Sensex, Nifty Snap Two-Week Losing Streak Aided By Metals, Pharma Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
KEY HIGHLIGHTS
India Will Wait For More Suitors To Sell BPCL, Says DIPAM Secretary Tuhin Kanta Pandey
Lupin Slips As Q3 Margin Contracts Due To Inflationary Environment
Vedant Fashions IPO Subscription Status: Day 1 Live Updates
Sensex Likely To Hit 1,00,000 In Late 2026, Jefferies' Christopher Wood In Greed & Fear Note
Analysts Raise Target Of Titan Citing Growth Prospects
Closing Bell
India's stock benchmarks logged gains for the week, after two consecutive weeks of decline, amid rising concerns over tapering and volatility in global equities.
All the sectoral indices advanced for the week, with Nifty Metal and Pharma leading the gains.
The S&P BSE Sensex and NSE Nifty 50 gained in the first three days of the week (including on the day of union budget 2022, Feb. 1). Over the last two sessions, the benchmarks fell, amid rising volatility due to tech selloff in the U.S. and concerns over hawkish tilt to monetary policy framework by the U.S. Federal Reserve.
On Friday, the S&P BSE Sensex fell 0.24% to 58,644.82. The 30-stock gauge fluctuated between gains of over 0.25% and losses of 0.6% through the session. The NSE Nifty also declined by similar magnitude to 17,516.30.
Hero MotoCorp Ltd. had the largest drop, falling 2.2%. Today 34 of 50 shares fell, while 16 rose.
The broader indices underperformed their larger peers with S&P BSE MidCap shedding 0.7% and S&P BSE SmallCap slipping 0.45%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Realty shedding nearly 3%. On the flip side, the S&P BSE Metal rose over 1%.
The market breadth was skewed in the favour of bears. About 1,592 stocks advanced, 1,747 declined and 93 remained unchanged.
"The equity market continued to be in the grip of extreme volatility, which has been a continuous feature of the markets during the whole week. The concerns over rising interest rates in the US, the likely Fed rate action, the build- up of political and military tensions in Eastern Europe, and the adverse effects of the new variant of the pandemic, are all factors that worked on the minds of the investors", Dr Joseph Thomas, Head of Research at Emkay Wealth Management wrote in a note and added that "these factors, by their very nature, are likely to influence the markets in the coming weeks too".
RBI Does Not Accept Bids For 2026 & 2035 Bonds At Friday's Auction
No bids accepted for Rs 6,000 crore auction of 2026 bonds.
No bids accepted for Rs 9,000 crore auction of 2035 bonds.
Rs 2,000 crore raised via 2023 bonds and Rs 8,525 crore raised via 2051 bonds.
No devolvement on primary dealers.
Source: RBI
Radico Khaitan Slips The Most In 21 Months
Radico Khaitan shares slip the most in intraday trade in 21 months. Radico Khaitan reported 5.88% YoY decline in consolidated net profit in Q3.
Trading volume on the stock was four times the 30-day average volume at this time of the day.
The company agreed to acquire Accomreal Builders Pvt Ltd on Thursday. Financial terms of the transaction were not disclosed.
Source: Exchange filing, Bloomberg
CE Info Systems Slips The Most In A Week
Shares of CE Info Systems fell over 4.5%, the steepest intraday decline in a week.
The company approved acquisition of 75.98% of Gtropy Systems Pvt Ltd for Rs 13.5 crore. The indicative time period for completion of the acquisition is 45 days.
Gtropy Systems, which belongs to IoE and logistics Software-as-a-Service Tech industry, had a turnover of 8.49 crore in FY21 and Rs 2.58 crore in FY2020.
Gtropy Systems is likely to aid MapmyIndia in expanding IoT and SaaS solutions into CV fleet and OE market by providing route optimization, vehicle tracking, telematics and advanced navigation solutions.
The company also declared interim dividend of Rs 2 per equity share bearing face value of Rs 2 each, for FY2022. The record date to ascertain the eligible members for the payment of interim dividend will be February 14, 2022.
Source: Bloomberg, Exchange Filing.
