KEY HIGHLIGHTS
Closing Bell: Pressing The Pause Button
Indian equity markets took a breather after a five-day rally that saw the benchmark indices gain between 550 to 2,000 points.
The S&P BSE Sensex ended 0.16% lower at 37,871 while the NSE Nifty 50 index ended 0.27% lower at 11,132. Benchmark indices staged a recovery after hitting the day's low towards the closing minutes of trade.
Gains on the Nifty 50 were led by Axis Bank which reacted positively to its first quarter earnings, ending with gains of 6.7%. Hero MotoCorp, BPCL and Hindustan Unilever were the top laggards on the index, each of them ending over 3% lower.
Most sectoral indices were lower in today's session. The Media index and the Nifty Bank ended with gains of 0.5% while the Auto, I.T. and realty index ended with losses of over 1%. The PSU Bank index underperformed, ending with losses of 1.6%.
Broader markets too remained flat in today's session with the midcap and smallcap indices ending little changed.
The Volatility Index too cooled off from the day's high, ending 1.1% higher at 24.71.
Market breadth ended in favour of the laggards. 1,032 stocks on the NSE ended with losses while 802 stocks posted gains.
How Did The Sectoral Indices Fare Today
Allottment of JK Paper's NCDs
- HDFC Bank participates for 2000 NCDs worth Rs 10 lakh each, aggregating to Rs 200 crore.
- Axis Liquid Fund participated for 500 NCDs worth Rs 10 lakh each, worth Rs 50 crore
- Board had approved allotting NCDs worth up to Rs 250 crore on a private placement basis during its board meeting on June 17.
Shares are trading 1.65% lower at Rs 1,495.
Stock Reaction: Nocil
The company's shareholding pattern for the June quarter indicated that investor Ashish Kacholia's shareholding in the company has either fallen below 2 lakh shares or he has exited the company.
He held 2.85% stake in the company as on the quarter ended March.
Another investor Dolly Khanna reduced her stake in the company to 1.5% from the earlier 1.72% in the March quarter, as reported to the exchanges.
Shares are at the day's high, gaining as much as 4.9% to Rs 110.3.
Buzzing Stock: VIP Industries
- Top performer on the Nifty Smallcap index
- Gains as much as 7.1% to Rs 304.8
- Trades at the highest level in four months
- Up for the second straight day
- Has gained in six out of the last seven trading sessions
- Up 20% in the last seven trading sessions
- Today's volumes are five times above its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 79
- Has gained 61% from its 52-week low of Rs 187 on March 24, 2020
- Nine out of the 11 analysts tracking the stock have a buy recommendation
- The stock trades 11% above its 12-month consensus price target of Rs 266.3, implying a negative return potential
Active Stock Options
- Axis Bank's 500 Call: Premium up 7% to Rs 6.3. The contract has shed 4.9 lakh shares in Open Interest.
- Bajaj Finance's 3,500 Call: Premium down 38.4% to Rs 43.5. The contract has added 1.2 lakh shares in Open Interest.
- Hindustan Unilever's 2,300 Call: Premium down 64.3% to Rs 25.5. The contract has added 4.1 lakh shares in Open Interest.
Auto Index Extends Losses
Markets At 2:30 P.M.
- Benchmark indices fall to the day's low
- Nifty down 0.5% at 11,107
- Sensex down 0.4% at 37,767
- Nifty Bank unchanged at 22,783
- Nifty Midcap Index down 0.1%
- Nifty Smallcap Index down 0.2%
- India Volatility Index up 5% to 25.61
- All sectoral indices give up gains
- Nifty Auto, I.T. and PSU Bank indices fall over 1.5% each
- Nifty FMCG and Realty down 1% each
- Axis Bank remains the top Nifty gainer; up 6.1%
- Hero MotoCorp is the top Nifty laggard; down 3.7%
- 1,079 stocks on the NSE decline while 719 trade with gains
Earnings Reaction: JSPL Q1FY21
- Revenue down 7% to Rs 9,278 crore
- Net profit at Rs 183.1 crore from Rs 9.4 crore
- Ebitda up 10% to Rs 2,383.2 crore
- Ebitda margin at 25.7% from 21.8%
- Iron and Steel segment revenue down 6% to Rs 7,864 crore
- Power segment revenue down 22% to Rs 1,551 crore
- Reduced net debt by approximately Rs 1,324 crore on a constant currency basis
- To issue further securities for an amount not exceeding Rs 5,000 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares ended 3.3% lower at Rs 172.65, snapping a two-day gaining streak.
