KEY HIGHLIGHTS
Closing Bell: Fifth Day Of Gains
Indian equity markets managed to eke out gains in a volatile session of trade. Benchmarks fluctuated between gains and losses through the session, but ended higher for the fifth straight day.
The S&P BSE Sensex ended 0.5% higher at 36,674 while the NSE Nifty 50 index ended within touching distance of the 10,800 mark at 10,799, up 0.33%. Both the indices gained for the fifth straight session, their longest winning streak in a month.
Among sectoral indices, it was private banks and Bajaj Finance that contributed to gains on the Nifty. The Nifty Bank index ended 1.9% higher, while Bajaj Finance was the top gainer on the Nifty 50, ending with gains of 7.7%.
Nifty I.T. was the top performer in today's trading session, ending with gains of 2.1%. The Nifty Media index too ended with gains of 1%. The top underperformer in trade today was the metal index, ending 1.7% lower. Realty, Pharma and PSU Banks were the other sectoral laggards.
Broader markets outperformed in today's trade with the Smallcap index ending with gains of 1% while the midcap index managed gains of 0.4%.
Market breadth ended in favour of the laggards. 958 stocks on the NSE ended with gains while 879 stocks posted gains.
Sectoral Indices At Close
Trouble At Bajaj Auto's Walunj Plant
Buzzing Stock: DCB Bank
- Among top performers on the Nifty Smallcap index
- Gains as much as 10.45% to Rs 89.3
- Trades at the highest level in over two months
- Up for the second straight day
- Has gained in four out of the last five trading sessions
- Up 16% in the last five trading sessions
- Today's volumes are 1.8 times higher than its 30-day average
- Approaching its 100-Day Moving Average of 100.1
- Has gained over 50% from its 52-week low of Rs 58 on May 26, 2020
- 19 out of the 30 analysts tracking the stock have a buy recommendation; 5 sell calls
- The stock is trading at its 12-month consensus price target level of Rs 87.5
Bandhan, IndusInd Bank Lead Gains On The Nifty Bank
Stock Reaction: L&T Finance Holdings
L&T Infrastructure Finance, a wholly-owned subsidiary of the company has received the first tranche of $50 million out of the total $100 million ECB loan from the Asian Infrastructure Investment Bank.
The proceeds of the loan will be used to lend to large and mid-scale wind and solar power infrastructure projects in India, the company said in a press release.
We firmly believe that renewable power holds great potential in fighting the dual challenge of climate change and the ever-growing demand for energy.Dinanath Dubhashi, MD & CEO, L&T Finance Holdings
Shares surged to the day's high, gaining as much as 3.9% to Rs 72.7, post the announcement.
Stock Reaction: Uniply Industries
The company has received ANDA approval for its Cyclobenzaprine Hydrochloride Tablets from the U.S. FDA. The tablets will be marketed in the 5 mg, 7.5 mg and 10 mg version.
The tablets are a generic version of FLEXERIL tablets of Janssen Research and Development.
The drug is used in the treatment of muscle spasm, associated with acute, painful musculoskeletal conditions, the company said in a statement.
The product will be commercialised from the company's Goa unit.
Shares pared losses to trade at the day's high, up 1.6% to Rs 186.3, post the announcement.
Pest Control Revenue May Decline Post Lockdown, Says Bayer
Bayer CropScience expects the Covid-19 pandemic to have a 'sizeable' impact on its pest control business as demand from sectors like construction and hospitality slows down, Bloomberg News reports citing the company's annual report.
The report said that pre-construction and anti-termite treatment requirements may reduce due to work stoppage at sites during the lockdown. A shortened construction season before the monsoon will also impact demand.
The company also sees reduced demand from the hospitality segment that may trim expenses due to the economic impact of Covid-19.
Shares trade 1% lower at Rs 5,990 and are down for the third straight day.
F&O Snapshot: Active Options Contracts
- Nifty July futures add 6.9% and 7.75 lakh shares in Open Interest.
- Nifty Bank July futures add 37% and 4.62 lakh shares in Open Interest.
Nifty: July 9 Expiry
- 10,800 Call: Premium down 32.2% to Rs 50.35. The contract has added 9.27 lakh shares in Open Interest.
- 10,700 Put: Premium up 0.4% at Rs 67.95. The contract has added 7.15 lakh shares in Open Interest.
- 11,000 Call: Premium down 45.3% to Rs 10.2. The contract has added 10.48 lakh shares in Open Interest.