Oberoi Realty: No Discussions On Formation Of JV With External Investors For Development Of Overseas Properties
Oberoi Realty Ltd. denied reports regards proposed formation of joint venture by the company with external investors for joint development of overseas properties and equity investment in the company.
The company informed the exchanges that no such discussions took place.
The company pared nearly 5% intraday gains following the announcement. Trading volume on the stock was nearly 2.5 times the 30-day average volume, at this time of the day.
Of the 28 analysts tracking the company, 12 maintained 'buy', eight maintained 'hold' and eight maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 0.8%.
Source: Bloomberg
Analyst Actions: V-Guard Industries
V-Guard raised to 'buy' from 'accumulate' at Elara Securities India; price target set at Rs 290.
Source: Bloomberg
Losing Streaks: Max Healthcare
Max Healthcare Institute Ltd. is lower for the sixth straight day, on track for the longest losing streak in 18 months
Source: Bloomberg
Winning Streaks: Equitas Holdings, DCB Bank, IRB Infra
Equitas Holdings rises for the eighth day, on track for the longest winning streak in over 14 months.
DCB Bank is higher for the eighth straight day, on track for the longest winning streak in over six and a half years.
IRB Infra rises for the eighth day, on track to the longest winning streak in four years.
Source: Bloomberg
Sensex, Nifty Volatile As Gains In Metal Stocks Were Offset By Losses In Auto, Realty Stocks
European Markets Open Higher
Adani Green Energy Raises Rs 612.30 Crore For Debt Refinancing
Three subsidiaries of Adani Green Energy Ltd., Adani Green Energy (UP) Ltd., Prayatna Developers Pvt Ltd. and Parampujya solar Energy raised Rs 612.30 by their maiden domestic bond issuance, on private placement basis.
The three firms collectively house 930 million of operational solar power projects.
Source: Bloomberg
Aditya Birla Fashion To Create A Platform For Direct-To-Consumer Business
The board provided an omnibus approval to set up a new subsidiary towards building a portfolio of digital brands across categories in fashion, beauty and other allied lifestyle segments.
This venture will initially be funded through ABFRL’s internal accruals. At an appropriate time, the company will look to bring in external capital.
The entity will organically incubate and also acquire “promising and scalable” D2C brands.
The company will now accelerate the process of building the D2C framework and identifying key talent for this play.
ABFRL will look to tap into the broader tech ecosystem and collaborate with its ecommerce partners and tech service providers to scale this business.
Source: Exchange filing
Cadila Healthcare Gains As Analysts Remain Bullish On The Stock, Citing Attractive Valuation & Growth Prospects
Shares of Cadila Healthcare rose as much as 2.5% in intraday trade after analysts retained their bullish view on the stock despite the impact of raw material costs on earnings.
The company reported net income for the quarter-ended December above the average analyst estimate, during market hours Tuesday.
Analysts say that the stock is trading at attractive valuation and cited the robust pipeline of complex products, biosimilars and vaccines as potential growth drivers.
Of the 35 analysts tracking the company, 21 maintained 'buy', five maintained 'hold' and nine maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 21.3%. Analyst updates in the past three days include three upgrades and one downgrade.
Source: Exchange filing, Brokerage notes, Bloomberg
Delhi To Reopen Schools, Colleges; Cut Night Curfew Time, Reports ANI
India Will Wait For More Suitors To Sell BPCL, Says DIPAM Secretary Tuhin Kanta Pandey
India will not rush into selling the country's second-biggest state refiner if it ends up with a lone suitor.
"We need competitive bids, we cannot do it with a single bid", says Tuhin Kanta Pandey.
Only three suitors have shown interest in buying 53% stake in BPCL -- Vedanta Group, Apollo Global Management and I Squared Capital Advisors.
Source: Bloomberg
Mid-Day Market Update: Sensex, Nifty Volatile; Realty, Auto Stocks Decline
India's stock benchmarks declined, dragged by losses in realty, auto stocks, after a volatile session in Wall Street that witnessed the historic $251 billion wipeout for Facebook owner Meta Platforms. Worries about monetary tightening have also intensified, following hawkish comments from European Central Bank President Christin Lagarde and a Bank of England interest-rate hike highlighted persistent concerns about high inflation.