Earnings Reaction: Alembic Pharma Q1FY21
- Revenue up 41% to Rs 1,341.3 crore
- Net profit more than doubles to Rs 293.2 crore
- Ebitda up 81% to Rs 407.4 crore
- Ebitda margin at 23.7% from 30.4%
- R&D Expenses flat at Rs 142.6 crore
- International formulations revenue up 70% to Rs 771 crore
- U.S. generics up 73% to Rs 596 crore
- India formulations business declines 6% to Rs 306 crore
- API business revenue up 54% to Rs 264 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares gave up gains of as much as 5% to end little changed at Rs 999.
Money Market Update
The rupee ended little changed in today's session, after opening higher for the fourth straight day.
The currency ended at 74.76 against the U.S. Dollar as compared to Tuesday's close of 74.74. It had made an intraday high of 74.57, which was also the opening level of the day.
Seven other currencies in Asia managed to outperform the rupee in today's session.
Yield on the 10-year government bond ended at 5.814% as compared to Tuesday's close of 5.833%.
Earnings Reaction: TV18 Broadcast Q1FY21
- Revenue down 35% to Rs 775.9 crore
- Net profit down 95% to Rs 94 lakh
- Ebitda down 43% to Rs 44.3 crore
- Ebitda margin at 5.7% from 6.5%
- All numbers are consolidated and compared on a year-on-year basis
Shares are off the day's high, trading 1% lower at Rs 47.2. The stock was up 5% before the earnings announcement.
Earnings Reaction: Dhanuka Agritech Q1FY21
- Revenue up 71% to Rs 373.8 crore
- Net profit up nearly four times to Rs 51.8 crore
- Ebitda more than triples to Rs 65.22 crore
- Ebitda margin at 17.4% from 9.1%
- All numbers are standalone and compared on a year-on-year basis
- Board approves buyback of equity shares worth Rs 100 crore
- Buyback price of Rs 1,000 per share is a 22% premium to Tuesday's closing price
- To buyback 14.27% of total paid-up equity share capital
- Promoters and promoter group to participate in the buyback
- Emkay Global Financial Services appointed manager to the buyback
Shares ended 8.9% higher at Rs 894. The stock has gained in six out of the last seven trading sessions and is at the highest level since June 2017.
India's Chief Economic Adviser On India's Banking Sector
Stock Reaction: Unichem Laboratories
The drugmaker informed the exchanges that it has received ANDA approval from the U.S. FDA for its Amiodarone Tablets.
It will market a generic version of CORDARONE tablets of Wyeth Pharma, the company said in an exchange filing.
The drug is used in the treatment of documented, life-threatening recurrent ventricular fibrillation in adults who have not responded to adequate doses of other available antiarrhythmics or when alternative agents cannot be tolerated.
The drug will be commercialised from the company's unit in Ghaziabad.
Shares are little changed after gaining as much as 1.8% to Rs 214.3. The stock has had a three-day winning streak until Tuesday.
European Markets Take A Pause
Benchmark indices in Europe are consolidating in early trade, snapping a three-day gaining streak.
The Stoxx 600 index has opened 0.5% lower. However, it remains on course for the longest streak of weekly gains this year. Media and healthcare are the top laggards in today's trade while construction and banking stocks are outperforming.
Most Asian markets have ended lower while futures on the Dow Jones are trading 50 points higher.
Brent Crude is little changed at $44.29 per barrel while Gold trades 1% higher at $1,859.7/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 down 0.4% at 3,392
- DAX down 0.1% at 13,155
- CAC down 0.4% at 5,082
- FTSE 100 down 0.3% at 6,248
- IBEX 35 down 0.5% at 7,459
Earnings Reaction: IndiaMART InterMESH
- Revenue up 3.9% to Rs 153.1 crore
- Net profit up 2.3 times to Rs 74.1 crore
- Ebitda doubles to Rs 73.3 crore
- Ebitda margin at 24.6% from 23.3%
- Lower employee costs and other expenses aid margins
- Collections from customer down 44% to Rs 94 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares are off the day's high, trading with gains of 4.3%. The stock had gained as much as 13.9% in early trade and is up for the third straight day.
