The Bombay Stock Exchange building at Dalal Street, Mumbai, India. (Photographer: Anirudh Saligrama/BloombergQuint)

Sensex Halts Four-Day Rally Dragged By FMCG, Capital Goods

Countdown: Angel Broking's View On Markets, Dealing Room Buzz And More

Closing Bell: Sensex Halts Four-Day Rally; Nifty Ends Lower For The Second Day

The Indian equity benchmark – S&P BSE Sensex – halted four-day winning streak, while the NSE Nifty 50 Index ended lower for the second straight day.

The 31-stock Sensex ended 0.2 percent lower at 35,103, while the 50-stock Nifty closed at 10,679, down 0.4 percent.

The market breadth was tilted in favour of sellers. Six out of 11 sectoral gauges compiled by NSE fell, led by NSE NIfty IT Index's 2 percent decline. On the flip side, NSE Nifty Metal Index was the top sectoral gainer, up 0.8 percent.

PNB Housing Finance Q4 Profit Misses Estimates

Key earnings highlights (Q4, YoY):

  • Net profit fell 73.6 percent at Rs 19.2 corre.
  • Revenue fell 71.5 percent 1,569.9 crore.
  • Gross NPAs at 0.33 percent versus 0.22 percent.(YoY)
  • Net NPAs at 0.25 percent versus 0.15 percent (YoY)
  • Provisions and write-offs at Rs 44.4 crore versus Rs 66.7 crore (YoY); Rs 56.1 crore (QoQ).

Emami Q4 Profit Declines, Announces Bonus Issue

Shares of the healthcare products maker ended lower for the ninth day, the longest losing streak in five months. The stock closed 1.1 percent lower at Rs 1,095 after the earnings announcement. The company also announced 1:1 bonus issue.

Key earnings highlights (Q4, YoY)

  • Net profit down 28 percent at Rs 60.23 crore.
  • Revenue up 8 percent at Rs 617 crore.
  • Ebitda down 2.8 percent at Rs 173 crore.
  • Margin at 28.1 percent versus 31.2 percent.

Adani Ports' Quarterly Profit Declines The Most In Four Years

Shares of Adani Ports ended 1.2 percent lower at Rs 396.40. The Gautam Adani-led company reported its biggest quarterly profit decline since 2014.

Key Earnings Highlights (Q4, YoY)

  • Revenue up 42.6 percent at Rs 3,182.8 crore.
  • Net profit down 20.6 percent to Rs 927 crore.
  • Net Debt at Rs 17,945 crore versus Rs 18,600 crore.
  • Margin at 60.7 percent versus 59.8 percent.
  • Ebitda up 44.8 percent at Rs 1,931.3 crore.

Rashesh Shah, Chairman At Edelweiss Group Speaks To BloombergQuint

Key highlights from the conversation:

  • Expect credit business to clock 25-30 percent growth.
  • Asset and wealth management sectors can expect about 20 percent growth going ahead.
  • Expect life insurance business to break even in the financial year ending March 2022.
  • Credit in India has been doubling every four years.
  • Growing ARC book at 20-25 percent per annum; trend to continue.
  • Edelweiss is open to strategic partnerships for our businesses.
  • Not looking for a financial partner as internal fund accruals are sufficient.

MRF Posts Highest Quarterly Profit Growth In Over Two Years, But Misses Estimates

The country’s largest tyremaker reported its highest profit growth in over two years, but falls short of estimates during January-March period.

Key Earnings highlights (Q4, YoY)

  • Net Profit up 20 percent at Rs 345 crore.
  • Revenue up 15.8 percent at Rs 3,865.4 crore.
  • Ebitda up 31.2 percent at Rs 686 crore.
  • Margin at 17.7 percent versus 15.7 percent
  • Board approved the issue of up to Rs 500 crore of debentures.

Cera Sanitaryware Declines After Q4 Profit Misses Estimate

Shares of the bathroom accessories maker fell as much as 5.9 percent to Rs 3,042 after the company's profit during January-March period missed estimates.

Key earnings highlights (Q4, YoY)

  • Revenue up 16 percent at Rs 361 crore.
  • Net profit down 6 percent at Rs 31 crore.
  • Ebitda flat at Rs 51.5 crore.
  • Margin at 14.3 percent versus 16.7 percent.

Radico Kaithan's Profit Doubles During March Quarter

The liquor maker and distributor reported a net profit of Rs 34.2 crore, a jump of 100 percent from the corresponding quarter, a year ago period, according to its stock exchange notification.

