KEY HIGHLIGHTS
Closing Bell: Ten on Ten!
Indian equity markets staged a dramatic final hour recovery to end higher for the 10th straight day, led single handedly by financial stocks.
The S&P BSE Sensex ended 0.4% higher at 40,794, recovering over 500 points from the day's low of 40,279. The NSE Nifty 50 index also recovered 140 points from the day's low of 11,822 to end 0.3% higher at 11,971.
The 10-day winning streak for the Nifty was last seen in January 2015. The last time the Sensex gained for 10 straight sessions, was way back in 2007!
As mentioned earlier, it was the Nifty Bank that led the recovery in the final hour. The Index recovered over 700 points from the day's low of 23,149 to end 1.6% higher at 23,874. 10 out of the 12 index constituents, which were declining at mid-day trading, ended with gains.
Top six gainers on the Nifty 50 index were BFSI stocks - Bajaj Finserv, SBI Life, Bajaj Finance, IndusInd Bank, ICICI Bank and Axis Bank.
The PSU Bank index also contributed to the recovery, ending with gains of 1%.
Among the laggards today were I.T. and Pharma stocks. The Nifty I.T.'s longest winning streak in 22 years came to an end today, with the index ending 1.3% lower. The Nifty Pharma index ended lower for the third straight day, declining 0.7%.
Broader markets remained subdued in today's session. The midcap index ended 0.2% lower while the smallcap index gained 0.3%.
India Volatility Index ended 2.4% lower at 20.21.
Market breadth remained in favour of the laggards, despite the late recovery. 1,006 stocks on the NSE ended with losses while 832 stocks posted gains.
How Did The Sectoral Indices Fare
Earnings Expectations: Infosys Q2FY21
- U.S. Dollar revenue seen 2.8% higher at $3,210 million as per a BloombergQuint poll.
- Revenue seen 2% higher at Rs 24,131 crore
- Net profit seen 4.7% higher at Rs 4,474 crore
- Ebit seen flat at Rs 5,369 crore
- Ebit margins seen at 22.2% from 22.7%
- All estimates other than U.S. Dollar revenue are Bloomberg Estimates and compared on a quarter-on-quarter basis
Factors At Play For Infosys:
- May raise revenue guidance to 1-3% and retain margin guidance
- Constant Currency growth seen at 2.5% driven by strong deal wins
- Operational gains, lower costs to aid margins
- Indication of wage hikes, deal pipeline, progress in Vanguard deal will be key factors to watch
Covid-19 Impact: Cummins India
- Currently operating at 75-85% of capacity
- Have adequate capital and financial resources to run the business.
- Demand from customers has gradually started to improve.
- Remain focused on product development programs
Shares fell as much as 1.8% to Rs 436 and have declined in three out of the last four trading sessions.
Morgan Stanley's Portfolio Tweaks
In its most recent note, Morgan Stanley says that their portfolio tweaks are based on rising momentum and broadening of the economic recovery.
The note has advised narrowing sector positions with focus on stock picking as return co-relation across stocks have risen to levels from where they tend to mean revert.
"This means we have exited a macro market and entered a stock pickers' market," the note said.
With economic recovery being stronger than consensus expectations, Morgan Stanley prefers domestic cyclicals over defensives.
It is also shifting focus to small and midcap stocks as valuations are currently looking attractive versus history and that share of the market in both market cap and profits is at an all-time high, and awaiting mean reversion.
In terms of sectors - Morgan Stanley has turned underweight on energy (from +300 basis points to -100 basis points), overweight on financials (from 0 to 100 basis points) and on utilities (from 0 to 100 basis points).
Banking Stocks Lead The Recovery
Active Stock Options
- Wipro's 400 Call: Premium down 81% to Rs 2. The contract has added 67.6 lakh shares in Open Interest.
- Infosys' 1,200 Call: Premium down 39% to Rs 23. The contract has added 11.4 lakh shares in Open Interest.
- State Bank of India's 200 Call: Premium up 8.8% to Rs 6.8. The contract has added 4.4 lakh shares in Open Interest.
Page Industries Under The Scanner
Jockey's Indian partner Page Industries is under investigation from a top apparel industry watchdog, Reuters reports.