How Are The Sectoral Indices Faring
Stock Reaction: CSB Bank Q1FY21 Business Update
- Total deposits up 7.5% to Rs 16,338 crore
- CASA Deposits up 11.8% to Rs 4,606.6 crore
- Term Deposits up 5.8% to Rs 11,184 crore
- Gross Advances up 4.9% to Rs 11,559 crore
- Advances against gold and gold jewellery up 28.3% to Rs 3,843.5 crore
- Liquidity Coverage Ratio at 230% as on June 30, 2020
Shares are off the day's high after gaining as much as 6.2% to Rs 192.8.
Earnings Reaction: Bajaj Auto Q1FY21
- Revenue down 60% to Rs 3,079.2 crore from Rs 7,755.8 crore
- Net profit down 53% to Rs 528 crore from Rs 1,125.6 crore
- Ebitda down 66% to Rs 408.6 crore from Rs 1,198.1 crore
- Ebitda margin at 13.3% from 15.4%
- Overall share in domestic motorcycle market at 20.7% from 18.5% in FY20
- Domestic market of commercial vehicles severely impacted due to the pandemic.
- Sold over 1.1 lakh units in the mileage segment.
- Sold over 69,000 units in the sports segment.
- Sales in the domestic motorcycle market was nil for the month of April and impacted for a large part of May.
- June witnessed a decent recovery and performance was better than industry: Management
- All numbers are standalone and compared on a year-on-year basis
Shares ended 0.8% lower at Rs 2,981.
Markets At Noon
- Benchmark indices fluctuate between gains and losses
- Nifty unchanged at 11,160
- Sensex unchanged at 37,915
- Nifty Bank up 0.4% at 22,865
- Nifty Midcap index up 0.4%
- Nifty Smallcap index up 0.5%
- India Volatility Index up 1.2% at 24.71
- Nifty Media index is the top sectoral gainer; up 2.1%
- Nifty PSU Bank remains top sectoral laggard; down 1.2%
- Nifty Metal index up 1.5%
- Axis Bank is the top Nifty gainer; up 5.3%
- Hindustan Unilever is the top Nifty laggard; down 2.5%
- 888 stocks on the NSE trade with gains while 838 decline
Network18 Stocks Gain Ahead Of Q1 Results
Buzzing Stock: Muthoot Finance
- Trades at an all-time high
- Gains as much as 5.2% to Rs 1,295
- Up for the fifth straight day
- Longest winning streak in a month
- Has gained 20% in the last 5 trading sessions
- Today's volumes are nearly double of its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 77
- Has nearly tripled from its 52-week low of Rs 476.8 on March 24, 2020
- 11 out of the 14 analysts tracking the stock have a buy recommendation
- The stock trades 7.5% above its 12-month consensus price target of Rs 1,194.6, implying a negative return potential.
Earnings Reaction: Mahindra CIE Automotive
- Revenue down 66% to Rs 735.4 crore
- Net loss of Rs 128.6 crore from net profit of Rs 126.2 crore
- Ebitda loss of Rs 96.4 crore from Ebitda gain of Rs 261.4 crore
- India business revenue down 72% to Rs 268.4 crore
- European business revenue down 60% to Rs 470.4 crore
- Higher finance costs, lower revenue impacts operational performance
- All numbers are consolidated and compared on a year-on-year basis
- Sales drop below break-even point due to Covid-19 impact
- April and May heavily affected by the lockdown. Negative Ebitda generated mainly during that period.
- Restructuring actions launched to reduce break-even levels.
- Customer demand for the following months is improving.
F&O Snapshot: Active Options Contracts
- Nifty July futures add 5.5% and 5.8 lakh shares in Open Interest.
- Nifty Bank July futures add 22% and 3.4 lakh shares in Open Interest.
Nifty: July 23 Expiry
- 11,200 Call: Premium down 33% to Rs 38.3. The contract has added 11.2 lakh shares in Open Interest.
- 11,100 Put: Premium down 4% to Rs 45.4. The contract has added 11.4 lakh shares in Open Interest.
- 11,000 Put: Premium down 23% to Rs 20.2. The contract has added 11.5 lakh shares in Open Interest.
Nifty Bank: July 23 Expiry
- 23,000 Call: Premium down 14.6% to Rs 172. The contract has added 3.15 lakh shares in Open Interest.
