Sensex, Nifty Snap Four-Week Losing Streak On Tax Reversal Hopes
Catch all the live updates on share prices, index moves, corporate announcements and more from Sensex and Nifty today.
KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty End Higher On Tax Reversal Hopes
Indian equity benchmarks closed higher for the second day in a row on optimism that government may drop additional tax on overseas investors.
The S&P BSE Sensex closed 0.68 percent higher at 37,327.36 and the NSE Nifty 50 gained 0.70 percent to close at 11,109.65 . The broader markets represented by the NSE Nifty 500 Index ended 0.75 percent higher.
The meeting of the foreign investors with the Finance Minister Nirmala Sitharaman scheduled today to ease their tax concerns further boosted the market sentiment, said Ajit Mishra, vice president (Research) at Religare Broking, in an email statement.
“We have seen foreign selling taper a bit but the real impact will be seen only once the government actually takes steps to sort the issues in the market and the economy,” Anita Gandhi, director at Arihant Capital Markets told Bloomberg.
The market breadth was in favour of buyers as 1,132 stocks advanced while 608 ended lower. Six of the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 2.16 percent gain. The NSE Nifty Metal Index was top sectoral loser, down 0.86 percent.
Yes Bank Falls 9%
Shares of the private lender slumped as much as 9 percent to Rs 81.15 each. The stock was the worst performer on both Sensex and Nifty.
The stock has declined 78 percent in the past 12 months compared to a 1.1 percent fall in the Sensex.
GAIL Rises After June Quarter Results
Shares of the country’s largest gas distributor rose as much as 2.4 percent to Rs 124.85 each.
Key Highlights (QoQ)
- Revenue down 2.4 percent to Rs 18,311 crore.
- Ebitda rose 34 percent to Rs 2,259 crore.
- Ebitda margin to 12.3 percent versus 9 percent
- Net profit up 14.7 percent to Rs 1288 crore.
The stock traded 8.4 times its 20-day average, Bloomberg data showed.
MRF Rises After June Quarter Results
Shares of the tyre maker rose 3.7 percent, the biggest intraday day gain, to Rs 56,700 each.
Key Highlights (YoY)
- Revenue up 15.1 percent to Rs 4,470.8 crore.
- Net profit rose 2.1 percent to Rs 273.3 crore.
- Ebitda rose 4.6 percent to Rs 612.3 crore.
- Margin at 13.7 percent versus 15.1 percent.
Spicejet Gains After Q1 Results
Shares of the country’s second largest airliner rose as much as 5.5 percent to Rs 143.45 each.
Key Highlights (YoY)
- Revenue rose 35.2 percent to Rs 3,002.8 crore.
- Net profit was Rs 262 crore versus net loss of 38 crore
- Ebitdar rose 88 percent to Rs 684 crore.
- Operating margin stood at 22.8 percent versus 16.40 percent.
The stock advanced 60 percent in the last 12 months compared with a 1 percent fall in the Sensex.
Pfizer Rises After Q1 Results
Shares of the drugmaker snapped its two-day fall and rose 2.3 percent to Rs 2,936.10 each.
Key Highlights (YoY)
- Net profit rose 22.8 percent to Rs 112.81 crore.
- Revenue rose 6.2 percent to Rs 544.40 crore.
The trading volume was over 15 times the 20-day average for this time of the day, according to Bloomberg data.
Market Check: Sensex, Nifty At Day's High; Indiabulls Housing Jumps 13%
Indian equity benchmarks traded higher in afternoon trade led by gains in Indiabulls Housing and metal stocks.
The S&P BSE Sensex rose 1.22 percent to 37,779.90 and the NSE Nifty 50 traded 1.30 percent higher at 11,174.55 as of 12:50 pm. Indiabulls surged after company’s founder Sameer Gehlaut pledged to cede all control after proposed merger with Lakshmi Vilas Bank, according to an Economic Times report.
The market may rally towards 11,320 from current level of 11,100, according to Kkunal Parar, senior research associate at Choice Broking."One should buy on dips and fix the stop loss at 10,780, " he said in an interview to BloombergQuint.
All 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 2.16 percent gain.
Marico Gains After Increasing Stake In Revofit App
Shares of the FMCG company rose 2.1 percent intraday to Rs 390.95 each, its highest price in seven months.
