Sensex gained 114 points while Nifty fell over 40 points on expiry day, reflecting divergent benchmark moves. Softer inflation supported sentiment, but elevated crude prices and geopolitical risks kept investors cautious, with Nifty remaining rangebound between key technical levels.
Tapestry has reported quarterly profits that surpass expectations despite a forecast of sluggish annual revenue growth. Kate Spade's sales fell by seven percent, in stark contrast to Coach, which saw a robust fourteen percent increase. Meanwhile, growth in North American revenue slowed to seven percent as consumer spending remained cautious. However, international sales in China and Europe showed impressive growth, although Tapestry's shares took a notable hit post-report.
SEBI has proposed revamping Accredited Investor rules by adding securities-market assets as an eligibility criterion, simplifying accreditation and expanding deemed eligibility. The changes could increase eligible investors to nearly 4 lakh and ease access to alternative investment products.
Bank of Baroda raised $700 million through three-year and five-year dollar bonds, marking its first overseas issue in over seven years. Strong investor demand helped tighten pricing, with proceeds aimed at leveraging RBI’s special swap window.
Birkenstock has raised its annual sales growth forecast after surpassing quarterly revenue expectations. The company's robust performance was largely driven by strong full-price demand for its premium sandals. Sales through the direct-to-consumer channel surged by fourteen percent, accounting for nearly thirty-nine percent of total revenue. The Asia-Pacific region led the way in growth, while EMEA and the Americas also enjoyed robust double-digit increases.
Cerebras Systems experienced a notable drop in its shares after falling short of key financial projections. Although its cloud revenue saw a remarkable increase, hardware sales faced a downturn, sparking concerns regarding the competitive edge of its AI chip sector. Analysts pointed out difficulties in scaling operations effectively to satisfy demand. Similarly, Cisco Systems' stock also took a hit due to an outlook that did not meet expectations.
Sebi is set to broaden the criteria for accredited investors, allowing individuals boasting securities assets of Rs 5 crore to qualify for participation. Additionally, body corporates with assets totaling Rs 20 crore will also be considered eligible. This strategic move is designed to encourage greater engagement in alternative investment funds. Interested parties are invited to submit their public comments by September 3.
Major Wall Street indexes opened higher on Thursday morning. Crude oil prices experienced a decline, boosting investor confidence. This development improved overall market risk appetite among traders. Investors also analyzed producer price inflation data which came in softer. The Dow Jones, S&P 500, and Nasdaq Composite all saw gains at the opening bell.
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