KEY HIGHLIGHTS
Closing Bell: Another Rangebound Day
Indian equity markets ended lower after trading in a narrow range for most parts of the trading day.
The S&P BSE Sensex ended 0.14% lower at 38,365 while the NSE Nifty 50 ended 0.33% lower at 11,317.
Bharat Petroleum was the top gainer on the 50-stock index, ending with gains of 2.7%. Only 13 out of the 50 Nifty constituents ended the session with gains. Monday's top gainer Bharti Infratel was today's top laggard, ending 8.1% lower.
All sectoral indices barring I.T. ended with losses. The technology index ended with gains of 1% and was the only sectoral gainer.
Metals and Media stocks were the top laggards in today's session with their respective indices ending with declines of over 3% each. Other sectoral indices like Pharma, PSU Bank and Realty fell between 1.5%-2%.
Broader markets underperformed in today's session. The midcap index fell 1.6% while the smallcap index declined 1.1% at the close of trade.
The India Volatility Index rose 4% courtesy a surge in the final minutes of trade to end at 22.87.
Market breadth was adverse with the broader markets underperforming. 1,251 stocks on the NSE ended with losses while 560 posted gains.
How Did The Sectoral Indices Fare
The Key To Generating Consistent Returns
Brokerage Reaction: L&T Infotech
Shares of the company are bucking the trend and gaining in today's session after Ambit Capital initiated coverage on the stock with a buy rating.
Ambit Capital's Rationale:
- Strong leadership team with experience of handling scale
- Best digital capabilities within tier-2
- Focused execution across client mining, large deals, must-have logos
- Strict operational control
- Medium-term consolidation with Mindtree would create an entity half the size of Tech Mahindra
- Expect industry leading revenue/EPS CAGR of 10%/15% over FY20-23E to continue
- Current valuations, though a tad punchy, can sustain on superior performance and best-in-class RoIC
Shares gained as much as 4.1% to Rs 2,508, snapping a two-day losing streak.
Earnings Reaction: Jindal Stainless Q1FY21
- Revenue down 58% to Rs 1,376 crore
- Net loss of Rs 124 crore from net profit of Rs 47.6 crore
- Ebitda down 79% to Rs 64 crore
- Ebitda margin at 4.7% from 9.2%
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- Domestic stainless steel industry was no exception to the slowdown caused by Covid-19.
- Agile business planning and a global outreach, we were able to revive our exports in May-June
- Exports managed to offset the adverse impact of a depressed domestic market
- Share of exports in total sales in Q1 was 33% as compared to 20% year-on-year
Shares fell as much as 4.4% to Rs 44.5, post the announcement. The stock is down for the fourth straight day.
Media Index Is The Top Sectoral Laggard
Active Stock Options
- TCS' 2,400 Call: Premium up 25.2% to Rs 46. The contract has added 21,600 shares in Open Interest.
- Reliance Industries' 2,200 Call: Premium up 15.8% to Rs 39.6. The contract has added 5.4 lakh shares in Open Interest.
- Infosys' 950 Call: Premium up 32% to Rs 20.8. The contract has shed 2.4 lakh shares in Open Interest.
Buzzing Stock: Astrazeneca Pharma
- Among the worst performers on the Nifty 500 index
- Declines as much as 8.8% to Rs 4,150
- Biggest single-day decline in over three months
- Snaps four-day gaining streak
- Has declined only twice in the last 12 trading sessions
- Despite today's correction, the stock is up 27% in the last 12 trading sessions
- Today's volumes are more than 19 times higher than its 20-day average
- Stock still remains in overbought territory with Relative Strength Index (RSI) at72
- The stock has gained over 100% this year
Earnings Reaction: CESC Q1FY21
- Revenue down 33% to Rs 1,585 crore
- Net profit down 38% to Rs 134 crore
- Ebitda down 48% to Rs 228 crore
- Ebitda margin at 14.4% from 18.7%
- Regulatory income nearly triples year-on-year to Rs 145 crore
- Cost of electricity purchased down 29% to Rs 626 crore
- Cost of fuel down 27% to Rs 333 crore
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 2.7% to Rs 625, post the announcement. The stock has snapped a three-day losing streak.
Markets At 2:10 P.M.