The investigation comes after the stock was dropped by Norway's Sovereign Wealth Fund from its investment portfolio due to concerns of human rights violations at its Bengaluru manufacturing site.
Shares are off the day's low after declining as much as 3.2% to Rs 20,036. The stock is down for the third straight day.
BloombergQuint has written to the apparel watchdog, seeking a comment on the same. It is awaiting a response.
Buzzing Stock: Gujarat Gas
- Among top performers on the Nifty Midcap index
- Gains as much as 5.3% to Rs 299.3
- Biggest single-day gain in two months
- Snaps three-day losing streak
- Today's volumes are more tha double its 20-day average
- Takes support and rebounds from 200-Day Moving Average of 280.8
- Trading at its 100-Day Moving Average mark of 299.75
- Relative Strength Index (RSI) of the stock at 47.1
- Trading 10.5% below its 52-week high of Rs 334.4 on August 14, 2020
- 24 out of the 32 analysts tracking the stock have a buy recommendation; 4 sell calls
- Return potential of the stock as per Bloomberg data is 15.1%
Markets At 2:10 P.M.
- Benchmark indices poised to snap nine-day gaining streak
- Nifty down 0.7% at 11,853
- Sensex down 0.6% at 40,375
- Nifty Bank down 0.8% at 23,298
- Nifty Midcap index down 0.6%
- Nifty Smallcap index unchanged
- India Volatility Index down 2.1% to 20.28
- Nifty I.T. is the top sectoral laggard; down 1.4%
- Nifty Pharma and Nifty Auto are the other sectoral laggards; down over 1% each
- Other sectoral indices trade flat but with a negative bias
- Bajaj Finserv remains the top Nifty gainer; up 2.5%
- Wipro remains the top Nifty laggard; down 6.2%
- 36 out of the 50 Nifty constituents are trading with losses
- 1,182 stocks on the NSE decline while 629 are trading with gains
Money Market Update
The rupee has snapped a two-day losing streak in today's session, ending little changed but with a positive bias.
The currency ended at 73.3 against the U.S. Dollar as compared to Tuesday's close of 73.35.
73.46 acted as the intraday low for the currency while 73.28 was the highest point.
Today's gains made Rupee the fourth best performing currency in Asia, behind the Singapore Dollar and the Chinese Renminbi and its offshore version.
Yield on the 10-year government bond ended at 5.903% as compared to Tuesday's close of 5.898%.
Pharma Index Down For Second Day
Buzzing Stock: Somany Ceramics
- Among the top performing stocks on the BSE Smallcap index
- Gains as much as 7% to Rs 203.3.
- Biggest single-day gain in nearly two months
- Snaps two-day losing streak
- Today's volumes are 40% below its 20-day average
- Relative Strength Index (RSI) of the stock at 62.1
- Trading at 31 times estimated forward Earnings Per Share as compared to its two-year historical average of 17.8 times
- Trading 20% below its 52-week high of Rs 252.8 on January 17, 2020
- 13 out of the 19 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 17% higher than its 12-month consensus price target of Rs 166.9, implying a negative return potential
F&O Snapshot: Active Options Contracts
- Nifty October futures add 2.9% and 3.3 lakh shares in Open Interest.
- Nifty Bank October futures add 16.6% and 2.75 lakh shares in Open Interest.
Nifty: October 15 Expiry
- 11,900 Call: Premium down 71.5% to Rs 30.3. The contract has added 22 lakh shares in Open Interest.
- 11,800 Put: Premium up 29.5% to Rs 39.3. The contract has added 8.5 lakh shares in Open Interest.
- 12,000 Call: Premium down 82.4% to Rs 9.8. The contract has added 15.4 lakh shares in Open Interest.
Nifty Bank: October 15 Expiry
- 23,000 Put: Premium up 9.7% to Rs 120. The contract has added 5 lakh shares in Open Interest.
- 23,500 Call: Premium up 58.5% to Rs 132.4. The contract has added 6.8 lakh shares in Open Interest.
- 24,000 Call: Premium down 68% to Rs 40. The contract has added 3.9 lakh shares in Open Interest.
