Important Information For August 24 Stock Trading Strategy

The Indian equity benchmarks are set to open lower as indicated by the Nifty Futures traded on Singapore Exchange. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures fell 0.33 per cent or 58 points to 17,550 amid weak global cues.

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

Asian Markets

Most of the Asian markets were trading lower with Japan's Nikkei down 0.38 per cent, Hong Komng's Hang Seng down 0.83 per cent and Singapore's Straits Times down 0.33 per cent.

US Markets

Stocks drifted to modest losses in a quiet Tuesday on Wall Street, as steadying Treasury yields helped calm the market following its worst tumble in months.

The S&P 500 dipped 9.26 points, or 0.2 per cent, to 4,128.73 after flipping between small gains and losses through the day. The edge lower follows up on Monday’s sharp 2.1 per cent drop, which came on the heels of the first losing week for the index in the last five.

The Dow Jones Industrial Average fell 154.02, or 0.5 per cent, to 32,909.59, and the Nasdaq composite slipped 0.27, or less than 0.1 per cent, to 12381.30. Stocks of smaller companies held up better than the rest of the market, and the Russell 2000 index ticked up by 0.2 per cent.

Volatility has returned to Wall Street following what had been a strong summer as worries rise about how aggressively the Federal Reserve will raise interest rates to knock down high inflation. Recent comments from some Fed officials have cooled hopes the Fed may end up less forceful than feared.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for October delivery rose $3.38 to $93.74 a barrel Tuesday. Brent crude for October delivery rose $3.74 to $100.22 a barrel.

Gold for December delivery rose $12.80 to $1,761.20 an ounce. Silver for September delivery rose 15 cents to $19.03 an ounce and September copper rose 5 cents to $3.70 a pound.

The dollar fell to 136.87 Japanese yen from 137.53 yen. The euro rose to $0.9961 from $0.9933.

Foreign Flows

Foreign institutional investors bought shares worth Rs 563 crore on Monday while domestic institutional investors sold shares worth Rs 215 crore.

Stocks In Focus

NDTV: Adani Entities have made an open offer for acquiring a 26 per cent stake in NDTV at Rs 294 per share. In an exchange filing, the company said that that Vishvapradhan Commercial Private Limited (VCPL), an indirect subsidiary of Adani Enterprises Limited would be acquiring 99.5 per cent of the equity share capital of RRPR Holding Private Limited, a promoter company of New Delhi Television Limited (NDTV).

Future Retail: Creditors of Future Retail Ltd have submitted claims worth Rs 21,324.18 crore against the debt-ridden company presently facing an insolvency resolution process.

The financial creditors of the companies, which mainly include banks and financial institutions, have filed claims of Rs 21,057.89 crore before the interim resolution professional of the company.

Of this, Rs 17,511.69 crore worth of claims are verified and the rest of Rs 3,546.20 crore are unverified.

Hindalco: Hindalco Industries Chairman Kumar Mangalam Birla on Tuesday said the company has earmarked a total capital expenditure of about $8 billion over the next five years in its arm Novelis and India.

Novelis has found potential investment opportunities of $4.5 billion. Birla was speaking at the Hindalco's AGM.

He said the company has identified potential investment opportunities of nearly $3 billion in India.

Birla further said that 70 per cent of the company's consolidated cash flows will be allocated towards high-growth downstream segments , including EVs, mobility, batteries and Consumer durables.

HPCL: As part of its move towards increasing the green energy mix, state-run Hindustan Petroleum has announced a cow dung-to-compressed biogas project at Sanchore in Rajasthan.

This is the oil major's first project under the waste-to-energy portfolio and the plant is proposed to utilize 100 tonnes per day of cowdung to produce biogas, which can be used as automotive fuel.