KEY HIGHLIGHTS
Closing Bell: A Strong Rebound
Indian equity markets snapped a two-day losing streak, ending the weekly options expiry session with strong gains, courtesy Reliance Industries Ltd.
The S&P BSE Sensex ended 1.7% higher at 38,840 while the NSE Nifty 50 index ended 1.55% or over 170 points higher at 11,449. Both Sensex and the Nifty saw their biggest single-day gain in over a month.
Gains were primarily led by Reliance Industries, which ended as the top gainer on the Nifty, ending with gains of 7.3%. This was the biggest single-day gain for the stock in nearly five months. The stock contributed 118 points to the total gains on the Nifty index.
The Nifty Bank had a volatile day but managed to snap a five-day losing streak, ending with gains of 0.9%. The PSU Bank index was the top sectoral gainer, ending 2.5% higher and snapping an eight-day losing streak, which was the longest since December 2015.
The Metal index was the top sectoral laggard, ending with losses of over 1%, led by declines in Hindalco and Tata Steel.
Broader markets too finished with gains in today's session. The midcap index gained 1.2% while the smallcap index gained 1.6%.
The India Volatility Index ended 4.3% lower at 21.27.
1,286 stocks on the NSE ended with gains while 528 stocks posted losses.
How Did The Sectoral Indices Fare
Stock Reaction: Hindustan Oil Exploration Company
Hardy Exploration & Production has withdrawn the petition filed under section 9 of the arbitration act, which asked the company to refrain from selling/transferring/encumbering its assets, the company's said in a filing.
The Gujarat High Court had passed this order as an ad-interim (ex-parte) order in August.
The order now stands vacated after Hardy Exploration withdrew the petition.
Shares gained as much as 9.7% - the most in two weeks to Rs 75.85.
Buzzing Stock: CreditAccess Grameen
- Among top gainers on the Nifty 500 Index
- Gains as much as 8.6% to Rs 709
- Biggest Single-day gain since October 2018
- Snaps three-day losing streak
- Today's volumes are 18% below its 20-day average
- Continues to sustain above its 200-Day Moving Average of 626
- Remains 30% lower from its 52-week high of Rs 1,000 on February 20, 2020
- All 11 analysts tracking the stock have a buy recommendation
- The stock trades at its 12-month consensus price target level of Rs 707.4
Coal India Looks To Revive Underground Mines
Coal India Ltd. has identified 12 underground mines so far for revival, the state-run miner told Bloomberg in an emailed statement.
The 12 underground mines have combined reserves of 1.06 billion tonnes of coal, the statement said.
Work at these mines was halted due to lack of technology at the time to extract deep-seated reserves in an economically viable manner.
The company in its statement went on to say that advancement in mining technology has made it possible to operate these mines now.
Coal India will conduct a feasibility study of the mines and then seek bids for development and operations.
Shares are off the day's low and are currently trading flat at Rs 126.75, which is the lowest level in nearly two months.
Buzzing Stock: Alembic
- Trades at an all-time high
- Gains as much as 12.1% to Rs 114.7
- Biggest single-day gain in three months
- Has gained in seven out of the last nine trading sessions
- Up 35% in the last nine trading sessions
- Today's volumes are more than triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 73
- Has rebounded from its support at 50-Day Moving Average at 85.7, seven sessions ago
- Has gained nearly five times from its 52-week low of Rs 24.8 on March 24, 2020
- The stock has gained over 177.1% this year
CRISIL Revises FY21 GDP Forecast
Buzzing Stock: Bank of India
- Top gainer on the Nifty Midcap index
- Top gainer on the Nifty PSU Bank index
- Gains as much as 7.8% to Rs 48.85
- Biggest single day gain in three months
- Snaps seven-day losing streak
- The seven-day losing streak was the longest in six months
- Today's volumes are 54% below its 20-day average
- Trades near its 50-Day Moving Average of 48.4
- Has gained more than 50% from its 52-week low of Rs 30.4 on March 13, 2020, but remains 38% lower than its 52-week high of Rs 79.8 on November 28, 2019
- 1 out of the 12 analysts tracking the stock has a buy recommendation; 10 sell calls
- The stock trades 22.9% higher than its 12-month consensus price target of Rs 37.5, implying a negative return potential
Metal Index Is The Top Sectoral Laggard
Buzzing Stocks: Indian Oil & HPCL
Indian Oil:
- Gains as much as 3.9% to Rs 83.7
- Biggest single-day gain in over a month
- Has gained only thrice in the last 14 trading sessions
- Gains on volumes that are 31% higher than its 20-day average
- Heading towards its 100-Day Moving Average of 84.8
- 30 out of the 38 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 40.2%
HPCL:
- Gains as much as 4.4% to Rs 202.2
- Has gained in three out of the last four trading sessions
- Gains on volumes that are 56% higher than its 20-day average
- 34 out of the 40 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 38.3%
Markets At 2:10 P.M.
