KEY HIGHLIGHTS
Closing Bell: A Close With Gains
Indian equity markets managed to partly recover Monday's losses, ending a volatile trading session with gains.
The S&P BSE Sensex ended 0.7% higher at 38,900 while the NSE Nifty 50 index ended 0.73% higher at 11,470. Benchmark indices fluctuated between gains and losses throughout the session.
Metal and Pharma were the outperforming sectors in today's session. The Metal index ended with gains of over 3% while the Pharma index gained over 2.3%.
FMCG and Media were the other sectoral gainers with both indices ending with gains of over 1% each.
Banks underperformed in today's session. While the Nifty Bank ended 0.2% higher, the PSU Bank index ended 0.2% lower.
I.T. was the top sectoral laggard in today's session. The Nifty I.T. index ended 0.6% lower.
Broader markets were mixed in today's session. While the midcap index gained in-line with benchmark indices, ending 0.8% higher, the smallcap index was muted, posting modest gains in today's session.
The India Volatility Index ended 5% lower after Monday's surge of over 20%. The index ended at 21.72.
Market breadth remained in favour of the laggards. 1,008 stocks on the NSE ended with losses while 804 stocks gained.
How Did The Sectoral Indices Fare
Buzzing Stock: JSW Steel
- Top gainer on the Nifty 50 index
- Gains as much as 6.7% to Rs 287.8
- Biggest single-day gain in four months
- Snaps two-day losing streak
- Today's volumes are 27% higher than its 20-day average
- Stock remains in overbought territory with Relative Strength Index (RSI) at 70
- Trading near its 52-week high of Rs 296.75 and has more than doubled from its 52-week low of Rs 132.5 on April 3, 2020
- 16 out of the 32 analysts tracking the stock have a buy recommendation; 8 sell calls
- The stock trades 16.6% higher than its 12-month consensus price target of Rs 238.4, implying a negative return potential
Earnings Expectations: ONGC Q1FY21
- Revenue seen 35.1% lower at Rs 13,925 crore
- Net loss may narrow to Rs 54.3 crore from Rs 3,098.3 crore
- Ebitda seen 40.5% lower at Rs 5,108 crore
- Ebitda margin may narrow to 36.7% from 40%
- Net realisations seen at $40-42 per barrel from $49 per barrel
- Base quarter had an impairment loss of Rs 4,899.1 crore
- All estimates are standalone and compared on a quarter-on-quarter basis
Factors At Play For ONGC:
- Revenue seen lower due to lower gas production and lower crude prices
- Overall volums likely to decline 4-7% sequentially
Shares are currently trading 3% lower and are among the top laggards on the Nifty 50 index.
Buzzing Stock: IPCA Laboratories
- Top performer on the Nifty Midcap index
- Gains as much as 8.8% to Rs 2,054
- Biggest single-day gain in nearly five months
- Snaps two-day losing streak
- Today's volumes are 9% below its 20-day average
- Takes support at its 50-Day Moving Average at 1,835 and rebounds
- Has more than doubled from its 52-week low of Rs 844 on October 10, 2019
- Trades 6% below its 52-week high of Rs 2,175 on August 10, 2020
- 17 out of the 23 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 1.5%
Active Stock Options
- Bharti Airtel's 600 Call: Premium up 69% to Rs 7.35. The contract has added 1,069 shares in Open Interest.
- Reliance Industries' 2,200 Call: Premium down 9.8% to Rs 44.3. The contract has added 86 shares in Open Interest.
- TCS' 2,300 Call: Premium down 13.9% to Rs 53.1. The contract has added 297 shares in Open Interest.
Hindalco, JSW Steel Lead Gains On The Metal Index
Earnings Reaction: GNFC Q1FY21
- Revenue down 42% to Rs 700.2 crore
- Net profit down 96% to Rs 3 crore
- Ebitda loss of Rs 24.3 crore from Ebitda gain of Rs 96.2 crore
- Higher finance costs impact operational performance
- Other income nearly quadruples to Rs 103.9 crore
- Higher other income ensures company reports a profit during the quarter
- Other income of Rs 50.33 crore recognised towards fair valuation gain on various investments
- Fertiliser segment revenue down 22% to Rs 331.3 crore
- Chemicals segment revenue down 54% to Rs 354.1 crore
- Lockdowns have impacted demand for the company's industrial products
- Demand in overseas market also severely impacted due to Covid-19
- Have zero long-term debt as on June 30, 2020 and substantial working capital lines
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 8.6% - the most in five months to Rs 185.2. The stock is the worst performer on the Nifty Smallcap index.