Nifty Bank: July 9 Expiry
- 22,500 Call: Premium up 32.3% to Rs 287.7. The contract has added 73,280 shares in Open Interest.
- 23,000 Call: Premium up 32.4% to Rs 104.6. The contract has added 1.22 lakh shares in Open Interest.
- 22,000 Put: Premium down 42.4% to Rs 133.45. The contract has added 6.33 lakh shares in Open Interest.
Markets At 2:10 P.M.
- Benchmark indices fluctuate between gains and losses
- Nifty unchanged at 10,763
- Sensex up 0.1% at 36,527
- Nifty Bank up 1.2% at 22,474
- Nifty Midcap Index up 0.1%
- Nifty Smallcap Index up 0.75%
- India Volatility Index unchanged at 25.17
- Nifty Metal is the top sectoral laggard; down 1.6%
- Nifty Realty and Nifty PSU Bank down 0.7% each
- Nifty I.T. remains the top sectoral gainer; up 1.2%
- Bajaj Finance remains the top Nifty gainer; up 5.6%
- Adani Ports remains the top Nifty laggard; down 3.8%
- 827 stocks on the NSE trade with gains while 975 decline
Money Market Update
The currency ended lower for the second straight day, nearing the mark of 75 against the U.S. Dollar.
The rupee ended at 74.93 against the greenback, as compared to Monday's close of 74.68. It made an intra-day low of 74.97.
Today's losses meant the rupee ended as the worst performing currency in Asia for the second day in a row.
Credit Agricole, in a note has said that the recent gains made by the currency are temporary and that it set to fall past the 80 per dollar mark later this year.
There remain compelling arguments for the rupee's eventual depreciation, Credit Agricole's chief China economist and senior EM strategist Dariusz Kowalczyk wrote in a note.
Yield on the 10-year government bond ended at 5.793% as compared to its opening level of 5.84%.
Stock Reaction: PVR
The Board of Directors on Monday determined the terms of the rights issue approved on June 8. Price of the issue has been set at Rs 784 per share, which is a 25% discount to Monday's closing price.
The entitlement ratio for the issue has been set at 7 shares for every 94 held as on the record date of July 10.
The rights issue will be open from July 17 and will go on till July 31. The company intends to raise Rs 300 crore from this issue.
Shares gained as much as 3.85% to Rs 1,084 and are rising for the fourth straight day.
Active Stock Options
- Reliance Industries' 1,900 Call: Premium down 21.3% to Rs 34.7. The contract has added 1.43 lakh shares in Open Interest.
- Bajaj Finance's 3,300 Call: Premium up 59.4% to Rs 203. The contract has added 25,750 shares in Open Interest.
- M&M Financial's 200 Call: Premium up 122.4% to Rs 12.9. The contract has added 5.1 lakh shares in Open Interest.
Coal India Says Output, Shipments Hit By Strike
The state-run miner produced an average of 0.57 million tonnes ot coal daily during the three-day strike that ended on July 4, Bloomberg News reports. This is 56% lower than the daily average in the 10-day period prior to the strike.
In an emailed statement, Coal India said that daily shipments during the three-day strike averaged 0.53 million tonnes, 62% lower than the daily average of the preceding ten days.
Average attendance during the strike was 36%, according to the company.
Shares are trading near the day's low, down 2% to Rs 133.1, snapping a two-day gaining streak.
Brokerage Reaction: Indraprastha Gas
Broking house UBS has reiterated its sell rating on the company and cut its price target to Rs 410 from Rs 440.
In its note on the Oil & Gas sector, UBS terms Indraprastha Gas as the least favoured stock in the region.
The note says that IGL may reduce its valuation gap with its peers, if volume growth is not considered to be a distinctive factor.
Citing threats to long-term volume and margin growth of CGD players due to potential gas sector reforms, UBS d CGD players on future expansion, higher capex, volume growth and stable margins.
Shares fell as much as 6.3% - the biggest single-day drop in four months to Rs 413.35. The stock is down for the second straight day and is now trading at the lowest level in three months.
It is also the worst performing stock on the Nifty Midcap Index.
Buzzing Stock: Ujjivan Small Finance Bank
- Best performer on the Nifty 500 index
- Gains as much as 20% to Rs 36.95
- Biggest single-day gain since listing
- Trading at the highest level in four months
- Up for the sixth straight day
- Longest winning streak on record
- Has gained 21% in the last six trading sessions
- Today's volumes are 4.4 times higher than its 30-day average
- Breaks above 100-Day Moving Average of 33.8
- 4 out of the 9 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 4.1% above its 12-month consensus price target of Rs 31.78, implying a negative return potential
European Stocks Open Weak
Benchmark indices in Europe have declined in early trade after U.S. futures reversed gains overnight and tracking mixed cues from Asia.