- Benchmark indices hold on to gains
- Nifty up 0.4% at 11,402
- Sensex up 0.56% at 38,633
- Nifty Bank unchanged at 22,936
- Nifty Midcap index down 0.5%
- Nifty Smallcap index unchanged
- India Volatility Index down 0.7% to 21.85
- Nifty Metal and Nifty Media are the top sectoral laggards; down over 1% each
- Nifty I.T. remains the top sectoral gainer; up 2.3%
- Nifty Pharma, Nifty PSU Bank decline 0.5% each
- BPCL remains the top Nifty gainer; up 4.2%
- Bharti Infratel remains the top Nifty laggard; down 7%
- 788 stocks on the NSE trade with gains while 988 decline
Money Market Update
The rupee ended lower for the second straight session, declining to its lowest level in nearly two weeks.
The currency ended at 73.60 against the U.S. Dollar as compared to Monday's close of 73.34.
The currency has ended as the worst performer in Asia for the second day in a row.
Yield on the 10-year government bond ended at 6.056% as compared to Monday's close of 5.994%.
Brokerage Reaction: Crompton Greaves Consumer Electricals
Shares of the consumer electrical products maker are gaining in today's trade after brokerage firm Jefferies initiated coverage on the stock with a buy rating.
Jefferies’ Rationale:
- Market share in key categories has improved
- Festive season can be near-term demand catalyst in India
- Focused business strategy, sturdy balance sheet and return ratios
- Expect FY21 to be weak due to Covid-19 disruption
- See sales/PAT CAGR of 13%/22% over FY21-23E
- Key Risks: Extended demand slowdown, raw material volatility and pricing pressure
- Upside scenario price target: Rs 500
- Downside scenario price target: Rs 150
Jefferies has a price target of Rs 340 on the stock. Shares recovered from the day's low to gain as much as 1.3% to Rs 264.25.
Buzzing Stock: V-Mart Retail
- Top gainer on the Nifty 500 index
- Gains as much as 12.8% to Rs 2,010
- Biggest single-day gain in seven months
- Snaps two-day losing streak
- Today's volumes are nearly quadruple its 20-day average
- Sees a breakout above 50, 100 and 200-Day Moving Averages at 1,846, 1,765 and 1,804 respectively
- Has gaind 68% from its 52-week low of Rs 1,200 on March 25, 2020 but remains 21% lower than its 52-week high of Rs 2,545 on February 24, 2020
- 9 out of the 16 analysts tracking the stock have a buy recommendation; two sell calls
- The stock trades 1% higher than its 12-month consensus price target of Rs 1,935.4
F&O Snapshot: Active Options Contracts
- Nifty September futures add 8.8% and 9.5 lakh shares in Open Interest.
- Nifty Bank September futures add 23.2% and 3.1 lakh shares in Open Interest.
Nifty: September 10 Expiry
- 11,400 Call: Premium up 30.5% to Rs 84. The contract has added 6.8 lakh shares in Open Interest.
- 11,500 Call: Premium up 15.7% to Rs 34.1. The contract has added 8.6 lakh shares in Open Interest.
- 11,300 Put: Premium down 40.1% to Rs 39.9. The contract has added 17.9 lakh shares in Open Interest.
Nifty Bank: September 10 Expiry
- 23,000 Call: Premium down 14.4% to Rs 255.3. The contract has added 2.42 lakh shares in Open Interest.
- 23,500 Call: Premium down 33% to Rs 82.1. The contract has added 2.9 lakh shares in Open Interest.
- 22,500 Put: Premium down 34.5% to Rs 100. The contract has added 2.83 lakh shares in Open Interest.
Stock Reaction: Shree Pushkar Chemicals & Fertilisers
Shares of the dyes and dyes intermediates manufacturer are trading with gains in today's session after the company's promoter increased stake in the company on Monday.
Promoter Gautam Gopikishan Makharia acquired 1.98 lakh shares of the company or 0.64% stake in a large trade at Rs 104.18 per share.
Shares have snapped a three-day losing streak to be locked in an upper circuit of 5% at Rs 109.35. The stock has gained only thrice in the last 12 trading sessions.
European Markets Open Mixed
Benchmark indices opened mixed in Europe after a big surge on Monday.
The Stoxx 600 has opened 0.2% lower with technology and travel stocks leading the decline. Insurance stocks were outperforming.