- 22,500 Put: Premium down 24.4% to Rs 114.7. The contract has added 4 lakh shares in Open Interest.
- 23,500 Call: Premium down 37.7% to Rs 38.7. The contract has added 3.7 lakh shares in Open Interest.
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges of its guidance for the Alloy Wheels business for FY21. It expects the business to see a revenue growth of 300% in FY21, according to its exchange filing.
The Alloy Wheels plant in Mehsana has a long-term order book of Rs 4,000 crore.
The company said that it is confident of crossing 1 million alloy wheels sales during the year, resulting in total revenue of over Rs 325 crore, based on the current market scenario and available orders.
Shares are fluctuating between gains and losses, currently trading little changed at Rs 439.55 per share.
Earnings Reaction: IIFL Finance
- Net Interest Income rose 1.8% to Rs 555.8 crore
- Net profit fell 81.9% to Rs 31.6 crore
- Impairment of financial instruments at Rs 162.1 crore from reversal of impairment at Rs 104.3 crore
- Net profit before Covid-19 related provisions and other exceptional items up 26% to Rs 228 crore
- Loan AUMs up 10% to Rs 38,335 crore
- Loans under moratorium fall to 31% as of June-end from 60% as of May-end
- RoE and RoA during the quarter at 19.5% and 2.7% respectively
- Average borrowing costs for the quarter fell 10 basis points sequentially to 9.3%
- Gross NPA at 1.95% and Net NPA at 0.86%
- Capital Adequacy Ratio at 19.3%
- Gold Loan AUMs up 44% to Rs 9,490 crore
- Microfinance loan AUM up 37% to Rs 3,222 crore
Shares gained as much as 8.6% to Rs 79.1. The stock is now trading at the highest level in a month.
Stock Reaction: Dishman Carbogen Amcis & Edelweiss
Veteran Investor Rakesh Jhunjhunwala along with his wife Rekha, cumulatively purchased 3.18% stake in the company, according to its June quarter shareholding pattern, reported to the exchanges on Tuesday.
The couple bought 1.59% stake or 50 lakh shares each, according to the data in the shareholding pattern.
Shares of the company gained as much as 4.8% to Rs 187.9 and are rising for the 10th straight day - its longest winning streak in three months. The stock is trading at the highest level since September 2019.
Rakesh Jhunjhunwala also increased his stake in Edelweiss Financial Services to 1.19% from 1.04% as per its June quarter shareholding pattern.
Shares of Edelweiss gained as much as 4.9% to Rs 74.4 and are up for the sixth straight day. The stock is trading at a four-month high.
Hindustan Zinc Leads Gains On The Metals Index
Earnings Reaction: Polycab India
- Revenue down 50% to Rs 976.6 crore
- Net profit down 12.6% to Rs 117.6 crore
- Ebitda down 74.3% to Rs 57.5 crore
- Ebitda margin at 5.9% from 11.5%
- Income tax reversal of Rs 86 crore this quarter
- Wires and cables revenue down 51% to Rs 793.4
- FMEG segment revenue down 40% to Rs 137.7 crore
- Advertising expenses down 92% to Rs 3.2 crore
- Domestic distribution channel sales, housing wires business saw traction with strong double digit growth
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 5.8% to Rs 800, snapping a three-day losing streak.
Markets At 10:20 A.M.
- Benchmark indices give up early gains; trade with losses
- Nifty down 0.2% at 11,142
- Sensex down 0.2% at 37,853
- Nifty Bank down 0.2% at 22,746
- Nifty Midcap index little changed
- Nifty Smallcap index down 0.1%
- India Volatility Index up 1.3% to 24.75
- Nifty Metal is the top sectoral gainer; up 1.6%
- Nifty Pharma is the other sectoral gainer; up 1.3%
- Nifty PSU Bank is the top sectoral laggard; down 1.6%
- Nifty Auto is the other sectoral laggard; down 1%
- Vedanta is the top Nifty gainer; up 4.3%
- Hindustan Unilever is the top Nifty laggard; down 2.4%
- 721 stocks on the NSE trade with gains while 927 decline
Government Forms Panel To Pick External Members To MPC
The government has formed a panel, headed by the country's cabinet secretary to pick three new members for the Monetary Policy Committee, Bloomberg News reports citing people with knowledge of the matter.