The Stoxx 600 index opened 0.5% lower with banking stocks leading the losses. Travel and leisure stocks were the other laggards.
Asian markets have ended with a negative bias while futures on the Dow Jones trade lower by 175 points.
Brent crude trades 1.2% lower at $42.58 per barrel while gold is little changed at $1,782.9 per barrel.
Let's take a look at how benchmarks across Europe have opened:
- Euro Stoxx 50 down 0.6% at 3,329
- DAX down 0.6% at 12,661
- CAC down 0.6% at 5,051
- FTSE 100 down 0.6% at 6,249
- IBEX 35 down 1% at 7,487
How Are The Sectoral Indices Faring
Stock Reaction: Godrej Consumer Q1 Business Update
- Expect close to mid-single digit, volume driven sales growth in the quarter.
- Resurgence of household insecticide category continued with strong underlying consumer demand.
- Saw strong momentum in the Hygiene category.
- Hair colour and air freshner demand remained muted.
- Absolute sales likely to be marginally lower than the base quarter.
Brokerage firm Macquarie maintained its outperform rating on the stock with a price target of Rs 817.
The firm is building in 20% sales growth in H1FY21E. It also expects margins to expand on better mix, cost savings. It is also one of Macquarie's top picks and part of its India Focus top-10 list.
Shares fell as much as 2.5% to Rs 690.4 and are down for the second straight day.
Buzzing Stock: Tata Consumer Products
- Trading at an all-time high
- Gains as much as 2.1% to Rs 414.4
- Up for the fourth straight day
- Has gained in 10 out of the last 12 trading sessions
- Today's volumes are 1.6 times higher than its 30-day average
- Stock is in overbought territory with Relative Strength Index (RSI) at 74
- Has nearly doubled from its 52-week low of Rs 213.7 on March 24, 2020
- 11 out of the 13 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 0.9%
Stock Reaction: SH Kelkar Q1 Business Update
- Witnessed encouraging demand pick-up from the last week of May and continued into June.
- Revenues in Q1FY21 stood between Rs 190-192 crore (provisional)
- Debt in Q1FY21 reduced to Rs 254-258 (provisional) crore as against Rs 299 crore as on March 31, 2020.
- Witnessing initial signs of recovery in FMCG industry and gradual normalisation of demand.
Shares gained as much as 9.33 to Rs 72.65. The stock is now trading at the highest level in a month.
Markets At Noon
- Benchmark indices trade with a negative bias
- Nifty down 0.5% at 10,707
- Sensex down 0.42% at 36,334
- Nifty Bank down 0.4% at 22,107
- Nifty Midcap Index down 0.3%
- Nifty Smallcap Index up 0.1%
- India Volatility Index down 0.2% at 25.13
- Nifty I.T. remains the top sectoral gainer; up 0.7%
- Nifty PSU Bank down over 1.8%
- Nifty Metal is the other sectoral laggard; down 1.3%
- Bajaj Finance is the top Nifty gainer; up 3.5%
- Adani Ports is the top Nifty laggard; down 3.6%
- 697 stocks on the NSE trade with gains while 1,045 decline
PSU Bank Index Extends Losses
Stock Reaction: Tata Consultancy Services
The company informed the exchanges that it has expanded its decade-long partnership with Tryg, one of the largest non-life insurance companies in the Nordic regions.
TCS will help Tryg adopt a future-ready technology stack and I.T. operating model to accelerate its digital transformation.
TCS will also help Tryg transform its I.T. operations and provide mainframe hosting and operations.
Shares are trading near the day's low, down as much as 1.4% to Rs 2,232.
Stock Reaction: Ultratech Cement
Krishna Holdings, incorporated in Singapore has informed that it has entered into a binding agreement to divest its entire equity shareholding in Shandong Binani Rongan Cement.
The unit will sell 92.5% stake for an enterprise of $120 million. The deal is subject to customary closing conditions and regulatory approvals, in compliance with the local laws.
Krishna Holdings is a subsidiary of the company's wholly-owned subsidiary UltraTech Nathdwara Cement.
Shares gave up gains to fall as much as 2.4% to Rs 3,836 and is among the top laggards on the Nifty 50 index.
