KEY HIGHLIGHTS
Markets At Close
- Benchmark indices end near the day's high
- Nifty ends 3.17% higher at 9,314
- Sensex ends 3.25% higher at 31,605
- Nifty Bank ends 7.3% higher at 18,710
- Nifty Midcap index ends 0.34% higher
- Nifty Smallcap index ends 0.7% higher
- India Volatility Index ends 1% lower at 31.16
- Nifty I.T. (up 2.8%), Nifty PSU Bank (up 3.4%) and Nifty Realty (up 1.75%) among the sectoral gainers
- Axis Bank ends as the top Nifty gainer; up 14.2%
- Sun Pharma ends as the top Nifty laggard; down 2%
- 1,070 stocks on the NSE end with gains while 700 decline
Contributors To Nifty's Upside
Closing Bell: Banks All The Way
The penultimate day of the May series F&O expiry turned out to be a strong one for the Indian equity markets.
Cues from Europe are positive while futures on the Dow Jones have extended gains to trade higher by over 350 points.
The S&P BSE Sensex ended 3.25 percent higher at 31,605 while the NSE Nifty 50 index managed to close above the 9,300 mark at 9,314, up 3.2 percent. Both the benchmark indices snapped a two-day losing streak.
Among sectoral indices, the Nifty Bank was the star performer, ending with gains of over 7%. Other sectoral gainers included Nifty I.T. (up 3%), Nifty Metal (up 2.6%) and the Nifty PSU Bank index (up 3.4%)
Market breadth remained in favour of the advances. 1,070 stocks on the NSE ended with gains while 700 declined.
Stock Update: Aditya Birla Fashion & Retail
The Board of Directors of the company have approved raising funds to the tune of Rs 1,000 crore through a rights issue.
The record date for eligibility for the rights issue will be determined in due course, as per the exchange filing.
Promoter and the promoter group will also participate in the rights issue, the company said.
Shares currently trade 0.7% lower at Rs 108, down for the third straight day.
Earnings Fineprint & Stock Reaction: Dabur India Q4FY20
- Revenue down 12.3% to Rs 1,865.4 crore
- Net profit down 24.1% to Rs 281.2 crore
- Ebitda down 22.9% to Rs 352.3 crore
- Ebitda margin narrows to 18.9% from 21.5%
- Consumer care business revenue down 11% to Rs 1,590 crore
- Food business revenue down 21.5% to Rs 219 crore
- Retail business revenue down 9.7% to Rs 28.2 crore
- Recommends final dividend of Rs 1.6 per share
- Exceptional item of Rs 20 crore for provision for impairment in of treasury investment due to rating downgrade and default in repayment
- India business reports a volume de-growth of 14.6% this quarter
Shares fell as much as 2.1% to Rs 424 post the announcement.
Earnings Fineprint & Stock Reaction: Sun Pharma Q4FY20
- Revenue up 14% to Rs 8,185 crore
- Net profit down 42% to Rs 400 crore
- Ebitda up 34% to Rs 1,363 crore
- Ebitda margin at 16.6% from 14.2%
- Exceptional loss of Rs 261 crore this quarter
- Exceptional loss due to settlement agreements of antitrust litigation
- Lower other income and higher taxes dent profits
- Margins impacted by higher employee costs and other expenses
- Recommends final dividend of Re 1 per equity share
Shares fell as much as 3.5% to Rs 443.1 post the announcement.
Nifty PSU Bank Is The Second Biggest Sectoral Gainer
Stock Update: Manappuram Finance
The committee of the Board of Directors have approved the issuance of Non-Convertible Debentures aggregating to Rs 500 crore.
The NCDs will be rated, secured and redeemable in nature. They will be issued on a private placement basis, as per the company's exchange filing.
Shares surged to the day's high, gaining as much as 6.4% to Rs 121.50. It has snapped a three-day losing streak in today's session.
Stock Update: Alkem Laboratories
- Second worst performer on the Nifty Midcap Index
- Falls as much as 7.9% to Rs 2,222
- Biggest one-day fall in over two months
- Down for the second straight day
- Corrects 9% in the last two trading sessions
- Today's volumes are 1.7 times higher than its 30-day average
- Briefly tested its 200-Day moving average of Rs 2,193
- Has declined 22% from its 52-week high of Rs 2,879 on April 9, 2020
- 15 out of the 21 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 25.1%
Large Trade Alert: Tata Motors
21.35 lakh shares of the passenger vehicle maker exchanged hands in a single large trade on the National Stock Exchange.
