08/09/26, Copper Prices

Copper surged to its highest-ever price on the London Metal Exchange after a weeks-long rally fueled by anticipation that President Donald Trump will expand US tariffs to imports of refined metal.

Benchmark three-month futures on the LME gained as much as 0.8% to reach $14,533 a ton, beating the previous record set in January, before paring some of those advances.

Copper's 17% advance this year — and 47% over the past 12 months — has been underpinned by a long-term mismatch in supply and demand. The world's ageing fleet of big mines is struggling to keep pace with usage from data centers, renewable energy and power grids — a backdrop trumpeted by copper bulls for years.

But shorter-term factors have come to the fore — especially the hundreds of thousands of tons shipped to the US this year by traders seeking to profit from higher prices there. The market is still pricing in the possibility of tariffs on primary copper imports, some two months after the Department of Commerce was due to issue a report to the White House advising on whether the levies are necessary.

While total global stockpiles are relatively high, they're now heavily concentrated in the US, as metal in the LME's sprawling global network has dwindled. That's sapped short-term availability, put pressure on holders of short positions and helped send prices to a record even in a tepid environment for demand.

“This is driven more by the relocation of metal due to tariffs than by excess final demand,” said Cristián Cifuentes, senior analyst at Chilean copper industry think tank, Cesco. “It's a case of localized shortages rather than a global demand surplus.”

Monday's gains in London came despite subdued trading conditions, with the closure of US exchanges for the Labor Day holiday sapping risk appetite across financial markets.

The rally has also come despite growing macroeconomic and geopolitical headwinds, from the war in Iran to a surge in US borrowing costs that will heap pressure on capital-intensive manufacturing businesses globally. High prices themselves could also pose a threat to usage as buyers seek alternatives, but so far such demand-side pressures have done little to slow copper's ascent.

The record-breaking imports to the US have been fueled by a persistent premium for copper futures traded on New York's Comex. That's opened a huge arbitrage opportunity for traders since President Trump first formally proposed levies on copper in February last year.

The tariff trade has had a draining effect on global inventories, culminating in a major squeeze on the LME last month as the stockpiles that underpin trading in its copper contracts declined to critically low levels. While fresh deliveries have eased some of the strain, spot prices continue to trade at a steep premium to three-month futures on the LME, in a condition known as backwardation that signals demand is exceeding supply.

Higher copper prices have been a major boon for the world's biggest miners, which have long touted their desire to get more exposure to a metal that's heading for a long demand boom. Rio Tinto Group, BHP Group, Glencore Plc and Zijin Mining Group Co. all posted big profit increases in their latest earnings reports, helped by the performance of their copper units.

Still, several major miners have been beset by operational challenges this year. Data released Monday showed copper export revenue from top producer Chile sank to the lowest in more than a year in August. Unless the industry stages a second-half recovery, global mined supply will register its first annual decline since 2017.

The combination of strong demand growth and supply challenges “should bring about a tighter future market balance supporting higher prices,” wrote Michael Cuoco, head of metals at StoneX Financial Inc.

Source: Bloomberg

08/09/26, INDEX LEVELS

08/09/26, Share Market Strategy

The Nifty 50 fell half a percent on September 7, marking a negative start to the week. Bearish sentiment strengthened further as the index fell below the previous week's low, while the short-term moving averages remained below the 50- and 100-day EMAs, and momentum indicators weakened further. Hence, experts see a high possibility of the Nifty 50 breaking below 23,606 (July low) in the short term, followed by 23,500, which are the immediate key support levels. On the higher side, the 23,900–24,000 zone is likely to act as resistance.

Resistance based on pivot points: 23,860, 23,896, and 23,954

Support based on pivot points: 23,744, 23,708, and 23,650

Special Formation: The Nifty 50 formed a bearish candle on the daily chart, indicating weakness. The 10-, 20-, 50- and 100-day EMAs sloped downward, while the 10- and 20-day EMAs remained below the 50- and 100-day EMAs. The RSI fell to 34.72, while the MACD declined further and remained below both the zero line and the signal line, with the red histogram bars expanding. All these factors indicate that the underlying momentum remains weak and the bearish trend is strengthening.

Nifty Call Options Data

According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 2.11 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,800 strike (1.71 crore contracts) and 23,900 strike (1.69 crore contracts).

