Important Information For September 29 Stock Trading Strategy

The Indian equity benchmarks are set to stage a gap up opening on Thursday as indicated by the Nifty Futures traded on Singapore Exchange amid positive global cues. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 0.9 per cent or 154 points to 17,043.

Here are key things to know before market opens on Thursday:

Asian Markets

Asian share markets rose on Thursday after Britain's central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling remained under pressure.

Japan's Nikkei rose 0.28 per cent, Hong Kong's Hang Seng advanced 0.93 per cent and South Korea's KOSPI gained 0.89 per cent.

US Markets

Stocks rallied on Wall Street to their first gain in more than a week, as some calm returned to markets around the world Wednesday after the Bank of England moved forcefully to get a budding financial crisis there under control.

The S&P 500 jumped 2 per cent for its best day in seven weeks to snap its longest losing streak since the coronavirus crash in February 2020. Besides the relief on Wall Street, bond markets around the world also relaxed and European stocks erased morning losses after the U.K. central bank said it would buy however many U.K. government bonds are needed to restore order to its financial markets.

The drop in bond yields eased some of the pressure that’s been choking Wall Street this year, and the Dow Jones Industrial Average rallied 1.9 per cent. The Nasdaq composite climbed 2.1 per cent, and the smaller stocks that make up the Russell 2000 index soared even more, 3.2 per cent.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for November delivery rose $3.65 to $82.15 a barrel Wednesday. Brent crude for November delivery rose $3.05 to $89.32 a barrel.

Gold for December delivery rose $33.80 to $1,670 an ounce. Silver for December delivery rose 54 cents to $18.88 an ounce and December copper rose 8 cents to $3.36 a pound.

The dollar fell to 143.96 Japanese yen from 144.76 yen. The euro rose to 97.43 cents from 95.97 cents.

Foreign Flows

Foreign institutional investors sold shares worth Rs 2,772 crore on Wednesday while domestic institutional investors bought shares worth Rs 2,544 crore.

Stocks In Focus

Hindustan Copper: State-owned Hindustan Copper is executing its expansion projects to ramp up the production capacity of its mines to 12.2 million tonnes per annum in the first phase, company's Chairman and Managing Director Arun Kumar Shukla said on Wednesday.

The capacity expansion is expected to give a fillip to the domestic production of copper and reduce country's dependence on imports.

The company later plans to increase its production capacity to 20.2 million tonnes per annum, Shukla said while addressing shareholders at the 55th annual general meeting of the company through video conferencing.

UCO Bank: State-owned UCO Bank is in the process of opening a special Vostro account with Russia's Gazprombank for settlement of trade in Rupee against the backdrop of sanctions imposed by western countries on Russia following its invasion of Ukraine.

"The deal between UCO Bank and Gazprombank comes as the Reserve Bank of India implements a system to facilitate international payments through special Vostro accounts to promote trade in Rupee," UCO Bank MD &CEO Soma Shankara Prasad told PTI on Wednesday.

Vodafone Idea: Mobile tower giant Indus Towers is learnt to have asked debt-ridden Vodafone Idea to clear outstanding dues and pay every month on time for continuity of business post-November, sources aware of the development said on Wednesday.

The development comes after independent directors expressed concerns over the mounting dues of Vodafone Idea (VIL), a source, who did not wish to be identified, told PTI.

"Indus Towers has asked VIL to clear past dues at earliest. The company has asked VIL to clear 80 per cent of current month dues and make the entire payment on-time from next month onwards. Post-November Indus Towers will stop access to Vodafone Idea in case of non-payment," the source said.

ACC, Ambuja Cements: Ambuja Cements, now controlled by billionaire Gautam Adani-led Adani Group, on Wednesday said it has created NDU over 50 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company".

The company has created a non-disposable undertaking (NDU) over 9.39 crore shares of ACC Ltd on September 26, 2022, said a regulatory filing by Ambuja Cements.

NDU is different from pledging of shares. Under NDU, one can sell the stocks unlike pledging that prevents sale of shares.