The S&P BSE Sensex fell 0.25% to 58,643.64. The NSE Nifty 50 also declined by similar magnitude to 17,522.05.
The broader indices almost mirrored their larger peers. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Realty shedding over 1.7%. On the flipside, the S&P BSE Metal index rose over 1.8%.
The market breadth was skewed in the favour of bulls. About 1,661 stocks advanced, 1,582 declined and 103 remained unchanged.
Lupin Slips As Q3 Margin Contracts Due To Inflationary Environment
Vedant Fashions IPO Subscription Status: Day 1 Live Updates
Vedant Fashions Ltd., owner of the ethnic wear brand Manyavar, kicked off its initial public offering on Friday.
The IPO is a pure offer for sale of 3.64 crore shares by existing shareholders and promoters, the Kolkata-based wedding and celebration wear brand said in its red herring prospectus. The price band is set at Rs 824-866 apiece.
Subscription Details: Day 1
The IPO was subscribed 0.08% as of noon on Feb 4.
Institutional investors: 0 times.
Non-institutional investors: 0.05 times.
Retail investors: 0.13 times.
Sensex Likely To Hit 1,00,000 In Late 2026, Jefferies' Christopher Wood In Greed & Fear Note
IPO-Bound LIC In Insurance Distribution Tie-Up With Policybazaar
State-run Life Insurance Corp. of India, which is set to file for India's largest ever initial public offering, will sell its products on online insurance aggregator PB Fintech Ltd.'s Policybazaar platform, according to an emailed statement.
The tie-up between LIC and Policybazaar will help quick digital distribution of insurance products across remote corners of the country.
Source: Bloomberg
Dhani Services Has 10 Million Shares Change Hands In A Large Trade
Dhani Services has 10 million share change hands in a large trade.
Details of buyers, sellers are not immediately known
Source: Bloomberg
Hero Motocorp, Eicher Motors, TVS Motor Lead The Losses In NSE Nifty Auto Index
Analyst Actions: Cadila Health, Godrej Properties
Cadila Healthcare raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 546.
Godrej Properties cut to 'hold' from 'buy' at Edelweiss Capital'; price target set at Rs 1,875.
Source: Bloomberg
Torrent Power Rises The Most In Eight Months On Q3 Beat
Shares of Torrent Power Ltd. rose over 8.3%, the biggest intraday gain in eight months, to Rs 584.7 apiece after the company reported net profit above the average analyst estimate for the quarter-ended December.
Torrent Power Q3FY22 (Consolidated, YoY)
Revenue up 28% at Rs 3,767.43 crore Vs Rs 2,952.75 crore (Bloomberg consensus estimate: Rs 3,164 crore)
Net profit up 15% at Rs 368.08 crore Vs Rs 320.5 crore (estimate: Rs 332 crore)
Ebitda up 7% at Rs 933.95 crore Vs Rs 870.28 crore
Margin at 24.8% Vs 29.5%
Approved interim dividend of Rs 9 per share+|
Of the 14 analysts tracking the company, four maintained 'buy', five maintained 'hold' and five maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 12.1%.
Trading volume on the stock was 14 times the 30-day average volume at this time of the day. Share price crossed above the 50-day simple moving average, indicating potential upward price momentum.
Source: Exchange Filing, Bloomberg
Analyst Actions: JK Lakshmir Cement, ITC, Dabur India
JK Lakshmi Cement raised to 'buy' from 'sell' at Nirmal Bang; price target set at Rs 675.
ITC raised to 'buy' from 'hold' at Edelweiss Capital; price target set at Rs 285.
Dabur India raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 640.
Source: Bloomberg
Analysts Remain Bullish On ITC Despite Commodity Cost Pressures
India Yield Curve Shifts Higher
Yields rose across the India sovereign yield curve in Friday morning trading.
The 2-year yield rose 3.8bps to 5.136%
The 10-year yield rose 3.9bps to 6.929%.
The 14-year yield rose 2bps to 7.344%.
Source: Bloomberg
Indian Bonds Are Poised For The Worst Weekly Decline Since December 2019.