August Sales Performance: Steel Strips Wheels
- Total wheel rim sales up 5% year-on-year and 21% month-on-month to 11.25 lakh
- Gross turnover in August up 16% to Rs 152.7 crore
- Alloy wheel segment reported highest ever volume sale in August with 350% year-on-year growth
- Exports segment saw growth of 33%
- Company says it is confident of delivering 25% volume growth for the financial year
- Passenger car segment saw growth of 22.6%
- Two and three-wheeler segment saw a decline of 38%
- Tractor volumes rise 22.5% in August
Shares recovered from the day's low to gain as much as 3.1% to Rs 458.2, post the announcement.
Markets At 2:10 P.M.
- Markets have a minor pullback from the day's high
- Nifty up 0.8% at 11,477
- Sensex up 0.86% at 38,956
- Nifty Bank unchanged at 23,742
- Nifty Midcap index up 0.1%
- Nifty Smallcap index down 0.4%
- India Volatility Index down 3.4% to 22
- Nifty PSU Bank is the top sectoral laggard; down 1.15%
- Nifty Metal remains the top sectoral gainer; up 1.8%
- Nifty Media, Nifty Pharma up 1% each
- Bharti Airtel remains the top Nifty gainer; up 7.2%
- ONGC remains the top Nifty laggard; down 4%
- 677 stocks on the NSE trade with gains while 1,102 decline
Money Market Update
The rupee was back to winning ways after snapping a three-day gaining streak on Monday.
The currency ended at 72.87 against the U.S. Dollar, as compared to Monday's close of 73.62.
The rupee now trades at the highest level in six months and this was the biggest single-day gain for the rupee in over five months.
Today's gain made rupee the best performing currency in Asia.
Yield on the 10-year government bond ended at 5.95% as compared to Monday's close of 6.117%.
August Auto Sales: Eicher Motors
Royal Enfield:
- Overall Royal Enfield sales down 5% to 50,144 units
- Sales of models with engine capacity upto 350 cc up 4% to 46,357 units
- Sales of models with engine capacity exceeding 350 cc down 54% to 3,787 units
- Royal Enfield exports down 38% to 2,573 units
Volvo-Eicher Commercial Vehicles:
- Overall sales down 30% to 2,477 units
- Total exports down 21.4% to 250 units
- Volvo truck sales down 51.3% to 37 units
- Total domestic sales down 30.3% to 2,190 units
- Domestic LMD sales down 20.5% to 1,673 units
- Domestic LMD bus sales down 63.4% to 152 units
- LMD exports down 21.4% to 143 units
- All numbers compared on a year-on-year basis
Shares gained as much as 3.9% to Rs 2,174, snapping a three-day losing streak.
Buzzing Stock: City Union Bank
- Top gainer on the Nifty Midcap index
- Gains as much as 7.4% to Rs 145
- Has mostly reversed Monday's 10% decline
- Snapped an eight-day gaining streak on Monday
- Has gained in nine out of the last 10 trading sessions
- Had gained 21% in eight trading sessions before Monday's drop
- Today's volumes are 36% higher than its 20-day average
- Up 31% from its 52-week low of Rs 110 on April 7, 2020. However, it trades 41% below its 52-week high of Rs 249.3 on January 16, 2020
- 15 out of the 24 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock is trading around its 12-month consensus price target of Rs 142.81
August Auto Sales: Ashok Leyland
- Overall sales down 31% to 6,235 units
- M&HCV truck sales down 36% to 2,276 units
- M&HCV bus sales down 83% to 313 units
- Overall M&HCV sales down 52% to 2,589 units
- LCV sales down 4% to 3,736 units
- Domestic M&HCV truck sales down 36% to 2,132 units
- Domestic M&HCV bus sales down 93% to 90 units
- Domestic LCV sales down 3% to 3,602 units
Shares gained as much as 3.1% to Rs 69.75, post the announcement. The stock has snapped a two-day losing streak.
