KEY HIGHLIGHTS
Closing Bell: A Strong Rebound
India's benchmark indices snapped their longest losing streak in over four months with a strong rebound led by market heavyweights Reliance Industries and HDFC Bank.
The S&P BSE Sensex gained nearly 750 points, ending 2% higher at 37,687 while the NSE Nifty 50 gained over 200 points, ending 1.87% higher at 11,095. Both benchmark indices overturned Monday's losses.
Two stocks - Reliance Industries and HDFC Bank contributed nearly 160 points out of the 200 point gain on the Nifty. Reliance Industries saw its biggest single-day gain in nearly four months, ending 7.5% higher.
Among the sectoral indices, the Nifty Media index ended 3.9% higher as the top sectoral gainer. The index snapped a seven-day losing streak led by gains in Zee Entertainment, which ended with gains of 6.3%.
The Nifty Bank and Nifty Pharma index ended with gains of 2% each while the Auto and Realty index gained over 1.5% each.
Nifty I.T. was the only sectoral laggard, ending 0.7% lower.
Broader markets ended with gains but could not keep up with the benchmarks in today's session. The midcap index gained 1.1% while the smallcap index ended 1.4% higher.
The India Volatility Index ended 6% lower at 23.67.
Market breadth ended in favour of the gainers. 1,186 stocks on the NSE ended with gains while 626 declined.
How Did The Sectoral Indices Fare Today
RIL, HDFC Bank Lead The Way
Earnings Reaction: Godrej Consumer Products Q1FY21
- Revenue flat at Rs 2,327 crore
- Net profit down 3% to Rs 395 crore
- Ebitda up 4% to Rs 472.3 crore
- Ebitda margin at 20.3% from 19.4%
- Exceptional item includes Rs 33.15 crore gain on account of change in earn out liability of a subsidiary
- Exceptional gain offset by impairment of investment in associate of Rs 15.38 crore and restructuring costs incurred of Rs 4.6 crore in the consolidated results
- India business revenue up 5% to Rs 1,380.6 crore
- Indonesia business revenue up 9% to Rs 405.6 crore
- Africa business revenue down 22% to Rs 437.3 crore
- Advertising and Promotional expenses down 46% to Rs 104.7 crore
- Forex loss of Rs 3.3 crore in the base quarter
- Underlying volume growth of 3%
Shares recovered from the day's low, ending 1% lower at Rs 692. The stock snapped a five-day gaining streak.
Earnings Reaction: Hikal Q1FY21
- Revenue down 12.5% to Rs 352.8 crore
- Net profit down 40.5% to Rs 15 crore
- Ebitda down 23.2% to Rs 52.6 crore
- Ebitda margin at 14.9% from 17%
- Pharmaceutical business revenue up 5% to Rs 213.6 crore
- Crop Protection business revenue down 30% to Rs 139.1 crore
Shares fell as much as 18% to Rs 132.3, snapping a two-day losing streak.
Buzzing Stock: Raymond
- Snaps seven-day losing streak
- Gains as much as 4.8% to Rs 247.2
- Biggest single-day gain in two months
- Seven-day losing streak was longest in five months
- Trading volume was on par with its 20-day average
- Nearing 100-Day Moving Average of 259.3
- Made a 52-week low of Rs 209.5 on March 30, 2020. Has been in consolidation since then
- Two out of the three analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 78%
Stock Reaction: Sun Pharma
The Mumbai-based company has announced the launch of FluGuard (Favipiravir) for the treatment of mild to moderate cases of Covid-19 in India.
The drug has been priced at Rs 35 per tablet and is the only anti-viral treatment approved in India for the treatment of the disease, the company said in an exchange filing.
“We are launching FluGuard at an economical price to make the drug accessible to more and more patients thereby reducing their financial burden. This is in line with our continuous efforts to support India’s pandemic response,” the company said.
Shares surged to the day's high, gaining as much as 2.4% to Rs 531.8, post the announcement.
Stock Reaction: Lupin
The drug-maker has received tentative approval from the U.S. FDA for its Empagliflozin tablet - 10 mg and 25 mg.
It can now market a generic version of Jardiance Tablets of Boehringer Ingelheim Pharmaceuticals.
The said drug is used in the treatment of type 2 diabetes mellitus.