Yield on benchmark 10-year government bonds climbed 5bps to 6.94% Friday and is up 19bps this week.
This is the biggest weekly jump since December 2019 and come after the government unveiled record borrowing plan for the next year.
Source: Bloomberg
Analyst Actions: Blue Star, Bajaj Consumer
Blue Star raised to 'buy' at Asian Markets; price target set at Rs 1,157.
Bajaj Consumer cut to 'hold' from 'buy' at Edelweiss Capital; price target set at Rs 200.
Source: Bloomberg
Adani Ports Handles Record 250 MMT In Ten Months Of Operations; Shares Advance
Shares of Adani Ports & Special Economic Zone Ltd. rose nearly 1.2%, the biggest intraday gain in four days, after the company crossed a milestone of handling a record 250 MMT in ten months of operations and handled a cargo volume of 259 MMT.
In Jan. 2022, APSEZ portfolio of ports handled total cargo volume of 24.74 MMT.
The cargo composition for the month remained stable at dry cargo at 47%, container at 40%, liquid at 12.5% and gas cargo at 0.5%.
Of the 26 analysts tracking the company, 24 maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 17.7%,
Source: Exchange Filing, Bloomberg
Godrej Properties, Macrotech Developers Lead The Losses In Nifty Realty Index
CG Power Has 2.87 Million Shares Change Hands In A Large Trade
CG Power & Industrial Solutions Ltd. has 2.87 million shares change hands in a large trade.
Details of buyers, sellers are not immediately known.
Source: Bloomberg
Ridham Desai: Budget 2022-23 Has Laid the Foundation For Private Capex To Pick Up In The Next 12 Months
Fourteen Of The 15 Constituents Of NSE Nifty Metal Index Advance; Vedanta Up Over 4%
Analysts Raise Target Of Titan Citing Growth Prospects
Shares of Titan pared all opening gains even as most analysts reiterated 'buy' ratings, citing market share gains, long-term growth opportunities in its key jewellery business, focus of eyewear among others.
Company saw its net profit rise 91% over the year earlier in Q3, beating estimates. Analysts say that the company's regionalisation strategy bodes well for the company's growth prospects
Source: Brokerage note, Bloomberg
Godrej Properties Declines After Analysts Cut Target After Weak Q3
Shares of Godrej Properties shed 10%, the steepest intraday decline in at least a year, after analysts reduced targets and remained cautious on the stock after it reported a subdued quarter, in which pre-sales volumes declined 7% YoY.
Analysts expect the partnership with DB Realty to be a near-term overhang until there is project visibility.
Of the 20 analysts tracking the company, two maintained 'buy', six maintained 'hold' and 12 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 6.2%
Trading volume on the stock was nearly 22 times the 30-day average volume at this time of the day. Share price crossed below the 200-day simple moving average, indicating potential downward price momentum.
Source: Bloomberg, Brokerage note, Exchange filing
Opening Bell: Sensex, Nifty Open Lower; Information Technology Stocks Decline
India's stock benchmarks fell, dragged by losses in information technology, realty stocks.
The S&P BSE Sensex fell 0.29% to 58,620.01. The NSE Nifty 50 also declined by similar magnitude to 17,503.90.
The S&P BSE MidCap almost mirrored its larger peers while the S&P BSE SmallCap outperformed, as it remained little changed. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal index rising over 0.6%. On the flipside, the S&P BSE Information Technology and Realty indices fell over 1%.
The market breadth was skewed in the favour of bulls. About 1,507 stocks advanced, 1,035 declined and 85 remained unchanged.
Analyst Actions: Dalmia Bharat, M&M Financial, Navin Fluorine, Somany Ceramics, TTK Prestige, NMDC
Dalmia Bharat upgraded to 'buy' by Maybank; price target set at Rs 2,200.
M&M Financial cut to 'add' at YES Research; price target set at Rs 190.
Navin Fluorine cut to 'accumulate' at KR Choksey; price target set at Rs 4,494.
NMDC upgraded to 'buy' by Equirus Securities Pvt Ltd; price target set at Rs 194.
Somany Ceramics upgraded to 'buy' by IDBI Capital Market.