Other key earnings highlights (Q4, YoY):

  • Revenue up 22.3 percent at Rs 481 crore.
  • Ebitda up 42 percent at Rs 66.5 crore.
  • Margin at 13.8 percent versus 11.9 percent.

Greaves Cotton Pares Losses After Q4 Profit Gains

Shares of the engine maker pared losses and rose as much as 2.9 percent to Rs 128.35 after the company's profit rose 21 percent during the quarter ended March.

Key earnings highlights (Q4, YoY)

  • Revenue up 24 percent at Rs 486 crore.
  • Net profit up 21 percent at Rs 57 crore.
  • Ebitda up 31 percent at Rs 70 crore.
  • Margin at 14.4 percent versus 13.7 percent.
  • Exceptional gain of Rs 13 crore versus Rs 6 crore.
  • EPS at Rs 2.3 versus Rs 1.9.

Nagesh Basavanhalli, MD and CEO At Greaves Cotton Speaks To BloombergQuint

Key highlights from the conversation:

  • Will continue to expand dealership going forward.
  • Will be increasing our reach going forward.
  • Will be into the diesel engine, petrol, hybrid and everything depending on consumer demand.
  • Witnessed 24 percent revenue growth in Q4 with all businesses in gear.
  • After-market business led by new initiatives aided growth.
  • Exceptional gain on account of surplus property sold.

Earnings Growth Will Take Care Of Market’s Concerns Says Taher Badshah

Power Lunch

Edelweiss Swings After Fourth-Quarter Profit Meets Estimate

Shares of the financial services provider swung between gains and losses and traded at Rs 281 as of 1:30 p.m. after its fourth-quarter profit met analysts’ estimate.

Key earnings highlights (Q4, YoY)

  • Net Profit up 46 percent at Rs 248 crore.
  • Revenue up 35 percent at Rs 2,609 crore.
  • Premium from insurance business at Rs 305 crore versus Rs 200 crore.

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Block Deal Alert

  • Fortis Healthcare: About 2.8 crore shares or 5.4 percent equity changed hands in a block deal.

Buyers and sellers were not known immediately

Source: Bloomberg

SEBI’s Move To Simplify Choice For Mutual Fund Investors Hasn’t Worked

India’s stock market regulator’s aim to standardise mutual fund schemes in the country to avoid confusion and simplify choice for investors hasn’t had much success as the number of total plans has actually gone up. (More details here)

Venky's Pares Losses After Q4 Profit Gains

Shares of the Pune-based company pared losses and rose as much as 2.4 percent to Rs 3,999 after its profit gained in March quarter.

Key earnings highlights (Q4FY18, YoY)

  • Net Profit up 22.8 percent at Rs 51.2 crore.
  • Revenue up 20.3 percent at Rs 741.6 crore.
  • Ebitda up 11.8 percent at Rs 100 crore.
  • Margin at 13.5 percent versus 14.5 percent.

Varun Beverages Swings After Quarterly Results Announcement

Shares of the beverage maker and distributor swung between gains and losses and traded at Rs 666.65 as of 12:15 p.m. after the company announced its results for the quarter ended March.

Key earnings highlights (Q1CY18, YoY)

  • Net profit up 3.1 times at 18.63 crore.
  • Revenue up 25 percent at 1,094.7 crore.
  • Ebitda up 26 percent at 172.6 corre.
  • Margin at 15.8 percent versus 15.6 percent.

Elpro International Gains 50% In Four Days, Surges To Record High

Shares of the medical equipment maker extended gains for the fourth day and rose as much as 15.9 percent to reach a record high at Rs 69.80. The stock gained nearly 50 percent in the last four trading sessions.

Trading volume was 7.7 times its 20-day average. Elpro International trades at 270.7 times trailing 12-month earnings per share. The stock has returned 12 percent so far this year.

Trend Spotting: Are Midcap IT Valuations More Attractive Than Large-Caps?