- Benchmark indices hold on to gains
- Nifty up 1% at 11,392
- Sensex up 1.2% at 38,657
- Nifty Bank off day's high; up 0.4% at 22,352
- Nifty Midcap index up 0.6%
- Nifty Smallcap index up 1.3%
- India Volatility Index down 3.7% to 21.41
- Nifty PSU Bank is the top sectoral gainer; up 1.8%
- Nifty Media is the other sectoral gainer; up 1.5%
- Nifty Metal extends losses as the top sectoral laggard; down 2.1%
- Reliance Industries remains the top Nifty gainer; up 7.2%
- Bharti Infratel remains the top Nifty laggard; down 4.3%
- 1,209 stocks on the NSE trade with gains while 557 decline
Money Market Update
The rupee managed to end with gains for the second straight day, despite witnessing a significant reversal from the day's high.
The currency ended at 73.46 against the U.S. Dollar as compared to Wednesday's close of 73.54.
The rupee had made an intraday high of 73.15, before paring gains after some traders told Bloomberg that the banks had purchased U.S. Dollars during the course of trade.
Five other currencies managed to outperform the rupee in today's trading session.
Yield on the 10-year government bond ended at 6.053% as compared to Wednesday's close of 5.993%.
The Reserve Bank of India bought bonds worth Rs 10,000 crore at the special Open Market Operation conducted today and sold an almost equivalent amount of treasury bills.
Buzzing Stock: BPCL
- Second best performer on the Nifty 50 index
- Gains as much as 5% to Rs 426
- Biggest single-day gain in over a month
- Trades at the highest level in a month
- Today's volumes are 85% higher than it 20-day average
- Breaks above its 200 and 50-Day Moving Average at 408.8 and 413.2 respectively
- Has gained more than 50% from its 52-week low of Rs 252 on March 24, 2020 but remains 22% below its 52-week high of Rs 549.7 on November 21, 2019
- 33 out of the 40 analysts tracking the stock have a buy recommendation; one sell call
- Return potential of the stock as per Bloomberg data is 8.6%
Stock Reaction: Indiabulls Housing Finance
The company has informed the exchanges that it has sold part of its stake in OakNorth Holding - the wholly-owning parent company of OakNorth Bank to HighSage Ventures.
The stake has been sold for Rs 440 crore, proceeds fo which will be accretive to the regulatory networth and CRAR of the company, it said in an exchange filing.
The company had invested Rs 663 crore in OakNorth Bank in November 2015, for a 40% stake.
Shares fell as much as 3.5% to Rs 194.3, post the announcement. The stock trades lower for the second straight day.
F&O Snapshot: Active Options Contracts
- Nifty September futures add 15.7% and 20,638 shares in Open Interest.
- Nifty Bank September futures add 12.9% and 7,813 shares in Open Interest.
Nifty: Today's Expiry
- 11,400 Call: Premium up 28.8% to Rs 12.3. The contract has added 28,326 shares in Open Interest.
- 11,450 Call: Premium down 59.3% to Rs 1.75. The contract has added 52,521 shares in Open Interest.
- 11,300 Put: Premium down 96.7% to Rs 1.6. The contract has added 86,781 shares in Open Interest.
Nifty Bank: Today's Expiry
- 24,000 Call: Premium down 95% to Rs 0.35. The contract has added 14,471 shares in Open Interest.
- 22,700 Call: Premium down 86% to Rs 6.45. The contract has added 70,538 shares in Open Interest.
- 22,600 Call: Premium down 77.3% to Rs 14.9. The contract has added 66,527 shares in Open Interest.