Asian markets have ended with gains while futures on the Dow Jones are trading higher by 250 points.
Brent crude trades 0.4% lower at $41.88 while Gold is little changed at $1,930.22/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 little changed at 3,317
- DAX up 0.13% at 13,119
- CAC unchanged at 5,055
- FTSE 100 up 0.5% at 5,965
- IBEX 35 up 0.1% at 7,085
How Are The Sectoral Indices Faring
Buzzing Stock: Astral Poly Technik
- Trades at a life-time high
- Gains as much as 6.1% to Rs 1,314.7
- Up for the second straight day
- Has gained in four out of the last five trading sessions
- Up 17% in the last five trading sessions
- Today's volumes are almost triple its 20-day average
- Stock nearing overbought territory with Relative Strength Index (RSI) at 69
- Has gained 76% from its 52-week low of Rs 745.6 on March 23, 2020
- 11 out of the 23 analysts tracking the stock have a buy recommendation; six sell calls
- The stock trades 22.2% higher than its 12-month consensus price target of Rs 1,001, implying a negative return potential
Fourth Day Of Losses For The Metal Index
Stock Reaction: Future Lifestyle Fashions
The company in an exchange filing on Monday said that it has re-opened 95% of its stores.
Brand Factory, Central and aLL stores saw 1 million customers walk-in during the month of August.
Sales of Central grew 33% in August as compared to July, the company said. Sales of Brand Factory rose 50% while those of the plus size retail fashion chain aLL more than doubled its sales in August as compared to July.
The increase in sales was driven by the company's flagship brands like Lee Cooper, Indigo Nation, Scullers and Jealous 21, the statement said.
Shares remain locked in a lower circuit of 5% at Rs 114.65.
Markets At Noon
- Benchmark indices at the day's high
- Nifty up 0.6% at 11,422
- Sensex up 0.7% at 38,684
- Nifty Bank unchanged at 22,961
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.5%
- India Volatility Index down 1.55% to 21.67
- Nifty I.T. remains the top sectoral gainer; up 1.6%
- Nifty Auto reverses losses to gain 0.3%
- Nifty Media and Nifty Metal down 0.5% each
- BPCL remains the top Nifty gainer; up 3.2%
- Bharti Infratel extends losses as the top Nifty laggard; down 5.7%
- 883 stocks on the NSE trade with gains while 856 trade with losses
Earnings Reaction: Parag Milk Foods Q1FY21
- Revenue down 31% to Rs 435.6 crore
- Net profit down 88% to Rs 3.2 crore
- Ebitda down 48% to Rs 29.8 crore
- Ebitda margin at 6.8% from 9%
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- Demand from hotels, restaurants, offices shrunk due to the lockdown.
- Rise in household consumption partly compensated for lack of outdoor demand
- Core consumer product categories like ghee,cheese, paneer saw pent-up demand
- Temporary disruptions in supply chain, decline in sale of commodities resulted in decline in volumes which impacted gross margin
- Share of Milk Products as part of total revenue stood at 74% in Q1
- Sales volume for consumer products like ghee, cheese have picked-up gradually and expect coming months to be better than Q1
- Milk prices likely to be less volatile owing to good monsoons.
Shares fell as much as 5% to Rs 102.2, the lowest level in nearly a month.
Stock Reaction: BASF India
The company has informed the exchanges that the Karnataka Appellate Tribunal, through an order on September 2 has granted a stay on the recovery of demand aggregating to Rs 85.5 crore for the period of 2012-13.
The company has received demand notices from the commercial tax department of the government of Karnataka, aggregating to Rs 666.94 crore for the periods 2006-2007 and 2015-2016 by treating stock transfers of the company's Mangalore plant as interstate sales to dealers.
"The company does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter," the statement said.
Shares gave up gains to fall as much as 1.4% to Rs 1,457 before recovering. The stock currently fluctuates between gains and losses.
Silver Lake Invests In Byju's
Private equity player Silver Lake has led a $500 million fund round for Byju's that s the Indian online education platform at around $10.8 billion, a person familiar with the matter told Bloomberg News.
The source also said that existing backers like Tiger Global, General Atlantic and Owl Ventures also took part in the latest funding round.