Maximum Call writing was observed at the 23,800 strike, which saw an addition of 1.51 crore contracts, followed by the 23,900 and 23,850 strikes, which added 1.19 crore and 1.07 crore contracts, respectively. There was hardly any Call unwinding seen in the 23,400-24,300 strike band.

Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 23,500 strike (with 1.1 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,600 strike (1 crore contracts) and the 23,700 strike (94.69 lakh contracts).

The maximum Put writing was placed at the 23,750 strike, which saw an addition of 29.65 lakh contracts, followed by the 23,650 and 23,450 strikes, which added 27.02 lakh and 18.46 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,900 strike, which shed 75.84 lakh contracts, followed by the 23,950 and 24,000 strikes, which shed 40.9 lakh and 26.49 lakh contracts, respectively.

Levels For  BankNifty (57,088)

Resistance based on pivot points: 57,335, 57,435, and 57,597

Support based on pivot points: 57,011, 56,911, and 56,749

Resistance based on Fibonacci retracement: 57,367, 57,684

Support based on Fibonacci retracement: 56,870, 56,493

Special Formation: The Bank Nifty formed a long red candle on the daily timeframe and slipped below its 50-day EMA, indicating mounting selling pressure. With this, the index is now trading below its short- and medium-term moving averages, signalling weakness in the near term. The RSI declined to 44.56, while the MACD remained below the zero line, with the red histogram bars expanding for the fifth consecutive session. All these factors indicate that the bearish momentum is strengthening and the near-term outlook remains weak.

Bank Nifty Call Options Data

According to the monthly options data, the 57,500 strike holds the maximum Call open interest, with 20.22 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 58,000 strike (13.58 lakh contracts) and the 57,000 strike (4.9 lakh contracts).

Maximum Call writing was observed at the 57,000 strike (with the addition of 1.88 lakh contracts), followed by the 57,200 strike (1.07 lakh contracts) and 57,500 strike (74,130 contracts). The maximum Call unwinding was seen at the 56,700 strike, which shed 58,680 contracts, followed by the 56,400 and 58,300 strikes, which shed 420 and 300 contracts, respectively.

Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was concentrated at the 57,500 strike (with 19.33 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 58,000 strike (9.56 lakh contracts) and the 57,000 strike (8.61 lakh contracts).

The maximum Put writing was placed at the 57,000 strike (which added 31,440 contracts), followed by the 57,100 strike (25,770 contracts) and 57,200 strike (18,240 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 90,150 contracts, followed by the 57,400 and 57,800 strikes which shed 57,570 and 52,650 contracts, respectively.

Report by Sunil Sankar Matkar 

Source: Network18 

07/09/26, Commodities & Currency

US Treasury yields move higher

US Treasury yields moved higher on Friday, with the 10-year yield rising over 2 basis points to 4.784%. The 2-year yield climbed more than 4 basis points to 4.377%, while the 30-year yield was little changed at 5.245%.

Crude oil

Crude Oil prices were trading higher in early Monday trade, with Brent crude up 0.29% at $96.56 a barrel, while US crude gained 0.53% to $91.97 a barrel.

Gold rate today 

In the latest trading session, COMEX gold fell 0.11% to 4,471.60.

The rate for 24-carat gold today is Rs 1,54,790 per 10 grams. The 24 kt gold rate today in Delhi is Rs 1,54,940 per 10 grams. The 18-carat gold price today in India is Rs 1,16,090. The 24-carat gold rate in Dubai today is Rs 1,53,040.

Silver rate today

In the latest trading session, COMEX silver up 0.17% to 66.86.

Silver prices in India stood at Rs 249.90 per gram, while the price was Rs 2,49,900 per kilogram.

FII, DII data

On September 4, Foreign institutional investors (FII) sold Rs 3,111.94 crore worth of Indian equities, turning net sellers during Friday’s session. Domestic Institutional Investors (DIIs), meanwhile, remained buyers and invested Rs 8,930.12 crore in the market, according to National Stock Exchange (NSE) data.

US dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.08% lower at 99.10. The index evaluates the strength or weakness of the US dollar in comparison to major currencies.

The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. On September 4, the Indian Rupee gained 2 paise to settle at 94.49 (provisional) against the US dollar, compared with the previous close

Written by Olivia Kunjumon 

Source: FinancialExpress

07/09/26, Markets Information

 

 Asian markets are trading higher today, 7/9/26, but GIFT Nifty is in the red signalling a cautious start for Indian equities. Crude oil prices remained elevated, with Brent above $96 a barrel. Here are the top global and domestic cues investors need to watch today.