Buzzing Stock: Essel Propack
- Among the top performers on the Nifty 500 index
- Gains as much as 11% to Rs 291.9
- Biggest single-day gain in over a month
- Up for the second straight day
- Snapped a five-day losing streak on Wednesday
- Today's volumes are 92% higher than its 20-day average
- Trading at a premium of 56% as compared to peers on a blended forward price-to-earnings basis
- Rebounds from support at 50-Day Moving Average of 241
- Motilal Oswal maintained its buy rating on the stock with a price target of Rs 314
- Currently trading 12% below its 52-week high of Rs 318.75 which it made on August 21, 2020
- All 13 analysts tracking the stock have a buy recommendation
- The stock trades 6.5% higher than its 12-month consensus price target of Rs 261.9, implying a negative return potential
European Markets Open Flat
Benchmark indices in Europe have opened little changed ahead of the policy announcement from the European Central Bank later this evening.
The Stoxx 600 index opened 0.1% higher led by chemical and travel stocks. Miners and telecom stocks were the top laggards.
Asian markets have ended mixed while futures on the Dow Jones are trading lower by 30 points.
Brent crude trades 0.25% lower at $40.69 per barrel while Gold trades little changed at $1,944.7/Oz.
Let's take a look at how benchmark indices in Europe have opened:
- Euro Stoxx 50 unchanged at 3,323
- DAX up 0.1% at 13,247
- CAC down 0.1% at 5,038
- FTSE 100 down 0.2% at 6,003
- IBEX 35 down 0.15% at 7,010
How Are The Sectoral Indices Faring
Stock Reaction: Natco Pharma
The Board of Directors of the drugmaker have approved purchase of equity shares in Time Cap Overseas Ltd., Mauritius - a subsidiary of the company, from the other shareholder Sri Venkatachari Madhusudhan.
Madhusudhan holds 6.1% stake in the company or 72,710 equity shares of face of $10 each, amounting to $7,27,000, the company said in a statement.
Post the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of the company. The company intends to complete this acquisition within the next three months.
Shares surged to the day's high, gaining as much as 2.95% to Rs 785, post the announcement. The stock is up for the second straight day.
Second Day Of Gains For Media Index
Buzzing Stock: ITI
- Second best performer on the Nifty 500 index
- Gains as much as 11.9% to Rs 133.9
- Biggest single-day gain in three months
- Snaps four-day losing streak
- Today's volumes are six times higher than its 20-day average
- Back near its 50-Day Moving Average at 133
- Average collection time from customers is one of the worst among comparable companies
- Trades 11.6% below its 52-week low of Rs 151 on August 19, 2020
- The stock has gained 78% this year.
Markets At Noon
- Benchmark indices extend gains
- Nifty up 1.3% at 11,421
- Sensex up 1.4% at 38,734
- Nifty Bank up 1.75% at 22,655
- Nifty Midcap index up 1.4%
- Nifty Smallcap index up 2%
- India Volatility Index down 4.3% to 21.27
- Nifty Media remains the top sectoral gainer; up 3.1%
- Nifty PSU Bank and Nifty Realty are the other major sectoral gainers; up 2.6% and 1.5% respectively
- Nifty Metal is the only sectoral laggard; down 0.5%
- Reliance Industries is the top Nifty gainer; up 4.7%
- Bharti Infratel remains the top Nifty laggard; down 1.9%
- 1,419 stocks on the NSE trade with gains while 321 stocks decline
Reliance Said To Offer $20 Billion Stake In Retail Arm To Amazon
Reliance Industries Ltd. is offering to sell roughly a $20 billion stake in its retail business to Amazon, a person with knowledge of the matter told Bloomberg.
Amazon has held discussions about investing in Reliance Retail and has expressed interest in negotiating potential transactions, the source said.
Reliance Industries is willing to sell as much as 40% stake in the subsidiary to Amazon.
At $20 billion, the deal would be the biggest ever in India as well as for Amazon, according to data compiled by Bloomberg.
Shares of Reliance Industries extended their gains to 4% to a record high of Rs 2,248, post the news.
What Will Drive Profitability This Decade According To Kenneth Andrade?
Nifty Bank Snaps Five-Day Losing Streak
Brokerages On Reliance Industries
- Bernstein: Outperform rating maintained with price target of Rs 1,870. Expect fresh investments in Reliance Retail to be positive and drive further upsides to the stock.