Pirojshaw Sarkari, CEO At Mahindra Logistics Speaks To BloombergQuint

Key highlights form the conversation:

  • There is no one off incidence.
  • Margin will continue to expand.
  • Increase in value added services business to aid margins.
  • Improved warehousing, distribution business post gst will help margin expansion.
  • Consulting fee has reduced in the last quarter & will no longer be included from next year.
  • Grew non-Mahindra business by 32 percent.
  • Focus on expanding the non-Mahindra business.
  • No significant impact as fuel escalation clause is built into the contract.
  • Past eight months have been unprecedented for the logistics sector.
  • All policy changes put together will increase efficiencies in the logistics sector.
  • May witness consolidation of warehouses and networks.
  • Looking at large format warehousing post GST, e-way bill introduction.
  • Expect reverse logistics to become a key format in the e-commerce space.

Block Deal Alert

  • Fortis Healthcare: About 41 lakh shares changed hands in two block deals.

Buyers and sellers were not known immediately

Source: Bloomberg

HCC Headed For Record Drop As Unit Defaults

Shares of the Mumbai-based infrastructure construction firm fell as much as 24.2 percent and is headed for steepest single-day loss since Jan. 1991 listing after unit.

The company’s unit, Lavasa Corporation Ltd., is considering a resolution plan for its outstanding debt and is in the process of restructuring bonds after a payment default.

Lavasa defaulted on dues payable to bond holders and also has external borrowing from banks and financial institutions, the company said in an exchange filing.

The relative strength index, as indicated by Bloomberg, is 22, indicating that the stock may be oversold.

Xiaomi Files in Hong Kong for World's Biggest IPO Since 2014

Xiaomi is taking advantage of changes in the former British colony that mean companies with different share classes can now list in the city. While the filing didn’t say how much Xiaomi is looking to raise in the initial public offering, it’s expected to be at least $10 billion, people with knowledge of the matter told Bloomberg, and could value the business as high as $100 billion. (More details here)

Vedanta Declines Ahead Of Quarterly Results Announcement

Shares of the base metal producer extended declines for the second day and fell as much as 2.1 percent to Rs 277.35, ahead of its March quarter results announcement.

Analysts surveyed by Bloomberg predict the company's net profit to decline 13.7 percent on a yearly basis to Rs 2,579 crore.

Siddharth Agrawal, Director, Godawari Power And Ispat Speaks To BloombergQuint

Key highlights from the conversation:

  • Expect 15-20 percent growth in 2018-19.
  • See 20 percent growth in revenue for 2018-19.
  • Hope to maintain margin at 20-25 percent for this year.
  • Expect to improve Ebitda levels by 15-20 percent in power segment.
  • Currently operating at 95 percent capacity utilisation for ASL Business.

The F&O Show: What Are The Experts Betting On In May Series?

Sical Logistics Gains After WInning New Contract

Shares of the Chennai-based logistics services firm rose as much as 6.6 percent to Rs 224.

The company was awarded a letter of acceptance by Northern Coalfields for mechanical excavations for a contract price of Rs 1,345 crores for excavation of 145 million bank cubic metre over a period of 51 months, according to its stock exchange notification.

Trading volume of the scrip was 118.8 times the 20-day average. The stock returned a negative 16 percent so far this year and a loss of 14 percent in the past 52 weeks.

Biocon Declines After FDA Issues Form 483

Shares of the Bengaluru-based pharma company fell as much as 4.5 percent, most in almost two months, to Rs 634.3.

The U.S. drug regulator issued form 483 with seven observations after completing pre-approval inspection of the company’s sterile drug product manufacturing facility at Bengaluru this week, according to the company’s exchange filing. Observations are largely procedural and not critical, aiming at continuous improvement, it added.

Form 483 is issued when the U.S. FDA finds possible violations of the U.S. Food Drug and Cosmetic Act after an investigation.

The stock extended a two-day decline period today although it has given positive returns of 18.8 percent so far this year.

Bharat Madan, Group CFO At Escorts Speaks To BloombergQuint

Key highlights from the conversation:

  • Overall sentiment remains bullish.
  • Expect to touch double-digit growth again this year.
  • Took one price hike in April, we hope things are stabilised.
  • Had earlier predicted high single-digit growth, now seeing a possibility of a double-digit growth but the base is higher.

Raghavan HKN, President - Outreach & Inclusive Banking, Equitas Small Finance Bank Speaks To BloombergQuint

Key highlights from the conversation:

  • Did not have the hangover of demonetization-led provisions in this quarter
  • New products now form 15 percent of the total portfolio
  • Microfinance portfolio may grow 30-35 percent; the non-microfinance book is expected to grow faster
  • Not planning new branch additions in the current financial year, so operating costs should be stable.
  • Portfolio quality has improved
  • Expect Gross NPA ratio at 1.8-2.0 percent in 2018-19.

