Sebi rejigs panel on alternative investment policy; expands to 25 members

Sebi has reconstituted its alternative investment policy advisory committee, which advises the capital markets regulator on a range of issues that impact further development of the AIF space. The committee has now 25 members, as per latest update with the Securities and Exchange Board of India (Sebi). The panel, which was constituted by Sebi in March 2015, had 20 members when it was last rejigged by the regulator in February 2022. Till now, the committee has submitted three reports on the AIF (Alternative Investment Fund) industry.

The committee is chaired by Infosys co-founder N R Narayana Murthy. Apart from Murthy, the committee includes members from Sebi, Ministry of Finance, AIF players and industry associations. Sebi has replaced Renuka Ramnath, who was chairperson of Indian Private Equity and Venture Capital Association (IVCA), from the list with the association’s new chairman Karthik Reddy.

Besides, Gopal Srinivasan, chairman and managing director of TVS Capital Funds; Gopal Jain, co-founder and managing partner at Gaja Capital; Vipul Roongta, managing director and CEO of HDFC Capital Advisors; Gautam Mehra, Partner at PwC, and Mahavir Lunawat, Director, Association of Investment Bankers of India (AIBI), continue to be the members of the committee.

The panel is mandated to advise Sebi on any hurdles that might hinder the development of the alternative investment industry and any other item relevant to the segment as well as development of the startup ecosystem in India. Also, the committee has been entrusted with the task of advising Sebi on any issues which need to be taken up with other regulators for development of the alternative investment industry.

Share Market Highlights: Nifty under 19300, Sensex sinks 0.6%; JFS ends with gains, Bank Nifty down 300 pts

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Friday, extending the global rout. Nifty 50 settled under the 19,300 level, lower by over 100 points whereas Sensex closed below the 65,000. The broader markets and sectoral indices closed in the red. Nifty Next 50 sank 1%, while the midcap and small indices ended deep in the red. Sectorally, Bank Nifty was 0.75% lower, while Nifty PSU Bank, Nifty Pharma, Nifty Metal and Nifty FMCG ended lower by 1%.

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15:39 (IST) 25 Aug 2023 Currency outlook

“USDINR CMP- 82.67 (spot) Indian Rupee depreciated on Friday on strong Dollar and weak domestic markets. However, FII inflows cushioned the downside. The dollar rose on mixed to positive economic data from the US. Weekly unemployment claims declined to 230,000 as compared to 240,000 in the previous week.”

– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

15:37 (IST) 25 Aug 2023 Markets at close

Nifty closed at 19,265.8, over a hundred points lower, giving up the 19,300 mark. Sensex closed at 64,886.51, down by 365.83 or 0.56%.

14:57 (IST) 25 Aug 2023 Nifty, Sensex rise 0.1% this week

“Both Nifty and Sensex gained around 0.1% in the past week. Mid-cap and small-cap indices outperformed the large-cap index. Macro sentiments remained volatile as surging bond yields and increasing global crude prices added to pressure. Global markets were broadly week, as (1) global bond yields increased and (2) concerns about Chinese growth amplified, based on weak data prints. Indian mid-cap and small-cap indices outperformed the large-cap index.”

– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

14:32 (IST) 25 Aug 2023 JFS up 5%

RIL’s demerged financial services arm Jio Financial Services hit its lower circuit for the fifth consecutive session. However, on Friday, the scrip managed to open the circuit and rise almost 5% to Rs 224.10. Since Jio has hit lower circuit for 2 consecutive days i.e., Thursday, August 24, 2023, and Friday, August 25, 2023, the removal of JFSL from all the S&P BSE Indices will be postponed by another 3 days. JFSL will now be removed (adjustment) from all the S&P BSE Indices on August 31, 2023.

14:02 (IST) 25 Aug 2023 Shoppers Stop down 11%

Shoppers Stop share price slipped 11% in trade on Friday after the MD and CEO of Shoppers Stop Venu Nair resigned, effective from 31 August due to personal reasons. Kavindra Mishra, the Homestop head, has been promoted as executive director and CEO for a period of three years in his stead.