The company increased its stake in fitness app Revofit to 37 percent from 23 percent earlier, according to an exchange notification.
The relative strength index on the stock was above 70, indicating it may be overbought. The stock has been gaining for the last six days—its longest gaining streak in over a year.
Just Paracetamols Can't Cure Economy's Cardiac Arrest, Says Basant Maheshwari
The Indian economy is in a “bad shape” and needs more policy support than just sparing foreign investors higher tax surcharge, according to veteran investor Basant Maheshwari.
You don’t just give a patient two paracetamols when he is suffering a cardiac arrest. The patient (economy) is suffering a cardiac arrest right now and the government is thinking whether to put a stent, pacemaker or perform an open-heart surgery. But one of these three will have to be done.Basant Maheshwari, Co-Founder And Partner, Basant Maheshwari Wealth Advisers
Measures could be in the form of lower GST rates for carmakers, says the market veteran.
Indiabulls Housing Jumps 13%
Shares of the non-banking lender snapped a two-day fall and rose 13.3 percent percent to Rs 503.30 each.
The company’s founder Sameer Gehlaut pledged to cede all control after proposed merger with Lakshmi Vilas Bank, according to an Economic Times report, which did not mention where it got the information.
The trading volume was over three times the 20-day average for this time of day, Bloomberg data showed.
Yes Bank Declines After Block Deal
Shares of the private bank snapped its three-day gain and declined as much as 3.4 percent to Rs 86.15 each.
Around 11.8 lakh shares changed hands in a bunched trade, according to Bloomberg data. The buyers and sellers were not known immediately.
The stock fell 77 percent in the past 12 months compared with 1 percent decline in the Sensex.
Britannia Falls 2% After Q1 Profit Misses Lowest Estimate
Shares of Britannia Industries fell as much as 2.2 percent to Rs 2,522 after the company’s profit during April-June period missed the lowest forecast.
Key Earnings Highlights (Q1, YoY)
- Net sales up 6 percent to Rs 2,700 crore (estimate Rs 2,770 crore)
- Net profit down 3.5 percent to Rs 249 crore (estimate Rs 287 crore)
- Ebitda up 1.3 percent to Rs 394 crore (estimate Rs 426 crore)
- Margin at 14.6 percent versus 15.3 percent (estimate 15.4 percent)
- Exceptional loss of Rs 15.6 crore provided towards voluntary retirement costs.
Block Deal Alert: Indian Hotels
About 10 lakh shares of Indian hotels changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
Market Check: Sensex Up Over 300 Points; Nifty Above 11,100
Indian equity benchmarks traded higher, extended gains for the second consecutive trading session.
The S&P BSE Sensex rose 324 points or 0.87 percent to 37,649 as of 11 a.m. and the NSE Nifty 50 traded above 11,100, up 0.92 percent.
Birla Group Acquires Stake In Vodafone Idea
Birla Group acquired 11 crore equity shares or 0.4 percent equity stake in Vodafone Idea Ltd. between July 30 to August 6 at an average price of Rs 6.5 per share.
Stocks Reacting To Results Announcment
Page Industries (Q1, YoY)
- Stock fell as much as 5.6 percent to Rs 17,449.
- Revenue rose 2.4 percent to Rs 835 crore. (estimate Rs 890 crore)
- Net profit fell 11 percent to Rs 110.7 crore. (estimate Rs 125.8 crore)
- Ebitda fell 1.4 percent to Rs 186.7 crore. (estimate Rs 195.6 crore)
- Margin stood at 22.4 percent versus 23.2 percent.
- Employee expenses rose 19 percent to Rs 128.5 crore.
- Declares dividend of Rs 51 per share.
Hexaware Technologies (Q2 CY19, QoQ)
- Stock rose as much as 8.6 percent to Rs 399.
- Revenue rose 3.5 percent to Rs 1,308.3 crore. (estimate Rs 1314.5 crore)
- Net profit rose 9.3 percent to Rs 151.4 crore. (estimate Rs 150.7 crore)
- EBIT rose 9.5 percent to Rs 190.3 crore. (estimate Rs 190.6 crore)
- Margin to 14.5 percent versus 13.8 percent.
Mahanagar Gas (Q1, YoY)
- Stock rose as much as 4.2 percent to Rs 856.30.
- Revenue rose 22.3 percent to Rs 757.5 crore.
