Stock Market Live Updates: Sensex and Nifty expected to open flat as small-cap stocks face pressure

Stocks to Watch: Godfrey Phillips India shareholders reject Rs 1,000 crore tobacco export deal with Philip Morris

Shareholders of Godfrey Phillips India have rejected the company’s proposal for a related party transaction to annually export unmanufactured tobacco worth up to Rs 1,000 crore to Philip Morris Products SA.

Stocks to Watch: Shalimar Paints CFO resigns

Davinder Dogra has tendered his resignation from the post of Chief Financial Officer of Shalimar Paints due to personal reasons

Pre-market report: Investor caution prevails as analysts anticipate mid and small-cap volatility

Benchmarks Sensex and Nifty are likely to open on flat note though id and small-cap stocks may continue come under pressure. After Tuesday’s heavy fall in some of the mid and small-cap socks, analysts expect volatility in that space. Gift Nifty is ruling at 20,070, signalling a flat opening for Nifty.

“Overall, we expect the focus to shift from mid and small caps to large caps in the near term, as investors may turn cautious on the broader market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks to Watch: Protest by locals shuts down Greenply Gabon SA operations in West Africa’s NKOK

Local workforce at the NKOK, West Africa has gone on protest leading to shutdown of operations of Greenply Gabon SA

Economy Watch: IIP growth in July 2023 hits 5.7% YoY, manufacturing and mining lead the way

“ IIP growth in Jul-23 has improved to 5.7% YoY vs 3.8% YoY in Jun-23. The growth in the manufacturing sector stood at 4.7% YoY although on a sequential basis, the output has been largely stagnant. The major growth drivers in the manufacturing sector were higher production of metals, pharmaceuticals and automotives.

The mining sector has benefitted from the delayed rainfall across the country, leading to an YoY output growth of 10.7% during the month but its performance will be impacted by the seasonality factor. Typically, the electricity sector witnesses a decline in generation during the monsoon months but given the lack of consistency in the rainfall, the output has been relatively stable in the current quarter. Power demand and generation is estimated to have increased further in August due to the nation-wide deficiency in rainfall.

It is encouraging to see both annualized and sequential output growth in the consumer goods sector in July-23 and this is likely to be due to the stocking requirements before the festive season. However, any sustained growth in consumer goods will require a consistently favourable demand scenario.

Cumulatively, IIP has grown by 4.8% YoY in the first four months of the fiscal which we believe is healthy. We expect IIP to maintain such a trend for FY24 as a whole although the base factor will not remain as favourable.”

– Mr. Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research

Economy Watch: Shlok Srivastav, COO of Appreciate, on IIP & CPI data: August inflation relief, impressive industrial output growth in July

Shlok Srivastav, Co-founder & COO, Appreciate, a fintech platform for Savings and investment on IIP & CPI Data release.

“The overall retail inflation rate of 6.83% for August comes as a much-needed point of relief after the 7.44% rate that we saw in July. Given that the government has stepped in to curb rice and tomato exports, a gradual reduction in inflation in September and beyond is to be expected.

As for the IIP data, the industrial output growth of 5.7% in July, up from 3.7% a month earlier, is extremely heartening. Mining has made a particularly impressive comeback, with its output standing at 10.7%, compared to -3.3% a year prior. Power production has also done well, with a growth rate of 8%, compared to 2.3% a year prior.

Overall, these numbers bode well, under the assumption that seasonal factors normalise themselves. Once inflation has been steadied, the RBI should be able to bring it back to its usual comfort zone of 2-6%.”

Fund Houses Recommendations

UBS on MCX: Maintain Buy on Company, target price at Rs 2100

HSBC on M&M: Maintain Buy on Company, raise target price at Rs 1800

HSBC on Tata Chemicals: Maintain Buy on Company, target price at Rs 1100

CLSA on L&T: Maintain Buy on Company, target price at Rs 3240

GS on Sapphire Foods: Maintain Buy on Company, target price at Rs 1800

Nuvama on Star Health: Initiate Buy on Company, target price at Rs 770

Jefferies on Can Fin Home: Maintain Buy on Company, target price at Rs 970

Macquarie on Dr Reddy: Maintain Outperform on Company, target price at Rs 6300

Economy Watch: Retail inflation eases in August, industrial output grows in July

Nish Bhatt, Founder & CEO, Millwood Kane International on July IIP and August CPI data” India’s retail inflation (CPI) in August have fallen to 6.83 percent from a 15-month high of 7.44 percent in July, led by cooling of in food and vegetables prices, providing a relief to households. While India’s industrial output grew by 5.7 percent in July, a five-month high which can create some volatility and has implications for India’s economic growth prospects.

