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1 / 14Nifty keeps pushing higher aided by indices weight revisions: The Nifty has now rallied for 12 days in a row. The last time it had done so was back in 1993, when many of the current market participants were not even born or were mumbling incoherent words. The index has now nearly recovered 4,000 points from the July 23 low of 21,281, which was the day of the Union Budget.
2 / 14India GDP grows 6.7% in Q1, slower than 6.8% expected, but GST collections are up at 10% in August: India’s gross domestic product slowed to a five-quarter low of 6.7 per cent in April-June this fiscal against 8.2% in the year-ago period, mainly due to poor showing by the farm sector, according to government data. India remains the fastest-growing major economy, as China’s GDP growth in the April-June quarter was 4.7%.
3 / 14April-July fiscal deficit at Rs 2.77 lakh cr vs Rs 6.06 lakh cr YoY: The Centre’s fiscal deficit at the end of the first four months of the current fiscal touched 17.2% of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit — the gap between expenditure and revenue — was Rs 2,76,945 crore as of July-end, according to data released by the Controller General of Accounts (CGA). The deficit stood at 33.9% of the Budget Estimates (BE) in the corresponding period of 2023-24.
4 / 14Auto sales in August are a mixed bag: Sales of PVs in the local market dipped for the second month in a row in August, on a high base, and with carmakers reducing dispatches to rationalise stocks at dealerships. The sector has been grappling with a downward sales trend in recent months, driven by rising commodity costs and elevated inventory levels.
5 / 14State entities NHPC, SJVN and RAILTEL get Navratna status: The Narendra Modi government on Friday (August 30) granted ‘navratna status’ to Satluj Jal Vidyut Nigam (SJVN) Ltd, NHPC Ltd, RailTel Corporation of India Ltd and Solar Energy Corporation of India Ltd. RailTel Corporation of India has become the 22nd ‘Navratna,’ followed by Solar Energy Corporation of India as the 23rd, NHPC as the 24th, and Satluj Jal Vidyut Nigam as the 25th ‘Navratna’ in India.
6 / 14Gujarat’s Gas arms to consolidate biz under Gujarat Gas via SoA: The board of Gujarat Gas Limited (GGL) approved a scheme of arrangement and amalgamation on August 30, involving Gujarat State Petroleum Corporation Limited (GSPC), GSPC Energy Limited, and Gujarat State Petronet Limited (GSPL) merging into GGL. The arrangement outlines the integration of GSPC, GSPL, and GEL with GGL. (Image credit: Gujarat Gas website)
7 / 14SEBI releases criteria for stock inclusion in F&O: SEBI has implemented new eligibility criteria for stocks in the Futures and Options (F&O) segment. The criteria, according to a note from IIFL is largely unchanged from the proposal released on June 28, 2024, and requires stock exchanges to adjust their rules and regulations accordingly. The circular is effective immediately, with a six-month gestation period for existing stocks to meet the new norms.
8 / 14Govt cuts ATF prices, ups price of LPG cylinders: Oil marketing companies on September 1 raised commercial liquefied petroleum gas (LPG) prices by ₹39 per cylinder after four consecutive cuts. Consequently, the revised retail price for the 19-kilogram (kg) commercial LPG gas cylinder is now ₹1,691.5 in Delhi. Oil companies also reduced ATF prices on September 1. After the latest revision, ATF price in Delhi stands at ₹93,480.22 Kl from 97,975.72 Kl. (Image: Reuters)
9 / 14US stocks end higher on Friday in 4th straight month of gains, Fed meet now on radar: In the U.S. on Friday, the Dow Jones Industrial Average posted a fresh record high, with the blue-chip index jumping 0.55% to close at 41,563.08. The S&P 500 advanced 1.01%, while the tech-heavy Nasdaq Composite gained 1.13%. On Friday, traders also assessed key inflation data watched closely by the Federal Reserve.
10 / 14Labour Day holiday in the US, all markets closed: Labor Day 2024 holiday in USA is here and US stock market indexes — S&P 500, Nasdaq composite, and Dow Jones Industrial Average — will be closed on Monday, September 2. The Wall street will resume operations on Tuesday.
11 / 14US Democrats urge Israel-Hamas ceasefire after dead hostages recovered: Several U.S. Democratic lawmakers renewed calls for an Israeli-Hamas ceasefire on Sunday in reaction to the killing of six hostages in a tunnel under Gaza, while Republicans criticized President Joe Biden and Vice President Kamala Harris for not giving stronger support to Israel. (Image: Reuters)
12 / 14Far right state win shakes Germany’s fragile coalition: German state elections that dealt a heavy blow to the parties in Chancellor Olaf Scholz’s government and historic wins for two anti-establishment parties are likely to aggravate instability in an already fractious ruling coalition. (Image: Shutterstock)
13 / 14Intel CEO to pitch board on plan to shed assets, cut costs: Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending, according to a source familiar with the matter, as they try to revive the once-dominant chipmaker’s fortunes. The plan will include ideas on how to shave overall costs by selling businesses, including its programmable chip unit Altera, that Intel can no longer afford to fund from the company’s once-sizeable profit.
14 / 14Brazil’s top court to vote today on X ban: Hedge fund billionaire Bill Ackman joined critics of a court order to suspend Elon Musk’s X in Brazil, saying the ruling will likely drive away investors and harm the country. On Friday, Supreme Court Justice Alexandre de Moraes ordered internet service providers in Brazil to block its users from accessing X, after the social media company refused to appoint a legal representative in the country to deal with requests to take down accounts allegedly involved in spreading political misinformation. (Image: Reuters)
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