- JPMorgan: Neutral rating maintained with price target of Rs 2,060. Implied valuations are underwhelming but stake sale is a positive.
- CLSA: Outperform rating maintained. Price target of Rs 2,250. Exhaustion of large inorganic triggers may cap near-term upsides.
- Citi: Neutral rating maintained with price target of Rs 2,250. Announcements on further stake sales in retail may keep news flow supportive. Focus likely to shift to execution.
- Credit Suisse: Neutral rating maintained with price target of Rs 1,930. Roll out of health app with integration of online medicine delivery, roll out of education app, potential induction of strategic investors in retail, tariff hike in telecom business and turnaround in refining margin cycle some key catalysts going ahead.
Shares gained as much as 3.4% to trade at a record high of Rs 2,234. The stock is up for the fourth straight day, its longest winning streak in over a month.
Reaction To Bulk Deals
- Control Print: India Max Investment Fund acquired 1.62 lakh shares or 0.99% stake in the company at Rs 217.9 per share. The shares were sold by Grovsnor Investment Fund. Shares gained as much as 11.4% to Rs 249 and are up for the second straight day.
- Transport Corporation of India: HDFC Mutual Fund acquired 8.64 lakh shares or 1.12% stake at Rs 215 per share while Himalaya Finance and Investment sold 10.46 lakh shares or 1.36% stake at Rs 215 per share. Shares gained as much as 8.3% to Rs 232.95.
Buzzing Stock: Sun TV
- Top gainer on the Nifty Midcap index
- Gains as much as 8% to Rs 501.7
- Biggest single-day gain in five months
- Trades at the highest level in seven months
- Snaps two-day losing streak
- Today's volumes are 37% higher than its 20-day average
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 68
- Trades 9% away from its 52-week high of Rs 551.3, which it made on November 1, 2019
- Brokerage firm IDFC Securities maintained its outperformer rating on the stock with a price target of Rs 563, citing hopes of a full TV ad revenue recovery in the festive season.
- 21 out of the 24 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 3.1%
Earnings Reaction: Indiabulls Ventures Q1FY21
- Revenue down 45.2% to Rs 382.7 crore
- Net profit down 89.1% to Rs 12 crore
- On track to serve over 20 million customers by FY21
- Aspire to serve 200 million customers by FY24
- Unsecured loans form 79% of the total assets
- Principal outstanding at Rs 8,363 crore
- Total borrowings as of June 30, 2020 at Rs 5,125 crore
- AUM of secured loan product as of June 30 at Rs 2,195 crore
- Total AUM as on June 30 at Rs 10,558 crore
- Gross NPA at 1.21% from 0.94% last quarter
- Net NPA at 0.32% from 0.36% last quarter
- Provision Coverage Ratio on Stage 3 loans at 74% from 62%
Shares gained as much as 12.5% - the most since May 2019 to Rs 229.9. The stock currently trades at a six-month high.
Stock Reaction: ICICI Prudential
The life insurance player has announced a partnership with NSDL Payments Bank - a subsidiary of NSDL, to offer insurance products.
The partnership will allow NSDL customers to have easy access to ICICI Prudential's products and helps the insurance company to increase presence on new-age distribution touch-points, the company said.
We believe our customer-centric protection and long-term savings products will enable NSDL Payments Bank customers to provide financial security to their loved ones and help them achieve their financial goals.NS Kannan, MD & CEO, ICICI Prudential Life Insurance
Shares are trading near the day's high, gaining as much as 2.8% to Rs 446.4.
Stock Reaction: Saregama India
One of India's largest music lables has announced a global licensing deal with ShareChat.
As part of the deal, Saregama will license its catalogue to ShareChat and Moj platforms, allowing its members to create their own short video content using the Saregama library.
"Saregama has a very large library of hindi and regional music which is just apt for a platform like this where users are so innovatively creating content using music," Vikram Mehta, the Managing Director of Saregama India was quoted as saying.
Shares gained as much as 6% to Rs 555, post the announcement. The stock trades higher for the fourth straight day.
Brokerage Reaction: Sunteck Realty
Shares of the Mumbai-based real estate player are surging in today's trade after brokerage firm CLSA initiated coverage on the stock with a buy rating.