The selection panel includes RBI Governor Shaktikanta Das and Economic Affairs Secretary Tarun Bajaj, according to sources. They will be joined by three experts in the field of economics, or banking, finance or monetary policy.
The term of the current MPC's three external members - Chetan Ghate, Pami Dua and Ravindra Dholakia is set to end next month.
A spokesperson from the Ministry of Finance couldn't be immediately reached for a comment on this story.
Money Market Update
The currency has opened higher for the fourth straight day today, matching its longest winning streak in a month.
The rupee opened at 74.57 against the U.S. Dollar as compared to Tuesday's close of 74.74.
CR Forex Advisors believes that there could be further sharp downward movement in the currency if it breaks past the 74.5 mark.
Yield on the 10-year government bond opened at 5.828% as compared to Tuesday's close of 5.833%.
Within the bond markets today, focus will be on treasury bill auctions.
The government plans to sell 91-day, 182-day and 364-day treasury bills today, aggregating to Rs 35,000 crore.
Buzzing Stock: Aurobindo Pharma
- Top performer on the Nifty Pharma index
- Gains as much as 4.9% to Rs 839.3
- Biggest single-day gain in two months
- Snaps four-day losing streak
- Today's volumes are nearly triple its 20-day average
- Trading at 15.2 times estimated forward earnings per share as compared to two-year historical average of 12.4 times
- The stock has nearly tripled from its 52-week low of Rs 288.8 on March 23, 2020
- 29 out of the 34 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 2.2%
Coronavirus India Updates
- India reports 37,724 new cases in the last 24 hours
- Total confirmed cases now at 11,92,915
- Active cases now at 4,11,133
- Number of patients cured / discharged / migrated at 7,53,050
- Death toll rises to 28,732
- 648 deaths reported in the last 24 hours
- 28,472 patients recovered in the last 24 hours
Earnings Reaction: Hindustan Unilever
The FMCG major reported a 4.4% growth in its net sales, mainly aided by the nutrition business post the acquisition of GSK Consumer.
Operational performance was flat while net profit rose 7.2% as compared to the same quarter last year.
The company's home care and personal care business saw declines in revenue as well as margins during the quarter.
Foods and Refreshments business saw revenue rising 51.7% while margins expanded to 19.7% from 19.4%.
-8% is underlying volume growth which excludes the impact of nutrition business (GSK acquisition)HUL’s Response To BloombergQuint’s Query On Volumes
CLSA has downgraded the stock to outperform from buy citing its recent run-up, adding that business recovery in the coming quarters is critical for valuations to sustain.
Shares fell as much as 2.8% to Rs 2,253 and are down for the third straight day. The stock is also the top laggard on the Nifty 50 index.
Earnings Reaction: Axis Bank
The Mumbai-based private lender reported a 20% rise in its Net Interest Income as compared to the same period last year.
Net profit for the bank declined 19% owing to higher provisions, which stood at Rs 4,416 crore as compared to Rs 3,815 crore in the previous quarter.
Asset quality saw a marginal improvement with Gross NPAs at 4.72% from 4.86% while Net NPAs fell to 1.23% from 1.56%.
The bank has made additional provisions worth Rs 733 crore in the current quarter to combat the effects of Covid-19.
In its earnings call, the lender stated that 9% of the total book is under moratorium.
Brokerage firms CLSA and Macquarie have maintained their buy and outperform rating on the stock respectively. CLSA has raised its price target to Rs 600 from the earlier Rs 580, citing undemanding valuations.
Shares of the bank gained as much as 8.43% - the biggest single-day gain in two months to Rs 483.8. The stock now trades at the highest level in three months.
Opening Bell: Sixth Day Of Gains
Indian equity markets opened higher for the sixth straight day, despite mixed to flat cues from global markets.
The S&P BSE Sensex opened 0.65% higher at 38,178 while the NSE Nifty 50 index opened above the 11,200 mark at 11,231, up 0.62%.
The Sensex is adding to the 1,900 points it has gained over the last five trading sessions, while the Nifty has gained 550 points over the last five sessions.
All sectoral indices have opened with gains. The Nifty Bank index is up 1.6% while the media index has gained 1%. Other indices trade with modest gains.
Broader markets remain subdued. The midcap index has opened 0.2% higher while the smallcap index has gained 0.6%.
Market breadth is in favour of the gainers at the start of trade. 981 stocks on the NSE have opened with gains while 435 have declined.