Indian equity benchmarks ended Friday in positive territory. The Nifty 50 gained 24 points, or 0.10%, to close at 23,897.70, while the Sensex rose 362.57 points, or 0.48%, to 76,515.43.

Key global and domestic cues for 7/9/2026

Asian Markets

Asian markets started Monday on a positive note, with Japan’s Nikkei 225 gaining nearly 1% and the Topix rising 0.55%. South Korea saw stronger gains, as the Kospi climbed 3.09% and the Kosdaq advanced 1.33% at the open. Australia’s S&P/ASX 200 remained largely unchanged.

US markets

US stock markets will remain closed on Monday due to a public holiday, with regular trading set to resume on Tuesday.

US stocks ended lower on Friday. The Dow Jones Industrial Average fell 271.86 points, or 0.51%, to 53,414.25. The S&P 500 declined 0.38% to 7,718.60, while the Nasdaq Composite slipped 0.29% to 26,506.99.

written by Olivia Kunjumon

Source: FinancialExpress

07/09/26, INDEX LEVELS, PHYSICSWALLA

N I F T Y 50

P H Y S I C S W A L L A

06/09/26, STOCKS TO BUY

The domestic equity markets ended Friday session on positive note, snapping a four-day losing streak. The Nifty 50 closed 0.10% higher at 23,897.70, while the BSE Sensex gained 0.48% to end at 76,515.43.

Several leading brokerages, including Jefferies, Macquarie, JM Financial, JPMorgan, Morgan Stanley and Motilal Oswal, have issued fresh recommendations on key stocks. Based on their latest calls, we have shortlisted 10 stocks across sectors for investors to watch.

CLSA on PVR INOX

CLSA has retained its ‘Outperform’ rating on PVR INOX with a target price of Rs 2,135, implying around 78% upside from current levels. The brokerage’s view is based on improving cinema attendance, higher customer spending and the potential for better margins as operating leverage improves.

PVR INOX had a stronger first quarter, with admissions rising 8% year-on-year. Revenue from movie tickets increased 15%, while food and beverages (F&B) sales rose 13%. Reported Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) also grew 33%.

CLSA believes the rise in both attendance and per-customer spending points to improving demand. The brokerage called PVR INOX “a compelling play on discretionary consumption in India” and said multiplexes remain a key form of outdoor entertainment.

Margin improvement is another focus area. The company has been working to control utilities, manpower, rental and F&B costs, while improving its food offerings to encourage higher customer spending. CLSA expects these measures, along with better occupancy, to support a recovery in profitability.

CLSA  on ONGC

CLSA has assigned a ‘High-Conviction Outperform’ rating to ONGC with a target price of Rs 405, implying around 71% upside from current levels. 

The brokerage believes ONGC is already factoring in a Brent crude price below current levels, which could limit the downside even if supply from the Organisation of the Petroleum Exporting Countries (OPEC) increases.

Motilal Oswal on PhysicsWallah

Motilal Oswal has initiated coverage on PhysicsWallah (PW) with a ‘Buy’ rating and a Rs 200 target price, implying around 66% upside from current market levels. The brokerage expects the online business to remain the main growth driver, with revenue projected to grow at around 28% CAGR from FY26 to FY30. It said, “The online business is PW’s primary value driver.”

The brokerage also expects PhysicsWallah’s margins  to improve, with pre-Ind AS EBITDA margin rising from around 26% in FY26 to 30% by FY28. Its offline business, which has 353 centres, is expected to grow at around 20% CAGR through FY30.

Jefferies on Siemens Energy India

Jefferies’ Siemens Energy India target price stands at Rs 4,800. This implies around 48.5% upside. The brokerage expects the company to deliver 43% annualised earnings per share (EPS) growth through FY28, supported by operating leverage and rising power-sector capital expenditure in India.

The  June-quarter order book for Siemens Energy increased 16% year-on-year to Rs 19,100 crore, equivalent to around 2.5 times FY25 sales. Jefferies expects operating leverage to drive a 475-basis-point improvement in margins to 24% by FY28, as fixed costs decline as a share of revenue as the business expands.

Macquarie on Bharat Electronics

Macquarie has assigned an ‘Outperform’ rating to Bharat Electronics with a target price of Rs 550, indicating around 35% upside from current levels. This is the highest potential upside among the stocks in its India Industrials coverage. However, Bharat Electronics does not feature in Macquarie’s list of Indian companies supplying the specific bulk-power equipment categories to the US.