We see inflation still as concern in the coming months due to rising crop and oil prices globally.”

Economy Watch: Important Macro Events during two upcoming weeks

13.09.2023:

18.00 pm U.S. CPI m/m (Expected: 0.6%, Previous: 0.2%)

14.09.2023:

18.00 pm U.S. PPI m/m (Expected: 0.4%, Previous: 0.3%)

18.00 pm U.S. Retail Sales (Expected: 0.2%, Previous: 0.7%)

15.09.2023:

07.30 am China Industrial Production y/y (Expected: 3.9%, Previous: 3.7%)

20.09.2023:

11.30 am U.K. CPI y/y (Previous: 6.8%)

Economy Watch: Important Monetary Policies during two upcoming weeks

14.09.2023:

17.45 pm European Central Bank Monetary Policy (Expected: 4.25%, Previous: 4.25%)

20.09.2023:

23.30 pm Federal Reserve Monetary Policy (Expected: 5.50%, Previous: 5.50%)

21.09.2023:

16.30 pm Bank of England Monetary Policy (Expected: 5.50%, Previous: 5.25%)

22.09.2023:

08.30 am Bank of Japan Monetary Policy (Expected: -0.1%, Previous: -0.1%)

Economic Calendar – 13.09.2023

11:30 U.K. GDP m/m (Expected: -0.2% versus Previous: 0.5%)

11:30 U.K. Manufacturing Production m/m (Expected: -0.9% versus Previous: 2.4%)

18:00 U.S. CPI y/y (Expected: 3.6% versus Previous: 3.2%)

18:00 U.S. CPI m/m (Expected: 0.6% versus Previous: 0.2%)

Stocks to Watch Today: Greenply’s African Safari hit roadblock

Greenply informed the exchanges that local workforce at the NKOK Special Economic Zone (SEZ), Gabon, West Africa, has gone on protest leading to shutdown of operations at the entire SEZ including the unit of Greenply Gabon SA, Gabon, step-down wholly owned subsidiary of the Company, situated at NKOK SEZ. This unit had resumed near normalcy post appointment of new President by the military following the military coup last month. Based on the uncertain situation it is difficult to assess the financial impact of this till more clarity emerges.

Stocks to Watch Today: One97 Communication

One97 Communication, that operates *Paytm:bets on AI; says it will create more opportunities at lower costs and higher spreads

Stocks to Watch Today: ABFRL walking into new space

Aditya Birla Fashion & Retail Ltd has incorporated a new company viz. CLI Footwear and Accessories Private Limited in partnership with Christian Louboutin SAS. The Ministry of Corporate Affairs, Government of India has issued the Certificate of Incorporation on September 12.

Stocks to Watch Today: Bajaj Healthcare

Bajaj Healthcare Limited : Company announces the appointment of Dr. Mohammed Jaweed Mukarram as an Advisor in the Research and Development division, specializing in Active Pharmaceutical Ingredients (APIs)

Stocks to Watch Today: DMR Hydroengineering

DMR Hydroengineering & Infrastructures Limited : Company has received a work order from Sri SCL Infratech Limited on September 12, 2023 for Prebid Engineering Services for In-stream storage structure (‘ISS’) at Godhaneswar across river Mahanadi in Odisha.worth of Rs. 10 Lakhs

Stocks to Watch Today: Dai-Ichi Karkaria

DAI‐ICHI KARKARIA LIMITED : Company has received today i.e. 12th September, 2023, final balance Insurance claim pertaining to Building and Plant and machinery of Rs. 20,57,96,918/‐ from New India Assurance Co. Ltd.

Stocks to Watch: Dhruv Consultancy

DHRUV CONSULTANCY SERVICES LIMITED : Company has been shortlisted along with Planover Engineering Consult Ltd. and Abfort Associates Ltd, have been requested to submit the Request for Proposal(RFP) letter as “Consultant” towards consultancy services for the Design and Construction Supervision of Rural Roads Upgrading in Osun State by Osun Rural Access and Agricultural Marketing Project (RAAMP) – Ministry of Rural Development and Community Affairs – Nigeria (“the Authority”) vide letter dated September 11, 2023 as received by the Company on September 12, 2023.

