PremiumIndian indices may open flat on Wednesday, according to indications from SGX Nifty. Asian markets opened higher, buoyed by optimism over economic recovery and vaccine effectivity against new covid variants. US indices closed at record highs led by a rally in tech stocks.
The government on Tuesday reduced basic customs duty on crude palm oil to 10%, which will help bring down the edible oil prices in the retail market.
The Central Board of Indirect Taxes and Customs (CBIC) in a notification cut the basic customs duty on crude palm oil to 10% and refined palm oil to 37.5% with effect from Wednesday. (Read here)
SoftBank Group Corp. started marketing a multi-tranche bond sale in dollars and euros, in its first overseas debt deal since 2018. The Japanese technology giant was marketing a three-and-a-half-year note in the US currency at initial price guidance in the area of 3.5% and a three-year euro-denominated bond around 2.375% as part of the larger debt offering. The company has a speculative-grade score of BB+ from S&P Global Ratings.
Fuel prices stood constant on Wednesday after sixteen hikes in the month of June, according to price notification by the oil retailers.
In the latest increase, petrol had gotten costlier by 34-35 paise and diesel by 28-30 paise on Tuesday after a day's hiatus. (Read here)
The markets regulator on Tuesday tightened norms for mutual funds, hiring of independent directors and opened investments in real-estate investment trusts to small investors and in private equity and venture capital funds to so-called accredited investors. (Read here)
Markets are likely to consolidate further on Wednesday, while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 52,549.66, down 185.93 points or 0.35%. The Nifty was at 15,748.45, down 66.25 points or 0.42%.
AstraZeneca India, Cipla, IRCTC, Sterling and Wilson, among other stocks could be in the news today.
Brazil's health ministry will cancel a contract for Covaxin vaccines developed by India's Bharat Biotech that has faced accusations of irregularities, CNN Brasil reported on Tuesday. The Covaxin contract has become a headache for Brazilian President Jair Bolsonaro after whistleblowers went public with concerns over irregularities in the 1.6 billion reais ($324 million) deal. One health ministry official said he personally alerted the president about his concerns. The health ministry did not respond to a request for comment.
Oil is heading for its best half since 2009 as the rebound from the pandemic boosts fuel consumption and tightens the market ahead of a key Opec+ meeting that’s expected to lead to an increase in supply. Futures in New York rose toward $74 a barrel on Wednesday and are up more than 50% this year. The American Petroleum Institute reported that US crude stockpiles fell by 8.15 million barrels last week, according to people familiar, adding to positive sentiment before Opec+ meets on Thursday. The alliance will be busy after delaying preliminary talks on the oil market to allow members more time to resolve differences. The hold-up comes as a covid-19 resurgence in some regions raises concerns over the demand outlook.
Union Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet L Yellen spoke over phone on Tuesday and discussed global minimum tax.
"Yellen discussed that the US and India have a shared interest in implementing a robust global minimum tax," said the Department of Treasury. During the call, Yellen stressed on the importance of partnership with India in the G20 and OECD to seize a once-in-a-generation opportunity to remake the international tax system to help the global economy thrive, the treasury said.
Asian stocks rose early Wednesday after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. The dollar held an advance. Japanese, Australian and South Korean shares climbed modestly. U.S. contracts were higher after the S&P 500 eked out a gain, remaining on track for a fifth monthly advance -- the longest run since August. Moderna Inc. reached an all-time peak after saying its vaccine produced protective antibodies against the delta strain, which has spread around the world since emerging in India.
S&P 500 futures added 0.2% as of 9:26 a.m. in Tokyo. The S&P 500 was little changed
Nasdaq 100 futures rose 0.2%. The Nasdaq 100 rose 0.3%
Japan’s Topix index increased 0.3%
Australia’s S&P/ASX 200 Index gained 0.9%
South Korea’s Kospi index rose 0.4%
Hang Seng Index futures climbed 0.2%
SGX Nifty slipped 0.03%
For all the talk about inflated equity prices, a peak in earnings growth and the spread of a highly infectious coronavirus strain, stocks managed to close at another record.In what some traders called a boring trading session, the S&P 500 eked out a gain of less than 0.1%. The benchmark gauge of American shares also remained on track for its fifth straight monthly advance -- the longest run since August. Technology and retail companies rose, while financials underperformed even after some of the largest Wall Street banks boosted payouts to shareholders.
The S&P 500 was little changed as of 4 p.m. New York time
The Nasdaq 100 rose 0.3%
The Dow Jones Industrial Average was little changed
The MSCI World index was little changed
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