Buzzing Stock: SBI Cards & Payment Services
- Trading at a record high
- Gains as much as 4.2% to Rs 892.5
- Biggest single-day gain in three months
- Up for the second straight day
- Has gained in five out of the last six trading sessions
- Today's volumes are seven times its 20-day average
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 69
- Has recovered 80% from its 52-week low of Rs 495 on May 22, 2020
- All seven analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 5%
European Markets Open Flat
Benchmark indices in Europe have opened flat but with a negative bias as factors including U.K. lockdown risks, lack of progress in Brexit talks and the stimulus deadlock keeps sentiment in check.
The Stoxx 600 opened 0.1% lower with Insurance and travel stocks leading the decline. Media stocks are outperforming.
Asian markets have ended mixed while futures on the Dow Jones are trading flat.
Brent crude is trading 0.7% lower at $42.14 per barrel while Gold is up 0.2% at $1,895/Oz.
Let's take a look at how European markets are trading:
- Euro Stoxx 50 down 0.2% at 3,273
- DAX unchanged at 13,013
- CAC up 0.1% at 4,950
- FTSE 100 up 0.4% at 5,994
- IBEX 35 unchanged at 6,873
How Are The Sectoral Indices Faring
India's Diamond Export Woes
India's diamond exports are set to fall by as much as a quarter this year as Covid-19 impacts demand and supply chains, Bloomberg News reports.
Overseas sales of cut and polished diamonds may slump 20-25% in the year ending March 2021, according to Colin Shah, chairman of the Gem & Jewellery Export Promotion Council.
This will push exports to the lowest in data going back to 2009. "While festivals such as Diwali, Christmas, Valentine's Day and Lunar New Year will prop-up demand in the next six months, it will not be enough to lift full-year exports," Shah said in an interview.
India's diamond exports fell 37% to $5.5 billion in the six months through September as compared to the previous year.
"Still, it’s difficult to predict global supply chains as rules to control the virus change frequently," Shah said.
I.T. Index Set To Snap 12-Day Gaining Streak
Wholesale Prices Rise 1.32% In September
India's wholesale prices for the month of September rose 1.32% as compared to the previous year in September, as per the Press Information Bureau.
The figure is higher than the 0.91% estimated by economists in a Bloomberg survey. The survey of 16 economists had pegged the range between 0.33% - 1.6%.
Primary article prices rose 5.1% as compared to the previous year while fuel, power and lighting prices fell 9.54%.
Wholesale food prices rose 6.92% year-on-year while manufactured product prices rose 1.6% compared to last year.
Markets At Noon
- Benchmark indices trading near the day's low
- Nifty down 0.7% at 11,846
- Sensex down 0.65% at 40,359
- Nifty Bank down 1.1% at 23,241
- Nifty Midcap index down 0.5%
- Nifty Smallcap index down 0.1%
- India Volatility Index down 1% to 20.51
- Nifty I.T. among the top sectoral laggard; down 1%
- Nifty PSU Bank index down 0.8%
- Nifty Metal, Nifty Auto index down 0.7%
- Bajaj Finserv is the top Nifty gainer; up 2%
- Wipro remains the top Nifty laggard; down 5.7%
- 37 of the 50 Nifty constituents are declining
- 1,162 stocks on the NSE are trading with losses while 600 are gaining
Buzzing Stock: Fortis Healthcare
- Second worst performing stock on the BSE 500 index
- Declines as much as 5.7% to Rs 128.3
- Biggest single-day decline in nearly seven months
- Trading at the lowest level in three months
- Has declined in four out of the last five trading sessions
- Today's volumes are 18% below its 20-day average
- One-month implied volatility at 4.1%
- Falls below 50, 100 and 200-Day Moving Averages in today's session
- Stock heading towards oversold territory with Relative Strength Index (RSI) at 39.5
- Trading 23% below its 52-week high of Rs 169 on February 7, 2020
- All nine analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 24.3%
Buzzing Stock: Orient Refractories
- Among the top performers on the Nifty 500 index
- Gains as much as 7.1% to Rs 202
- Biggest single-day gain in nearly two months
- Trading at the highest level in nearly a month
- Snaps two-day losing streak
- Today's volumes are 57% above its 20-day average
- Breaks above 50-Day Moving Average at 193.6
- Relative Strength Index (RSI) of the stock at 56
- Trading nearly 25% below its 52-week high of Rs 268.5 on February 11, 2020
- All three analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 11.7%
Stock Reaction: NTPC
The company has decided to raise Rs 4,000 crore on October 15, through private placement of unsecured, non-convertible bonds in the form of debentures.