TTK Prestige upgraded to 'add' by Yes Research; price target set at Rs 1,056.
Source: Bloomberg
Earnings To Watch
Tata Steel
Whirlpool of India
Sun Pharma Advanced Research
Divi's Laboratories
InterGlobe Aviation
Shree Cement
Siemens
One 97 Communications
Aditya Birla Fashion and Retail
Birla Corporation
Firstsource Solutions
Alkem Laboratories
Godrej Agrovet
Thermax
Astral
Bayer Cropscience
CreditAccess Grameen
City Union Bank
Dalmia Bharat Sugar and Industries
Devyani International
DFM Foods
Eveready Industries India
Gujarat Narmada Valley Fertilizers & Chemicals
Jamna Auto Industries
Jubilant Pharmova
KIOCL
Lakshmi Machine Works
Mahindra Lifespace Developers
Minda Corporation
NOCIL
REC
Venky's (India)
Vijaya Diagnostic Centre
Stocks To Watch
ICICI Bank: Bought additional stake in India International Clearing Corporation (IICC) at IFSC in GIFT City for Rs 4.43 crore, taking its holding in the clearing body to 9.90%.
Escorts: The company has received approval from Competition Commission of India for the preferential issue of 93,63,726 equity shares to Kubota Corporation, Japan.
MRF: The company said the order of the CCI, that imposed a penalty of Rs 622.09 crore for breach of Competition Act, is not based on proper appreciation of facts and laws. The company all its stakeholders, that it follows high standards of governance in its business practices and plans to pursue the matter before appropriate appellate forum, based on advice from legal counsel.
Godrej Properties: The company approved investment in DB Realty and will also set up a special purpose vehicle along with DBR to jointly undertake slum rehabilitation and MHADA redevelopment projects. The company will subscribe to warrants convertible into equity shares aggregating to approximately 10% of the issued and paid-up capital of DBR for approximately Rs 400 crore. The company along with DBR will each contribute an additional Rs 300 crore towards the equity platform.
DB Realty: The company allotted 3,30,00,000 warrants convertible into equity shares to Pinnacle Investments and further approved allotment of 5,70,00,000 warrants convertible into equity shares, potentially increasing its stake in the company to approximately 18%. It also issued 9,75,00,000 warrants to the company’s promoters and 5,00,000 warrants to Godrej Properties taking the aggregate fund infusion in the company to nearly Rs 1,575 crore.
Bajaj Sugar: The company has received Rs 500 crore in the escrow account maintained exclusively for cane price payment for its 14 sugar units from Uttar Pradesh Power Corporation. This amount is paid to the cane growers towards the cane payment arrears for the sugar season 2020-21 and 2021-22.
Ipca Laboratories: One plant out of the two plants being set-up for manufacturing of Drug Intermedidates / Active Pharmaceuticals Ingredients at the company’s new green field manufacturing unit being set up at Dewas, Madhya Pradesh with a capital outlay of about Rs 250 crores has commenced trial production.
OnMobile: The company partners with Dialog Axiata to launch the first mobile cloud gaming platform in Sri Lanka.
Powergrid: The company approved investment in Transmission system for evacuation of Power from Pakaldul HEP in Chenab Valley HEPs-LTA System at an estimated cost of Rs.318.12 crore and Transmission System Strengthening Scheme for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part G1 at an estimated cost of Rs. 359.47 crore.
Mahindra Lifescience: The company launched a new residential project at Kalyan, Mumbai Metropolitan Region named ‘Mahindra Happinest Kalyan – 2, registered with Maharashtra RERA.
Sadhana Nitro: The company issue of 65,20,606 share warrants convertible into equity shares of face value of Rs. 1/- each, to be issued at Rs 153.36 per share warrant/equity share (including premium of Rs. 152.36) approximately aggregating to Rs 1,00,00,00,137 on preferential basis.