Stocks to Watch: Texmaco Rail discuss fundraising proposal on September 15

Texmaco Rail & Engineering Limited : Company is meet on 15 Sep 2023 to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to Preferential Issue, Private Placement, Qualified Institutions Placement

Stocks to Watch: National Peroxide sets record date for equity share distribution in scheme of arrangement

National Peroxide Limited : The Composite Scheme of Arrangement amongst National Peroxide Limited (“Demerged Company”) and Naperol Investments Limited (“Transferor Company”) and NPL Chemicals Limited (“Resulting Company”) and their respective shareholders and creditors .Company informing that, Monday, September 25, 2023, has been fixed as the ‘Record Date’ for the purpose of ascertaining the shareholders of the Demerged Company who will be entitled to receive Equity shares of the Resulting Company where 1 fully paid up equity share of INR 10/- each of the Resulting Company, credited as fully paid up, for every 1 equity share of INR 10/- each of the Demerged Company.

Stocks to Watch: Ashok Leyland

ASHOK LEYLAND LIMITED : The State Tax officer, Maharashtra, has issued an order demanding a GST tax liability of Rs. 13,05,420/- (including interest and penalty) relating to Ashley Aviation Limited (AAL), subsidiary of Ashok Leyland Limited towards utilization of GST input tax credit for the year 2019-20.AAL will be challenging this order before the Appellate Authority

Stocks to Watch: Avance Technologies to discuss stock split proposal on September 25

Avance Technologies Limited : Company is going to meet on 25 September 2023 to consider and approve the proposal of sub-division/split of the equity shares of the Company in such manner as may be determined by the Board of Directors, subject to approval of the members

Stocks to Watch Today: Thomas Scott (India) Board to discuss fundraising

THOMAS SCOTT (INDIA) LIMITED : Board is going to meet on 15.09.2023 for raising of funds through issue of equity shares, Convertible warrants and/or any other eligible instruments or securities representing equity shares or convertible into or exchangeable for equity shares, by way of preferential issue on a private placement basis to the promoters/Non-Promoters of the Company

Share Market Today: F&O ban details

1️⃣BHEL

2️⃣CHAMBLFERT

3️⃣DELTACORP

4️⃣HINDCOPPER

5️⃣IBULHSGFIN

6️⃣IEX

7️⃣INDIACEM

8️⃣MANAPPURAM

9️⃣NATIONALUM

1️⃣0️⃣SAIL

Share Market Today: Trading Tweaks

Ex-date Dividend: Alicon Castalloy, Gokaldas Exports, Hester Biosciences, and Hinduja Global Solutions

Ex-date AGM: India Nippon Electricals, Alicon Castalloy, Gokaldas Exports, Hester Biosciences, Hinduja Global Solutions, SEPC, Sandur Manganese & Iron Ores

Record-date Dividend: Vijaya Diagnostic Centre, Sandur Manganese, and Iron Ores

Move Into Short-Term ASM Framework: Vodafone Idea, Transformers, and Rectifiers

Move Out Of Short-Term ASM Framework: HLV, Pokarna, and UFLEX.

Share Market Today: Pledge Share Details

Kuantum Papers: Promoter Kapedome Enterprises revoked a pledge of 2.61 crore shares on Sept. 12.

Share Market Today: Insider Trades

Paisalo Digital: Promoter Equilibrated Venture Cflow bought 1.99 lakh shares on Sept 12.

Som Distilleries & Breweries: Promoters Deepak Arora and Jagdish Kumar Arora sold 10,000 shares each on Sept 11.

Usha Martin: Promoter Rajeev Jhawar bought one lakh shares on Sept 8.

KPI Green Energy: Promoter Farukbhai Gulambhai Patel sold 6,100 shares on Sept 12. Dr.

Lal PathLabs: Promoter Dr. Arvind Lal sold 10,000 shares on Sept 8.

Ultramarine & Pigments: Promoters Deepa Ajay sold 6,582 shares and S Narayan sold 2,000 shares on Sept 8.

Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 1.25 lakh shares between Sept. 8 to Sept. 11.

Star Cement: Promoter Laxmi Chamaria sold 30,250 shares on Sept 8.

Bulk Deals: Shyam Metalics and Energy

Shyam Metalics and Energy: Setu Securities sold 16 lakh shares (0.63%) at Rs 441.69 apiece.

