7.18% 2033 bond yield is likely to move in a 7.15%-7.20% range on Monday, compared to its previous close of 7.1644%, a trader with a private bank said.

The yield had posted its biggest single session rise since June 30 on Friday.

“Local bonds will react to the impact from Treasuries, as the 10-year remains higher and there is room for further upside moves, which could see testing time for local debt investors as well,” the trader said.

U.S. yields remain elevated, with the 10-year yield staying above 4.30%, and the interest rate-sensitive two-year yield above the 5% handle in Asian hours, with markets keenly awaiting the U.S. Federal Reserve’s policy decision this week. - Reuters

The Indian rupee is expected to open slightly higher on Monday with expectations around intervention by the central bank offsetting concerns over elevated crude oil prices and a widening trade deficit.

Non-deliverable forwards indicate rupee will open at around 83.10 to the U.S. dollar compared with 83.1850 in the previous session. - Reuters

Indian shares are set to begin a holiday-truncated week on a cautious note as investors digested economic data from China and looked ahead to the U.S. Federal Reserve’s policy meeting this week.

India’s GIFT Nifty on the NSE International Exchange was up 0.1% to 20,186.5 by 0755 IST.

Asian stock markets fell on Monday as China’s key property sector continues to remain under stress even after positive data from the country showed signs of stabilization.

Meanwhile, markets are betting that the Fed will stand pat on rates at its Sept. 19-20 and investors will look for clues on the central bank’s monetary policy outlook.

On the domestic front, the Nifty 50 and Sensex gained nearly 2% each last week and are expected to continue their stellar run.

The more domestically-focussed small- and mid-caps have been volatile after hitting record highs on account of fears of stretched valuations, according to analysts.

Separately, foreign investors bought 1.64 billion rupees ($19.74 million) worth of shares on a net basis on Friday, while their domestic peers bought 19.39 billion rupees worth of equity, according to stock exchange data. - Reuters

Branded hotel ownership firm SAMHI Hotels has the third-largest inventory of operational keys in India. Its hotels typically operate under long-term management contracts with global hotel operators such as Marriott, Hyatt and IHG. SAMHI is tapping the public market to raise around ₹1,370 crore... Read More

Nifty 50 (20,192) and Bank Nifty (46,232) appreciated 1.9 per cent and 2.4 per cent respectively and posted yet another weekly gain. The bullish momentum appears strong... Read more

• U.S. August Housing Starts on September 19th (Tuesday) at 6:00 p.m. IST
• U.S. Federal Fund Target Rate Announcement on September 20th (Wednesday) at 11:30 p.m. IST
• Bank of England Bank Rate Decision on September 21st (Thursday) at 4:30 p.m. IST
• U.S. Initial Weekly Jobless Claims for the Week Ending September 11th to September 21st on September 21st (Thursday) at 6:00 p.m. IST
• U.S. August Existing Home Sales on September 21st (Thursday) at 7:30 p.m. IST
• U.S. S&P Global Manufacturing, Services, and Composite PMI for September on September 22nd (Friday) at 7:15 p.m. IST
• Bank of Japan Rate Decision on September 22nd (Friday

Sridhar Kalyanasundaram, an independent director of Dhanlaxmi Bank, resigned from the Board citing multiple issues in the bank’s operations and differences with the Bank’s MD&CEO and other members of the Board.

Dare Ventures , a subsidiary of Coromandel International, has signed a definitive agreement to pick up 16.53 per cent stake in agri robotics company Flic Farm Pvt Ltd., for Rs 3 crore.

The Ld Arbitral Tribunal adjudicating the disputes that have arisen between NCC Limited and Sembcorp Energy India Limited (SEIL) (formerly Sembcorp Gayatri Power Limited) has pronounced the award on September 14. In the aforesaid arbitration NCC had raised claims totaling to Rs.1,446.74 Crs and SEIL has raised Counter Claims amounting to Rs.1,073.56 Crs. The Ld Arbitral Tribunal has disallowed some of the major claims raised by the Company and has partially allowed some of the counter claims filed by SEIL and passed an award resulting in a net amount of Rs 197.85 Crs payable to NCC as against net receivables of Rs 606.23 Crs appearing in the Books. The Company is examining the award, including its impact on the financial statements and will take appropriate steps as may be advised.