12:55 (IST) 25 Aug 2023 Paytm up 4%

The share price of Paytm’s parent firm One97 Communications jumped 3.7% in trade on Friday as 3.6% of the company changed hands in large deals. Reports suggested that Promoter Antfin (Netherlands) Holding BV was likely to sell a 3.6% stake or nearly 23 million shares in One97 Communication at Rs 880.1 per share, or at a 2.7% discount to the last closing price.

11:54 (IST) 25 Aug 2023 Nifty technical levels

“The index is hovering near the important and crucial support zone of 19270 levels which is also where the significant 50EMA lies, and as we have been mentioning, a decisive breach below the 19250-19270 zone shall weaken the overall bias and can trigger for further slide with next major support zone visible near 18800-18900 levels with 19000 as the psychological landmark in-between.”

– Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher

10:57 (IST) 25 Aug 2023 Fed Chair speech effect on gold

Gold prices are still up around 0.80% so far this week and are on track to register their first weekly gain in the previous four weeks ahead of a key speech by the Federal Reserve Chair at the Jackson Hole symposium in Wyoming, where he’s expected to offer clues on the interest-rate outlook. We expect gold prices to fluctuate in range before the Federal Reserve Chair Powell’s speech at Jackson Hole. Volatility will likely expand post-event. Comex spot gold has support at $1895 and resistance at $1945. The MCX Gold October future is expected to trade in a range of 58450 to 59080.

– Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

10:13 (IST) 25 Aug 2023 Jio Financial Services shares gain

After experiencing the lower circuit for five straight sessions, Jio Financial shares show a positive trend as the circuit reopens after 5 days. The stock price is up 3.5% at Rs 221 apiece.

10:11 (IST) 25 Aug 2023 Nifty outlook

Rejection trades emerged as feared, on reaching the extended target of 19570 yesterday. The surprising depth of the pull back has renewed the prospects of 19060-18900 or even 18600-18300, as the downside objectives, but we pin our hopes on the 19280 region to step in and offer bargain buying support today. A direct fall below 19250 or inability to reclaim 19420 will signal resumption of the 18300 slide.

– Anand James, Chief Market Strategist at Geojit Financial Services.

09:18 (IST) 25 Aug 2023 Markets at open

Nifty 50 and Sensex fell upon open, with Nifty falling to lows of 19,260.75 on open while Sensex fell over 450 points to 64,799.66 in early trade.

09:12 (IST) 25 Aug 2023 Markets at pre-open

Sensex ended the pre-open session at 65,000.67, down 250 points while Nifty ended under the 19300 level, down 90 points.

08:49 (IST) 25 Aug 2023 Fed Chair speech on Friday

Investors are now waiting for a speech by Federal Reserve Chairman Jerome Powell on Friday at a central bank summit in Jackson Hole, Wyoming, for clues on the U.S. interest rates outlook. Data earlier Thursday showed claims for U.S. unemployment benefits pointed to a still-strong jobs market, news that some say could support the Fed’s hawkish message of higher interest rates for longer. Investors also digested comments from Philadelphia Fed President Patrick Harker who said the Fed will need to keep rates restrictive for a while.

08:24 (IST) 25 Aug 2023 F&O ban

The National Stock Exchange has GMR Airports Infrastructure, GMR Airports Infrastructure, RBL Bank, Manappuram Finance, PNB, India Cements, Hindustan Copper, GNFC, BHEL, Delta Corp, GNFC, Metropolis Healthcare and Indiabulls Housing Finance securities on its F&O ban list for 25 August.

07:42 (IST) 25 Aug 2023 FII, DII data

Foreign institutional investors (FII) bought shares worth net Rs 1,524.87 crore, while domestic institutional investors (DII) bought shares worth net Rs 5,796.61 crore on 24 August, according to the provisional data available on the NSE.

07:41 (IST) 25 Aug 2023 Asian markets

MSCI’s broadest index of Asia-Pacific shares outside Japan closed 1.5% higher, also lifted by Nvidia’s bullish outlook. Still, the index is down about 8% so far this month due to weakness in China’s economy and yuan, as well as some gloomy factory readings from Japan, which also left sentiment fragile. China stocks also rebounded on Thursday, however, with the blue-chip CSI300 index advancing 0.7%.