CLSA’s Rationale:
- Accretive project acquisitions with prudent capital management
- Operates five brands catering to a range of customers, thereby hedging its risks
- Gained market share in Mumbai after shifting focus to volume from
- Ramped up portfolio using an asset-light approach
- Positive on -accretive acquisition potential
- Pace of acquisitions may accelerate due to consolidation
- Slowdown in the Mumbai housing market remains a key risk
CLSA has placed a price target of Rs 345 on the stock. Shares gained as much as 7.4% to Rs 276.5. The stock has snapped a four-day losing streak. It is also the top gainer on the Nifty Realty index.
Markets At 10:10 A.M.
- Benchmark indices snap two-day losing streak
- Nifty up 0.7% at 11,354
- Sensex up 0.75% at 38,477
- Nifty Bank up 0.6% at 22,399
- Nifty Midcap index up 1.3%
- Nifty Smallcap index up 2%
- India Volatility Index down 3.5% to 21.45
- Nifty Media is the top sectoral gainer; up 2.2%
- Nifty PSU Bank and Nifty Realty indices are the other sectoral gainers; up 1.6% each
- Nifty FMCG gives up gains to trade with a negative bias
- IndusInd Bank is the top Nifty gainer; up 2.9%
- 33 out of the 50 Nifty stocks are advancing
- Bharti Infratel is the top Nifty laggard; down 1.6%
- 1,422 stocks on the NSE trade with gains while 247 decline
Money Market Update
The currency opened with gains after snapping a two-day losing streak on Wednesday, courtesy prospects of inflows from the RIL-Silver Lake deal.
The rupee opened at 73.46 against the U.S. Dollar as compared to Wednesday's close of 73.54. It was the third best performer in Asia on Wednesday.
The Nordic Financial Services group believes that the currency may appreciate to 69 against the greenback as India seeks to avoid the repeat of being included by the U.S. on its watchlist for currency manipulation.
Yield on the 10-year government bond opened at 6.003% as compared to Wednesday's close of 6.057%.
The bond market traders today will keep an eye on the Open Market Operations to be conducted by the Reserve Bank of India, or Operation Twist.
The RBI will buy 2024, 2026 and 2030 bonds while selling 182-day treasury bills.
Stock Reaction: Syngene International
The company's ELISA test kit for Covid-19, manufactured in collaboration with HiMedia Laboratories has been granted approval from the Indian Council of Medical Research (ICMR).
The announcement came minutes before the closing of trade on Wednesday.
HiMedia is now seeking approval from the Central Drugs Standard Control Organisation (CDSCO) and will launch the kits once the approval is in place, the company said.
The kit will help identify the igG immune status of Covid-19 recovered patients so that their plasma can be used for therapeutics.
Shares gained as much as 8.8% - the most in over four months to Rs 494.5. The stock is up for the second straight day.
Coronavirus India Updates
- India reports biggest ever single-day spike in new cases for any country in the world
- 95,735 new cases reported over the last 24 hours
- Total cases now at 44,65,863
- Active cases at 9,19,018
- Patients cured / discharged / migrated at 34,71,783
- Death toll rises to 75,062
- 1,172 deaths reported in the last 24 hours
- 72,939 patients recovered in the last 24 hours
Stock Reaction: Dilip Buildcon
The road construction company informed the exchanges this morning that it has received a Letter of Acceptance from the National Highway Authority of India for a new Hybrid Annuity Model project.
The 49 kilometre project involves construction and upgradation of NH-131A from the area near Narenpur to the area near Purnea. It also involves two laning the 3 kilometre stretch near Purnea to two lanes with paved shoulders standard in the state of Bihar.
The project is d at Rs 1,905 crore and has to be completed within a period of 24 months. The operation period is 15 years from the COD, the company said.
Shares gained as much as 11.7% - the most in five months to Rs 390.
Stock Reaction: Healthcare Global
The company informed the exchanges that its promoter - Aceso Company has acquired 2.6 crore shares in the company, pursuant to a mandatory tender offer on September 8.
The amount of shares acquired are equivalent to 20.8% stake in the company.
Aceso Company which is among the promoter group entities of the company now holds 49.99% stake, post the acquisition, the company said in a filing.
Shares gained as much as 9% - the most in three months to Rs 126.95. The stock snapped a two-day losing streak.