Stock Reaction: Biocon
The company's arm Biocon Biologics and Mylan announced the launch of Semglee (Insulin Glargine injection) in the U.S. market on Monday.
Semglee available in vial and pen presentations at a 65% discounted list price, the company said in an exchange filing.
The injection is approved to help control high blood sugar in adult and pediatric patients with type 1 diabetes and in adults with type 2 diabetes.
Shares gained as much as 6.1% to Rs 399.25 - the biggest single-day gain in three months.
European Stocks Open Higher
European stocks snapped a four-day losing streak to open mostly higher led by technology shares.
The Stoxx 600 index opened higher for the first time in four sessions. Healthcare was the other outperformer alongside tech shares. Media and travel stocks were the top laggards.
Asian markets have ended little changed and mixed while futures on the Dow Jones are trading higher by 50 points.
Brent crude is trading 1.1% higher at $45.77 per barrel while Gold too is trading 1.1% higher at $1,989.5/Oz.
Let's take a look at how benchmark indices in Europe have opened:
- Euro Stoxx 50 up 0.55% at 3,290
- DAX up 0.65% at 13,028
- CAC up 0.5% at 4,969
- FTSE 100 down 0.2% at 5,949
- IBEX 35 up 0.55% at 7,010
August Auto Sales: Mahindra & Mahindra
- Overall sales down 16% to 30,426
- Domestic sales down 13% to 29,257 units
- Exports down 54% to 1,169 units
- PV sales up 1% to 13,651 units
- UV sales up 3% to 13,407 units
- Cars + Vans sales down 48% to 244 units
- M&HCV sales down 71% to 104 units
- Three-Wheeler sales down 94% to 104 units
- LCV sales below 3.5 tonnes up 9% at 15,097 units
- LCV sales above 3.5 tonnes down 79% to 98 units
- Farm equipment sales up 65% to 14,817 units
- Domestic farm equipment sales up 69% to 13,871 units
- Exports up 1% at 946 units
- Continue to see good recovery in demand for both SUVs and pick-ups.
- Clocked highest ever tractor sales in August.
- Tractor industry growth continues to remain strong.
- Expect rural sentiment to remain positive as we move into the festive period.
Shares gained as much as 2.2% to Rs 620.25, post the announcement.
Buzzing Stock: Redington India
- Top gainer on the Nifty 500 index
- Gains as much as 6.7% to Rs 115
- Snaps a four-day losing streak
- Today's volumes are 50% below its 20-day average
- Trades at 8 times estimated forward earnings per share as compared to its two-year historical average of 7 times
- Shares have nearly doubled from its 52-week low of Rs 59.1 on March 25, 2020
- All nine analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 18%
August Auto Sales: SML Isuzu
Overall sales down 53% in August to 320 units
The company sold 202 units in the April-June period, a decline of 95% compared to last year.
Sales in July were down 64% to 307 units compared to the same period last year.
Overall sales for the April-August period are now down 86% to 829 units, down from 5,816 units for the same period in FY20.
Shares gave up gains of as much as 2.3% to trade little changed post the announcement.
Realty Index Is The Top Sectoral Laggard
Markets At Noon
- Benchmark indices gain momentum
- Nifty up 0.63% at 11,457
- Sensex up 0.75% at 38,916
- Nifty Bank down 0.6% at 23,621
- Nifty Midcap index down 0.4%
- Nifty Smallcap index down 0.8%
- India Volatility Index down 1.8% at 22.42
- Nifty Realty is the top sectoral laggard; down 2%
- Nifty PSU Bank is the other major sectoral laggard; down 0.6%
- Nifty Metal, Nifty I.T. gain over 0.5% each
- Bharti Airtel is the top Nifty gainer; up 5.6%
- Bharti Infratel is the top Nifty laggard; down 6.3%
- 537 stocks on the NSE advance while 1,201 are declining
AGR Dues Case
- Supreme Court grants 10 years to telecom companies to clear their AGR dues.
- Telecom companies will have to pay 10% of the dues by March 31, 2021
- Default on payment installments will invite interest, penalty and contempt of court.
- Chairman of the respective telecom company will have to give an undertaking for payments.
- Installments will have to be paid on March 31, every year.