Stock Reaction: Tata Power
Singapore-based Trust Energy Resources, a wholly-owned subsidiary of the company has announced the completion of sale of its three ships.
MV Trust Agility, MV Trust Integrity and MV Trust Amity have been sold to Oldendorff Carriers GmbH & Co. KG, Germany, for a total consideration of $212.76 million.
This is the second asset sale by the company after the divestment in Cennergi in South Africa recently.
The sale of our shipping assets announced today is in line with our long term plans to reduce debt and raise funds to invest in our future growth plans.Praveer Sinha, MD & CEO, Tata Power
The wholly-owned subsidiary will now cater to the shipping model requirements of the company's imported coal-based CGPL plant at Mundra under an asset light model, the company said.
Shares gained as much as 1.5% to Rs 51.1, post the announcement.
Stock Reaction: Mindteck (India)
The global engineering and technology solutions company has announced a new project win with a new European client.
The client provides advanced water processing technologies and solutions for the semiconductor and microelectronics industry.
The ten-month project encompasses design and development of common processes modules software for metal deposition technology, the company said in an exchange filing.
Shares are locked in a 5% upper circuit at Rs 25.4, snapping a four-day losing streak.
Stock Reaction: Shriram Transport Finance
The company's board approved a rights issue worth Rs 1,500 crore on Monday. The issue price has been set at Rs 570 per share which is a discount of 18% to Monday's closing price.
Rights entitlement ratio is set at 3 equity shares for every 26 held on record date of July 10. Promoter group will fully subscribe to their rights entitlement and will not renounce their rights.
Shares are trading at the day's high, gaining as much as 3.6% to Rs 722.50 and are up for the second straight day.
Buzzing Stock: Syngene
- Trades at an all-time high
- Gains as much as 9% to Rs 475.4
- Biggest single-day gain in three months
- Gains 17% in the last five sessions
- Today's volumes are 1.5 times higher than its 30-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 79
- Has more than doubled from its 52-week low of Rs 201.65 on March 23, 2020
- Six out of the 10 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 20.8% higher than its 12-month consensus target of Rs 369, implying a negative return potential
NIIT Technologies Leads Gains On The I.T. Index
Stock Reaction: Bandhan Bank Q1 Business Update
- Advances up 18% to Rs 71,846 crore
- Deposits up 35% to Rs 57,082 crore
- CASA ratio at 37.1% from 34.1%
- Micro banking loan vertical has shown positive traction subsequent to Unlock 1.
- Collection efficiency has improved to nearly 70% as on July 3, 2020
- Collection efficiency for non-micro banking advances in June at ~84%
- Liquidity Coverage Ratio at ~159%
Brokerage firm Bernstein has maintained an outperform rating on the stock and raised its price target to Rs 470 from Rs 420, citing the lender as a clear proxy to rural recovery.
The stock gained as much as 5.55% to Rs 376.75 and is up for the fifth straight day. It is also the top performing stock on the Nifty Bank index.
Stock Reaction: Caplin Point Laboratories
The company has informed the exchanges that its subsidiary - Caplin Steriles has entered into a private label distribution agreement with Xellia Pharma for five generic injectable ANDAs in the U.S.
The first product is expected to be launched shortly while approvals for the rest are expected in the next 12-18 months, the company said in an exchange filing.
The ANDAs are under the name of Caplin Steriles and will be commercialised in the U.S. by Xellia.
Shares gained as much as 3.5% to Rs 352.5, up for the third straight day.
Markets At 10:10 A.M.
- Benchmarks give up opening gains, trade flat
- Nifty unchanged at 10,771
- Sensex up 0.1% at 36,538
- Nifty Bank down 0.4% at 22,133
- Nifty Midcap Index up 0.2%
- Nifty Smallcap Index up 0.9%
- India Volatility Index up 0.4% to 25.28
- Nifty PSU Bank is the top sectoral laggard; down 1.1%
- Nifty I.T. is the top sectoral gainer; up 1.7%
- Nifty Pharma is the other sectoral gainer; up 0.8%
- Infosys is the top Nifty gainer; up 2.6%
- Power Grid is the top Nifty laggard; down 2.6%
- 876 stocks on the NSE trade with gains while 802 decline
Money Market Update
The rupee opened flat in today's trade after snapping a two-day gaining streak on Monday.
The currency opened at 74.69 against the U.S. Dollar as compared to Monday's close of 74.68, as importers stepped up purchases of the greenback.