07:41 (IST) 25 Aug 2023 Wall Street overnight

The three major U.S. stock indexes ended down more than 1% each on Thursday, led by a drop in the Nasdaq after this week’s sharp gains and as investors were nervous ahead of Federal Reserve Chair Jerome Powell’s speech Friday, according to Reuters. The Dow Jones Industrial Average fell 1.1%, the S&P 500 decreased by 1.4%, and the Nasdaq Composite dropped 1.9%.

Going beyond the Middle East: With the US stuck in the conflict, China & Russia will have more room to manoeuvre

By Harsh V Pant

There is an all too familiar stench of death and destruction emanating from the Middle East. It is a full-on war from Israel’s perspective and Hamas’s terrorism has unleashed forces which would be very difficult to control. As the residents of Gaza come to terms with the limits of violence undertaken in their name, with hospitals in Gaza turning into morgues, there are reports of anti-Semitic attacks in the streets of Europe. The barbarism of Hamas is on display with Israelis discovering new evidence each day, and the retribution of Israel is gaining momentum. As Israelis and the Palestinians enter another phase of their violence-ridden relationship, large parts of the world are still not sure how to react. Political calculations are determining on which side to place the blame for the crisis that threatens to upend the regional and global order.

Despite his call that “this is a time that we must stand tall, united against evil”, he is fighting this with his back to the wall. He will be held accountable for the mismanagement of a nation that had been justifiably proud of its ability to function as a strong democracy amidst the dysfunctionality in its vicinity. His reputation for security competence has been seriously damaged with the biggest security failure in the country’s history under his watch amid reports that he was warned by Egypt of an impending attack. Internal divisions, both and political and social, have been growing in the recent months, and Netanyahu’s leadership was fanning the flames instead of trying to find ways out of the morass. The Netanyahu government’s plans to restrict the power of the judiciary were being challenged on a national scale, leading to one of the most serious political divisions in the nation’s history. Hamas took advantage of this turmoil and managed to give Israeli political establishment a jolt that will have long term implications for Israel as a society and its polity.

As Israel is working towards finalising a response, the US has made it clear that it is standing resolutely behind Tel Aviv. Yet, it has also asked Israel to exercise caution as its ground forces prepare for an offensive in the territory, saying it would be “a big mistake” for Israel to occupy Gaza. US president Joe Biden will be in Israel to learn firsthand how the Israeli Defense Force will conduct its operations in a way that “minimises civilian casualties” as the focus shifts to Israel’s next steps with its declaration that the siege of Gaza will not end until around 250 Israeli hostages taken into Gaza during Hamas’s deadly attacks are released. The fate of the hostages will remain a serious constraint on Israeli action in Gaza even as Israel has asked that everyone in north Gaza should relocate to the south.Palestinians are facing the brunt of Israeli airstrikes and the siege of Gaza, but from the Israeli vantage point, decapitating Hamas’s leadership and destroying its military infrastructure have emerged as critical strategic objectives. Marginalisation of the Palestinian Authority and the emergence of Hamas as a more credible alternative for many Palestinians will challenge the possibility of any kind of a peace deal. In any case, Hamas has never been very receptive to the idea of a peace treaty with Israel and has scuppered the Oslo peace process.

It could do this partly because of the backing of Iran. Tehran has worked for years now to build the Palestinian Islamic Jihad and Hamas as critical nodes in its regional strategy. Hamas has been receiving funding, weapons, and training from Iran, emerging as a key proxy of Tehran in its struggle against the Arab states and Israel. Iranian supreme leader Ayatollah Ali Khamenei’s top military adviser has come out in support of the attacks by Hamas against Israel and has underlined that Tehran would continue to back the Islamist fighters “until the liberation of Palestine and Jerusalem.”