The drug had annual sales of approximately $4,368 million in the U.S. for the 12-month period ending March 2020, according to IQVIA.
Shares rose to the day's high, gaining as much as 1.7% to Rs 943, post the announcement. The stock is up for the fifth straight day.
Active Stock Options
- Reliance Industries' 2,200 Call: Premium up 114.6% to Rs 66.2. The contract has added 11,110 shares in Open Interest.
- Zee Entertainment's 150 Call: Premium up 59% to Rs 8.35. The contract has added 1,668 shares in Open Interest.
- HDFC Bank's 1,100 Call: Premium up 57.2% to Rs 20.2. The contract has shed 2.2 lakh shares in Open Interest.
Stock Update: Satin Creditcare
- Rights issue opens August 12, 2020
- Rights issue closes August 26, 2020
- Last date for market renunciation: August 21, 2020
- Board approved selling 1.99 crore shares of face of Rs 10 each at a price of Rs 60 per share, amounting to Rs 120 crore
Shares are currently trading 2.2% lower at Rs 71.25. The stock has declined in five out of the last seven trading session.
Markets At 2:10 P.M.
- Benchmark indices hold on to gains
- Nifty up 1.4% at 11,044
- Sensex up 1.6% at 37,514
- Nifty Bank up 1.6% at 21,419
- Nifty Midcap index up 1%
- Nifty Smallcap index up 1.2%
- India Volatility Index down 4% to 24.18
- Nifty Media Index up 3.6% - remains the top sectoral gainer
- Nifty Pharma, Nifty Auto index up over 1.2% each
- Nifty I.T. remains the only sectoral laggard; down 1.1%
- Zee Entertainment remains the top Nifty gainer; up 6.6%
- BPCL is the top Nifty laggard; down 5.6%
Money Market Update
The currency reversed most of its losses in the session to end little changed.
The rupee ended at 75.04 against the U.S. Dollar as against Monday's close of 75.01. It made an intra-day low of 75.18 during the session.
Six other currencies managed to outperform the rupee in today's trading session.
Yield on the 10-year government bond cooled off to 5.77% in today's session as compared to Monday's close of 5.837%.
Mapping Aurobindo's Growth Trajectory
Earnings Reaction: Dixon Technologies Q1FY21
- Revenue down 55% to Rs 517 crore
- Net profit down 93% to Rs 1.6 crore
- Ebitda down 68% to Rs 16.9 crore
- Ebitda margin at 3.3% from 4.6%
- Covid-19 has caused significant disturbance and slowdown of economic activity, impacting business operations.
- Facilities at Noida, Dehradun and Tirupati are partially operational.
- Confident of servicing customer orders, obtaining regular supplies of raw material and logistics services.
- All numbers are consolidated and compared on a year-on-year basis
Shares recovered from the day's low to end nearly unchanged at Rs 7,963.
Buzzing Stock: Apollo Tyres
- Second best performer on the Nifty Midcap index
- Gains as much as 5.9% to Rs 114.4
- Biggest single-day gain in over two months
- Trades at the highest level in a month
- Snaps four-day losing streak
- Today's volumes are more than double its 20-day average
- Bounces after taking support at 50-Day Moving Average of 108
- Has gained 56% from its 52-week low of Rs 73.4 on March 24, 2020
- 13 out of the 23 analysts tracking the stock have a buy recommendation
- The stock trades 4.1% above its 12-month consensus price target of Rs 109.1, implying a negative return potential
Media Index Snaps Seven-Day Losing Streak
Earnings Reaction: Dhanlaxmi Bank Q1FY21
- Net Interest Income down 12% to Rs 79 crore
- Net profit down 69% to Rs 6.1 crore
- Gross NPA at 6.99% from 5.9% last quarter
- Net NPA at 2.18% from 1.55% last quarter
- Provisions down 35% to Rs 37 crore
- Provision of Rs 7.97 crore for loans under moratorium
- Adhoc provision of Rs 4.09 crore for wage revision
- Provision Coverage Ratio at 86.78%
Shares fell as much as 5% to Rs 12.3.
European Markets Open Higher
Markets in Europe have opened higher for the second straight day, led by cyclicals and energy stocks.
The Stoxx 600 has opened 0.6% higher with auto, tech and oil & gas stocks leading the surge. F&B stocks are underperforming at the start of trade.