The losses meant that the rupee ended as the worst performing currency in Asia on Monday.
Within the bond markets, traders will keep an eye on state government bond auctions. 13 Indian states plan to sell bonds worth Rs 11,500 crore.
Stock Reaction: Camlin Fine Sciences
In a large trade on Monday, Infinity Holdings acquired 6.64 lakh shares or 0.55% stake in the company, at Rs 56 per share.
Shares gained as much as 10.2% - the biggest single day gain since May 2019 to Rs 61.80. The stock is up for the third straight day and is trading at the highest level in four months.
The stock has also gained in four out of the last five trading sessions, and is up 15% during the period.
Brokerage Reaction: Infosys
Brokerage firm Goldman Sachs added the I.T. major to its conviction list, raising its price target to Rs 895 from the earlier Rs 756.
Goldman Sachs believes that a large Indian delivery base will be a key competitive advantage for Infosys and that the street is under-appreciating the technological strength of the company.
It also sees tailwinds around outsourcing and offshoring in the medium-term.
Goldman has raised the company's U.S. Dollar revenue growth estimates to 11.9% and 9.9% respectively for FY22 and FY23 respectively from the 10.8% and 9.8% earlier.
Shares are at the day's high, gaining as much as 3.1% to Rs 788. The stock is up for the fourth straight day and is the top performer on the Nifty 50 index.
Stock Reaction: Prism Johnson
The company informed the exchanges that it has acquired 35 lakh equity shares or 35% of the total shareholding of Sanskar Ceramics for a consideration of Rs 12.95 crore.
Post the acquisition, the company's shareholding now stands at 50% from 15%.
In an exchange filing on Monday, the company said that it had agreed to proceed with the said acquisition and increase its shareholding.
Shares gained another 10% in today's trading, adding to Monday's 10% gains to trade at Rs 53.20.
Coronavirus India Update
- Total cases cross the 7 lakh mark
- India reports 22,252 new cases over the last 24 hours
- Total number of cases now at 7,19,665
- Active cases at 2,59,557
- Patients cured / discharged / migrated at 4,39,948
- Death toll rises to 20,160
- 467 deaths reported in the last 24 hours
- 15,515 patients recovered in the last 24 hours
Stock Reaction: Bajaj Finance Q1 Business Update
- Customer franchise as of June 30 stood at 43 million. Acquired 0.5 million new customers during the quarter.
- New loans booked during the quarter at Rs 1.7 million from 7.3 million.
- Assets Under Management at Rs 1.38 lakh crore from Rs 1,28,898 crore
- Capital Adequacy ratio of 26.4%.
- Consolidated liquidity surplus of Rs 17,600 crore.
- Deposit book at Rs 20,000 crore from Rs 15,084 crore.
- AUM under moratorium has reduced to 15.5% from 27% as of April 2020.
- May consider additional provisioning in Q1FY21 to further strengthen balance sheet.
Shares gained as much as 1.9% to Rs 3,166, up for the second straight day.
Opening Bell: How Long Can The Gains Sustain?
Indian equity markets opened higher for the fifth day in a row, tracking a strong close on Wall Street, despite mixed cues from Asia.
The S&P BSE Sensex opened 0.47% higher at 36,660 while the NSE Nifty 50 opened above the 10,800 mark at 10,802, up 0.4%.
Most sectoral indices opened flat. The FMCG and I.T. index gained 0.4% each, while the Nifty Bank and Nifty Pharma gained 0.2% each.
Broader markets too have opened flat. The Nifty Midcap has opened 0.2% higher while the Smallcap index has risen 0.5%.
Latest On The Coronavirus
- Global cases cross 11.5 million
- Death toll rises to 5.37 lakh
- No new cases reported in Beijing
- Brazil President Jair Bolsonaro undergoes another test after showing symptoms
- Atlanta mayor tests positive for Covid-19
- Hong Kong sentences two men to jail for breaching quarantine
- Texas cases rise 2.7%, below the seven-day average of 4%
- Number of cases in South Africa cross 2 lakh
Top Reads On BloombergQuint.com
Also Read: The Impact of Coronavirus on Foreign Workers
First Quarter Business Updates
Bajaj Finance
- Customer franchise as of June 30 stood at 43 million. Acquired 0.5 million new customers during the quarter.
- New loans booked during the quarter at Rs 1.7 million from 7.3 million.
- Assets Under Management at Rs 1.38 lakh crore from Rs 1,28,898 crore
- Capital Adequacy ratio of 26.4%.
