Tepid Sentiment Dampens Global Markets; Indian Stocks To Watch For The Week | Old North State Wealth News
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Tepid sentiment dampens global markets; Indian stocks to watch for the week



Global equity markets began the week on a somber note on Monday, with most indices showing losses amid cautious investor sentiment. This comes after significant market slides last Friday in the U.S., where the fell 0.83%, the ended lower by 1.22%, and the dropped 1.56%.

On Monday, Australia’s dropped 0.74%, while South Korea’s Kospi fell 0.68%. Hong Kong’s slid 1.16%. Japan markets were closed for the day. At noon, all sectors on the ASX were in the red, with Information Technology suffering the most significant loss at 2.26%.

Investors are also keeping an eye on several stocks this week. Vodafone (NASDAQ:) Idea has paid Rs 1701 crore (Rs 1 crore = $120,409) to the Department of Telecommunications towards the annual installment for spectrum acquired in the 2022 auction. The Rs 869-crore IPO of Jupiter Life Line Hospitals is set to debut on exchanges today, with shares commanding a premium of Rs 250 ($1 = Rs 83.05) in the grey market.

Vedanta (NYSE:)’s Board of Directors will meet on Thursday, September 21, to consider a proposal for issuance of Non-Convertible Debentures on a private placement basis.

Oil-linked companies will be in focus after the government increased windfall tax on domestically produced to Rs 10,000 per tonne from Rs 6,700 per tonne last Friday. The export duty on diesel was also slashed to Rs 5.50 per litre from Rs 6 per litre earlier and reduced duty on Aviation Turbine Fuel (ATF) to Rs 3.50 per litre from the earlier Rs 4 litre.

In corporate news, Bharat Electronics has bagged orders worth Rs 2,119 crore from Cochin Shipyard for supply of various equipment and other orders worth Rs 886 crore. The Ministry of Defence has cleared nine procurement proposals of around Rs 45,000 crore, including ones to acquire 12 Su-30 MKI fighter jets, manufactured by Hindustan Aeronautics Limited (HAL).

Meanwhile, L&T’s Rs 10,000-crore buyback will open on Monday, September 18, at Rs 3,200 per share. Indian Oil Corp’s board has approved an additional investment of Rs 903.52 crore in its joint venture with Hindustan Urvarak and Rasayan for setting up fertiliser plants in Gorakhpur, Sindri and Barauni.

Investors will also be focusing on central bank decisions this week. The U.S. Federal Reserve’s decision is expected early Thursday in Asia, while Australia’s central bank will release its minutes for its Sept. 5 policy meeting on Tuesday. On Friday, the Bank of Japan will conclude its monetary policy meeting.

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