Asian markets have ended with gains while futures on the Dow Jones are trading higher by 100 points.
Brent crude trades 0.3% lower at $44 per barrel while Gold is little changed at $1,975.8/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.9% at 3,276
- DAX up 0.9% at 12,757
- CAC up 0.9% at 4,918
- FTSE 100 up 0.3% at 6,048
- IBEX 35 up 0.7% at 7,026
How Are The Sectoral Indices Faring
Buzzing Stock: GE Shipping
- Trading at the highest level in nearly six months
- Gains as much as 10.7% to Rs 277.5
- Up for the fourth straight day
- Longest winning streak in two months
- Has gained 27% in the last four trading sessions
- Today's volumes are more than seven times its 20-day average
- Breaks above its 200-Day Moving Average at 256.2
- Stock in overbought territory with Relative Strength Index (RSI) at 79
- Has gained 65% from its 52-week low of Rs 162 on March 13, 2020
- Both analysts tracking the stock have a buy recommendation
- Return potential for the stock as per Bloomberg data is 61.1%
F&O Snapshot: Active Options Contracts
- Nifty August futures add 7.2% and 7.4 lakh shares in Open Interest
- Nifty Bank August futures add 20% and 3.1 lakh shares in Open Interest
Nifty: August 6 Expiry
- 11,000 Call: Premium up 80.6% to Rs 107.55. The contract has shed 1.1 lakh shares in Open Interest.
- 11,100 Call: Premium up 75.6% to Rs 56.2. The contract has shed 4.2 lakh shares in Open Interest.
- 10,900 Put: Premium down 67% to Rs 28.6. The contract has added 19.9 lakh shares in Open Interest.
Nifty Bank: August 6 Expiry
- 21,500 Call: Premium up 32.5% to Rs 256. The contract has added 2.2 lakh shares in Open Interest.
- 21,000 Put: Premium down 54.7% to Rs 117.6. The contract has added 5.2 lakh shares in Open Interest.
- 22,000 Call: Premium up 6.4% to Rs 80. The contract has added 1.7 lakh shares in Open Interest.
Earnings Reaction: Varun Beverages Q2CY20
- Revenue down 42% to Rs 1,665 crore
- Net profit down 65% to Rs 143 crore
- Ebitda down 52% to Rs 376.9 crore
- Ebitda margin at 22.6% from 27.6%
- Declares interim dividend of Rs 2.5 per share
- Lockdowns have resulted in operating constraints leading to significant reduction in business operations in terms of sales
- All numbers are consolidated and compared on a year-on-year basis
- Operating constraints severely impacted organic volumes
- Witnessing a steady uptick in demand on a month-on-month basis post unlocking
- Overall input cost environment has been favourable.
- Near-term demand outlook remains uncertainty
- Remain confident of a strong revival in our product category in the coming fiscal
Shares ended near the day's high with gains of 4.9% at Rs 716.1.
Markets At Noon
- Benchmark indices at the day's high
- Nifty up 1.5% at 11,051
- Sensex up 1.6% at 37,517
- Nifty Bank up 1.7% at 21,441
- Nifty Midcap index up 1%
- Nifty Smallcap index up 1.1%
- India Volatility Index down 3.5% to 24.29
- Nifty I.T. is the only sectoral laggard; down 1.3%
- Nifty Media extends gains; up 2.7%
- Nifty Auto is the other major sectoral gainer; up 1.6%
- Zee Entertainment is the top Nifty gainer; up 5.7%
- Tech Mahindra is the top Nifty laggard; down 2.8%
- 1,234 stocks on the NSE trade with gains while 501 decline
Top Money Manager Seeks 'Decisive' RBI Support
India's biggest money manager is urging the Reserve Bank of India to step up support for the bond mark or risk undermining its success in boosting corporate credit, Bloomberg News reports.
SBI Funds Management believes that the RBI needs to boost purchases of sovereign debt and articulate a clear strategy of intervention.
"We need some decisive intervention from the RBI this financial year," Rajeev Radhakrishnan, Head of Fixed Income at SBI funds said in an interview.
Radhakrishnan also said that corporate spreads will rise again after having come down if the central bank pushes the entire government borrowing to the market at a time when growth is negative.