Though there are reports from Washington that there is no evidence so far of direct Iranian involvement in the attacks, the impending Saudi-Israel rapprochement would have been a cause of concern for Tehran. The Hamas attacks have seemingly brought Iran together with the Saudis for the time being. The possibility of a wider regional escalation is real as Arab nations will come under increasing pressure from their streets to get involved. Hamas has fundamentally disrupted the extant order in the Middle East and what Israel does in the coming days will determine whether the past certainties in the region can still prevail.

For all the talk of China’s growing clout in the Middle East, this crisis has once again underlined the centrality of the US to the regional order. It is the US’s shuttle diplomacy and hard power that are likely to shape the contours of any kind of possible settlement among the parties involved. But with Washington now entrenched in the resolution of the Middle East crisis, both Russia and China have greater space to manoeuvre. Both Moscow and Beijing lost no time in abandoning Israel despite their once cosy ties with Tel Aviv as they remain intent on challenging the US-led international order.

The consequences of the ongoing Israel-Hamas crisis are not likely to be limited to the Middle East.

The writer is Vice president (studies and foreign policy), Observer Research Foundation

Rupee recovers 6 paise to settle at 82.74 against US dollar

The rupee recovered 6 paise to settle at 82.74 (provisional) against the US currency on Wednesday following weakness in the US dollar in global markets.

FII inflows into the capital market and firm equity markets supported the local unit while gains in crude oil prices restricted the rupee upside, according to analysts.

The rupee finally closed at 82.74 against the dollar, a gain of 6 paise compared to the closing level of 82.80 on Tuesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent lower at 103.50 after US data suggested that labour market was cooling, a scenario that could provide support for the US Federal Reserve in eventual easing interest rates.

Brent crude futures, the global oil benchmark, rose 0.56 per cent to USD 85.97 per barrel.

On the domestic equity market front, the BSE Sensex closed higher by 11.43 points or 0.02 per cent at 65,087.25 points while the broader Nifty advanced by 4.80 points to close at 19,347.45 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Tuesday as they bought shares worth Rs 61 crore, according to exchange data.

Gold clocks gains as dollar slips, Fed chair speech eyed; traders should buy on dips, go long around Rs 58,000

By Bhavik Patel

Gold scaled $1900 and is trading at two week high thanks to dip in US dollar index and Treasury yields. On Wednesday, we saw a sharp fall in the US dollar after service PMI came disappointing worldwide. The S&P Global Flash U.S. manufacturing PMI data dropped to 47.0%, down from July’s reading of 49. According to consensus estimates, economists were looking for a relatively unchanged reading at 48.9. US manufacturing activity has fallen to two month low while Europe and US’s service PMI has fallen to six month low. A near stalling of business activity in August raises doubts over the strength of U.S. economic growth in the third quarter and many participants think that the US Fed might not raise any rates this year.

Silver meanwhile has outperformed goldthis week on the back of short covering. Silver’s current short squeeze started building last week when the People’s Bank of China intervened in currency markets to support the yuan after it hit a 16-year low against the U.S. dollar. Three weeks ago we saw speculative positions were at net short of 4000 contracts and China’s central bank intervention prompted short covering and provided tail wind as other base metals too rallied.

Technical Outlook

In MCX, 58,000 seems to be strong support while in COMEX, $1870 seems to be strong support. Although gold price will see some volatility post the Fed’s chairman statement in the evening, we believe even if there is a hawkish note, looking at gold rate’s resilience, we would be inclined more towards taking buy on dip approach rather than sell on rise. Momentum indicator does suggest some weakness as RSI_14 is at 46. Any correction around 58,000 would be a good opportunity to go long with a stop loss of 57,600 and expected target of 59,000.

(Bhavik Patel is a commodity and currency analyst at Tradebull Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Bank Nifty support near 45,200; Nifty trade sentiment is ‘buy on dips’

By Manojh Vayalar

The July series Nifty futures started with a premium of around 95 points for the current month. For the Nifty futures, FII maintained around 40% short positions, lower than the last month’s series, which is now currently around 30% shorts. The index witnessed a long buildup rally since the start of this series. We believe that a dip in the Index could be an opportunity to enter into longs and hence the Buy on Dips is the trade sentiment in Nifty.