- Net profit rose 32.7 percent to Rs 170.2 crore.
- Ebitda rose 31.2 percent to Rs 276.9 crore.
- Margin stood at 36.6 percent versus 34.1 percent.
Tata Chemicals (Q1, YoY)
- Stock rose as much as 6.6 percent to Rs 602.
- Revenue rose 5.6 percent to Rs 2,896.9 crore. (estimate Rs 3020 crore)
- Net profit rose 16.4 percent to Rs 239.7 crore. (estimate Rs 250 crore)
- Ebitda rose 20.7 percent to Rs 592.3 crore. (estimate Rs 546 crore)
- Margin stood at 20.4 percent versus 17.9 percent.
- Deprecation rose 21 percent to Rs 163.5 crore.
NBCC (Q1, YoY)
- Stock fell as much as 13.6 percent to Rs 34.35.
- Revenue fell 16.4 percent to Rs 1,891.1 crore.
- Net profit fell 38.4 percent to Rs 48.9 crore.
- Ebitda fell 64.7 percent to Rs 27.1 crore.
- Margin stood at 1.4 percent versus 3.4 percent.
Infibeam Avenues (Q1, YoY)
- Stock rose as much as 7.5 percent to Rs 44.35.
- Revenue fell 27.3 percent to Rs 185.5 crore.
- Net profit rose 2.2 times to Rs 28 crore.
- Ebitda rose 39.1 percent to Rs 37.7 crore.
- Margin to 20.3 percent versus 10.6 percent.
- Profit of Rs 15 crore from associates in base quarter.
F&O Check: Nifty 11,000 Call Option Jumps 25%
Nifty’s 11,100 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract which is set to expire on Aug. 14 rose 24.6 percent to Rs 75. Over 6.14 lakh shares were added to the open interest which stood at over 17.98 lakh shares.
Suzlon Jumps 14% On Reports Company Said To Propose Debt Settlement
Shares of Suzlon Energy rose as much as 13.8 percent to Rs 4.55.
The company is said to propose $1.2 billion deal to settle stressed debt, Bloomberg reported quoting people with knowledge of the matter.
The stock declined 42 percent in the past 12 months compared to 1.2 percent decline in the Sensex.
Market Check: Sensex Up Over 200 Points; Nifty Above 11,000
Indian equity benchmarks traded higher, extending their gains for the second consecutive trading session.
The S&P BSE Sensex rose 210 points or 0.56 percent to 37,536 as of 10 a.m. and the NSE Nifty 50 traded above 11,100, up 0.6 percent.
Market Commentary: Nifty May Touch 11,500-11,600 In Near Term, Kotak Securities Says
India’s equity benchmark NSE Nifty 50 may touch 11,500-11,600 in the next two-to-three weeks, according to Kotak Securities’ Senior Vice President and Head of Fundamental Research Rusmik Oza.
We are having a positive market outlook in the short term, as the markets are expected to witness positive news flows, Oza told BloombergQuint in an interaction.
“We are expecting major announcements by the government next week. Any announcements on LTCG and waving off surcharge on FPI tax will be a masterstroke by the government,” he said, adding that any announcement on incentives the housing, real estate, automobiles, MSME sector would boost market sentiments.
Endurance Technologies Jumps The Most In Nearly Three Months
Shares of Endurance Technologies rose as much as 17 percent, the most since October 2016, to Rs 869.
The company withdrew its plans to enter two- and three-wheeler tyre business. The stock had hit 20 percent lower circuit after the company had announced its intentions on the exchange during market hours.
Trading volume was 40 times its 20-day average, Bloomberg data showed. Of the shares traded, 44 percent were at the ask price and 32 percent were at the bid.
Jamna Auto Declines On Production Changes, Ahead Of Results
Shares of Jamna Auto Industries fell as much as 1 percent to Rs 39.50.
The company has made changes in production schedule for all its plants. The plants may not run or partially run on all working days in August and shall carry out routine maintenance and cleaning during non-working days.
Besides, the company is scheduled to announce its quarterly results today.
The stock up 8.4 percent in the past five days and declined 20 percent in the past 30 days, according to Bloomberg data.
Avenue Supermarts Falls After Block Deals
Shares of Avenue Supermarts fell as much as 1.5 percent to Rs 1,408.