Jefferies on HDFC Bank, Axis Bank and SBI

Jefferies expects large banks to deliver around 13% profit CAGR, with valuations appearing more reasonable after their recent underperformance. Jefferies prefers HDFC Bank, Axis Bank and State Bank of India among large lenders.

Within the sector, Jefferies has set a target price of Rs 1,700 for Axis Bank, implying around 35% upside, while its HDFC Bank target of Rs 880 suggests 24% upside. For ICICI Bank, the brokerage has a Rs 1,750 target price, indicating around 22% upside.

Jefferies on Welspun Corp

Jefferies has given a ‘Buy’ rating on Welspun Corp with a Rs 3,250 target price, implying around 27% upside. The brokerage sees strong demand from the US energy infrastructure cycle, supported by rising liquefied natural gas (LNG) exports, data-centre power demand and higher gas production. 

It said, “US energy infrastructure is in a multi-year investment phase.” Welspun has around 30% share of the US market and is expanding its local manufacturing capacity.

Jefferies expects Welspun Corp to post 17% volume growth and around 32-33% annual compound growth in EBITDA and EPS between FY26-29.

Macquarie on CG Power and Industrial Solutions

Macquarie has given CG Power an ‘Outperform’ rating with a Rs 1,090 target price, indicating a potential 22% total shareholder return. The brokerage said management is assessing the economics of India Semiconductor Mission (ISM) 2.0 before deciding on further expansion of its semiconductor facilities. For now, the focus remains on scaling the existing operations, with the main plant already in production.

Macquarie sees scope for further expansion if the economics under the new semiconductor framework are favourable for CG Power. However, it flagged risks including weaker or delayed orders, a slowdown in artificial intelligence-related capital expenditure, higher commodity costs and rising competition that could pressure margins.

Jefferies on Allied Blenders

Jefferies has retained ‘Buy’ on Allied Blenders with a target price of Rs 780, implying around 28% upside from the current market price. According to the brokerage report, sustained growth in ICONiQ White, the revival of legacy brands and greater backward integration could support earnings in the coming years.

Jefferies expects margin improvement to become more visible from FY28, as backward integration and operating leverage start contributing. 

The brokerage noted, “After delivering ~650bps of EBITDA margin expansion over FY24-26 through premiumisation, refinancing and cost optimisation, Allied Blenders management expects further improvement from a richer product mix, continued premiumisation and the benefits of backward integration.”

Jefferies on Adani Energy, Torrent Power, JSW Energy and more

Jefferies continues to prefer the power sector, with rising electricity demand and fresh capacity additions expected to support earnings growth. The brokerage expects private-sector power generation to grow at around 9% CAGR between FY26 and FY30, compared with 4% for public-sector generation.

Among utilities, Adani Energy Solutions has the highest target-based upside of 49%, with a target price of Rs 2,060. Jefferies has set a Rs 1,780 target for Torrent Power, implying 46% upside, and a Rs 720 target for JSW Energy, suggesting 39% upside. Adani Green Energy has a target of Rs 1,695, implying 35% upside, while Adani Power has a Rs 270 target, pointing to 33% upside.

Report by Olivia Kunjumon 

Source: FinancialExpress

06/09/26, PostMarket REPORT

After investing in Indian equities for two consecutive months, foreign investors turned net sellers in the first week of September, pulling out Rs 7,443 crore as a rebound in crude oil prices, rising US bond yields, and a firm dollar dented risk appetite.

The outflow came after foreign portfolio investors (FPIs) infused Rs 30,919 crore in August and Rs 20,200 crore in July. Before that, they remained net sellers for four straight months from March to June.

With the latest withdrawal, total outflow by foreign portfolio investors from Indian equities has climbed to Rs 2.32 lakh crore so far in 2026, surpassing the Rs 1.66 lakh crore withdrawn in 2025.

Rajkumar Rathi, Chief Investment Officer at YES Securities, said the recent selling was driven by a rebound in crude oil prices, raising concerns over India's inflation and current account outlook.

"Further strengthening US bond yields and a firm dollar index have reduced foreign risk appetite for emerging markets," he said.

Rathi also pointed to India's premium equity valuations, particularly in growth sectors and the mid- and small-cap segments, as factors prompting foreign funds to book profits and rebalance portfolios.