Opening Bell: First Gain In Three Days
Indian equity markets opened higher after declining for two straight days, beginning the weekly options expiry session on a strong note.
The S&P BSE Sensex opened 0.85% higher at 38,516, while the NSE Nifty 50 index opened 0.76% higher at 11,363.
All the sectoral indices have opened with gains. The PSU Bank, Realty and Media index have opened with gains of 1% each while the Metal, Auto and Nifty Bank are seeing gains between 0.5%-1%.
Broader markets have opened in-line with benchmarks. The midcap index has opened 0.9% higher while the Smallcap index has opened with gains of 1.1%.
1,151 stocks on the NSE opened with gains while 282 were declining.
Trading Ideas Before Markets Open
- Nifty: Sell 11,500 Call of September 17 expiry in the range of Rs 58-60 for target of Rs 44-30 and stop loss of Rs 74.
- Nifty Bank: Sell in the range of 22,450 - 22,500 for target of 22,300 - 22,100 and stop loss of 22,600
- Buy Torrent Pharma September futures for targets of Rs 2,845 and Rs 2,872 and stop loss of Rs 2,809
- Sell Bajaj Finserv September futures for targets of Rs 5,970 and Rs 5,862 and stop loss of Rs 6,114
- Both stock recommendations are for an intraday basis
Source: ICICI Securities
How Did The Fund Flows Fare On Wednesday
Key Stocks In Focus
- Indiabulls Housing Finance: Launches QIP issue on Wednesday. Floor price of Rs 206.7 per share is a 2.8% premium to Wednesday's close. The company may offer a discount of not more than 5% on the floor price. The board will meeton September 14 to consider and approve the issue price, permitted under SEBI guidelines. The company also said that it is in the process of partially divesting its equity shareholding in OakNorth Bank in one or more tranches in order to boost capital and grow the loan book.
- Healthcare Global Enterprises: Promoter Aesco Company increased stake to 49.99% from 29.2% , via mandatory tender offer on September 8.
- Happiest Minds Technologies: IPO subscribed 151 times on the final day of bidding. Institutional subscription at 77.43 times. Non-institutional investor portion subscribed 351.46 times. Retail subscription at 70.94 times.
- Route Mobile: IPO subscribed 1.02 times on the first day. Institutional subscription at 0.01 times. Non-institutional investor subscription at 0.47 times and retail subscription at 1.83 times.
- Bharat Dynamics: OFS concluded with total subscription of about 2.34 crore shares worth Rs 770 crore from institutional and retail investors. LIC increased stake to 10.5% from 2.23% during the OFS period.
- IRCTC: Says it has not received any intimation from the government regarding plans to sell stake in the company through an Offer for Sale. PTI had reported on Tuesday that the government is planning to sell 15-20% stake in the company.
- Non-Nifty Earnings Today: Goa Carbon, Hindustan Aeronautics, Hindustan Copper, Jay Bharat Maruti, J&K Bank
To know more about key brokerage updates, F&O cues and global markets, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
A Flat Start Likely
Good Morning!
Today is the weekly options expiry of the Nifty and Nifty Bank contracts. Indian equity markets have been volatile over the last few days with gains in Reliance Industries Ltd. on Wednesday, ensuring that the benchmarks recovered from the lowest point of the day.
Futures are indicating a flat start to the day's trade. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,319 as of 7:40 a.m.
Stocks like Sunteck Realty and Maruti will be in focus on the back of brokerage commentary while those like Indiabulls Housing Finance are likely to react after it launched a QIP on Wednesday.
Stocks like Goa Carbon, Hindustan Aeronautics, Hindustan Copper, Jay Bharat Maruti and Jammu & Kashmir Bank will be reporting their quarterly results today.
Asian markets are trading with healthy gains this morning after stocks on Wall Street saw a rebound post a three-day rout. Markets across the Asia Pacific - from Japan to Hong Kong and Australia traded with gains, though they were modest as compared to those seen on Wall Street.
Futures on the Dow Jones trade lower by 70 points. The index ended 1.6% higher on Wednesday, while the Nasdaq had its best day since April, led by a rebound in Technology stocks.
West Texas Intermediate crude fell 0.6% to $37.82 per barrel while Gold was little changed at $1,948.1/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
RECOMMENDED FOR YOU
POPULAR