Let's start with Asian equity markets, which saw a broad sell-off tracking losses on Wall street overnight as tech stocks sold off led by Nvidia plummetting 9% and disappointing US factory data stocked recession concerns.
Japan's Nikkei saw the deepest cuts and was down over 4%. Hong Kong's hang seng was down over a percent, while China's Shanghai Composite was down seven-tenths of a percent.Back home, Indian markets showed some resilience. After falling nearly 1% intraday, the sensex and nifty saw some recovery before closing about three-tenths of a percent lower, with the Nifty snapping its upward streak.
Wipro and Coal India were the top Nifty losers cracking 3% a piece, while Asian Paints and Grasim were the top gainers. Of the Nifty 50 stocks 18 advanced while 31 declined. Meanwhile, the rupee ended flat at 83.97 against the dollar.India's services sector activity growth touched a five-month high in August.
The HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 60.9 in August. The PMI reading has remained above the 50-mark, which separates expansion from contraction, for 35 consecutive months.
India’s services sector, one of the world’s fastest-growing, accounts for more than half of the country’s GDPIn other news, trouble mounts for SEBI chairperson Madhabi Puri Buch. In an unprecedented move, SEBI officials have raised concerns about a toxic work environment under the leadership of Buch. A letter by the officials dated August 6th, which has been reviewed by Economic Times, reportedly says and I quote - Shouting, scolding and public humiliation have become a norm in meetings. unquote. This letter, sent to the finance ministry, accuses the leadership of using harsh language, setting unrealistic goals and micromanaging their work. In response, SEBI has said that these concerns have been addressed.
The Drugs Controller General of India (DCGI) has granted its final approval to the country’s first eye drops which can help remove reading glasses. Developed by Mumbai-based Entod Pharmaceuticals, PresVu eye drops have been developed for presbyopia. As per News18, The eyedrops will be available in pharmacies from the first week of October. Priced at Rs 350, these prescription-based drops are indicated for individuals aged 40 to 55 years with mild to intermediate presbyopia.
Prime Minister Narendra Modi arrived in Singapore for his official two-day visit. This visit comes soon after Lawrence Wong became the new prime minister of Singapore. PM Modi will also meet business leaders and interact with those in the country's semiconductor ecosystem in an effort to build synergies in semiconductor ecosystems of Singapore and India.
Before we wrap up, for those who are health conscious, but like to indulge in the occasional McDonald's burger, there's some good news. The fast-food giant will soon introduce a multi-millet bun in its burger menu.
Announced during National Nutrition Week, the fast-food chain’s new bun incorporates five millets — bajra, ragi, jowar, proso, and kodo — sourced from different parts of IndiaWith that, it’s a wrap on this edition of the Business Hook News Wrap podcast.
We will be back tomorrow with more from the world of business and equities. You can also watch in-depth coverage of big business stories on the Business Hook YouTube channel.