However, he said foreign investor appetite for India's primary market has remained "structurally resilient".

Looking ahead, global bond yields are likely to remain a key driver of FPI flows, VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said.

Brent crude prices, evolving US-Iran geopolitical tensions and upcoming US inflation data ahead of the Federal Reserve's mid-September policy meeting will also influence foreign fund flows, said Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking.

Foreign investors also extended their selling to the debt market. They withdrew Rs 377 crore through the Fully Accessible Route (FAR) and Rs 231 crore through the Voluntary Retention Route (VRR), while investing Rs 217 crore through the general route.

PTI Report

Source: Dailyhunt

04/09/26, Excess Liquidity Concern

The Reserve Bank of India (RBI) met top lenders on Thursday to discuss liquidity management after measures to mobilise dollars led to larger-than-expected inflows, according to sources close to the development.

The meeting comes as surplus liquidity in the banking system has surged, pushing overnight borrowing costs significantly below the RBI’s policy rate.

At the meeting, lenders proposed using foreign exchange sell-buy swaps to gradually drain excess rupee liquidity from the banking system, Reuters reported, citing sources familiar with the discussions.

Buoyed by the RBI’s special foreign exchange swap windows that drew a much larger-than-expected $136.4 billion, the surplus in the banking system liquidity surged to a record Rs 9.70 lakh crore on Wednesday, surpassing the previous high of Rs 9.21 lakh crore recorded on September 5, 2021. Kotak Mahindra Bank expects durable liquidity to peak at around Rs 12 lakh crore in September, even after accounting for currency leakages, maturing forwards and CRR build-up.

The liquidity glut is already pulling short-term rates lower. The weighted average call rate fell six basis points to 4.96% on Thursday, slipping below 5% for the first time in five months, according to CCIL data. One-month certificate of deposit rates declined to 5.91%, their lowest in four months.

“Mopping up the surplus banking liquidity is a challenge,” Nomura said, adding that the RBI may need to use a combination of liquidity-absorption tools. These include variable rate reverse repo (VRRR) operations and cash management bills in the short term, and incremental cash reserve ratio (CRR), open market operations (OMOs), market stabilisation scheme (MSS) bonds and sell-buy swaps for more durable absorption.

Radhika Rao, senior economist and executive director at DBS Bank, said “concerted steps” would be required to drain the liquidity surge, listing a temporary CRR hike, OMOs, MSS, sell-buy swaps and shorter-tenor money-market operations among the options.

The RBI announced VRRR auctions totalling Rs 53.5 lakh crore between August 6 and September 2 to absorb excess liquidity.

A CRR hike, however, could be complicated because special FCNR(B) deposits were exempted from CRR and statutory liquidity ratio (SLR) requirements. Rao said such a move “could be viewed as effectively unwinding the RBI’s earlier decision to exclude these deposits from CRR and SLR requirements”. A uniform increase could also disadvantage smaller and mid-sized banks as FCNR-linked liquidity is unevenly distributed across lenders.

Analysts therefore expect the RBI to initially rely on shorter-term instruments. Kotak Mahindra Bank expects cash management bills, treasury bills and MSS to be used before more durable sterilisation measures are considered. Jefferies sees a lower probability of a CRR hike, saying the inflows should boost liquidity ahead of the festive season and “may help keep rates lower”.

For banks, abundant liquidity could support stronger loan growth. Motilal Oswal has raised its FY27 system credit growth estimate by around 150 basis points to 15.5-16%, saying the forex inflows should support balance-sheet expansion.

The benefit may not fully translate into margins, however. “NIMs are expected to be under pressure in the near term on account of limited spread on the overseas leveraged portion of FCNR(B) deposits,” Motilal Oswal said. Deployment of these deposits and an improving asset mix should nevertheless support faster balance-sheet growth and earnings.

Jefferies also said FCNR(B) funding carries lower net interest margins but remains “accretive to NII”, with better liquidity potentially benefiting NBFCs and smaller private banks.

The inflows are also expected to strengthen India’s external balance. Nomura estimates the surge in foreign currency mobilisation could lift the balance of payments surplus to around $66 billion in FY27, compared with a $23.6-billion deficit in FY26. Bank of Baroda expects a FY27 surplus of $65-75 billion.