The deal took place at Rs 84.50 per share, according to Bloomberg data. Buyers and sellers of the deal remain unknown.
Shares are up for the second straight day, trading with gains of 1.6% at Rs 84.45.
Active Stock Options
- State Bank of India's 160 Call: Premium up 142.8% to Rs 1.7. The contract has shed 51 lakh shares in Open Interest.
- Bajaj Finance's 1,900 Call: Premium up 195% to Rs 38. The contract has shed 2.53 lakh shares in Open Interest.
- ICICI Bank's 310 Call: Premium up 492% to 7.4. The contract has shed 16.1 lakh shares in Open Interest.
Top Nifty Gainer: Axis Bank
- Gains as much as 15% to Rs 392.5
- Gains the most in nearly two months
- Up for the second straight day
- Today's volumes are 1.4 times higher than its 30-day average
- 50-Day Moving Average located at Rs 407
- Bank has termed the news report of Carlyle infusing $1 billion into the bank to own up to 8% stake as 'speculative' in an exchange filing
- 45 out of the 58 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential for the stock as per Bloomberg data is 45.2%
Markets At 2:10 P.M.
- Benchmark indices surge to the day's high
- Nifty up 3.2% at 9,316
- Nifty futures trade at a premium of 10 points
- Sensex up 3.3% at 31,629
- Nifty Bank up 8% at 18,836
- Nifty Midcap index up 0.2%
- Nifty Smallcap index up 0.5%
- India Volatility Index little changed at 31.44
- Nifty I.T., Nifty Metal and Nifty Realty indices gain between 1.5-2.2%
- Axis Bank remains the top Nifty gainer; up 10%
- 41 out of the 50 Nifty constituents advance
- Ultratech remains the top Nifty laggard; down 1.3%
- 1,039 stocks on the NSE are advancing while 699 decline
Money Market Update
The rupee failed to hold on to Tuesday's gains despite positive cues from the equity markets and weakness in the U.S. Dollar
The currency ended at 75.72 against the U.S. Dollar, giving it a mid-table finish among its Emerging Market peers.
Once the hurdle around 76 is taken out expect a rally in USD/INR spot towards 76.40/76.55. Any meaningful downside in spot will be seen only once support around 75.20 is broken.Rahul Gupta - Head of Currency Research, Emkay Global Financial Services
Yield on the 10-year government bond ended at 5.756 percent as compared to today's opening level of 5.749 percent.
26 Out Of The 30 Sensex Constituents Gain
Earnings Estimate: Sun Pharma Q4FY20
- Revenue seen 13% higher at Rs 8,072 crore
- Net profit seen 57% higher at Rs 1,002 crore
- Ebitda seen 69% higher at Rs 1,708 crore
- Ebitda margin seen at 21.1% from 14.2%
- Had a one-time impact of Rs 1,090 crore last year due to change in its distribution policy for Aditya Medisales
- All estimates are consolidated and compared on a year-on-year basis
Key Factors At Play For Sun Pharma:
- Taro reports strong revenues but margins take a hit
- New launches like gSensipar, gUloric, gRanexa ER to aid topline
- U.S. sales ex-Taro expected to be at $230 million
- Speciality sales may moderate to $100 - 105 million
- Had guided for 13-15% sales growth in FY20
- Higher R&D costs may impact sequentia margins
- Update on Ilumya/Cequa, update on Halol along with Covid-19 impact some key factors to watch
Stock Update: Indian Oil Corporation
India's largest fuel refiner has informed the exchanges that it has issued 30,000 unsecured, listed, rated, taxable, redeemable Non-Convertible Debentures (NCDs) worth Rs 10 lakh each on a private placement basis.
The NCDs, aggregating to Rs 3,000 crore will have a coupon rate of 5.05%, according to the company's exchange filing.
The funds have been raised to meet the company's capex requirements, according to its press release.
Shares trade 1.1% lower at Rs 76.30, snapping a five-day gaining streak.