Shares of Bharti Airtel gained as much as 5% to Rs 539 while those of Vodafone Idea reversed gains to fall as much as 15% to Rs 8.7, post the verdict.
Stock Reaction: Future Retail
Shares of the company are locked in a lower circuit in today's session. Norges Bank sold 95 lakh shares of the company in Monday's trade at Rs 158.61 per share.
The amount of shares sold by Norges Bank amount to 1.75% stake of the company.
Shares are locked in a lower circuit of 10% at Rs 146.1. The stock ended 20% higher in Monday's trading session, post which its price band was revised to 10% from 20%.
Shares snapped a three-day gaining streak, during which it gained over 30%.
Stock Reaction: BEML
The state-run company informed the exchanges on Monday that it has won an order from the Ministry of Defence worth Rs 842 crore.
The order pertains to supply of 330 high mobility vehicles for the Pinaka Project.
Pinaka is a multi-barrel rocket launcher developed indigenously for the Indian army, the company said in an exchange filing.
The equipment will be manufactured at the company's Palakkad plant in Kerala and will be delivered to the ministry over a period of three years.
Shares gained as much as 4.8% to Rs 700, post the announcement.
Stock Reaction: Schneider Electric, Larsen & Toubro
Larsen & Toubro on Monday announced closure of the strategic divestment of its Electrical & Automation (E&A) division to Schneider Electric.
The transaction was an all-cash deal worth Rs 14,000 crore and was announced in May 2018.
The divestment is in-line with L&T's stated goal of unlocking for future growth, the company said in an exchange filing.
Schneider Electric will use related brand insignia for a specified period as the brand is very popular and has a strong brand recall in the switchgear market.
“This all-cash deal will help us create a much stronger balance sheet, thereby creating long-term opportunities for our stakeholders by focusing on key aspects of business,” SN Subrahmanyam, MD & CEO of L&T was quoted as saying.
Shares of Larsen & Toubro are off the day's high, after gaining as much as 2.2% to Rs 966.
Shares of Schneider Electric gained as much as 9.4% - the most in three months to Rs 87.85.
Stock Reaction: MOIL
The company has informed the exchanges that it has revised the prices of all grades of Ferro, SMGR Grades (Mn30% and Mn25%), Fines and Chemical grades higher as compared to the previous month.
Prices have been revised higher by 10% as compared to the month of August, the company said in an exchange filing.
The new prices will take effect today onwards.
Shares gained as much as 6.7% - the most in two months to Rs 157.4. The stock is the top performer on the Nifty Smallcap index.
Buzzing Stock: Essel Propack
- Top gainer on the Nifty 500 index
- Trades near its all-time high
- Gains as much as 13% to Rs 306
- Biggest single-day gain in a month
- Snapped a two-day losing streak
- Had ended 7.5% lower on Monday
- Today's volumes are 33% higher than its 20-day average
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 67
- Trades at 30.2 times estimated forward Earnings per Share as compared to its two-year historical average of 18 times
- Has tripled from its 52-week low of Rs 100 on September 20, 2019
- Had made an all-time high of Rs 318.6 on August 21, 2020
- All 13 analysts tracking the stock have a buy recommendation
- The stock trades 14.1% above its 12-month consensus price target of Rs 252.7, implying a negative return potential
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has received an export order of nearly 42,000 wheels for its U.S. and EU Trailer market.
The order, worth $4,55,000 will be executed in the month of September and October from the company's Chennai plant, it said in an exchange filing.
As businesses have picked up speed, orders of similar capacity are anticipated from the same customer base, the company said.
Shares are currently trading little changed, declining for the second straight day.
August Manufacturing PMI Data
India's August manufacturing Purchasing Managers Index rose to the highest level in seven months, a day after the country reported a record contraction in GDP for the April-June period.
Manufacturing PMI for August stood at 52 as compared to 51.4 during the same period last year and 46 for the month of July. The last time the reading was above the mark of 50, was in February this year.
Output too rose to its highest since February with the index rising to 55.5 from 44, according to a press release from IHS Markit.
New orders rose as compared to the previous month, IHS Markit said.
A reading above 50 indicates expansion while that below 50 indicates contraction.
Stock Reaction: ENIL
The company informed the exchanges that the Advertising Sales Agreement that it had entered into with TV Today Network has been terminated.