However, the build-up in the RBI’s forward liabilities could constrain its ability to use the forex market to manage liquidity. Axis Bank estimates the central bank’s short forward position could rise above $220 billion from around $136 billion at end-June after accounting for the incremental inflows.

Rao also flagged the “bunched-up maturities” of the three- and five-year deposits. A portion of existing reserves could potentially be set aside against these liabilities to limit a sharp increase in dollar demand when the deposits mature.

Source: Financial Express

04/09/26, INDEX LEVELS

03/09/26, Forex News

The Indian rupee opened higher versus the US dollar on September 3, after a massive $127 billion mobilisation through foreign-currency non-resident bank deposits far exceeded market expectations, bolstering the central bank's capacity to support the currency.

The rupee opened higher by 67 paise at 94.30 per dollar, compared with Wednesday's close of 94.97.

According to Finrex, rupee will open at 94.38 this morning and remain in the range of 94.00 to 94.75 with upticks to be sold as RBI has got sufficient armour now to keep rupee well within a range.

Only when RBI buys dollar that we will get higher levels and we may see the buying coming in only at 93.50 or lower levels.

For the day sell all upticks while importers to buy dips for near term payments else they can hold their import positions for better levels.

Asian currencies were mostly stronger against the US dollar, with the Malaysian ringgit (+0.235%) and Thai baht (+0.118%) leading the gains. The Indonesian rupiah (-0.107%) was the only currency in the basket to weaken.

The dollar index, which measures the greenback against a basket of currencies, fell 0.05% to 99.54. The euro edged up 0.02% to $1.1589, while the yen strengthened 0.07% to 158.59 per dollar, following a 0.9% surge in the prior session

Source: Network18 

03/09/36, Share Market Today

Indian benchmark indices Sensex and Nifty are likely to open higher on Thursday, with GIFT Nifty pointing to a positive start after three consecutive sessions of losses. A rebound across Asian equities, overnight gains on Wall Street and a modest retreat in crude oil prices are providing support. However, Brent near $95 a barrel, elevated global bond yields and lingering US-Iran tensions could cap the recovery.

GIFT Nifty was trading at 24,090 around 7:50 am, up 125 points. Indian markets extended their decline for a third consecutive session on Wednesday as the sharp surge in crude oil prices amid escalating geopolitical tensions in West Asia weighed on sentiment. The Sensex fell 373.93 points, or 0.49 percent, to 76,570.35, while the Nifty declined 141.35 points, or 0.59 percent, to 23,914.45.

The global backdrop has improved somewhat on Thursday after US President Donald Trump played down the prospect of a prolonged conflict with Iran, helping Asian stocks recover and oil prices ease from elevated levels.

Asian markets rebound after Wednesday's selloff

Asian equities staged a relief rally on Thursday following the previous session's sharp decline, with investors also awaiting fresh US economic data and central bank commentary for clues on whether the Federal Reserve will tighten monetary policy this month.

Written by Shaleen Agrawal 

Source:Network18

03/09/26, INDEX LEVELS

02/09/26, Gold advanced as the dollar pushed lower, with traders assessing remarks from policymakers that shed light on the Federal Reserve's interest-rate path. Bullion rose as much as 1.6% as the dollar fell following a sharp increase in the Japanese yen. A weaker US currency tends to increase gold's appeal for foreign investors as it's priced in the greenback.

 Meanwhile, Federal Reserve Bank of New York President John Williams said there's evidence inflation continues to ease as the impact of tariffs fades while higher energy prices are not spreading to other services.

“The data recently has been encouraging,” Williams said Wednesday in an interview with CNBC. “I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror.”

The latest data showed US companies added jobs at a more moderate pace in August. Fed Chairman Kevin Warsh last week acknowledged some pockets of concern, but said the labor market overall is consistent with full employment.

Traders are now eyeing Friday's payrolls report, which is expected to show a 55,000 increase in total payrolls in August. That would mark a turnaround from July, when nonfarm employment fell 23,000.

Bullion had declined for three consecutive sessions as renewed hostilities in the Middle East and Warsh's hawkish speech fueled expectations that the US central bank may need to raise rates to contain inflation.

Spot gold climbed 0.95% to $4,369.94 an ounce at 12:54 p.m. in New York. Silver was 1.4% higher. Platinum and palladium also gained. The Bloomberg Dollar Spot Index, a gauge of the US currency, slid 0.21%.