- Consolidated liquidity surplus of Rs 17,600 crore.
- Deposit book at Rs 20,000 crore from Rs 15,084 crore.
- AUM under moratorium has reduced to 15.5% from 27% as of April 2020.
- May consider additional provisioning in Q1FY21 to further strengthen balance sheet.
Godrej Consumer
- Expect close to mid-single digit, volume driven sales growth in the quarter.
- Demand trends mixed for categories and geographies.
- Resurgence of household insecticide category continued with strong underlying consumer demand.
- Saw strong momentum in the Hygiene category.
- Hair colour and air freshner demand remained muted.
- Expect close to mid-single digit constant currency sales growth in Indonesia.
- Expect sales decline in the early twenties in constant currency terms for the Africa business.
- Performance in Latin America is expected to be steady.
- Absolute sales likely to be marginally lower than the base quarter.
Bandhan Bank
- Advances up 18% to Rs 71,846 crore
- Deposits up 35% to Rs 57,082 crore
- CASA ratio at 37.1% from 34.1%
- Micro banking loan vertical has shown positive traction subsequent to Unlock 1.
- Collection efficiency has improved to nearly 70% as on July 3, 2020
- Collection efficiency for non-micro banking advances in June at ~84%
- Liquidity Coverage Ratio at ~159%
SH Kelkar
- Witnessed encouraging demand pick-up from the last week of May and continued into June.
- Revenues in Q1FY21 stood between Rs 190-192 crore (provisional)
- Debt in Q1FY21 reduced to Rs 254-258 (provisional) crore as against Rs 299 crore as on March 31, 2020.
- Witnessing initial signs of recovery in FMCG industry and gradual normalisation of demand.
Key Stocks In Focus
- Hindustan Unilever: Moves Bombay High Court seeking injunction against threats by Emami over the Glow and Handsome trademark. HUL has sought at least seven days prior written notice from Emami before it initiates any legal proceedings. HUl also said that it has registered the Glow and Lovely and Glow and Handsome trademarks in September 2018.
- PVR: Sets the rights issue price at Rs 784 per share, a 25% discount to Monday's closing price. Rights entitlement ratio set at 7 shares for every 94 held as on the record date of July 10. The rights issue will be open from July 17 to July 31. The board had approved raising Rs 300 crore from the rights issue on June 8.
- Shriram Transport Finance: Board approves rights issue worth Rs 1,500 crore. The issue price has been set at Rs 570 per share, which is a discount of 18% to Monday's closing price. Rights entitlement ratio is set at 3 equity shares for every 26 held on record date of July 10. Promoter group will fully subscribe to their rights entitlement and will not renounce their rights.
- Insecticides India: Zonal and territory manager in Chhattisgarh along with 16 distributors and dealers were found indulging in commission of breach of trust, criminal misappropriation and fraud over a period of time thereby causing severe loss to the company worth Rs 20 crore. A complaint has been filed with the superintendent of police.
- Punjab National Bank: To consider raising capital on July 9.
- Canara Bank: To consider raising capital for FY21 on July 10.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Monday
- Benchmark indices gained for the fifth straight day
- Tech stocks pushed Nasdaq to a record high
- Amazon shares surged past $3,000 for the first time.
- Tesla extended a five-day rally to over 40%
- U.S. Dollar fell for the fifth day in a row to the lowest since June 10.
- Copper on the verge of erasing losses for the year
- “It’s extraordinary. I think we’re all scratching our heads, but the market is telling me you’ve got to be in it,” Alicia Levina, Chief Strategist at BNY Mellon told Bloomberg TV in an interview.
- Yield on the 10-year treasuries stood at 0.68%
- West Texas Intermediate crude fell 0.1% to $40.61 per barrel.
Get your daily fix of the global markets here.
Consolidation In Store
Good Morning!
Indian equity markets closed at their highest in four months on Monday, led by gains in auto and metal stocks.
But the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 10,733 as of 7:45 a.m. on Tuesday.
Asian markets are drifting this morning, taking a breather after a strong rally that extended to Monday.
Markets in Japan and South Korea are declining, while those in Hong Kong and Australia are fluctuating between gains and losses.
Futures on the Dow Jones have pared gains and trade 100 points lower. The benchmark indices ended higher on Monday, extending gains for the fifth straight session.
Treasuries are flat, while the U.S. dollar trades at a one-month low.
West Texas Intermediate crude fell 0.5% to $40.45 a barrel.
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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