Block Deals: L&T Finance Holdings

L&T Finance Holdings: BC Investments VI sold 2.37 crore shares (0.95%), and BC Asia Growth Investments sold 4.62 crore shares (1.86%), while BNP Paribas Arbitrage bought 3.63 crore shares (1.46%), SBI Life Insurance bought 1.46 crore (0.6%), DSP Blackrock Mutual Fund bought 1.17 crore (0.5%), Bajaj Allianz Life Insurance bought 31 lakh shares (0.12%), and Axis Mutual Fund bought 19 lakh shares (0.07%) at Rs 130 apiece, among others.

IPO Offerings: RR Kabel

RR Kabel: The company will launch its initial public offering on Wednesday, and the offer will be open till Friday. The Mumbai-based wire and cable manufacturer plans to raise Rs 180 crore via a fresh issue and Rs 1,784 crore through an offer for sale. The price band is fixed at Rs 983 to Rs 1,035 apiece

Stocks to Watch: Waaree Renewable Technologies bags solar project EPC deal

Waaree Renewable Technologies: The company received a letter of intent for engineering, procurement, and construction services for setting up a solar power project of 52.6 MWp capacity. The project is expected to be completed in FY24.

Stocks to Watch: Vakrangee to acquire 8.8% stake in Vortex Engineering from IFC

Vakrangee: The company will acquire an 8.8% equity stake in Vortex Engineering from the International Finance Corporation. Through this acquisition, Vakrangee will have a cumulative shareholding of 57.3%.

Stocks to Watch: GE Power secures Rs 25 crore order from Vedanta for boiler modification

GE Power: The company received a purchase order from Vedanta for the combustion modification of a boiler. The base value of the order is Rs 25 crore, and the time period for execution is 14 months.

Stocks to Watch: GMR Power and Urban Infra raises stake to 100% in GMR Smart Electricity Distribution

GMR Power and Urban Infra: The company increased its stake from 82% to 100% in GMR Smart Electricity Distribution from its subsidiary, GMR Generation Asset, for Rs 5 lakh.

Stocks to Watch: CRISIL to acquire Bridge To India Energy for Rs 6 crore

CRISIL: The company has entered into a definitive agreement to acquire renewable energy consulting and knowledge services provider Bridge To India Energy for a consideration of Rs 6 crore. The acquisition is expected to close in the next three months.

Stocks to Watch: The Phoenix Mills

The Phoenix Mills: The company has incorporated a wholly owned subsidiary, Orcus Logistics and Industrial Parks.

Stocks to Watch: Trent’s arm Booker India acquires 4.95% stake in Fiora Online for Rs 4.1 crore

Trent: Booker India, a subsidiary of the company, has acquired approximately 4.95% of the equity share capital of its subsidiary, Fiora Online, from a shareholder. The cost of acquisition is Rs 4.1 crore.

Sectoral Watch: Government offers 25% incentive for critical mineral exploration

Mining companies: To boost exploration of critical minerals, the government has announced that an incentive of 25% of the approved project cost will be extended to exploration agencies. This incentive will be provided through the National Mineral Exploration Trust and will help in the discovery of critical minerals in the country. Exploration agencies from both the public and private sectors can avail this financial incentive upon successful discovery of critical minerals in the projects.

Stocks to Watch: Avenue Supermarts:

Avenue Supermarts: The retailer has opened a new store in Perungudi, Tamil Nadu, taking the total number of stores to 334.

Stocks to Watch: Mahindra and Mahindra fined for VAT issue in Hyderabad

Mahindra and Mahindra: Company has been fined Rs 1,69,949 by the Assistant Commercial Taxes Department, Begumpet Division, Hyderabad for not reversing VAT ITC, as per an exchange filing. It also added that it is hopeful for a favourable outcome at the appellate level.

Stocks to Watch: Tata Power arm inks MoU with IDBI to finance MSMEs solar adoption

Tata Power: Subsidiary Tata Power Solar Systems, signed an MoU with the Small Industries Development Bank of India to finance MSMEs for solar adoption.

Stocks to Watch: IRCTC partners with NBCC Services for Delhi office interior project

IRCTC: The company signed an MoU with NBCC Services for the planning, designing, and execution of interior works for its upcoming office space in Delhi. The cost of the project is Rs 31.4 crore.

Stocks to Watch: Wipro transfers Wipro 4C NV ownership to simplify group structure

Wipro: Wipro Holdings (UK) has transferred 100% of its shareholding in Wipro 4C NV to Wipro IT Services UK Societas, effective Sept 12. Wipro Holdings (UK) and Wipro IT Services UK Societas are wholly-owned subsidiaries of the company, while Wipro 4C NV is the step-down subsidiary. The rationalisation and simplification of the overall group structure is the objective behind the stake transfer.