Bloomberg News had earlier reported that Byju's is close to getting $400 million from Yuri Milner's DST Global, although the funding is yet to be finalised. The start-up remains in negotiations over several other rounds of Funding.
Byju's in the year ended March 2020 had doubled its revenue to Rs 2,800 crore and was profitable as well.
Buzzing Stock: AU Small Finance Bank
- Top gainer on the Nifty Midcap index
- Gains as much as 6% to Rs 690
- Biggest single-day gain in over seven months
- Snaps three-day losing streak
- Today's volumes are quadruple its 20-day average
- The stock broke below its 200 and 50-Day Moving Average of 724 and 691 over the last six trading sessions. It again tested its 50-Day Moving Average in today's session.
- The stock has gained 88% from its 52-week low of Rs 366 on May 27, 2020. However, it still trades 44% below its 52-week high of Rs 1,218 on March 2, 2020
- 10 out of the 24 analysts tracking the stock have a buy recommendation; 8 sell calls
- Return potential of the stock as per Bloomberg data is 10.2%
Stock Reaction: Surya Roshni
The company has informed the exchanges that it has won orders worth Rs 287.4 crore from Indian Oil Corporation and Bharat Gas Resources.
The order pertains to LPG gas pipelines and City Gas Distribution for supply of API Grade pipes.
The order from Indian Oil has to be executed within a period of 10 months and is worth Rs 152.3 crore while that from Bharat Gas has to be executed within a period of 12 months and is worth Rs 135.1 crore.
Shares rose as much as 6.6% to Rs 177. The stock has snapped a two-day losing streak.
Stock Reaction: Wipro
The I.T. major informed the exchanges that it has won a multi-year global automotive software engineering contract from Marelli.
As part of the agreement, Wipro will leverage its Engineering NXT framework to establish a software engineering factory for Marelli. It wil also help improve Marelli's operating efficiency and expedite the launch of cutting-edge technologies, according to its exchange filing.
"This partnership is proof point of the we bring to the automotive industry and builds upon our growing footprint in Europe and Japan which are strategic markets for us," Harmeet Chauhan of Wipro was quoted as saying.
Brokerage firm Citi in a note released today has referred to Wipro as a 'tactical buy' and raised its price target to Rs 315 from Rs 260.
Shares gained as much as 2.4% to Rs 285.4 and are trading at the highest level since June 2019.
Nifty I.T. Is The Top Sectoral Gainer
Stock Update: Motherson Sumi
The fund raising committee of the Board of Directors approved the issue of rated, un-secured, listed, redeemable Non-Convertible Debentures (NCDs) at a board meeting held today.
The NCDs will aggregate to Rs 1,500 crore which may be increased to Rs 3,000 crore if the greenshoe option to retain the oversubscription is exercised, the company said in an exchange filing.
This will be done on a private placement basis in one or more tranches to certain eligible investors, the company said.
Shares are currently little changed after falling as much as 1.5% to Rs 112.35, post the announcement.
Buzzing Stock: Dixon Technologies
- Trades at a record high
- Second best performer on the Nifty 500 index
- Gains as much as 9.6% to Rs 9,777
- Biggest single-day gain in five months
- Up for the sixth straight day
- Has gained 20% in the last six trading sessions
- Today's volumes are more than quadruple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 79
- Has now gained over 300% from its 52-week low of Rs 2,430 on September 17, 2019
- 12 out of the 17 analysts tracking the stock have a buy recommendation
- The stock trades 22.5% higher than its 12-month consensus price target of Rs 7,443, implying a negative return potential
Stock Reaction: Amber Enterprises
The company's Board of Directors approved the launch of a QIP on Wednesday in order to raise funds.
The floor price of the QIP was set at Rs 1,798.2 per share, which was a 2.1% discount to Monday's closing price.
The company may offer a discount of not more than 5% on the Floor price, as per the SEBI guidelines.
Shares gained as much as 2.9% to trade at an all-time high of Rs 1,890. The stock is up for the third straight day.
Market At 10:10 A.M.