Earnings: Post Market Hour
ITC Q3FY22 (Consolidated, YoY)
Revenue up 30% at Rs 18,365.8 crore Vs Rs 14,124.48 crore (Bloomberg estimate: Rs 14,169.9 crore)
Net profit up 15% at Rs 4,056.73 crore Vs Rs 3,526.55 crore (Bloomberg estimate: Rs 3,951.7 crore)
Ebitda up 17% at Rs 5,597.67 crore Vs Rs 4,785.02 crore (Bloomberg estimate: Rs 5,349.8 crore)
Margins at 30.5% Vs 33.9% (Bloomberg estimate: 37.8%)
Pfizer Q3FY22 (Consolidated, YoY)
Revenue up 14% at Rs 675.9 crore Vs Rs 593.5 crore (Bloomberg estimate: Rs 621.2 crore)
Net profit up 2% at Rs 143.9 crore Vs Rs 141.2 crore (Bloomberg estimate: Rs 125.1 crore)
Ebitda down 1% to Rs 195.2 crore Vs Rs 196.8 crore (Bloomberg estimate: Rs 182.6 crore)
Margin at 28.9% Vs 33.2% (Bloomberg estimate: 29.4%)
EPS at Rs 31.46 per share Vs Rs 30.87 per share (Bloomberg estimate: Rs 26.8)
Adani Power Q3FY22 (Consolidated, YoY)
Revenue down 22% at Rs 5,360.88 crore Vs Rs 6,894.84 crore
Net profit of Rs 218.49 crore Vs Net loss of Rs 288.74 crore
Ebitda up 9% at Rs 1,770.77 crore Vs Rs 1,622.94 crore
Margin at 33% Vs 23.5%
Torrent Power Q3FY22 (Consolidated, YoY)
Revenue up 28% at Rs 3,767.43 crore Vs Rs 2,952.75 crore
Net profit up 15% at Rs 368.08 crore Vs Rs 320.5 crore
Ebitda up 7% at Rs 933.95 crore Vs Rs 870.28 crore
Margin at 24.8% Vs 29.5%
Approved interim dividend of Rs 9 per share.
PI Industries Q3FY22 (Consolidated, YoY)
Revenue up 17% at Rs 1,356.30 crore Vs Rs 1,162.10 crore
Net profit up 14% at Rs 222.60 crore Vs Rs 195.40 crore
Ebitda up 9% at Rs 293.53 crore Vs Rs 269.56 crore
Margin at 21.6% Vs 23.2%
Declared an interim dividend of Rs 3 per share
Coromandel International Q3FY22 (Consolidated, YoY)
Revenue up 44% at Rs 5,073.60 crore Vs Rs 3,533.01 crore
Net profit up 14% at Rs 381.58 crore Vs Rs 333.80 crore
Ebitda up 9% at Rs 544.85 crore Vs Rs 499.23 crore
Margin at 10.7% Vs 14.1%
Aditya Birla Capital Q3FY22 (Consolidated, YoY)
NII up 18% at Rs 4,827.71 crore Vs Rs 4,091.01 crore
Net profit at Rs 576.74 crore Vs Rs 288.68 crore
SGX Nifty Hints At Opening Gains; Tata Steel, ICICI Bank, ITC, Divi's Labs In Focus
U.S. equity futures and Asian stocks rose on Friday as earnings from Amazon.com Inc. helped to stanch a technology rout. Worries about monetary tightening are also whipsawing markets, leaving bond yields higher.
The Nasdaq 100 fell the most since 2020 on Thursday, hurt by a historic $251 billion wipeout for Facebook owner Meta Platforms Inc. But Amazon could add nearly $200 billion in market value if the stock’s 14% gain in after-hours trading holds to Friday’s Wall Street close.
Contracts on the S&P 500 and tech-heavy Nasdaq 100 climbed, the latter by 2%, after e-commerce titan Amazon and Snap Inc. soared in late trading on strong earnings. Japan and South Korea boosted an Asia-Pacific share gauge.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, rose 0.27% to 17,566.00 as of 7:40 a.m.
Meanwhile, surprisingly hawkish comments from European Central Bank President Christine Lagarde and a Bank of England interest-rate hike highlighted persistent concerns about high inflation.
Elsewhere, West Texas Intermediate oil stayed above $90 a barrel after scaling the mark for the first time since 2014. Bitcoin traded above $37,100.