Stock Update: Shipping Corporation Of India
- Second best performer on the Nifty 500 index
- Gains as much as 16.1% to Rs 49.7
- Biggest single-day gain since May 2014
- Trades at the highest level in three months
- Up for the second straight day
- Today's volumes are 6.9 times higher than its 30-day average
- Stock breaks above its 200 and 100-Day Moving Average at 47.5 and 48.8 respectively
- Has doubled from its 52-week low of Rs 24.8 in August 2019
- Return potential of the stock as per Bloomberg data is 63.8%
Large Trade Alert: Wipro
20.06 lakh shares of the technology services provider exchanged hands on the National Stock Exchange in a single large trade.
The deal took place at Rs 194.15, as per Bloomberg data. Buyers and sellers for the deal remain unknown.
Shares gained as much as 3.3% to Rs 195 and snapped a two-day losing streak.
PFC Withdraws Two-Part Bond Sale
Power Finance Corporation pulled out of a plan to sell five-year and ten-year bonds up to Rs 8,000 crore after a subdued response to the same.
The issuer got bids worth Rs 7,549 crore in total on the BSE's electronic book platform, Bloomberg reported citing people familiar with the matter.
For the five-year note, the company got bids in the range of 6.9-7.54% while it looked to price the note at 5.6%
Similarly for the 10-year note, bids were in the range of 7.49-8.18% whereas the company looked to price the bonds at 6.75%.
PFC did not reply to Bloomberg's email seeking a comment.
Shares are trading little changed at Rs 75.15.
Positive Open In Europe
Risk-on sentiment continued in the European markets with benchmarks seeking their first three-day winning streak this month.
The Stoxx 600 index has opened 0.4% higher with banking stocks leading the gains. Real Estate, Auto are among the other outperformers.
Asian markets have ended mixed while futures on the Dow Jones are trading higher by 125 points.
Brent Crude for the August contract fell 2% to $35.5 while gold traded 0.3% lower at $1,706/Oz.
Lets take a look at how Benchmark indices have opened across Europe:
- Euro Stoxx 50 up 0.3% to 3,007
- DAX up 0.25% to 11,533
- CAC up 0.3% to 4,620
- FTSE 100 up 0.4% to 6,091
- IBEX 35 up 0.5% to 7,040
Laurus Labs Shares Covid-19 Update
- Business of the company has not been materially impacted
- Have managed to maintain operations close to normal.
- Transport cost of raw materials and finished goods has gone up tremendously due to logistical problems, both domestic and internationally.
- Impact on profitability and other financial resources is touted to be very insignificant
- Ability to service debt and other financial arrangements remains normal
- The company stated all of this information in an exchange filing.
Shares recovered from the day's low and now trade 0.8% lower at Rs 453, down for the second day in a row.
Stock Update: Dalmia Bharat
- Top performer on the Nifty Midcap index
- Gains as much as 7.7% to Rs 546.55
- Biggest single-day gain in a month
- Trades at the highest level in two months
- Up for the fourth straight day
- Longest winning streak in two months
- Gains 11.2% in the last four trading sessions
- Today's volumes are triple its 30-day average
- Breaks above its 50-Day Moving Average at Rs 512.37
- Has gained 34% from its 52-week low of Rs 402 on March 24, 2020
- 21 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 44.3%
Nifty Bank Index Is The Top Sectoral Gainer
Markets At Noon
- Benchmark indices hold on to gains; face pressure at higher levels
- Nifty up 0.77% at 9,098
- Nifty futures trade at a discount of 10 points
- Sensex up 0.78% at 30,834
- Nifty Bank up 2.24% at 17,833
- Nifty Midcap and Smallcap indices pare losses and trade little changed
- India Volatility Index down 2.3% to 30.73
- Nifty Realty index is the other sectoral gainer; up 1.8%
- Nifty Auto, FMCG, Media and Pharma indices trade with modest losses
- Axis Bank remains the top Nifty gainer; up 4.9%
- Ultratech is the top Nifty laggard; down 1.9%
- 884 stocks on the NSE trade with gains while 781 decline
Earnings Reaction: SH Kelkar & Company
The chemical manufacturer and distributor reported its fourth quarter revenue that was flat as compared to the previous year.
The company in its investor presentation has estimated the revenue loss due to the nationwide lockdown to be Rs 30 crore.
Ebitda grew 25% while margins expanded to 11.6% from 9.3% during the same period last year.
Some key highlights from its investor presentation were:
- Managed to reduce net debt to Rs 299.2 crore as of March 31, 2020 as compared to Rs 400 crore on September 30, 2019
- Most of the company's debt is for working capital and term loan is negligible.