Both parties mutually agreed to terminate the ASA from September 1, the exchange filing said.
The company had entered into an agreement with TV Today Network in August 2016 in relation to the latter's three private FM radio stations at New Delhi, Mumbai and Kolkata.
ENIl was to support TV Today NEtwork to market and sell the radio airtime on various platforms to third parties, with respect to the three radio stations.
Shares fell as much as 5.4% - the most in over four months to Rs 154.9. The stock is declining for the fourth straight day.
Shares of TV Today Network trade little changed at Rs 230.
Markets At 10:20 A.M.
- Volatile trade in the benchmark indices
- Nifty up 0.5% at 11,443
- Sensex up 0.44% at 38,796
- Nifty Bank up 0.36% at 23,839
- Nifty Midcap index up 0.6%
- Nifty Smallcap index down 0.55
- India Volatility index up 0.44% to 22.94
- Nifty Metal is the top sectoral gainer; up 1.3%
- Nifty Auto is the other sectoral gainer; up 1%
- Nifty Realty is the top sectoral laggard; down 1%
- Grasim is the top gainer on the Nifty; up 3.2%
- ONGC is the top laggard on the Nifty; down 3.2%
- 653 stocks on the NSE trade with gains while 997 decline
August Auto Sales: Maruti Suzuki India
- Overall sales up 17.1% to 1,24,624 units
- Domestic sales up 20.2% to 1,16,704 units
- Exports down 15.3% to 7,920 units
- Mini + Compact segment sales up 26.8% to 81,665 units
- Total passenger car sales up 25.6% to 82,888 units
- Total domestic PV sales up 21.3% to 1,13,033 units
- Utility Vehicle sales up 13.5% to 21,030 units
- Mid-sized car sales down 23.4% to 1,223 units
- All numbers are compared on a year-on-year basis
Shares rose as much as 1.5% to Rs 6,940, post the announcement.
Money Market Updates
The rupee opened higher in today's session after snapping a three-day gaining streak on Monday, led by volatility in the equity markets.
The rupee opened at 73.21 against the U.S. Dollar as compared to Monday's close of 73.62. It now trades at the highest level in six months.
Yield on the 10-year government bond opened at 5.946% as compared to Monday's close of 6.117%. Yields cooled off after the Reserve Bank of India announced various measures on Monday.
Within the bond markets today, states will sell debt worth Rs 11,250 crore.
Coronavirus India Update
- Reported cases see a decline compared to last week
- 69,921 new cases reported over the last 24 hours
- Total confirmed cases now at 36,91,166
- Active cases now at 7,85,996
- Number of patients cured / discharged / migrated at 28,39,882
- Death toll rises to 65,288
- 819 deaths reported in the last 24 hours
- 65,081 patients recovered in the last 24 hours
Stock Reaction: Bharti Infratel & Vodafone Idea
Bharti Infratel's board of directors approved the scheme of arrangement with Indus Towers. The company will now approach the NCLT to make the scheme effective.
Based on adjustments, Vodafone Idea is likely to have a 28.2% stake in the merged entity while current Infratel shareholders to have a 68.6% stake, according to the exchange filing.
The cash consideration for Vodafone Idea's 11.15% shareholding in Indus Towers is around Rs 4,000 crore.
Shares of Bharti Infratel gained as much as 5.2% to Rs 208.8, while those of Vodafone Idea gained as much as 7.35% to Rs 10.95 - the highest level in two months.
Stock Reaction: Adani Power
The Supreme Court has allowed the company's arm - Adani Power Rajasthan Ltd. to recover compensatory tariff from discoms.
The compensatory tariff pertains to higher cost of imported coal, Bloomberg News reports, citing a verdict published on the Court's website.
As per the verdict, power discoms in Rajasthan will pay Adani higher tariff from 2013. The company had sought compensatory tariff since 2013.
The court upheld orders of the electricity tribunal while rejecting the appeal by Jaipur Vidyut Vitran Nigam.
The court said that the discoms must pay interest on past dues at a maximum of 9% interest compounded annually.
Shares gained as much as 5.9% to Rs 39.45, snapping a four-day losing streak.