Stocks to Watch: Infosys partners with STARK Group for AI-powered data Centre in Denmark

Infosys: The IT major has tied up with STARK Group, Europe’s largest retailer and distributor of building materials, to establish a state-of-the-art data centre in Denmark, which will serve as the foundation to drive technological advancements with an ‘AI first’ approach powered by Infosys Topaz.

Stocks to Watch: NTPC completes trial operation, expands installed capacity to 57,838 MW

NTPC: The power company completed the trail operation of Unit 1 of the 800 MW capacity of Stage I of the Telangana Super Thermal Power Project and consequently included it in its installed capacity. With this, the installed capacity of NTPC and the NTPC Group has become 57,838 MW and 73,824 MW, respectively.

Stocks to Watch: Dixon eyeing laptop, desktop biz

Dixon Infotech Private Limited has been incorporated as the Wholly Owned Subsidiary of Dixon Technologies (India) Limited. The new entity will carry on the business of manufacturing/ trade/ repair of laptops, desktop computers, IOT devices, monitors, servers, tablets, electronic books/E-readers and related hardware and software products.

Stocks to Watch: KEC International’s order win

KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,012 crores across its various businesses such as civil, T&D and cable.

Stocks to Watch: RITES’ Angola drive

RITES Limited, a prime transport infrastructure consultancy and engineering firm, has signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock.

Stocks to Watch: Zydus to move challenge Sikkim HC order

Sikkim High Court has dismissed a writ petition filed by Zydus Wellness Products Limited, subsidiary of Zydus Wellness Ltd, with respect to Scheme of budgetary support in Goods and Service Tax Regime issued by the Department of Industrial Policy and Promotion, The Ministry of Commerce and Industry. ZWPL believes that it has a strong case and thus it shall prefer an appeal in due course against the aforesaid judgement

Stocks to Watch: AU Small Finance eyes Fincare SFB for acquisition 

AU Small Finance Bank is said to be in preliminary talks to acquire the business of Fincare Small Finance Bank. According to highly placed sources, the development is quite recent, and discussions are at nascent stages.

If talks fructify, it would be the first deal in the small finance bank space symbolising consolidation in the industry.

NFO Recommendations: Bajaj Finserv Arbitrage Fund NFO: Should you invest?

The derivatives market has deepened considerably, with institutional and retail investor participation in futures and options surging in recent years.

Mutual funds often use derivatives for hedging. Some categories of schemes also use safe strategies with futures and options to derive steady returns.

Among the key mutual fund categories that use derivatives extensively are equity savings, arbitrage and balanced advantage funds. Read more

Stocks that will see action today: September 13, 2023

Buzzing Stocks: Tata Power, RITES, Zydus Wellness, Wipro, KEC International, Crisil, Bajaj Healthcare, Aditya Birla Fashions, Vakrangee, Piramal Enterprises, Dixon Tech, GE Power, Waaree Renewable

IPO Watch: Zaggle Prepaid Ocean Services IPO opens on September 14

Zaggle Prepaid Ocean Services IPO opens on September 14.

The issue comprises a fresh issue of equity shares aggregating up to ₹ 3,920 million and an offer for sale up to 1. 04 crore shares by selling shareholders.

Stock Recommendations: Broker’s call: Gulf Oil (Buy)

Gulf Oil Lubricants India has recently announced to acquire 51 per cent stake in Tirex Transmission for ₹103 crore.

Tirex based in Ahmedabad is working on DC fast chargers and currently has over 400 charges installed for customers such as NTPC, HPCL, PowerGrid and Electra. This is Gulf Oil Lubricant’s third investment in the EV charging space after investing in Indra Renewables which is in AC & bidirectional charging and in ElectreeFi which is a SaaS provider having expertise in implementation of IoT based e-mobility solutions. Read more

Stock Recommendations: Broker’s call: Samvardhana Motherson (Buy)

​Led by 30+ acquisitions over the last two decades​, Motherson Group has expanded from a single-product / geography to a multi-product / geography auto components behemoth.

During this period, its revenue has grown at 30 per cent CAGR to $14 billion. The company has jumped global automotive supplier ranking from Top-40 in 2005 to Top-15 in 2023.

Sectoral Watch: Mid-, small-cap indices crack amid signs of froth

Small and mid-cap shares saw a sharp selloff on Tuesday, amid signs of a froth building up in the space. The BSE SmallCap crashed 1,550.66 or 4 per cent at 36,982.74 and the BSE MidCap slumped 980 points or 2.96 per cent at 32,084.93.