About 62 lakh shares of the company changed hands in two block deals on BSE, Bloomberg data showed. While buyers and sellers were not known immediately, Promoter Radhakishan Damani had planned to sell 1 percent stake or 62.3 lakh shares in the operator of D-Mart supermarket chain, according to a stock exchange filing dated Aug. 7. The sale, which began today, will end on Sept. 14.
Trading volume was more than seven times its 20-day average, Bloomberg data showed. The stock traded at 74 times its estimated earnings per share for the coming year.
Opening Bell: Sensex, Nifty Open Higher
Indian equity benchmarks opened higher, extended their gains for the second consecutive trading session.
The S&P BSE Sensex rose as much as 0.52 percent to 37,521.30 and the NSE Nifty 50 rose as much as 0.5 percent to 11,089.50. The broader markets represented by the NSE Nifty 500 rose as much as 0.51 percent.
The market breadth was tilted in faovur of buyers. About 998 shares advanced and 427 stocks declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 1.1 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser down 0.17 percent.
Trading Tweaks: Andhra Cements, Smartlink Holdings, Reliance Home Finance
- Smartlink Holdings ex-date for share buyback.
- Andhra Cements to move into short term ASM Framework.
- Reliance Home Finance price band revised to 5 percent.
Your Complete F&O Trade Setup
August Futures
- Nifty futures closed at 11,063.9, premium of 31.5 points versus 18.7 points.
- Nifty futures open interest down 1 percent, sheds 2 lakh shares in open interest.
- Bank Nifty futures closed at 28,239.9, premium of 129.5 points versus 46 points.
- Bank Nifty futures open interest down 4 percent, sheds 70,000 shares in open interest.
Options
- Nifty PCR at 1.21 versus 0.97 (across all series)
Nifty Weekly Expiry Aug. 14
- Max open interest on call side at 11,100 (11.8 lakh shares).
- Max open interest on put side at 10,900 (10.9 lakh shares).
- Max open interest addition seen in 10,900P (+8.6 lakh shares), 11,000P (+8.2 lakh shares).
Nifty Monthly Expiry Aug. 29
- Max open interest on call side at 11,500 (23.5 lakh shares)
- Max open interest on put side at 11,000 (34 lakh shares)
Market Commentary: Don’t Expect Tax Roll Back To Trigger Big Rally, Ajay Bagga Says
The markets are not expected to jump immediately if the government considers to roll back higher tax on FPI as there are other fundamental issues playing out at present, according to Ajay Bagga.
The surcharge roll back will give sentimental boost to the markets, the market expert told BloombergQuint in an interview. “The money that foreign investors pulled out so far since Budget will not be infused immediately and will take some time.”
It will be a huge positive move for the markets even if the FPI selling slows down because the selloff has been a big setback for markets and sentiments, he said.
Bagga expects the announcement of strong measures by the government in the immediate future, particularly in the auto and real estate sector.
Money Market Update: Rupee Opens Higher
The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.23 percent to 70.53 against the greenback.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian equity benchmarks are set to open higher.
The S&P BSE Sensex rose 0.5 percent or 186 points to 37,524 during the pre-market and the NSE Nifty 50 rose 0.51 percent to 11,086.
Bulk Deals: Affle, CARE Ratings, Reliance Infra
- Reliance Infra: KBC Equity Fund sold 24.1 lakh shares or 0.93 percent equity at Rs 47.17 each.
CARE Ratings
- BMO Investments II Ireland acquired 1.55 lakh shares or 0.53 percent equity at Rs 548.72 each.
- Reliance Banking Fund sold 1.7 lakh shares or 0.58 percent equity at Rs 548.19 each.
Affle (India)
- Reliance Mutual Fund acquired 9.5 lakh shares at Rs 918.19 each.
- Kuwait Investment Authority acquired 2.63 lakh shares at Rs 885.27 each.