August Auto Sales: Escorts
- Overall sales up 80.1% at 7,268 units
- Domestic sales up 79.4% at 6,750 units
- Exports up 90.4% at 518 units
- Market sentiment continues to be highly positive with good monsoons, better Kharif Sowing, Crop prices holding up well and good supply of retail finance.
- Remain optimistic for the coming festive months.
- Supply side situation improved significantly compared to last month
- Currently operating close to peak capacity now.
- Could build some inventory both on dealer and depots which in the last few months was at a very low level.
Shares rose as much as 4.3% to Rs 1,134, snapping a two-day losing streak, post the announcement.
Opening Bell: Rebound From Monday
Indian equity markets opened higher after their biggest fall in over three months on Monday.
The S&P BSE Sensex opened 0.33% higher while the NSE Nifty 50 index opened 0.7% higher at 11,464. Both indices fell over 2% on Monday.
Latest On The Coronavirus
- Total cases globally at 25.4 million
- Death toll nearing 8.5 lakh
- Philippines extends loose restrictions in Manila
- Trump administration canceling contracts for ventilators with three companies, including a $650 million deal signed in April with Royal Philips NV
- Overall cases in the U.S. rise 0.4%
- South Korea reports 235 new cases
- Canada agrees to buy more than 100 million Covid-19 vaccines from Novavax
How Did The Fund Flows Fare On Monday
Key Stocks In Focus
- Bharti Infratel: Gets nod from the board of directors to proceed with the Scheme of Arrangement with Indus Towers. The company will now approach the NCLT to make the scheme effective, subject to certain procedural condition precedents. The deal will be done for Vodafone Idea's 11.15% shareholding in Indus Towers, for a cash consideration of Rs 4,000 crore.
- Reliance Industries: Transaction with Brookfield completed after obtaining all regulatory approvals. Brookfield along with its institutional partners invested Rs 25,215 crore to subscribe to units of the Tower Infrastructure Trust.
- Larsen & Toubro: Announces closure of strategic divestment of its electrical and automation business to Schneider Electric. Schneider Electric to use related brand Insignia for a specified period due to its popularity and strong brand recall in the switchgear market. The transaction was of an all-cash deal worth Rs 14,000 crore.
- BEML: Received order worth Rs 842 crore from Ministry of Defence.
- Bharat Road Networks: Joint venture with RKD Construction has received Letter of Acceptance from the NHAI for a HAM project in Bihar with a bid cost of Rs 1,034.7 crore.
- MOIL: Raises prices of all grades of Ferro, SMGR Grades, Fines and Chemical Grades by 10% as compared to the prices on August 1. The new prices will take effect today.
- India Grid Trust: Acquired Gurgaon Palwal Transmission from Sterlite Power at an enterprise of Rs 1,080 crore. The acquisition will add Rs 35-40 crore of net distributable cash flow per year.
- ENIL: The company along with TV Today Network have terminated an advertising sales agreement from September 1. ENIL was to support India Today Network to market and sell radio airtime on various platforms to third parties with respect to the company's three radio stations in Delhi, Mumbai and Kolkata.
- Nifty Earnings Today: ONGC
- Non-Nifty Earnings Today: Nalco, NLC India, Shalimar Paints, Anant Raj
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
A Volatile Day Ahead?
Good Morning!
India's benchmark indices posted their biggest single-day fall in three months on Monday. However, that did not stop them from posting their third successive monthly gain.
Domestic Investors finally turned net buyers for a session. The figure of over Rs 600 crore was the first and only instance of local investors buying in the month of August.
Futures are indicating that markets are likely to see a rebound from Monday's fall.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.6% to 11,436 as of 7:40 a.m.
India's markets may react to the country's quarterly GDP figures. The economy during the April-June period contracted by a record 23.9%. Auto sales for August and manufacturing PMI will also be data points to monitor for today's session.
Asian markets have drifted lower at the start of trade after a weak session on Wall Street, even as technology shares extended gains.
Benchmarks in Australia, Japan and Hong Kong are declining while those in South Korea are trading with gains.
Futures on the Dow Jones trade higher by 50 points. The index ended 0.8% lower on Monday. Benchmarks in the U.S. posted their fifth straight monthly gain.
West Texas Intermediate crude rose 0.6% to $42.85 per barrel while Gold was 0.2% higher at $1,972.2/Oz.
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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