PC Jeweller Set For Longest Losing Streak In 5 1/2 Years

Shares of the jewellery maker extended declined for the ninth straight trading session, poised for its longest losing streak since November 2013. The stock fell as much as 14.6 percent to hit a four-year low at Rs 94.55.

Trading volume was 9.7 times its 20-day average. The stock declined 78.7 percent so far this year.

HCL Technologies Falls 10% In Last Two Days, P/E Below Two-Year Average

Shares of the country’s third-largest information technology company fell nearly 10 percent over the last two days. The price -to-earnings ratio fell below two-year average, Bloomberg data showed.

Brokerage and research firms Nomura, Antique Stock Broking and HSBC downgraded the company's stock rating after March quarter results announcement.

The company’s net profit stood at Rs 2,227 crore in March quarter, an increase of 1.5 percent compared to the previous quarter, according to its stock exchange notification. That was in-line with the Rs 2,248 crore, estimated by analysts tracked by Bloomberg. (more details here)

Aviation Stocks Faces Turbulence, InterGlobe Slides 14.7%

Shares of airline operators declined in today's trade, led by InterGlobe Aviation, which declined as much as 14.7 percent to Rs 1,145.30.

Also Read: IndiGo Q4 Profit Misses Estimates As Fuel Expenses Rise

Indian Open

Indian equity benchmarks opened lower today after a volatile trade yesterday. HCL Technologies and HDFC Bank were among the heavyweights that weighed the benchmark indices.

The S&P BSE Sensex Index fell as much as 0.1 percent to 35,257.31, while the NSE Nifty 50 Index fell as much as 0.2 percent to 10,695.

The market breadth was tilted in favour of buyers. Ten out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty IT Index's 1.2 percent decline. On the flipside, NSE Nifty Media Index was the only sectoral gainer, up 0.3 percent.

Indian Open: Decoding Equitas Small Finance Bank's Q4 earnings, April Auto Sales, And More.

BQ Heads-Up!

Money Market Update

Indian rupee may weaken today in line with most of its Asian emerging-market peers as global funds pulled money from local stocks and bonds.

Overseas investors sold a net Rs 1,610 crore of local debt on Wednesday, and cut holdings of shares by Rs 530 crore. Implied opening from forwards suggests onshore spot will start trading around 66.6780.

The bond market will closely monitor foreign fund activity after authorities last week scrapped a rule that prevented overseas investors from buying debt with less than three years left to maturity.

Later in the day, RBI will hold Rs 500 crore five-year bond auction for Punjab and Rs 50,000 crore of seven-day variable rate reverse repo auction.

F&O Cues

  • Nifty May futures closed trading at 10,739 with premium of 29.4 points versus 41 points.
  • All series: Nifty open interest unchanged, Bank Nifty open interest up 1 percent.
  • India VIX ended at 12.8, up 3.86 percent.
  • Max open interest for May series at 11,000 (open interest at 60.3 lakh, up 6 percent).
  • Max open interest for May series at 10,500 (open interest at 45.6 lakh, up 22 percent).

F&O Ban

  • In ban: PC Jeweller, IRB Infra
  • New in ban: IRB Infra

Only intraday positions can be taken in stocks under F&O ban. There is a penalty in case of rollover of these intraday positions.

Put-Call Ratio

  • Nifty PCR unchanged at 1.52
  • Nifty Bank PCR at 1.52 versus 1.65

Brokerage Radar

Credit Suisse on Hero MotoCorp

  • Maintained ‘Neutral’; raised price target to Rs 3,760 from Rs 3,560.
  • March quarter results were inline; Gross margins were better than expected.
  • Healthy outlook for 2018-19 – banking on product launches to maintain leadership.
  • Stay neutral on muted earnings growth outlook.

Edelweiss on InterGlobe Aviation

  • Maintained ‘Buy’; cut price target to Rs 1,651 from Rs 1,655.
  • Yield disappoints; Volumes & cost surpass estimates.
  • Yield plunged on muted industry pricing environment.
  • Expect robust 20 percent compounded growth rate in volume over the fiscal 2018-2020.
  • Ramp-up of NEOs to moderate rising oil price concern.

MOSL on InterGlobe Aviation

  • Maintained ‘Neutral’; cut price target to Rs 1,318 from Rs 1,400.
  • Aggressive capacity addition in a lean quarter weighs on profitability.
  • Intense competition took a toll on yield.
  • Rising crude oil price – a major threat.
  • Peak valuations leave little room for upside.