- Expect maintenance capex to be less than Rs 20 crore in FY21
- Manufacturing facilities in China and Italy remain fully operational.
Shares recovered from the day's low to gain as much as 6.1% to Rs 54.90. The stock is up for the second straight day.
Stock Update: Adani Ports & SEZ
The company has informed the exchanges that it has raised Rs 500 crore via the allotment of 5,000 rated, listed, secured, redeemable Non-Convertible Debentures (NCDs) worth Rs 10 lakh each on a private placement basis.
The said NCDs will be listed on the Wholesale Debt Market segment of the Bombay Stock Exchange, the company said in a statement.
Shares are currently at the day's high, recovering from the day's low to gain as much as 1.33 percent to Rs 319.80.
Earnings Reaction: Coromandel International
The fertiliser and pesticide manufacturer reported a 9% topline growth in the fourth quarter while its net profit more than doubled to Rs 234 crore.
The company's Ebitda margins too saw an expansion to 13.6% from the previous year number of 9.8%.
Phosphatic fertiliser sales volumes grew 4% while crop protection business grew 11% in H2FY20 after a subdued H1, according to the company.
It has also recommended a dividend of Rs 12 per share.
Shares gained as much as 7.6% to an all-time high of Rs 699.9. The stock is up for four out of the last five trading sessions.
Stock Update: Tata Steel
The company has informed the exchanges regarding the company's downgrade by Fitch Ratings on Friday.
The steelmaker said that it had terminated the contract with Fitch ratings in early May and has not engaged in any ratings-related discussions with their representatives.
Any recent revision in ratings announced by them in respect of the company are on an unsolicited basis and do not warrant any disclosures from the company.Statement From Tata Steel
Fitch Ratings had downgraded the company's issuer default rating to BB- from BB after a portfolio review.
Shares currently trade 0.5% higher at Rs 281.8 and are up for the second straight day.
Large Trade Alert: JSW Energy
47.39 lakh shares of the power generation and transmission company exchanged hands in a single large trade on the National Stock Exchange.
The deal took place at Rs 39.15 per share, according to Bloomberg data. Buyers and sellers of the trade remained unknown.
Shares currently trade little changed at Rs 39.25 per share. The stock has had a three-day losing streak until closing on Tuesday.
Earnings Reaction: Torrent Pharma
The drugmaker returned to profitability in the March quarter, reporting a net profit of Rs 314 crore as compared to a net loss of Rs 152 crore during the same period last year.
The company's Ebitda grew 15.9% while margins expanded to 28.2% from 25.5% aided by lower raw material and employee costs.
The company's revenue from the United states grew only 3% during the quarter while that from Brazil and Germany saw a de-growth of 5 and 10% respectively.
Shares are down for the third straight day, falling as much as 6.3% to Rs 2,418. The stock is also the worst performer on the Nifty Midcap index.
Contributors To Nifty's Gains
Stock Reaction: Future Retail
The Kishore Biyani-promoted company has informed the exchanges that its Board of Directors have approved an enabling resolution to issue secured / unsecured and redeemable Non-Convertible Debentures (NCDs).
The NCDs, aggregating to Rs 650 crore will be issued on a private placement basis and in one or more tranches.
The NCDs will be issued to replace its existing high cost current or near-term maturity debt requirements, the company said in its exchange filing.
Shares are locked in a 5 percent upper circuit for the second straight day at Rs 77.05.
How Are The Sectoral Indices Faring
Earnings Reaction: VIP Industries
The company mentioned in its investor presentation that it suffered a revenue loss of Rs 120 crore and a Rs 26 crore hit to its profitability due to Covid-19 in the quarter ending March.
The luggage-maker's revenue fell 28% while profits declined 62.5% in the quarter gone by.
However, gross margins saw an improvement due to higher procurement from Bangladesh and reduction in raw material costs.
Shares fell as much as 6.2% to a three-year low of Rs 202. The stock is down for the third straight day.
F&O Snapshot: Active Options Contracts
- Nifty May futures add 5.7% and 3.51 lakh shares in Open Interest.
- Nifty Bank May futures add 20.8% and 3 lakh shares in Open Interest.
Nifty: May 28 Expiry
- 9,100 Call: Premium falls 28.16% to Rs 38.65. The contract has added 11.36 lakh shares in Open Interest.