Earnings Reaction: Marksans Pharma Q1FY21
- Revenue up 35% to Rs 331.1 crore
- Net profit more than doubles to Rs 49.3 crore
- Ebitda more than doubles to Rs 69.9 crore
- Ebitda margin at 21.1% from 13.2%
- Europe, U.K. Formulations business revenue up 43% to Rs 144.2 crore
- U.S. and North America formulations business revenue up 29% to Rs 133.6 crore
- Australia & New Zealand formulations business revenue up 10.8% to Rs 34.1 crore
- Rest of the World business revenue up 62.2% to Rs 19.4 crore
Shares gained as much as 5% to Rs 43.65, post the announcement. The stock is up for the sixth straight day and is trading at the highest level since January 2018.
Buzzing Stock: Alkem Laboratories
- Trades at an all-time high
- Gains as much as 4% to Rs 2,903
- Up for the sixth straight session
- Longest winning streak in six months
- Has gained 17% in the last six trading sessions
- Today's volumes are more than six times its 20-day average
- The stock is in overbought territory with Relative Strength Index (RSI) at 81
- Stock has nearly doubled from its 52-week low of Rs 1,660 on August 5, 2019
- 17 out of the 23 analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock trades 5.1% above its 12-month consensus price target of Rs 2,735, implying a negative return potential
Stock Reaction: KEC International
The global infra EPC company has received orders worth Rs 1,192 crore across various businesses, it said in an exchange filing on Monday.
The Transmission and Distribution business has won orders worth Rs 821 crore for T&D projects in india, Malaysia, Africa and the Americas.
The Urban Infra business has won an order worth Rs 146 crore from the Kochi Metro Rail for construction of a viaduct along with the station for Phase 1 extension of the Kochi metro.
The Civil business has won an order worth Rs 57 crore for infra works in the warehousing space in India.
The cables business has secured orders worth Rs 168 crore for various types of cable/cabling projects in India.
Shares gained as much as 4.6% to Rs 279.8, before cooling off from the day's high.
Nifty Bank Snaps Four-Day Losing Streak
Stock Reaction: Alembic Pharma
The company has launched a QIP issue at a price of Rs 980.75 per equity share.
The price is a 0.44% discount to Monday's closing price.
The issue size is tentatively worth Rs 650 core with the company retaining a green shoe option of another Rs 100 crore.
The board will meet on August 6, to determine the issue price and other details of the QIP issue.
Shares gained as much as 4.56% to Rs 1,030. The stock is trading at an all-time high.
Earnings Reaction: KPIT Technologies Q1FY21
- Revenue down 11.4% to Rs 492.7 crore
- Net profit down 35.3% to Rs 24 crore
- Ebit down 35.9% to Rs 26.4 crore
- Ebitda margin at 5.4% from 7.4%
- U.S. Dollar revenue down 15% in constant currency terms to $65.25 million
- U.S. business revenue down 9.7% to $27.45 million
- Europe business revenue down 19.4% to $25.74 million
- Asia business revenue down 17.5% to $12.06 million
- Net cash at the quarter worth Rs 393.9 crore
- Won a five-year deal worth over $60 million during the quarter
- Expects flattish revenue and margins in Q2FY21
- Expects revenue growth and marginal improvement in margins in Q3FY21
- All numbers are standalone and compared on a quarter-on-quarter basis
Shares are locked in an upper circuit of 5% at Rs 67.7, up for the second straight day.
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has won export orders for over 1.16 lakh wheels for the U.S. Caravan Trailer Market.
The order is d at $1.3 million, the company said in an exchange filing.
The order is to be executed in the month of October from its Chennai plant.
“Inflow of more orders is expected to come from various other customers as the market gains stability,” the company said.
Shares gained as much as 3.7% to Rs 412.25, post the announcement. The stock has snapped at three-day losing streak.
HDFC Bank Gets A New CEO
India's largest private lender by market has informed the exchanges that the Reserve Bank of India has approved the appointment of Sashidhar Jagdishan as the bank's new MD & CEO.
Jagdishan will succeed Aditya Puri who retires in October this year.
Jagdishan will take charge on October 27, 2020, for a period of three years, the bank said in an exchange filing.
Shares gained as much as 5.9% to Rs 1,061. This was the biggest single-day gain for the stock in over two months. The stock is also the top performer on the Nifty 50 index.