Credit Suisse on InterGlobe Aviation

  • Maintained ‘Outperform’; cut price target to Rs 1,575 from Rs 1,650.
  • Weak <arch quarter with surprisingly weak yields and expectedly higher crude prices.
  • Lower yields and higher crude prices contracted the spread.
  • Fleet addition remains strong.
  • A320NEOs and 321s to drive cost efficiencies.

Deutsche Bank on Siemens India

  • Maintained ‘Hold’ with a price target of Rs 1,150.
  • March quarter witnessed good growth in a challenging environment.
  • Management commentary turned cautious on large orders.
  • Growth prospects weak in its largest T&D segment.
  • Retain hold as stock trades at high valuations.

IDFC Securities on Rallis India

  • Maintained ‘Outperformer’ with a price target of Rs 293.
  • Management expects volume growth momentum to continue.
  • Management expects margins to recover in the current financial year.
  • Inventory gains, lower sales returns and increased contribution from VAP to aid margins.
  • Expect 12-15 percent volume growth over the fiscal 2018-2020.
  • Focus on improving farm income and normal monsoons augurs well for Rallis.

Nomura on ICICI Prudential

  • Maintained ‘Buy’ with a price target of Rs 570.
  • Expect VNB margins to improve further over medium term.
  • Expect VNB margins at 18-19 percent for previous fiscal and 18.5 percent over the fiscal 2019-2020.
  • Improvement in protection mix, better margins in ULIPs, lower opex ratio and tax rate aid margins.
  • ICICI Prudential remains preferred life insurance pick.

IDFC Securities on HCL Tech

  • Maintained ‘Neutral’ with a price target of Rs 925
  • March quarter was inline; weak organic revenue guidance.
  • Flat margin guidance with a weaker rupee assumption.
  • Weak organic growth to weigh on multiples.

Antique on HCL Tech

  • Downgraded to ‘Hold’ from ‘Buy’; cut price target to Rs 1,030 from Rs 1,100.
  • Weak organic growth guidance raises concern.
  • Weak guidance when peers are guiding for improved revenue growth.
  • Lack of momentum in core business puts company in a difficult spot.

Credit Suisse on Dabur India

  • Maintained ‘Neutral’; raised price target to Rs 390 from Rs 365.
  • March quarter witnessed modest pickup in volume growth in India; International turnarounds.
  • Margin expansion a positive surprise.
  • Management confident of modest expansion in the current fiscal.
  • Key positive for Dabur is that Patanjali’s traction seems to be fading.
  • Management expects 10 percent volume growth in the current fiscal.

Trading Tweaks

  • MT Educare: Zee Learn’s two day offer to buy back shares begins.
  • DCM Shriram circuit filter revised to 10 percent.
  • MMTC ex-date for 1:2 bonus issue.

Bulk Deals

  • Equitas: Creation Investments Equitas Holdings LLC sold 24.24 lakh shares (0.7 percent) at Rs 165 each.

Earnings Reactions To Watch

TBZ (Q4, YoY)

  • Revenue up 14 percent at Rs 434 crore.
  • Net profit of Rs 7 crore versus net loss of Rs 5 lakh.
  • EBITDA at Rs 19 crore versus Rs 7 crore.
  • Margin at 4.4 percent versus 1.8 percent.

Godawari Power & Ispat (Q4, YoY)

  • Revenue up 30 percent at Rs 743 crore.
  • Net profit at Rs 100.5 crore versus Rs 15 crore.
  • EBITDA at Rs 207.5 crore versus Rs 102 crore.
  • Margin at 27.9 percent versus 17.8 percent.

Mahindra Logistics (Q4, YoY)

  • Revenue up 23.5 percent at Rs 893 crore.
  • Net profit at Rs 20.5 crore versus Rs 12 crore.
  • EBITDA at Rs 38 crore versus Rs 20.5 crore.
  • Margin at 4.3 percent versus 2.8 percent.

Astec Lifesciences (Q4, YoY)

  • Revenue up 48 percent at Rs 128 crore.
  • Net profit at Rs 17 crore versus Rs 3.5 crore.
  • EBITDA at Rs 30.5 crore versus Rs 16.5 crore.
  • Margin at 23.85 percent versus 19.1 percent.