FIIs started this series with Long’s position in Index of around 66% vs 34% index shorts last month which are currently around 30% as of yesterday. For the Nifty, the IVs for OUT-OF-THE-MONEY options stayed at around 12-12.5 levels in yesterday’s trade implying call unwinding at these strikes. For the Bank Nifty 27th July, 45,000 strike call option has highest open interest implying resistance around 46,000. Bank Nifty has strong support near 45,200 levels. For the Nifty, the VWAP (Volume weighted average price) of Nifty July Futures is around 19,500 implying that to be the support. Above this, Nifty is to be positively biased for the short term towards 20,000.

With FIIs having lower short positions in the Index, currently lesser than the last month, we expect Nifty could face some resistance only at the higher levels of 20,000 positionally. The ratio between Bank Nifty and Nifty is currently at 2.31, this ratio has a support at 2.28 and resistance near 2.37. We expect Bank Nifty to outperform. Sector-wise, Banks, IT, FMCG and Automobile look positive in Nifty.

Nifty Bull Call Spread:

Buy 27th July 19,800 CE@ 120;

Sell 27th July 20,000 CE @ 50;

Spread @ 70;

Stoploss @ 20;

Target @ 150.

(Manojh Vayalar, VP-Derivatives, Religare Broking Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Petrol and Diesel Rate Today, 24 August: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad:Petrol and diesel prices were largely constant on Thursday, 24 August across New Delhi, Kolkata, Mumbai, and Chennai. Petrol rates and diesel rates have been steady over the last few months. However, individual cities see fluctuations in their prices every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel.

Currently in Delhi, the price of petrol stands at Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre. Meanwhile, in Kolkata, the cost of petrol amounts to Rs 106.31 per liter, with diesel priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per liter. Here’s a look at fuel prices in other cities:

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Bengaluru:Petrol rate: Rs 101.94 per litre,Diesel rate: Rs 87.89 per litreChandigarh:Petrol rate: Rs 98.65 per litre, Diesel rate: Rs 88.95 per litreChennai:Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litreGurugram:Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litreKolkata:Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litreLucknow:Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litreMumbai:Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litreNew Delhi:Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litreNoida:Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price anddiesel pricedaily in line with international benchmark prices and forex rates. Any changes in petrol price anddiesel priceare implemented from 6 am every day. “Oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter,” said Petroleum Minister Hardeep Singh Puri a few months ago.

Indian nationals, 18 Nepalese fly out of Israel under ‘Operation Ajay’

A special flight carrying Indian nationals and 18 Nepalese citizens wanting to leave Israel amidst the Israel-Hamas conflict left for India on Tuesday as part of ‘Operation Ajay’.

In a post on X, External Affairs Minister S Jaishankar said, “Operation Ajay moves forward. 286 more passengers are coming back to India. Also carrying 18 Nepalese citizens.” The Indian Embassy in Israel said Operation Ajay continues with the fifth flight having taken off from Tel Aviv to Delhi.

“We sent 254 Nepalese citizens on the Nepal Airlines on October 12 and may look to arrange more flights to take them out,” she said.

Nepalese Deputy Chief of Mission in Israel Arjun Dhimire told PTI, “The two embassies (Indian and Nepalese) were in touch and always cooperate with each other. This time also, considering the limited flights, the Embassy of Nepal asked to accommodate its 18 citizens.” Nepal’s embassy in New Delhi is making arrangements to bring home the rescued citizens after they reach Delhi.

The special flights are part of Operation Ajay launched on October 12 to facilitate the return of those Indian nationals who wish to return home following the brazen attacks on Israeli towns by Hamas militants from Gaza on October 7.

The voluntary departure of Indian nationals was necessitated after armed Hamas militants based in the Gaza Strip launched an unprecedented attack on Israel by land, air, and sea on October 7.

Last week, four chartered flights from Tel Aviv came with a total of 906 passengers, including children.

Since the start of hostilities, as many as 2,778 Palestinians have been killed.

According to official Israeli sources, at least 1,400 Israelis and foreign nationals have been killed in Israel.