PremiumIndian indices may start higher on Wednesday. Bond yields were relatively stable. The yield on 10-year Treasury inched up to 1.18% from 1.17% from the day before. Less than a month ago, the 10-year note was trading around a yield of 1.35%.
IPOs are the flavour of the season and now, Tata Sky wants to cash in. The satellite television business of the Tata group may file draft share sale documents with the markets regulator for a public listing by end-March. The IPO, with an estimated size of ₹2,000-3,000 crore, will provide an exit to several investors— Disney, particularly, has been looking to sell its stake. (Read more)
Key companies which will announce June quarter results today are State Bank of India, Titan Company, Adani Green Energy, Godrej Consumer Products, Adani Total Gas, ICICI Lombard General Insurance Company, Bosch, Tata Communications and Hindustan Petroleum among others.
Markets are likely to stay higher on Wednesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Tuesday, markets hit record high with the BSE Sensex at 53,823.36, up 872.73 points or 1.65%. The Nifty ended at 16,130.75, up 245.60 points or 1.55%. (Read here)
The Enforcement Directorate has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case, news agency PTI reported. Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. (Read here)
Adani Ports, Bank of India, Britannia, IOB, PNB, among other stocks may be in the news today. (Read here)
Four issues - Windlas Biotech, Devyani International, Exxaro Tiles and Krsnaa Diagnostics, are set to open for subscription tomorrow and the three-days initial public offerings (IPOs) of the firms will conclude on 6 August. As per market observers, Windlas Biotech grey market premium (GMP) is strong at over ₹140 whereas Devyani International shares are available at a premium (GMP) of ₹62. Krsnaa Diagnostics and Exxaro Tiles are at a premium of ₹440 and ₹15 respectively in the grey market. (Read here)
Asian stocks were off to a cautious start Wednesday as China’s clampdown on its technology giants and the spread of the delta Covid-19 strain subdue sentiment. Crude oil retreated.Benchmarks edged lower in Japan, were SoftBank Group Corp. declined after a potential block of its $40 billion sale of Arm Ltd. to chip company Nvidia Corp. Equities were modestly higher in Australia and South Korea. U.S. equity contracts dipped. Overnight, corporate earnings took the S&P 500 to another record close. Chinese stocks listed in the U.S. slid amid fears online gaming may be the next industry in the firing line of Beijing’s sweeping regulatory crackdown on technology giants. Alibaba Group Holding Ltd.’s revenue missed estimates for the first time in over two years, a sign the clampdown is taking a toll.
S&P 500 futures slipped 0.2% as of 9:06 a.m. in Tokyo. The S&P 500 rose 0.8%
Nasdaq 100 futures slipped 0.1%. The Nasdaq 100 rose 0.7%
Topix index fell 0.2%
Australia’s S&P/ASX 200 Index added 0.1%
Kospi index rose 0.1%
Hang Seng Index future rose 0.2% earlier
SGX Nifty surged 0.61%
Technology and health care companies led a broad rally on Wall Street Tuesday that helped stocks overcome a wobbly start and recoup their losses from a day earlier. The S&P 500 rose 0.8% after having been down 0.3% in the early going. The gain inched the benchmark index to an all-time high, eclipsing the record it set early last week. Banks, industrial companies and energy stocks also helped push the S&P 500 higher. Communications companies were the only laggard. Treasury yields were mixed. The S&P 500 rose 35.99 points to 4,423.15. The Dow Jones Industrial Average gained 278.24 points, or 0.8%, to 35,116.40. and the Nasdaq composite index picked up 80.23 points, or 0.6%, to 14,761.29.
Bond yields were relatively stable. The yield on 10-year Treasury inched up to 1.18% from 1.17% from the day before. Less than a month ago, the 10-year note was trading around a yield of 1.35%.
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