- Benchmark indices trade little changed
- Nifty up 0.2% at 11,380
- Sensex up 0.3% at 38,535
- Nifty Bank down 0.2% at 22,902
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.3%
- India Volatility Index flat at 22
- Nifty I.T. is the top sectoral gainer; up 1.3%
- Nifty Pharma is the only other sectoral gainer; up 0.4%
- All other sectoral indices trade flat with a negative bias
- BPCL is the top Nifty gainer; up 2.1%
- Bharti Infratel is the top Nifty laggard; down 3.5%
- 878 stocks on the NSE trade with gains while 782 decline
Money Market Update
The rupee has opened lower for the second straight day after ending as the worst performing currency in Asia on Monday.
The currency opened at 73.63 against the U.S. Dollar as compared to Monday's close of 73.35.
Strength in the Chinese Yuan, weakness in the U.S. Dollar and inflows will keep the currency supported, according to CR Forex.
Yield on the 10-year government bond opened at 6.02% as compared to Monday's close of 5.994%.
Cogencis reported Monday that the government's market borrowing may exceed the Rs 12 lakh crore mark.
DCB Bank believes that the market is testing the Reserve Bank's resolve to keep yields low.
Earnings Reaction: Info Edge India Q1FY21
- Revenue down 10.5% to Rs 280.1 crore
- Net profit up 24.7% to Rs 83.2 crore
- Ebitda up 3.5% to Rs 104.6 crore
- Ebitda margin at 37.3% from 32.3%
- Billing down 44% to Rs 188.6 crore
- Exceptional loss of Rs 8.2 crore in the base quarter
- Lower advertising costs and other expenses aid margins
- Recruitment solutions revenue down 8.8% to Rs 200.2 crore
- 99acres revenue down 25% to Rs 42.5 crore
- All numbers are standalone and compared on a year-on-year basis
Brokerage firm Axis Capital has maintained its Add rating on the stock and raised its price target to Rs 3,570 from Rs 3,115. Axis Captial sees further upside on the stock led by reduction in cash burn for new ventures led by Zomato.
Shares gained as much as 4% to Rs 3,424, post the announcement. The stock has snapped a three-day losing streak.
Coronavirus India Update
- Lowest single-day cases reported in a week
- India reports 75.809 cases in the last 24 hours
- Total confirmed cases now at 42,80,422
- Active cases now at 8,83,697
- Patients cured / discharged / migrated at 33,23,950
- Death toll rises to 72,775
- 1,133 deaths reported in the last 24 hours
- 73,521 patients recovered in the last 24 hours
- Biggest single-day recovery of patients
Stock Reaction: Ashoka Buildcon
The construction company has informed the exchanges that it has emerged as the L-1 bidder for projects of the National Highway Authority of India (NHAI).
The first project involves four laning of the Arrah to Pararia section of NH-319 in the state of Bihar under the Bharatmala Pariyojana. The 54 km project will be completed in an EPC mode.
The second is for four laning of the Pararia to Mohania section of NH-319 in the state of Bihar. The 60 km project will also be completed under the EPC mode.
The aggregate of both the projects is Rs 1,390 crore, the company said in an exchange filing.
Shares gained as much as 5.2% to Rs 71.7, post the announcement.
Stock Reaction: Bharat Dynamics
Shares of the state-run defence company are declining at the start of trade. The company in an exchange notification on Monday said that the government intends to sell 10% stake in the company or close to 1.8 crore shares through an Offer for Sale.
The government will also have an option to sell an additional 5% stake or close to 90 lakh shares in the OFS.
The floor price of Rs 330 per share is a 14.2% discount to Monday's closing price. The government looks to fetch Rs 900 crore from the OFS.
On complete sale of the 15% stake, the government shareholding in the company would come down to 72.75% from the previous 87.75%.
The OFS for non-retail investors is open while that for retail investors will open tomorrow.
Shares fell as much as 13.1% - the most on record to Rs 334.1. The stock is down for the third straight day and trading at a two-month low.
Opening Bell: A Sedate Start
Indian equity markets have opened flat, with its peers across Asia trading with gains and in the absence of directional cues from Wall Street.
Both the S&P BSE Sensex and the NSE Nifty 50 index opened 0.2% higher at levels of 38,498 and 11,378 respectively.
Most sectoral indices have opened flat but with a positive bias. The Nifty I.T. index has opened 0.7% higher while Auto, Media, Metal, Pharma and Realty indices are gaining between 0.2-0.3% each.