The debentures will be raised at a coupon of 5.45% per annum with a door-to-door maturity of five years.
The proceeds will be used for funding the company's capex, refinancing existing loans and other general corporate purposes, the company said in an exchange filing.
The bonds are proposed to be listed on the Bombay Stock Exchange, as well as the National Stock Exchange.
10 lakh shares of the company exchanged hands in a single large trade, as per data from Bloomberg. Buyers and sellers of the trade remain unknown.
Shares fell as much as 4.8% to Rs 78.7 and are down for the third straight day. The stock is trading at the lowest level in nearly seven months.
Heading To A Bull Market: Rakesh Jhunjhunwala
Earnings Reaction: Tata Steel Long Products
- Revenue up 52.5% to Rs 1,185.9 crore
- Net profit of Rs 59.1 crore from net loss of Rs 196.9 crore
- Ebitda gain of Rs 183.6 crore from Ebitda loss of Rs 41.8 crore
- Numbers are not comparable as it acquired the steel business of Usha Martin and related iron ore and coal mines in different periods
- Raw Material cost as a % of sales at 55.8% from 70.3%
- Numbers are compared on a year-on-year basis
Shares are locked in an upper circuit of 20% at Rs 403.2, post the announcement.
Buzzing Stock: Oracle Financial Services
- Gains as much as 5.4% to Rs 3,223
- Biggest single-day gain in three months
- At the day's high, the stock traded at the highest level since August 2019
- Up for the second straight day
- Has gained in four out of the last five trading sessions
- Today's volumes are six times its 20-day average
- One-month implied volatility at 231%
- Taking support at its 50-Day Moving Average of 3,014
- Relative Strength Index (RSI) of the stock at 65
- At the day's high, it traded near its 52-week high of Rs 3,240 on November 1, 2019
- Three out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 24.6%
Nifty Bank Down For Third Day
Stock Reaction: Tata Power
The company has informed the exchanges that it has received the Letter of Award (LoA) from the Gujarat Urja Vikas Nigam to develop a 100 MW Solar project in Dholera Solar Park.
The energy will be supplied to GUVNL under a Power Purchase Agreement, valid for a period of 25 years from the scheduled commercial operation date, the company said in an exchange filing.
The project has to be commissioned within 15 months from the date of execution.
The cumulative capacity under development in Gujarat for the company will now be 620 MW, post this order win.
The plant is expected to generate about 246 Million Units of energy per year.
Shares fell as much as 2.6% to Rs 52.65 and have declined in four out of the last five trading sessions.
BofA Securities Fund Manager Survey
A total of 224 fund managers, overseeing assets of as much as $632 billion, believe that Covid-19 is the biggest risk to investors, according to the latest survey by BofA Securities.
As many as 34% of the fund managers believe Covid-19 to be the biggest risk. The other factors in the list include the U.S. Presidential Election, a sovereign or corporate credit event and the U.S.-China trade war.
The fund managers also said that a contested outcome of the Presidential Elections in the U.S. (which is a possibility according to the survey) will cause the maximum volatility in the markets going ahead.
However, the odds of a recession taking place in the next 12 months has dwindled further. The figure for October stood at -54% from -28% in September.
Fund managers are overweight healthcare while underweight on banks and energy sector.
Buzzing Stock: Jindal Stainless
- Among top gainers on the Nifty 500 index
- Gains as much as 6% to Rs 55.9
- Trades at the highest level in two years
- Up for the third straight day
- Longest winning streak in two months
- Up 28% in the last three trading sessions
- Today's volumes are more than double its 20-day average
- Rebounded from 50-Day Moving Average support of 45.5 on October 12
- Stock in overbought territory with Relative Strength Index (RSI) at 76
- Has nearly tripled from its 52-week low of Rs 21.4 on March 27, 2020
- Three out of the four analyts tracking the stock have a buy recommendation; 0 sell calls
- The stock has crossed its 12-month consensus price target of Rs 52.5 in today's session
Markets At 10:10 A.M.