- 9,000 Put: Premium falls 22.6% to Rs 49.95. The contract has added 9.12 lakh shares in Open Interest.
- 9,200 Call: Premium falls 46.3% to Rs 13.9. The contract has added 5.5 lakh shares in Open Interest.
Nifty Bank: May 28 Expiry
- 18,000 Call: Premium up 5% to Rs 86.75. The contract has added 2.26 lakh shares in Open Interest.
- 17,000 Put: Premium falls 62.5% to Rs 37.5. The contract has added 4.82 lakh shares in Open Interest.
- 17,500 Put: Premium falls 45.7% to Rs 159.2. The contract has added 3.97 lakh shares in Open Interest.
Stock Reaction: Relaxo Footwear
The footwear manufacturer informed the exchanges that the overall demand of footwear has substantially decreased due to the Covid-19 pandemic.
However, demand for open slippers have improved during the lockdown period which the company finds challenging to meet due to restrictions in manufacturing operations.
The company through its press release said that the pandemic and the subsequent shutdown has not impacted capital and financial resources as it does not have any long-term debt.
Shares fell as much as 2.5% to Rs 645.1, snapping a five-day gaining streak.
Markets At 10:10 A.M.
- Benchmark indices fail to hold gains yet again; trade little changed
- Nifty flat at 9,035
- Nifty futures trade at a discount of 17 points
- Sensex flat at 30,607
- Nifty Bank up 1% at 17,612
- Nifty Midcap index down 0.5%
- Nifty Smallcap index down 0.2%
- India Volatility Index down 2% to 30.85
- Nifty FMCG index is the top sectoral gainer (down 0.9%)
- Nifty Media and Nifty Auto index too are down 0.8%
- UPL is the top Nifty gainer; up 4.3%
- Mahindra & Mahindra is the top Nifty laggard; down 3.1%
- 764 stocks on the NSE trade with gains while 825 are declining
Money Market Update
The rupee opened flat in today’s trading session tracking volatility in the equity markets.
The currency opened at 75.67 against the greenback as compared to Tuesday's close of 75.66. Tuesday's gains made rupee the second best performing Asian currency.
In the bond markets, the government announced that it will sell short-term bills worth Rs 80,000 crore on Thursday, adding to an already heavy weekly borrowing plan.
Traders in the bond market are also looking forward to the sale of treasury bills worth Rs 45,000 crore.
Nifty FMCG Index Is The Top Sectoral Loser
Earnings Reaction: Max Financial Services
The life insurance player reported 96.7% drop in its net profit for the quarter ending March. Operational performance too was weak with Ebitda declining 31.7% compared to last year.
Gross written premium grew 6% while New Business Margins were constant at 21.6% for FY20.
Brokerage firm Emkay has maintained its buy rating on the stock with a price target of Rs 600 citing the completion of the deal with Axis Bank as a key trigger.
Shares are trading at the day's low, down 5.24% to Rs 415.25.
Stock Reaction: Titan
The company shared its Covid-19 updates where it announced that operations were substantially hit from March 17 till the first week of May.
It said in its press release that as of now, 43% of its stores are operational after gradual reopening. As a result of 'virtually no sale' during the period of lockdown, the company's operating cash flow was negative for April and May.
However, it expects normalcy to return after one quarter.
Shares fell as much as 2.77% to Rs 890 and were the top laggards on the Nifty 50 index.
Stock Reaction: Kotak Mahindra Bank
The QIP issue of the private lender opened on Monday after getting an approval from the board of directors. The floor price of Rs 1,147.5 per share was a 0.5% discount to Monday's closing price.
The bank in its press release said that it may, at its discretion consider offering a discount of not more than 5% on the floor price.
The bank seeks to raise Rs 7,500 crore from this QIP issue. The stake sale will help the lender's promoter group to cut its stake by 3.4% and help comply with RBI's order to have its holding below 26% by August this year.
Shares gained as much as 4.3% to Rs 1,203.35 and were among the top performers on the Nifty 50 index.
Opening Bell: Can The Gains Sustain?
Indian equity markets opened higher in today's session. Cues from Asia are mixed while futures on the Dow Jones are trading 110 points higher.
The S&P BSE Sensex opened 0.6% higher at 30,793 while the NSE Nifty 50 too opened 0.6% higher at 9,082. Both benchmark indices gave up gains and ended little changed on Tuesday.