Also Read: Sashidhar Jagdishan Is HDFC Bank’s New CEO
Earnings Reaction: VST Industries Q1FY21
- Revenue down 19.4% to Rs 245.6 crore
- Net profit flat at Rs 75.7 crore
- Ebitda down 13.7% to Rs 99.3 crore
- Ebitda margin at 40.4% from 37.8%
- Higher excise duty payments offset by lower corporate taxes
- Lower raw material costs aid margin expansion
- Gross sales revenue declined 4% during the quarter due to Covid-19
- Re-imposition of lockdown may have negative impact on operations.
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 12.8% - the biggest single-day gain since July 2018 to Rs 3,649. The stock is trading near a five-month high. It is also among the top performers on the Nifty 500 index.
Markets At 10:10 A.M.
- Benchmark indices at the day's high
- Nifty up 0.8% at 10,977
- Sensex up 0.8% at 37,253
- Nifty Bank up 1.2% at 21,318
- Nifty Midcap and smallcap index up 0.6% each
- India Volatility Index down 2.1% at 24.64
- Nifty Media is the top sectoral gainer; up 2.6%
- Nifty Auto, Nifty Realty up 1% each
- Nifty I.T. is the top sectoral laggard; down 1.1%
- Nifty Pharma and Nifty PSU Bank are the other sectoral laggards
- Zee Entertainment is the top Nifty gainer; up 5%
- IndusInd Bank is the top Nifty laggard; down 3.2%
- 1,142 stocks on the NSE trade with gains while 504 decline
Money Market Update
The currency has opened weak for the second straight day after ending as the worst performer in Asia on Monday.
The rupee opened at 75.15 against the U.S. Dollar as compared to Monday's close of 75.01.
Global funds sold sovereign bonds worth Rs 64 crore under limits available to foreign investors and withdrew corporate debt worth Rs 83 crore, according to Bloomberg data.
Within the bond markets today, traders will watch for states which plan to sell debt worth Rs 12,400 crore.
Stock Reaction: Dilip Buildcon
The road construction company has informed the exchanges that it has been declared as the L-1 bidder for a new HAM project worth Rs 1,140.5 crore.
The project involves four-laning of the NH-363 for a 52.6 kilometer stretch on the Maharashtra-Telangana border.
The project has been set a completion period of 24 months. Operation period is 15 years from the date of completion, the company's exchange filing said.
Shares rose as much as 2.55% to Rs 294, up for the second straight day.
Stock Reaction: Jindal Steel & Power
The company updated the exchanges about its sales data for the month of July.
Standalone steel sales in July rose 29% as compared to the previous year to 6.37 lakh tonnes.
Exports contributed 39% or 2.5 lakh tonnes of the overall standalone sales, the company said in an exchange filing.
Consolidated steel sales rose 25% year-on-year to 7.62 lakh tonnes in July.
Both standalone and consolidated steel sales for the company rose 13% from the previous year.
The company's Oman business reported a 11% rise in production while sales rose 6% to 1.25 lakh tonnes.
Shares rose as much as 1.6% to Rs 193.8, post the announcement. The stock is up for the third straight day and is trading at the highest level in nearly six months.
Coronavirus India Updates
- India reports another day of over 50,000 cases
- 52,050 cases reported over the last 24 hours
- Total confirmed cases at 18,55,745
- Active cases at 5,86,298
- Patients cured / discharged / migrated at 12,30,509
- Death toll rises to 38,938
- 803 new deaths reported over the last 24 hours
- 44,306 patients recovered in the last 24 hours
Earnings Reaction: Exide Industries Q1FY21
- Revenue down 44.3% to Rs 1,547.6 crore
- Net profit down 80.4% to Rs 44 crore
- Ebitda down 63.6% to Rs 148.5 crore
- Ebitda margins at 9.6% from 14.7%
- Storage batteries and allied products revenue down 44% to Rs 1,599 crore
- Life Insurance business revenue up 13% to Rs 925 crore
- Management attributed the performance to supply chain and distribution disruption as some key factors behind the weak earnings.
Shares gained as much as 7.1% - the most in four months to Rs 165.45. The stock is trading at the highest level in two months.
Opening Bell: A Sedate Start
Indian equity markets opened higher after ending near a two-week low on Monday, dragged by Reliance Industries and private financials.