- Benchmark indices decline after gaining for nine days in a row
- Nifty down 0.73% at 11,848
- Sensex down 0.6% at 40,378
- Nifty Bank down 1% at 23,256
- Nifty Midcap index down 0.5%
- Nifty Smallcap index down 0.3%
- India Volatility Index up 0.7% to 20.85
- All sectoral indices trade with losses
- Nifty I.T. index is the top sectoral laggard; down 1.4%
- Nifty Metal, Nifty PSU Bank index down 0.8% each
- Nifty Media, Nifty Pharma index down 0.7% each
- Titan is the top Nifty gainer; up 1.2%
- Wipro is the top Nifty laggard; down 6.4%
- 39 out of the 50 Nifty constituents are declining
- 1,172 stocks on the NSE decline while 526 trade with gains
Money Market Update
The currency has opened flat in today’s session after ending lower for the second straight day on Tuesday.
The rupee opened at 73.37 against the U.S. Dollar as compared to Tuesday's close of 73.36.
The IMF further cut India's economic growth forecast on Tuesday, which may impact sentiment in the currency and bond markets.
Yield on the 10-year government bond opened at 5.896% as compared to Tuesday's close of 5.898%.
Acuite Ratings and Research said that management of bond yields may prove to be 'seriously challenging' in such an inflationary and fiscal environment.
Earnings Reaction: Karnataka Bank
The private lender reported double-digit growth in its Net Interest Income as well as net profit for the second quarter of FY21.
Net Interest Income rose 15.3% year-on-year to Rs 574.9 crore while net profit was up 12.7% to Rs 119.4 crore.
Asset quality saw an improvement on a sequential basis. Gross NPA stood at 3.97% from 4.64% in the previous quarter while Net NPA stood at 2.21% from 3.01% in the first quarter.
The growth in advances and deposits however remained muted. Deposits were up 4% to Rs 72,922.6 crore while advances grew 1.2% year-on-year to Rs 54,098.9 crore.
Capital Adequacy Ratio of the bank was 13.08% from 12.64% last year while Provision Coverage Ratio was at an all-time high of 75.44%.
Shares rose as much as 6% to Rs 44.55 post the announcement. The stock is up for the fifth straight day.
Coronavirus India Update
- Active cases decline for the 11th straight day
- 63,509 new cases added in the last 24 hours
- Total confirmed cases now at 72,39,389
- Active cases at 8,26,876
- Patients cured / discharged / migrated at 63,01,927
- Death toll rises to 1,10,586
- 730 deaths reported in the last 24 hours
- 74,632 patients recovered in the last 24 hours
Stock Reaction: SPARC
The company announced positive top-line results from the Phase 3 clinical trial of SDN-037, which is used for treatment of inflammation and pain related to Ocular surgery.
The trial met its pre-specified primary and secondary objectives, demonstrating that SDN-037 is superior to its vehicle, the company said in its exchange filing.
A statistically significant proportion of patients treated with SDN-037 achieved an Anterior Chamber Cell (ACC) grade of 0 in the intent-to-treat population.
Shares rose as much as 2.6% to Rs 173.5, post the announcement. The stock had a three-day losing streak until today.
Earnings Reaction: Wipro Q2FY21
- U.S. Dollar revenue up 3.7% to $1,992.4 million
- Revenue up 1.2% to Rs 15,096.7 crore
- Net profit up 3.1% to Rs 2,465.7 crore
- Ebit up 8% to Rs 2,780 crore
- Ebit margin at 18.4% from 17.2%
- I.T. services revenue guidance for Q3 between 1.5-3.5%
- The company sees I.T. Services revenue in Q3 between $2,022-$2,062 million
- Constant currency growth at 2%
- Announces share buyback worth Rs 9,500 crore
- To buyback 23.75 crore shares or 4.1% of total equity at Rs 400 per share
- Buyback price is a 6.45% premium to Tuesday's closing price
- Members of the promoter group have indicated their intention to participate in the proposed buyback
The company has also entered into a definitive agreement to acquire engineering services company Eximius Design. It has expertise in semiconductor, software and systems design.