HFCL has secured an order worth Rs1015 crores, from Madhya Pradesh Jal Nigam for providing EPC Services including provision for laying of optical fiber cables on critical and important routes, for the execution of multi – village Drinking Water Supply Network in Sheopur district of Madhya Pradesh

. The installation of optical fiber cables in these areas will also enhance the operation & maintenance of the network. This Order is expected to boost the HFCL’s revenue and profitability. The project will be executed by the Company in collaboration with Khilari Infrastructure Private Limited as a consortium partner.

RMC Switchgears Limited has announced the receipt of Letter of Award (LOA) of Rs. 112.8345 crore (excluding GST) in Joint Venture with M/s. Continental Petroleums Limited, by Maharashtra Government under Revamped Distribution Sector Scheme (RDSS).

The order has been given by Maharashtra State Electricity Distribution Company Limited (MSEDCL)

Adani Total Gas Limited has received order from Ahmedabad Municipal Corporation (AMC), Ahmedabad for Design, Build, Finance and Operate 500 Tonnes Per Day (TPD) Capacity Bio-CNG (CBG) Plant on PPP Model at Pirana / Gyaspur, Ahmedabad and AMC shall provide land for setting up the CBG plant and 500 TPD of waste at the doorstep of the plant.

The approx. Project Cost would be in the range of Rs 130 - 150 Crore.

BALRAMPUR

BHEL

CHAMBAL

HINDCOPPER

IEX

IBULHSGFIN

INDIACEM

MANAPPURAM

RECLTD

ZEEL

Japan @ Market Holiday

No major data scheduled

Garware Technical Fibres Ltd: Annual Shareholders Meeting 18-Sep-2023 10:30

E-Commerce Ventures Ltd: Annual Shareholders Meeting 18-Sep-2023 15:00

GMR Airports Infrastructure: Annual Shareholders Meeting 18-Sep-2023 16:30

The Dow Jones Industrial Average failed to rise past 35,000 last week. The index rose to a high of 34,977.97 on Thursday and then fell sharply on Friday giving back most of the gains. It has closed the week at 34,618.24, up 0.12 per cent. The immediate support is at... Read more

As expected, the Nifty Bank index has risen towards 46,200 last week. It made a high of 46,310.40 on Friday before closing the week at 46,231.50, up 2.38 per cent. The price action and the strong close last week indicates Read more

Vedanta will hold a meeting of the committee of directors on Thursday, September 21, to consider the proposal for the issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in the ordinary course of business.

The heightened pricing war in the corporate or wholesale lending market is beginning to pinch banks more than what was anticipated. According to senior executives in the industry, NIM or net interest margin, which is the measure of profitability, is at a all-time low of 1.5-1.75 per cent for the wholesale banking business. Read more

Nifty 50 and Sensex made new highs last week in line with our expectation. Nifty made a high of 20,222.45 while the Sensex touched 67,927.23.

The Nifty Bank index has risen and closed well above 46,000 as expected. Sensex and Nifty were up about 1.9 per cent each, while the Nifty Bank surged about 2.4 per cent last week. Read more

Gold prices remained stable as investors anticipated the Federal Reserve’s policy meeting and potential interest rate decisions. Spot gold traded at $1,924.29 per ounce, while U.S. gold futures were steady at $1,946.10. The SPDR Gold Trust reported a slight increase in holdings, while speculators reduced their net long positions in COMEX gold. Meanwhile, spot silver, platinum, and palladium showed mixed movements. - Reuters

Oil prices edged higher as Saudi Arabia and Russia extended production cuts, creating a supply deficit outlook for Q4. Optimism about China’s demand recovery, supported by its stimulus policy and robust U.S. economic data, contributed to the rise. Brent crude futures increased by 5 cents to $93.98 per barrel, while U.S. West Texas Intermediate crude rose by 15 cents to $90.92 per barrel. Both benchmarks have surged for three consecutive weeks, marking their highest levels since November, and are set for their largest quarterly gain since early 2022. - Reuters

Asian shares started cautiously on Monday in a week packed with central bank meetings that include the Federal Reserve and the Bank of Japan, which will be closely scrutinised for the global interest rate outlook.

Both S&P 500 futures and Nasdaq futures rose 0.2% in early Asia.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.1% after gaining 1.2% last week. Japan’s Nikkei is closed for a holiday. - Read More