Q1 Earnings Corner: BPCL, Britannia, Page Industries, SpiceJet
Nifty Earnings To Watch
- Bharat Petroleum Corporation
- Britannia
- GAIL
- Hindalco
Other Earnings To Watch
- SpiceJet
- NHPC
- MRF
- Sobha
- Pfizer
- Bharat Heavy Electricals
- Sun TV Network
- Natco Pharma
- Steel Authority of India
- Subros
- Cadila Healthcare
- Tourism Finance Corporation of India
- State Trading Corporation Of India
- Speciality Restaurants
- Garden Reach Shipbuilders & Engineers
- Oil India
- Gujarat Alkalies & Chemicals
- Gujarat State Financial Corporation
- Himatsingka Seide
- NCC
- NCL Industries
- Honeywell Automation
- Inox Wind
- ITD Cementation
- Jtekt India
- Kirloskar Oil Engines
- Meghmani Organics
- Amber Enterprises
- Arvind Fashions
- Balaji Telefilms
- Forbes
- Nitco
- NRB Bearing
- Prakash Industries
- PSP Projects
- Responsive Industries
- S H Kelkar
- Shipping Corporation Of India
- TV Today Network
- Uniphos Enterprises
- V.S.T Tillers Tractors
- Varroc Engineering
- Century Plyboards
- Future Consumer
- IG Petrochemicals
- Jamna Auto Industries
- Mirza International
- Narayana Hrudayalaya
- Neogen Chemicals
- Prataap Snacks
- Reliance Communications
- Shree Cement
- Sreeleathers
Earnings Reaction To Watch
Page Industries (Q1, YoY)
- Revenue rose 2.4 percent to Rs 835 crore. (estimate Rs 890 crore)
- Net profit fell 11 percent to Rs 110.7 crore. (estimate Rs 125.8 crore)
- Ebitda fell 1.4 percent to Rs 186.7 crore. (estimate Rs 195.6 crore)
- Margin stood at 22.4 percent versus 23.2 percent.
- Employee expenses rose 19 percent to Rs 128.5 crore.
- Declares dividend of Rs 51 per share.
Hexaware Technologies (Q2 CY19, QoQ)
- Revenue rose 3.5 percent to Rs 1,308.3 crore. (estimate Rs 1314.5 crore)
- Net profit rose 9.3 percent to Rs 151.4 crore. (estimate Rs 150.7 crore)
- EBIT rose 9.5 percent to Rs 190.3 crore. (estimate Rs 190.6 crore)
- Margin to 14.5 percent versus 13.8 percent.
Mahanagar Gas (Q1, YoY)
- Revenue rose 22.3 percent to Rs 757.5 crore.
- Net profit rose 32.7 percent to Rs 170.2 crore.
- Ebitda rose 31.2 percent to Rs 276.9 crore.
- Margin stood at 36.6 percent versus 34.1 percent.
Tata Chemicals (Q1, YoY)
- Revenue rose 5.6 percent to Rs 2,896.9 crore. (estimate Rs 3020 crore)
- Net profit rose 16.4 percent to Rs 239.7 crore. (estimate Rs 250 crore)
- Ebitda rose 20.7 percent to Rs 592.3 crore. (estimate Rs 546 crore)
- Margin stood at 20.4 percent versus 17.9 percent.
- Deprecation rose 21 percent to Rs 163.5 crore.
NBCC (Q1, YoY)
- Revenue fell 16.4 percent to Rs 1,891.1 crore.
- Net profit fell 38.4 percent to Rs 48.9 crore.
- Ebitda fell 64.7 percent to Rs 27.1 crore.
- Margin stood at 1.4 percent versus 3.4 percent.
Infibeam Avenues (Q1, YoY)
- Revenue fell 27.3 percent to Rs 185.5 crore.
- Net profit rose 2.2 times to Rs 28 crore.
- Ebitda rose 39.1 percent to Rs 37.7 crore.
- Margin to 20.3 percent versus 10.6 percent.
- Profit of Rs 15 crore from associates in base quarter.
Stocks To Watch: Coffee Day, DHFL, Jamna Auto, Yes Bank
- Yes Bank launched a qualified institutional placement issue to help it meet an urgent need for capital. The private sector lender said that the capital raising committee of its board had approved the opening of the QIP issue. The floor price for issue set at Rs 87.9 per share. The bank’s capital raising committee may offer a discount of not more than 5 percent on the floor price, it added.
- Reliance Capital, Reliance Home Finance said its joint auditors have confirmed that there are “no violations” as alleged by Price Waterhouse & Co Chartered Accountants LLP. “The board took note of the views of the other joint auditors, who have been auditors of the company for the last three financial years and continue as the sole statutory auditors of the company, confirming that there are no violations as alleged by PWC under Section 143 (12) of the Companies Act, 2013,” the statement on the exchange filing said.