Among sectoral indices, the Nifty Bank has opened with gains of 1% while other indices have opened flat or with modest gains.
Market breadth was in favour of the advances. 933 stocks opened with gains while 399 have opened with losses on the NSE.
Latest On The Coronavirus
- Global cases top 5.5 million
- Death toll rises to 3.5 lakh
- South Korea reports biggest increase in cases since early April
- Infections continue to soar in Brazil
- Confirmed cases in the U.S. rise at the slowest since March
- 96% of virus fatalities in Italy suffered from other illnesses
- Los Angeles set to open retail stores, religious services
- India adds 6,387 new cases, 3,935 recoveries and 170 deaths in the last 24 hours. The total number of cases in the country now at 1,51,767.
Top Reads On Bloombergquint.com
Key Stocks In Focus
- Kotak Mahindra Bank: Board approves opening of QIP on May 26. Floor price of Rs 1,147.75 per share is a 0.47% discount to Tuesday's closing. The bank may, at its discretion, consider offering a discount of not more than 5% on the floor price.
- Reliance Industries: Bloomberg News reports that the company is preparing Jio Platforms for an IPO outside the country, according to people familiar with the matter. The company however has not decided on the listing venue. The offering may happen in the next 12-24 months.
- Titan: The company has shared its Covid-19 update with the exchanges. The release says that it saw virtually no sale from March 17 until the first week of May. The company is gradually re-opening stores and 43% of its stores are currently operational. The company has guided for low visibility on revenue and that customer demand sentiment is pointing to reduced discretionary spends.
- Bharti Airtel: Bharti Telecom said in a press release that it raised over Rs 8,433 crore through accelerated book-build offering of equity shares of the telecom player. Sale proceeds will be fully utilized to repay debt at and make the promoter holding company a ‘debt free.’
- Deepak Nitrite: Net profit rises 88.3% from last year, aided by a deferred tax reversal of Rs 22.5 crore this quarter. Fine and Speciality segment revenue grew 30% while basic chemicals segment revenue saw a 10% decline.
- Max Financial Services: Net profit falls 96.7% from last year while New Business Margins remain constant at 21.6% for FY 20.
- VIP Industries: Net profit falls 62.5% while Ebitda margins at 10.2% from 9.1%. Gross margins aided by better share of hard luggage and lower raw material costs.
- Relaxo Footwear’s Covid-19 Update: The overall demand of the products has been impacted, but due to easing of lockdown restrictions, the demand for open slippers has improved.
- Welspun Enterprises: To consider raising capital via equity on May 29.
- Non-Nifty Earnings Today: Ujjivan Financial Services, United Spirits, Dabur, KPIT Tech, Tube Investments, Vaibhav Global, Aditya Birla Fashion & Retail, Quess Corp.
Find out all that you need to know going into trade today here.
Your Trade Setup For The Day
How Were The Fund Flows On Tuesday
A Check On Indian ADRs
U.S. Markets On Tuesday
- Benchmark indices begin truncated week with gains
- S&P 500 ends 1.2% higher despite giving up half of its gains
- S&P 500 ends at an 11-week high but below the mark of 3,000
- U.S.-China tensions continue to mount on reports that the treasury department may impose sanctions on transactions and freeze assets of Chinese officials.
- Fresh economic data shows easing of lockdown measures is boosting economic activity.
- The Bloomberg Dollar spot index fell 1%
- Yield on the 10-year treasury rose to 0.69%
- West Texas Intermediate crude gained 2.1% to $33.93 per barrel. The commodity trades lower today
Catch all the live global market action here.
Consolidation In Store
Indian equity markets will look for stock-specific cues ahead of the future and options May series expiry on Thursday. Benchmark indices gained during most part of Tuesday’s session, only to wipe off everything in the final hour and end with a negative bias.
The Singapore-traded SGX Nifty, an early indicator of the NIfty 50 Index’s performance in India, rose 0.3% to 9,047 as of 7:50 a.m.
Asian markets are mixed this morning as investors weigh hopes of an economic recovery against straining U.S.-China relations.
Markets in Japan and South Korea recovered losses to trade with gains, while those in China and Australia are lower. Treasuries and the U.S. dollar are holding on to overnight losses.
Futures on the Dow Jones are trading 30 points higher after the benchmark ended with gains of more than 2% on Tuesday.
Oil prices were lower, while Gold is little changed.
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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