Nifty set to open on a flat note amid weak global cues

The Indian equity benchmarks are set to open on a flat note as indicated by Nifty futures traded at Gift City in Gandhinagar. Gift Nifty futures fell 0.03 per cent or 6 points to 25,358 amid subdued global cues.

Most of the Asian markets were trading lower with Japan's Nikkei falling 0.31 per cent, Hong Kong's Hang Seng declining 0.6 per cent, China's Shanghai Composite falling 0.27 per cent and South Korea's KOSPI falling 0.12 per cent.

Australian shares fell in lacklustre trade on Tuesday, weighed down by mining and consumer staples stocks, while investors were cautious ahead of local economic data that could drive the country's monetary policy forward. The S&P/ASX 200 index fell 0.4 per cent to 8,078.5 by 6:40 am.

Back home, foreign institutional investors (FIIs) bought shares worth Rs 1,735 crore on Monday while domestic institutional investors bought shares worth Rs 356 crore, data from the National Stock Exchange showed.

Foreign investors bought shares worth Rs 7,322 crore in August, data from NSDL showed.

The NSE benchmark Nifty 50 index rose for 13th straight session on Monday logging in the longest spell of gains since inception.

Stocks to Watch

Lemon Tree Hotels: The company has signed a licensing agreement for an 80-room hotel in Gir.

Matrimony.com: The company will consider a buyback proposal on September 5.

IEX: The company's subsidiary has entered into an issuer agreement with the International Tracking Standard Foundation, authorizing it to issue international renewable energy certificates in India.

Shipping Corporation of India: The company’s arm has received government approval to establish a unit at GIFT SEZ in Gujarat.

ICICI Bank: The bank clarified that no salary or ESOPs were paid to Madhabi Puri Buch post-retirement, apart from retiral benefits, countering media reports.

Hindustan Aeronautics: The Cabinet Committee on Security has approved a major deal for 240 AL-31FP aero-engines for the Indian Air Force's Su-30 MKI aircraft, worth over Rs 26,000 crore, under the Buy (Indian) initiative.

Vedanta: The company has declared a third interim dividend of Rs 20 per share, amounting to a total payout of Rs 7,821 crore.

Kaynes Technology: The Cabinet has greenlit a new manufacturing plant with a daily capacity of 6.3 million chips, with a total project cost of Rs 3,300 crore.

NMDC: The company faces a Rs 1,620 crore penalty for alleged transport of iron ore without a Railway Transit Pass. August 2024 figures show a 10 per cent drop in total production to 3.07 MT and an 11.3 per cent decline in sales to 3.14 MT.

Welspun Corp: Its subsidiary, Welspun Pipes, has approved a $100 million investment to upgrade HFIW pipe manufacturing in the USA.

Maruti Suzuki: The company reported a 2 per cent year-over-year increase in August production, reaching 1.69 lakh units.

Hindustan Composites: The company will purchase 1,50,000 shares of Swiggy for Rs 5 crore.