Report by Bloomberg

02/09/26, BankNifty intraday chart for today

Expecting more continuous fall below 56600

02/09/26, Technical View on Market Momentum

Indian benchmark indices Sensex and Nifty are likely to open on a muted note on Wednesday, with GIFT Nifty pointing to a mildly negative start as a sharp rise in crude oil prices, elevated US Treasury yields and escalating US-Iran tensions trigger a risk-off move across global markets. Steep losses in Asian equities and an overnight decline on Wall Street could add to the pressure, although continued institutional buying at home may provide some cushion.

GIFT Nifty was trading at 24,027 around 8 am, down 24 points, or 0.1 percent. Indian equities ended marginally lower for a second consecutive session on Tuesday after volatile trade. The Sensex slipped 12.99 points, or 0.02 percent, to 76,944.28, while the Nifty fell 24.60 points, or 0.10 percent, to 24,055.80.

Nifty technical outlook

Ponmudi expects the Nifty to retain a cautious-to-weak bias, with 24,150-24,200 acting as immediate resistance. The 24,000 mark remains crucial support, with a sustained break below it potentially dragging the index towards 23,900-23,800.

Institutional flows offered a positive domestic cue in the previous session. Foreign institutional investors (FIIs) snapped a three-day selling streak and bought Indian equities worth Rs 1,143 crore on September 1. Domestic institutional investors (DIIs) also remained net buyers, purchasing equities worth Rs 1,846 crore during the session.

The external backdrop has deteriorated sharply since then, with Brent crude approaching $96 a barrel, the US 10-year Treasury yield nearing 4.8 percent, and geopolitical and interest-rate concerns resurfacing.

Asian markets tumble as risk-off trade deepens

Asian equities fell sharply on Wednesday as the global bond-market selloff and renewed US-Iran fighting weighed on risk appetite. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8 percent in early trade. South Korea's Kospi plunged 3 percent at the opening, while Japan's Nikkei 225 sank 2.2 percent.

S&P 500 e-mini futures were broadly flat after US equities extended their decline overnight.

The US 10-year Treasury yield edged higher to around 4.80 percent, as expectations of tighter US monetary policy strengthened. Fed funds futures are pricing in an implied 67 percent probability of a 25-basis-point rate increase at the US Federal Reserve's meeting in two weeks, according to Reuters.

Brent nears $96 as US-Iran conflict escalates

Crude oil has emerged as a major concern for Indian equities, with prices extending a sharp two-session surge as renewed military exchanges between the US and Iran raised fears of supply disruptions. Brent crude futures climbed 0.92 percent to $95.52 a barrel, while West Texas Intermediate rose 0.89 percent to $91.02 a barrel in early trade on Wednesday.

Both contracts had surged more than $4 on Tuesday as hopes faded for a quick easing of tensions in the Middle East. Ponmudi R, CEO of Enrich Money, said crude oil has become the key near-term risk for Indian equities, with WTI having risen more than 8 percent over the past two sessions following renewed US-Iran military tensions.

Wall Street slides as bond yields, crude rise

US equities extended their decline on Tuesday as the global bond selloff deepened, and crude oil prices surged. The Nasdaq Composite dropped 1.03 percent to 26,099.77, while the Dow Jones Industrial Average fell 0.79 percent to 52,766.93. The S&P 500 declined 0.71 percent to 7,631.47.

US manufacturing activity moderated in August amid slower new orders but remained in expansionary territory, according to data released by the Institute for Supply Management.

Ponmudi said the combination of rising crude prices and US Treasury yields approaching 4.8 percent creates a challenging environment for equities, with external macroeconomic and geopolitical risks likely to dominate near-term market direction.

Written by 

Source: Network18 

Disclaimer : we advise readers  to check with certified experts before taking any investment decisions

02/09/26, Index Levels

01/09/26, Gold Prices in India

Gold Rate Today in India

Today's gold price in India stands at ₹15,409 per gram for 24 karat gold (99.9% purity), ₹14,125 per gram for 22 karat gold (91.6% purity), and ₹11,557 per gram for 18 karat gold (75% purity).

Gold has long been considered a reliable hedge against inflation. Investors increasingly view it as an important investment option. Goodreturns provides gold prices in India for informational purposes only. These gold rates are updated daily and sourced from reputed jewellers across the country.