- Lakshmi Vilas Bank said that it is working in close co-operation with Indiabulls Housing Finance to ensure all regulatory approvals are received for the planned amalgamation of both the entities. Lakshmi Vilas Bank completed preferential allotment of 1.68 crore equity shares, aggregating to Rs. 188.16 crore to Indiabulls Housing Finance. Bank’s Tier-1 Capital now at 5.56 percent, CAR at 7.56 percent, where both of the fore mentioned ratios were strengthened by 110 basis points. The bad loan recovery over four quarters has totalled to Rs 783 crore.
- Jamna Auto Industries has made changes in production schedule for all its plants. The plants may not run or partially run on all working days in August and shall carry out routine maintenance and cleaning during non-working days.
- Coffee Day Enterprises appointed EY to investigate into the circumstances leading to statements made in the purported letter of the former Chairman VG Siddhartha dated July 27 and to scrutinize the books of accounts of the company and its subsidiaries. Besides, ICRA cut Coffee Day Enterprises’ rating for term loans three notches to ‘BB+’ from ‘BBB+’, citing refinancing risks for the coffee chain and its units after founder VG Siddhartha’s death, according to Bloomberg report.
- Nalco signed a joint venture agreement with Mishra Dhatu Nigam for setting up of high end aluminium alloys plant for manufacturing of Plates, Sheets, etc.
- SBI: Managing Director Dinesh Kabra’s term extended further for a period of two years with effect from Aug. 9.
- Bodal Chemicals acquired 80 percent stake in Sen-er for $4.5 million.
- DHFL may not be able to meet repayments coming up in the immediate future, the company said in a stock exchange filing.
- Cochin Shipyard launched two Ro Pax Vessels for Inland Waterways Authority of India.
- IDBI Bank reduced MCLR by 5-15 basis points with effect from Aug.12. One-month MCLR at 8.1 percent and one-year MCLR at 8.85 percent.
- Oriental Bank of Commerce revised MCLR rates across various tenors with effect from Aug. 10. One-month MCLR at 8.2 percent and one-year MCLR at 8.65 percent.
- Vodafone Idea: CARE Ratings downgraded long Term Bank Facilities and Non-Convertible Debentures to ‘CARE A’ from ‘CARE A+’, with outlook remaining negative.
- GMR Infrastructure: Board approved raising Rs 2,500 crore via equity and Rs 57.4 crore via debentures.
- Marico increased its stake in Revofit from 23 percent to 37 percent.
- Amara Raja Batteries promoter RN Galla family increased their stake from 26.06 percent to 28.06 percent.
- Suzlon Energy is said to propose $1.2 billion deal to settle stressed debt, Bloomberg reported quoting people with knowledge of the matter.
- IL&FS Investment Managers arm’s offshore investors of Realty Fund would not be extending their agreement with effect from Aug. 9.
- 8K Miles Software Services: Chairman Suresh Venkatachari said that the company entered into new projects.
Offerings
- Sterling & Wilson Solar IPO gets 92 percent demand for shares offered, closes successfully.
Datawatch
- 5:30 p.m.: India June industrial production; (estimate 1.4 percent; prior 3.1 percent)
Here’s a quick look at all that could influence equities today
- Most Asian stocks rose even as Bloomberg reported the White House is holding off on a decision about licenses for U.S. companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of U.S. farming goods.
- Earlier, the S&P 500 gained almost 2% as investors took solace from efforts to stabilize the yuan. The dollar was little changed as was the offshore yuan.
- Oil snapped a three-day losing streak after Saudi Arabia contacted other producers to discuss options to stem a rout that’s been driven by the worsening China trade conflict.
- Gold futures rose 0.5 percent to $1,505 an ounce.
Get your daily fix of global markets here.
Nifty Futures Suggests Tepid Start; Asian Equities Gain
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, was up 0.1 percent at 11,079 as of 8:10 a.m.
Asian shares pushed higher on Friday as positive sentiment from a strong session on Wall Street outweighed a resurfacing of trade tensions.
Stocks rose in Tokyo, Seoul and Sydney even as Bloomberg reported that the U.S. is holding off Huawei licences as China is halting purchases of U.S. farming goods.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
Source: Bloomberg