Broader markets too have opened flat. The midcap index has opened 0.2% higher while the smallcap index has commenced trading with gains of 0.3%.
Latest On The Coronavirus
- Global cases cross 27.2 million
- Death toll rises to 8.91 lakh
- France reports 4,000 new cases on Monday
- 136 new cases confirmed in South Korea. Overall cases remain below 200 for the sixth straight day
- Singapore has barred 13,000 workers who have not undergone testing yet
- Turkey reports 1,703 new cases - the highest since Mid-May
- Spain reports 2,440 new cases as compared to 4,503 on September 4
- European Union nearing Vaccine-Supply deal with BioNTech
- 2,948 cases reported in the U.K. on Monday
How Did The Fund Flows Fare On Monday
Key Stocks In Focus
- Dr Reddy's: Announces the launch of Fulvestrant Injection 250 mg/5ml per single-dose syringe, a therapeutic equivalent generic version of Faslodex injection, approved by the U.S. FDA. The Faslodex brand and generic market had U.S. sales of approximately $407 million for the 12-months ending June 2020 as per the IQVIA.
- Amber Enterprises: Launches QIP issue on Monday. Floor price of Rs 1,798.72 per share is a 2.1% discount to Monday's closing price. As per SEBI regulations, the company may offer a discount of not more than 5% on the floor price. The panel will meet on or after September 10 to decide on the closure of the QIP and the price for sale.
- Bharat Dynamics: The government proposes to sell up to 10% stake or 1.83 crore shares through an Offer for Sale. It also has the option to sell an additional 5% stake or 91.6 lakh shares. The floor price of Rs 330 per share is a 14.2% discount to Monday's close. The government looks to raise up to Rs 907.2 crore from the OFS. On full subscription, the government's stake in the company comes down to 72.75% from the previous 87.75%. The OFS opens for non-retail investors today and for retail investors on September 9.
- ITI: Signs MoU with Ilantus Technologies to deliver solutions to government agencies, defence, PSUs and the banking sector. The company has also received a Letter of Intent from Bharti Airtel for fibre-to-home rollout in eight circles across the country. The work involves laying of optical fibre backbone for providing broadband connectivity throughout the country. The time period to execute the order would be three months.
- EIH: Board approved raising Rs 350 crore via rights issue. Promoters intend to fully subscribe to their rights entitlement and have reserved their right to subscribe to any additional equity shares, amongst themselves, in the event of under-subscription of the said issue.
- Future Lifestyle Fashions: As on date, 95% of the company's stores have re-opened. Sales of Central in August rose 33% compared to July. Brand Factory sales rose 50% compared to July. Plus size fashion retail chain aLL saw sales double in August, as compared to July. Sales were driven by flagship brands like Lee Cooper, Indigo Nation, Scullers and Jealous 21.
- Happiest Minds Technologies: IPO subscribed 2.87 times on Day 1. Institutional subscription at 0.08 times which doesn’t include anchor portion. Non-institutional investor subscription at 0.62 times. Retail subscription at 14.61 times.
- Non-Nifty Earnings Today: CESC, Dishman Carbogen Amcis, Future Consumer, Jindal Stainless, SML Isuzu.
For more details on earnings reported after market hours, key brokerage updates, F&O cues and more, click here.
Your Trade Setup For The Day
Another Choppy Day Ahead?
India's benchmarks ended flat on Monday as a 250-point recovery in the Nifty Bank offset the pain during a choppy trade. Futures are indicating a flat start to trade yet again.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.2% to 11,401 as of 8:10 a.m. on Tuesday.
The street will watch out for stocks like Motherson Sumi, Texmaco Rail, Bharat Dynamics as their promoters intend to raise funds through various methods. Info Edge and Parag Milk Foods may react to quarterly earnings reported late Monday, while CESC, Dishman Carbogen, Future Consumer, Jindal Stainless and SML Isuzu are set to announce results today.
Most Asian markets are trading with gains, taking cues from an overnight rise in Europe as markets in the U.S. were shut due to a holiday.
Benchmarks are advancing in South Korea, Australia and Hong Kong, while Chinese stocks are fluctuating. Futures on the Dow Jones are higher by 220 points.
West Texas Intermediate crude fell 1.6% to $39.14 per barrel after Saudi Arabia said fuel consumption is wavering in key markets.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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