Wipro will acquire the company and its Indian arm for $80 million. The acquisition is subject to customary closing conditions and regulatory approvals. The acquisition is likely to be completed in the December quarter.
Brokerages Unimpressed:
- CLSA: Underperform rating maintained; price target raised to Rs 370 from Rs 320
- JPMorgan: Underweight rating maintained; price target raised to Rs 270 from Rs 250
- Citi: Downgrade to neutral from buy; price target raised to Rs 400 from Rs 355
Shares fell as much as 6% to Rs 353.6, down for the second straight day.
Opening Bell: A Subdued Start
Indian equity markets have begun mid-week trade on a sombre note, owing to lack of directional cues and signs of exhaustion at higher levels.
The S&P BSE Sensex has opened unchanged at 40,623 while the NSE Nifty 50 index has opened 0.2% lower at 11,917. Both Sensex and Nifty managed to eke out gains in the final minutes of trade on Tuesday, to end higher for the ninth day in a row.
Sectoral indices too have opened flat but with a negative bias. The Nifty Bank index has opened 0.6% lower ahead of the loan moratorium case hearing in the Supreme Court. Most of the other indices have opened with little or no movement.
Broader markets too have opened flat at the start of trade. The midcap index is trading 0.1% lower while the Smallcap index is unchanged.
713 stocks on the NSE have opened with gains while 710 stocks are declining.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 12,050 Call of the October 15 expiry in the range of Rs 30-32. Target of Rs 16-10 and stop loss of Rs 46
- Nifty Bank: Buy in the range of 23,150-23,250 for target of 23,500-23,750 with a stop loss of 23,000
- Buy Cummins India October futures for target of Rs 452.5 and Rs 463.8 with a stop loss of Rs 437.5
- Sell Bajaj Finance October futures for target of Rs 3,237 and Rs 3,183 with a stop loss of Rs 3,309
- Bajaj Finance and Cummins India are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Wipro: The company has pegged Dollar revenue growth guidance for the third quarter between 1.5%-3.5% which is higher than the estimates of 0-3%. Constant currency growth of 2% was at the higher range of the estimates of 0-2%. The board has announced a share buyback worth 9,500 crore rupees. Promoters and promoter group has also expressed intentions to participate in the buyback exercise. The buyback price of 400 rupees per share is a 6.5% premium to Tuesday's closing and it has entered into an agreement to acquire Eximius Design and its Indian arm for $80 million Dollars.
- Tube Investments: Gets approval from Competition Commission of India to acquire shares of CG Power.
- Adani Green Energy: Gets approval from Competition Commission of India to acquire solar energy generation assets through its JV with Total Solar, Singapore.
- Punjab and Sind Bank: Three NPA accounts worth 133.46 crore declared as fraud. Bank has made 100% provisioning as per the prudential norms.
- Wockhardt: Board has approved redemption of certain preference shares before its due date.
- Nifty Earnings Today: Infosys
- Non-Nifty Earnings Today: Aditya Birla Money, CHD Chemicals, Den Networks, Goa Carbon, Tata Elxsi, Tata Steel BSL, Titagarh Wagons
To know more about the stocks in focus, key brokerage reports, earnings after market hours and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Exhaustion At Higher Levels?
Good Morning!
Indian equity markets ended higher for the ninth straight day on Tuesday, extending their longest winning streak in two-and-a-half years.
While the benchmarks have not dropped for a single day in the October series so far, the rally may pause as indicated by futures in today's session.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.4% to 11,897 as of 8:20 a.m. on Wednesday.
Stocks like Wipro and Karnataka Bank will be in focus on the back of their quarterly earnings, while IRCTC may react to a positive brokerage report.
Infosys will become the third Nifty company to report results later today.
Asian markets have opened lower in mid-week trading, following their wall street counterparts, which declined on Tuesday. Stocks in Japan and South Korea have slipped, while those in Australia are little changed.
Futures on the Dow Jones are trading higher by 50 points. The index ended 0.6% lower on Tuesday.
West Texas Intermediate crude was flat at $40.23 per barrel, as was gold, which traded at $1,889.6/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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