Nifty Midcap 100 and Nifty Smallcap 100 fell 3.1 per cent and 4.1 per cent, while the Nifty Smallcap 250 posted its biggest single day fall this year, slipping 3.9 per cent. On the other hand, the NSE Nifty and BSE Sensex closed flat.

Stock Markets Live Today: Assets of sovereign wealth funds investing in India swell 

The investments of sovereign wealth funds (SWFs) have seen a steady rise over the past few years.

Assets under custody (AUC) of such funds in public markets have risen to ₹3.65 lakh crore at the end of August from ₹3.08 lakh crore last year, data from NSDL showed. The total AUC was ₹1.62 lakh crore in August 2018.

The total assets of six of the top 10 SWFs investing in Indian equities rose by more than 50 per cent in the year to June. The Singapore government was the largest SWF, with investments of ₹1.76 lakh crore at the end of June, followed by Norway’s Norges (₹76,812 crore) and Kuwait Investment Authority (₹8,790 crore), data from primeinfobase.com shows. Investment from Abu Dhabi Investment Authority rose 400 per cent to ₹2,885 crore, the most in percentage terms among the top 10 SWFs.

Economy Watch: Factory output grew 5.7% in July, caution remains

Manufacturing and mining sectors have helped industrial growth to rise to a five-months high of 5.7 per cent in July, government data released on Tuesday showed.

Better performance of industry along with moderation in inflation will give room to Monetary Policy Committee to maintain status quo in policy rate. Read more

Economy Watch: Retail inflation dropped to 6.8% in Aug as veg, edible oil prices fall

Fall in vegetable and edible oil prices pushed retail inflation based on Consumer Price Index (CPI) below 7 per cent in August to 6.8 per cent. It was 7.4 per cent in July. However, cereal prices are still high. Read more

Technical Recommendations: Day trading guide for September 13, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Technical Recommendations: Stock to buy today: ICICI Bank (₹990.90): BUY

The short-term outlook is bullish for ICICI Bank. The stock has risen 1.28 per cent on Tuesday breaking above a key resistance level of ₹975. This rise has happened after taking good support from around the 100-Day Moving Average over the last one month. This will act as a good support now. Read more

Stock Market Live Today: Mixed performance in Asian equities ahead of key US inflation data and oil nearing 10-month high

Asian markets exhibited a mixed performance ahead of the release of US inflation data for August, which holds the potential to offer valuable insights into the Federal Reserve’s future interest rate decisions. Concurrently, oil prices remained near a 10-month peak due to ongoing global supply concerns.

In South Korea and Japan, stock markets saw gains, while Australian equities experienced a decline. The Japanese stock market received a boost from August’s producer price data, which, although slightly below economist expectations, had a positive impact. Additionally, Hong Kong stock futures showed advancement, whereas US futures remained relatively stable.

The Nikkei 225 index surged by 0.95% to reach 32,776.37, with the Topix index posting a modest increase of 0.18% to reach 2,384.18. In contrast, South Korea’s Kospi index recorded a 0.79% decline, settling at 2,536.58, while Australia’s S&P/ASX 200 Index experienced a 0.40% decrease, ending the day at 7,178.10.

Commodity Market Live Today: Oil prices surge to 10-Month high on tightening global supply and Libya concerns, defying China demand worries

On Wednesday, oil prices inched upwards, maintaining their recent upward trajectory, reaching a new 10-month peak achieved the day before. This uptick can be attributed to the prevailing expectations of a tighter global supply and apprehensions regarding potential disruptions in Libya, which have outweighed concerns about decreased demand in certain countries, notably China.

The global benchmark, Brent futures, registered an increase of 8 cents, equivalent to 0.1%, reaching $92.14 per barrel. Simultaneously, U.S. West Texas Intermediate (WTI) crude saw a 14-cent uptick, or 0.2%, settling at $88.98 per barrel.

Both these benchmarks demonstrated remarkable gains of nearly 2% on Tuesday, concluding at their highest price points since November 2022.

Stock Market Live Today: Wall Street ends lower

On Tuesday, stocks on Wall Street closed in negative territory, with the S&P 500 slipping by 0.57% to conclude the session at 4,461.91 points.

The Nasdaq also experienced a decline of 1.04%, closing at 13,773.62 points, while the Dow Jones Industrial Average registered a marginal decrease of 0.05%, settling at 34,645.99 points.