The S&P BSE Sensex opened 0.4% to 37,092 while the NSE Nifty 50 index opened near the 10,950 mark - up 0.5% at 10,946.
All sectoral indices opened with gains. After Monday's 2.3% drop, the Nifty Bank has opened 0.8% higher. Most other sectoral indices are trading flat to gains of 0.5%.
Broader market have opened higher. The midcap index has opened 0.6% higher while the smallcap index has gained 0.8%.
Market breadth is in favour of the gainers. 1,116 stocks on the NSE trade with gains while 298 are declining.
Latest On The Coronavirus
- Global cases cross 18.1 million
- Death toll rises to 6.91 lakh
- Australia's Victoria says anyone flouting isolation rules will be fined as much as $3,500
- 10 new cases confirmed in Vietnam
- 4,767 new cases reported in Mexico, lower than the seven-day average
- Donald Trump says he may take executive action to impose a moratorium on evictions
- Overall cases in the U.S. rise 0.9%. Death toll rises to 1.55 lakh
- Norway bans cruise ships from entering its ports for two weeks
- Hong Kong reports fewest cases since July 22
Top Reads On Bloombergquint.com
How Did The Fund Flows Fare On Monday
Key Stocks In Focus
- Bandhan Bank: Bloomberg News reports that GIC has received approval from the Reserve Bank of India to increase its stake in the lender to 10%. MD & CEO Chandra Shekhar Ghosh said that the promoters may use the stake sale proceeds to start insurance, Mutual Fund units.
- Yes Bank: Moody's upgrades the long-term foreign currency issuer rating to B3 from Caa1, following the equity capital raise. The outlook has been revised to stable from positive. The capital raise has bolstered the lender's solvency and is the main driver for the upgrade, Moody's said in a note. The successful capital raise showcases the bank's regained access to the external market funds, which is a result of its improved financial strength and will support depositor confidence.
- Asian Paints: Re-opened nearly 95% of its sales offices while manufacturing facilities working at nearly 60-70% levels. Business has picked up progressively in tier 2/3/4 cities. Business was much slower in metros, some tier-1 cities. Business achieved about 80% of base volumes in May and improved to double-digit volume growth of over 14% in June 2020.
- Alembic Pharma: Launches QIP issue on August 3 at Rs 980.75 per share. The price is a 0.44% discount to Monday's close. The company may offer a discount of not more than 5% on the floor price, as per SEBI regulations. The indicative price for the same is Rs 932 per share which is a 5.4% discount to Monday's close. The board will meet on August 6 to consider the issue price. The issue size is tentatively Rs 650 crore with a green shoe option of an additional Rs 100 crore.
- Aditya Birla Fashion and Retail: Promoters increased their stake to 59.79% from 59.07%, through allotment of equity shares, pursuant to the rights issue on July 30.
- KEC International: Secured new orders worth Rs 1,192 crore for transmission, distribution, infra and cables segments.
- Coffee Day Enterprises: New statutory auditors Sundaresha & Associates resigned within two weeks, due to technical reasons.
- Non-Nifty Earnings Today: Dixon Technologies, Godrej Consumer Products, Gujarat Gas, Narayana Hrudayalaya, PI Industries, SPARC, Tata Consumer Products, Varun Beverages.
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
A Day Of Consolidation?
Good Morning!
India's benchmark indices ended lower for the fourth straight day on Monday—the longest such streak in over four months.
But the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India rose 0.3% to 10,947 as of 8:10 a.m. on Tuesday.
Exide Industries, VST Industries, BSE and KPIT Technologies, among others, will remain in focus as they reported their quarterly numbers after market hours on Monday. While no Nifty 50 companies are set to announce their June-quarter earnings on Tuesday, broader market names like Dixon Technologies, Godrej Consumer Products and Gujarat Gas, among others, will do so.
The street will also keep an eye on Bandhan Bank after it dropped 10.5% on Monday following stake sale by promoters. Marquee names like GIC, Temasek and Morgan Stanley, among others, have the bought shares.
Across the globe, Asian markets are advancing after another tech-fueled rally on Wall Street. Benchmarks in Japan, Australia and South Korea are outperforming, while those in Hong Kong are edging higher.
The U.S. dollar is rebounding after its worst July in a decade, while West Texas Intermediate crude is down 1% after rising the most in nearly two weeks.
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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