Asian shares are trading lower today after Wall Street wobbled overnight with markets bracing for key US inflation data on Wednesday.

The Nikkei is trading 0.9% higher while the Hang Seng index and Shanghai Composite is trading 0.2% lower.

Wall Street stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week.

The Nasdaq fell 1%, while the Dow Jones Industrial Average ended marginally lower.

Here's a table showing how US stocks performed on Tuesday:

Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

At present, the BSE Sensex is trading lower by 26 points. Meanwhile, the NSE Nifty is trading down by 9 points.

ITC and BPCL are among the top gainers today.

M&M and Adani Ports on the other hand are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading 0.7% lower and the BSE Small Cap index is trading lower by 0.3%.

Sectoral indices are trading mixed with stocks in the energy sector and oil & gas sector are witnessing buying. Meanwhile stocks in realty sector and banking sector witness selling pressure.

Shares of Ultratech Cement and Aurobindo Pharma hit their 52-week high today.

The rupee is trading at Rs 82.93 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 58,565 per 10 grams today.

Meanwhile, silver prices are trading marginally 0.5% lower at Rs 71,543 per 1 kg.
 

Bain Capital Sells Stake

Investment firm Bain Capital sold more than half its stake in non-banking financial company L&T Finance Holdings in two block deals, data from the BSE India exchange showed on Tuesday.

BC Asia Growth Investments and BC Investments Vi, units of US-based Bain, offloaded about 70 million shares for Rs 130 apiece, a marginal discount to L&T Finance's closing price on Monday.

Data from BSE India also showed that financial services firm BNP Paribas bought about 36.4 million shares in L&T Finance in a single block deal.

Shares of L&T Finance were down nearly 3% on Tuesday, the biggest drop in nearly three weeks. They were up about 45% so far this year.

There will be a 90-day lock-in period for Bain Capital from selling further stakes in L&T Finance after the block deal, Indian broadcaster CNBC-TV18 reported earlier in the day, citing sources.

In July, Bain Capital entered an agreement to acquire a 90% stake in billionaire Gautam Adani-owned Adani Capital and Adani Housing.

Cash-rich midcap stocks are particularly attractive due to their strong financial position, which can catalyze future expansion, acquisitions, and innovation. L&T Financial is one among them.

Vedanta To Consolidate Copper Assets

Vedanta is planning to transfer Zambia's Konkola Copper Mines, the country's largest integrated copper producer, from his group's holding company Vedanta Resources to listed Indian arm Vedanta.

The sale can create a fully integrated copper vertical and eventually, a successful global copper company, like Chile's Codelco and Mexico's Southern Copper.

At present, the promoter company is carrying out debt repayment and reduction and the proceeds from such a sale can help it meet its payment obligations.

In May, Vedanta Resources said it had repaid bonds worth US$ 1.4 billion (bn) due in May and June, reducing its gross debt to US$ 6.4 billion from US$ 7.8 bn at the end of March 2023.

There was no official statement from Vedanta Resources and Vedanta Ltd at the time of going to press. If considered, this would be Agarwal's second attempt at transferring assets between group entities in the current calendar year.

Vedanta shares tanked 12% in 5 days, hitting a 52-week low. 
 

Reliance Signs Lease Agreement

French luxury fashion house Christian Dior has leased two large units in Jio World Plaza, a yet-to-open luxury mall, part of Jio World Centre, in Mumbai's Bandra-Kurla Complex, signalling a push by the world's top luxury brands to lure wealthy Indian shoppers.

Christian Dior Trading India Pvt Ltd has signed a 9.5-year lease agreement with Reliance Industries to lease two units on the ground floor of the Plaza, paying a starting monthly rent of ?21,56,310 for a total chargeable area of 3,317 sq. ft, according to data accessed by FloorTap.com, a marketplace for commercial properties.

Christian Dior Trading India will pay a total security deposit of ?1.39 crore. Monthly rental is based on the minimum monthly guaranteed sum or net revenue share, whichever is higher.

To be sure, Christian Dior, which recently showcased its spectacular Fall 2023 collection at Mumbai's Gateway of India, sells its bags, luxury goods, and fragrances through two stores in the country, one each in Mumbai and Delhi.

The show signalled the LVMH-owned luxury brand's appetite to stoke demand in the world's most populous market, where upmarket Indians are increasingly showing a desire to own glitzy cars and designer clothing.

The transition from grey to green hydrogen is happening at a faster pace than expected. Find out which companies are contributing to this transition. Reliance Industries is one contributing to it.

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