01/09/26, A newly constituted five-member bench of the National Company Law Tribunal on Tuesday stayed an order approving Zee Group founder Subhash Chandra‘s Rs 6.25-crore repayment plan

A newly constituted five-member bench of the National Company Law Tribunal on Tuesday stayed an order approving Zee Group founder Subhash Chandra‘s Rs 6.25-crore repayment plan against admitted creditor claims of over Rs 22,006 crore, as per ANI. The bench also barred him from selling or transferring his properties while the matter is heard afresh.

The order comes just a week after the tribunal had cleared the repayment proposal, a figure that drew sharp criticism from lenders given the scale of claims involved.

NCLT stays Subhash Chandra’s Rs 6.25-crore repayment plan 

The bench, headed by NCLT President Justice (retd) Anupinder Singh Grewal, issued notices to all parties, including Chandra, and sought their responses, as per PTI. It clarified that the August 25 order approving the plan cannot be given effect to for now, since no majority view had emerged among the members.

“Let notice be issued to all the parties,” the bench said, as per PTI. It added, “We also direct that the guarantor shall not alienate the properties, either directly or indirectly.”

Justice Grewal said the bench wanted to first understand the scope of the matter before proceeding further. “You can address your concerns, whatever they are. Then we will, around the next date, take up whatever questions have come up,” he told the parties present, PTI reported. 

Why NCLT formed a five-member bench to review Subhash Chandra’s insolvency case 

The case had earlier gone before a two-member division bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri, which delivered a split verdict on the repayment plan, as per an ANI report. It was then referred to a third member, Nilesh Sharma, who on August 25 gave an opinion favouring approval.

However, the original two members subsequently found that all three members had taken materially different positions, meaning no clear majority had actually emerged, as per ANI. This led to the constitution of the larger five-member bench to resolve the deadlock.

Chandra’s plan offers Rs 6.25 crore to creditors, along with Rs 25 lakh towards insolvency resolution process costs, as per ANI. Several lenders had objected to the proposal, questioning both the low recovery amount and the voting process, including the participation of entities they allege are linked to Chandra.

Why Subhash Chandra faces Rs 22,006 crore in creditor claims?

The insolvency proceedings against Chandra stem from personal guarantees he furnished for loans taken by companies linked to the Essel Group, as per the ANI report. Indiabulls Housing Finance, now Sammaan Capital, had moved against him in 2022 after a loan to Vivek Infracon turned bad. The plea was admitted in 2024, after which several other creditors joined the proceedings.

Chandra, for his part, has said the Rs 22,006-crore figure has been widely misread, as per PTI. He maintains it reflects claims arising from personal guarantees for Essel Group companies’ borrowings, not money he personally took on.

Zee Entertainment share price: Stock falls after NCLT order 

Zee Entertainment’s stock is trading at its intraday low post the judgement. The company’s share price has been down 4.33% in the past month and it has been further down 17.73% in the past year. 

Source:FinancialExpress

01/09/26, RAJRATAN GLOBAL WIRE:

Rajratan Global Wire 1-Year Share Price Chart

Source: screened.in

There is a piece of steel wire inside every tyre that most people have probably never heard of. It is called bead wire, and its job is rather important: it holds the tyre to the rim and helps transfer the load of the vehicle from the rim to the road.

Rajratan Global Wire has spent the better part of 37 years doing little else. The company moved from steel trading into bead wire in 1989 and today supplies some of the world’s largest tyre makers, including Bridgestone, Michelin, Goodyear, Continental, Yokohama, MRF, CEAT, Apollo Tyres and JK Tyre.

That makes Rajratan an unusual kind of industrial company. It sells a product that is a small part of the cost of a tyre, but a failure can have very large consequences. And once a tyre maker has approved a supplier, changing that supplier is not as simple as asking another company to quote a lower price.

The interesting question now is what Rajratan does with that position. After spending decades becoming difficult to replace, the company is adding capacity, pushing exports, expanding in Thailand and Chennai and making its first meaningful move beyond bead wire.

The real business is not wire. It is getting approved

This is where Rajratan gets interesting. A bead wire supplier has to go through qualification before a tyre manufacturer can start using its product, and Rajratan says the process can involve multi-year qualification cycles. Changing suppliers can also mean requalifying individual tyre products.             

So, unlike a straightforward commodity business, the customer cannot necessarily switch suppliers every time somebody offers a slightly cheaper product. The wire has to consistently meet very narrow specifications, and the supplier has to be trusted over millions of metres of production

Written by Sourya Agarwal

Source: Financial Express