International Paper APPM (Q4, YoY)

  • Revenue up 5 percent at Rs 340 crore.
  • Net profit at Rs 33 crore versus Rs 16 crore.
  • EBITDA up 21 percent at Rs 77.5 crore.
  • Margin at 22.8 percent versus 19.8 percent.

Tata Power (Q4, YoY)

  • Revenue up 13 percent at Rs 7,895 crore.
  • Net profit of Rs 1,404 crore versus net loss of Rs 242 crore.
  • EBITDA up 10 percent at Rs 1,487.5 crore.
  • Margin at 18.8 percent versus 19.3 percent.

Siemens (Q4, YoY)

  • Revenue up 12 percent at Rs 3,283 crore.
  • Net profit up 18 percent at Rs 220 crore.
  • EBITDA up 15 percent at Rs 322 crore.
  • Margin at 9.8 percent versus 9.5 percent.

InterGlobe Aviation (Q4, YoY)

  • Revenue up 20 percent to Rs 5,799 crore.
  • Net profit down 73 percent to Rs 118 crore.
  • EBITDAR down 16 percent to Rs 1,123 crore.
  • EBITDAR margin at 19.4 percent versus 27.5 percent.

Shanthi Gears (Q4, YoY)

  • Revenue up 10 percent at Rs 55 crore.
  • Net profit up 60 percent at Rs 9.6 crore.
  • EBITDA down 7 percent at Rs 7 crore.
  • Margin at 12.7 percent versus 15 percent.

NFL (Q4, YoY)

  • Revenue up 13 percent at Rs 2,096 crore.
  • Net profit down 24 percent at Rs 68 crore.
  • EBITDA down 16 percent at Rs 139 crore.
  • Margin at 6.6 percent versus 8.9 percent.

Nifty Earnings To Watch

  • Adani Ports
  • Vedanta

Other Earnings To Watch

  • Adani Power
  • Castrol India
  • Cera Sanitaryware
  • Edelweiss Financial
  • Emami
  • Greaves Cotton
  • Hexaware Technologies
  • IRB Infrastructure
  • JSW Energy
  • L&T Finance Holdings
  • MRF
  • PNB Housing Finance
  • Radico Khaitan
  • Trent
  • Venky's

Stocks To Watch

  • Biocon gets Form 483 with seven observations for Bangalore facility.
  • Madras Fertilizer's ammonia and urea plants shutdown due to critical naphtha inventory.

Also Read: Local Veteran Warns Against India Market as Just a Growth Play

  • Techno Electric to acquire 26 percent stake in Kohima-Mariani Transmission from Kalpataru Power.
  • Sical Logistics gets letter of acceptance from Northern Coalfields Ltd. for excavation of overburden at Amlohri for Rs 1,345 crore.
  • Mukand Ltd. allots 20 lakh equity shares at Rs 579.57 per share on a preferential basis to Sumitomo Corp., Japan.
  • Cadila Healthcare says Zydus received final approval from U.S. FDA for Bumetanide Tablets.
  • Fineotex Chemicals is looking to expand value added business and has engaged global M&A advisory firm for acquisitions of up to $30 million.
  • Power Grid approves Rs 461 crore of investment proposals.
  • Kridhan Infra unit bags order worth Rs 56.6 crore.
  • Adani Transmission appoints Anil Sardana as CEO.

Stories You Might’ve Missed

Commodity Cues

  • West Texas Intermediate crude fell 0.4 percent to $67.63 a barrel, after a 1 percent advance on Wednesday.
  • Brent Crude traded 0.4 percent lower at $73.08 per barrel.
  • Gold increased 0.3 percent to $1,308.21 an ounce.
  • Aluminium ended higher for the third day, up 2.9 percent at $2,333 per MT.
  • Sugar ended higher for the fifth day, its longest winning streak in three months; up 0.5 percent at 11.75 cents per pound.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.4 percent to 10,715 as of 8:50 a.m.

Asian stocks tracked U.S. shares lower after the Federal Reserve said inflation is close to its target, without indicating any need to waver from its path of gradually tightening monetary policy.

Hong Kong stocks underperformed just as Chinese smartphone maker Xiaomi Corp. filed in for what’s expected to be the world’s biggest IPO since 2014. Equities rose in Sydney, with recently battered Australian banks extending a recovery. Trading may be subdued with Japan closed for a holiday.

Also Read: Fed Calm Over 2% Inflation Underlines Gradual Rate-Hike Outlook

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