PremiumSensex, Nifty may be rangebound on Wednesday after closing higher on Tuesday. All eyes will be on the WPI inflation data and car sales figures for the month of June, due today. Asian markets witnessed a mixed start after the US CPI index led Wall Street indices to close lower. The high inflation rate stoked fears in some quarters of a faster withdrawal of stimulus by the Fed.
Mumbai and neighbouring Thane are likely to receive heavy to very heavy rainfall at isolated places on Wednesday, the India Meteorological Department (IMD). In view of this, an orange alert has been issued for the districts. (Read here)
S&P Global Ratings on Tuesday affirmed its lowest investment-grade sovereign rating (BBB-) for India with stable outlook, holding that the country’s recovery will gain pace through the second half of the fiscal year 2021-22 (FY22) and into the following year, helping stabilize its overall credit profile. (Read here)
The country's largest carmaker Maruti Suzuki India is neither shifting investments nor jobs from Haryana to Gujarat by shifting production of its compact sedan Dzire, company Chairman RC Bhargava said on Tuesday.
The company is maximising the efficiency of production at its two plants at Haryana and the parent Suzuki's Gujarat plant, keeping in mind the demand of its multiple models. "The plants in Haryana will continue to work in full capacity. Employment will remain full, there's no change in employment. No production is going away from Gurugram. If this (Dzire) goes away some other model will be made here. It's a rationalisation of how to make different models in the most efficient manner," Bhargava said. He was responding to remarks of Congress General Secretary Randeep Singh Surjewala who on Monday criticised the Haryana government over the shifting of Dzire production from the state to Gujarat. (Read here)
Markets are likely to be volatile on Wednesday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 52,769.73, up 397.04 points or 0.76%.The Nifty was at 15,812.35, up 119.75 points or 0.76%.
Online food delivery platform Zomato on Tuesday said that it has raised ₹4,196 crore from several prominent institutional investors as part of an anchor book allocation, a day ahead of its public offering... Marquee global investors that participated in the anchor book include Government of Singapore, canadian pension funds Canada Pension Plan Investment Board and OMERS, BlackRock Global Funds, T Rowe Price, Fidelity, Aberdeen Global Indian Equity, Baillie Gifford, Steadview Capital, Goldman Sachs, Neuberger Berman, Abu Dhabi Investment Authority and Pinebridge Global Funds. (Read here)
Crowds clashed with police and ransacked or set ablaze shopping malls in cities across South Africa on Tuesday, with dozens of people reported killed, as grievances unleashed by the jailing of ex-president Jacob Zuma boiled over into the worst violence in years. Protests that followed Zuma's arrest last week for failing to appear at a corruption inquiry have widened into looting and an outpouring of general anger over the hardship and inequality that persist 27 years after the end of apartheid. Poverty has been exacerbated by severe social and economic restrictions aimed at blocking the spread of COVID-19.
Adani Enterprises, Mindtree, PNB Housing, Reliance Infra, among other stocks may be in the news today. ( Read here)
Asian stocks were mixed early Wednesday after Wall Street fell from a record and bond yields rose following a surprise US inflation jump that stirred the debate on how long Federal Reserve policy can stay ultra-loose. Shares fluctuated in Japan, dipped in South Korea and were steady in Australia. US futures were little changed after the S&P 500 slipped for the first time in three trading sessions while the Nasdaq 100 ended little changed. Traders are digesting a release showing the highest US inflation since 2008 as well as mixed earnings from JPMorgan Chase & Co. and Goldman Sachs Group Inc.
S&P 500 futures were steady as of 9:32 a.m. in Tokyo. The S&P 500 fell 0.4%
Nasdaq 100 futures were stable. The Nasdaq 100 was little changed
Japan’s Topix index fell 0.1%
Australia’s S&P/ASX 200 Index rose 0.2%
South Korea’s Kospi index fell 0.4%
Hang Seng Index futures slipped 0.1% earlier
Stocks retreated from record highs and bond yields rose as investors debated whether the Federal Reserve risks letting inflation get out of hand.
Yields climbed for a third day after the Treasury Department sold $24 billion in 30-year bonds at levels higher than just before its bidding deadline. The benchmark S&P 500 fell for the first time in three trading sessions with JPMorgan Chase & Co. and Goldman Sachs Group Inc. reporting mixed results as second-quarter earnings season gets under way. A report earlier showed prices paid by US consumers surged in June by the most since 2008, topping all forecasts and showing higher costs associated with the economy’s reopening continue to fuel inflationary pressures. The consumer price index jumped 0.9% in June and 5.4% from the same month last year.
The S&P 500 fell 0.3% as of 4 pm New York time
The Nasdaq 100 was little changed
The Dow Jones Industrial Average fell 0.3%
The MSCI World index fell 0.2%
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