Latest On The Coronavirus
- Global cases cross 14.8 million
- Death toll rises to 6.13 lakh
- EU regulator says first vaccine may be approved this year
- CDC finds U.S. infections far exceed reported cases
- Total cases in Tokyo cross the 10,000 mark
- U.S. President Donald Trump warned that the crisis may probably worsen before improving
- Victoria in Australia adds 484 new cases, the worst day of infections
- 63 new cases reported in South Korea, most in two weeks
- 6,859 new cases reported in Mexico with 915 deaths in last 24 hours
- Texas reports second deadliest day with 131 fatalities
Top Reads On Bloombergquint.com
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Axis Bank: Net Interest Income up 20% while net profit declines 19% from last year. Provisions rise to Rs 4,416 crore from Rs 3,815 crore. Gross NPA at 4.72% from 4.86% last quarter. Provisions for Covid-19 this quarter at 733 crore. Moratorium amount at 9% of book as on June 30.
- Hindustan Unilever: Net sales rose 4.4% in the current quarter while Ebitda was flat. Home care and personal care revenue declined. On volume growth, the management responded to BloombergQuint's query saying underlying volume growth was a negative 8% which excludes the impact of nutrition business (GSK acquisition).
- Bajaj Finserv: Revenue up 15.6% while net profit rises 43.8% on account of higher tax reversals. Additional loan provisions at Rs 1,450 crore for Covid-19. Gross Written Premium for General Insurance Business down 19% while that for life insurance business down 7% from last year.
- Reliance Industries: To now consider first quarter results on July 30 instead of the earlier planned date of July 24.
- Dishman Carbogen Amcis: Rakesh and Rekha Jhunjhunwala buy 1.59% stake each, as per the company's shareholding Pattern for the June quarter. Both investors purchased 50 lakh shares each.
- Edelweiss Financial Services: Rakesh Jhunjhunwala increases stake in the company to 1.19% in the June quarter as compared to 1.04% last quarter.
- BEML: Gets order from the government for the supply of 1,512 tanks at an approximate cost of Rs 557 crore.
- Zee Entertainment: IDBI Trusteeship Services acquired 43.48 lakh shares or 0.45% stake in the company through invocation of pledge.
- CSB Bank: Total deposits in the June quarter up 7.5% to Rs 16,338 crore. Advances against gold and gold jewellery up 28.3% to Rs 3,843.5 crore. Liquidity Coverage Ratio at 230% as on June 30. This is as per the lender's first quarter business update.
- Nifty Earnings Today: Bajaj Auto, Larsen & Toubro
- Non-Nifty Earnings Today: JSPL, Alembic Pharma, Dhanuka Agri, Heidelberg Cement, ICICI Securities, Music Broadcast, Network18, Rallis India, TV18 Broadcast
For all that you need to know going into today’s trade, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Tuesday
- Benchmark indices gain for third day
- S&P 500 ended with gains of 0.2% at a four-month high
- Nasdaq ends 1.1% lower dragged by tech stocks; the index has surged 25% this year
- Bloomberg Dollar spot index declined 0.7%
- Euro rose to the highest in 2019
- Yield on the 10-year treasuries slipped to 0.6%
- West Texas Intermediate crude rose 2.8% to $41.96 per barrel. The commodity trades lower today.
Get your daily fix of the global markets here.
Will Markets Take A Breather?
Good Morning!
Indian equity markets gained for the fifth straight session on Tuesday, led by banking and auto stocks.
While global cues are mixed, focus will be on a slew of large- and mid-cap earnings.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, remained flat at 11,179 as of 8:00 a.m. on Wednesday.
The street will watch out for earnings reported by the Nifty 50 companies like Hindustan Unilever Ltd., Axis Bank Ltd. and Bajaj Finserv Ltd., along with broader market stocks like Polycab India, IIFL Finance and IndiaMART InterMESH after market hours on Tuesday
Bajaj Auto Ltd. and Larsen & Toubro Ltd. are scheduled to report their June-quarter numbers on Wednesday.
Asian markets are mixed at the start of trade. The U.S. dollar has extended losses, while gold has surged past the $1,850/Oz mark.
Markets in Japan are little changed, edged higher in South Korea and are declining in Australia and Hong Kong.
Treasuries are steady, while West Texas Intermediate crude fell 1% to $41.54 per barrel after a surge in the U.S. crude inventories.
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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