PremiumStock Market LIVE Updates: Benchmark Indian equity indices may open flat on Thursday. The SGX Nifty was 0.8% lower. On Wednesday, the Sensex closed at 54,525.93, down 28.73 points or 0.05%, while Nifty was at 16,282.25, up 2.15 points or 0.01%.
Sensex, Nifty may open flat on Thursday. Asian stocks rose early Thursday after U.S. shares climbed on signs of moderating inflation that reduced concerns about an imminent paring back of Federal Reserve stimulus.
Markets are likely to see continuation of volatility while trends in SGX Nifty indicate a flat opening of Indian benchmark indices on Thursday. On Wednesday, the BSE Sensex closed at 54,525.93, down 28.73 points or 0.05% and the Nifty ended at 16,282.25, up 2.15 points or 0.01%. (Read here)
"Reliance Industries has snapped up multiple partnerships in the clean energy space, such as solar and electric mobility, while pursuing its oil and petrochemical plans, an indication that India's biggest private refiner will maintain its razor-sharp focus on its core business despite embracing energy transition goals.
Although the pledge by Reliance to invest $10 billion in the next three years in clean energy will serve as a wakeup call for other oil companies, analysts said the partnership with Saudi Aramco and the announcement to pursue petrochemicals expansion and investments is a sign of how Reliance is striking a balance between new energy and core businesses.
Chris Midgley, global head of analytics at S&P Global Platts, said the world would continue to need fossil fuels well beyond 2050 despite an accelerated growth in renewables.
"If we can take away one thing from the current market it is that we cannot rely on renewables on their own displacing fossil fuels. Reliance are rightly focusing on bringing their energy and supply chain expertise to deliver value across the energy mix," Midgley said.
In the gas segment, Reliance and BP announced in April the start of production from the Satellite Cluster gas field in block KG-D6 off the east coast of India. The two companies have been developing three deepwater gas projects in block KG-D6 -- R Cluster, Satellite Cluster and MJ -- which together are expected to produce around 1 Bcf/d of natural gas by 2023.
Reliance earlier in August rolled out plans to double its PET recycling capacity to five billion post-consumer bottles, and said it would establish a recycled polyester staple fiber manufacturing facility in Andhra Pradesh for the same, according to a company release.
It also has planned to invest $2 billion in the UAE's TA'ZIZ chemical joint venture between Abu Dhabi National Oil Co and sovereign wealth fund ADQ. Reliance and TA'ZIZ will build plants with a capacity to produce 940,000 mt/year of chlor-alkali, 1.1 million mt/year of ethylene dichloride and 360,000 mt/year of polyvinyl chloride at the TA'ZIZ Industrial Chemicals Zone."
U.S. lawmakers introduced bipartisan legislation that would impose new rules on how Apple Inc. and Alphabet Inc.’s Google run their app stores following complaints from software developers that the companies are abusing their dominance over the digital marketplaces. The bill proposed Wednesday in the Senate takes aim at the tight grip Apple and Google have over the distribution of apps on mobile devices. The two have an effective duopoly in the mobile app market outside China and have come under increasing antitrust scrutiny by lawmakers and competition authorities around the world.
India’s years of corporate scandals have honed the stock-picking skills of the nation’s fund managers to a point where they can now consistently beat the choices of foreign peers and retail investors. An equal-weighted basket of Indian stocks with high domestic mutual-fund ownership and low foreign ownership has been outperforming a basket with the reverse profile over the past two years, according to data compiled by Bloomberg. Local fund managers have become more adept at using knowledge of the companies, the government and economic climate to avoiding pitfalls. (Bloomberg)
Asian stocks rose early Thursday after U.S. shares climbed on signs of moderating inflation that reduced concerns about an imminent paring back of Federal Reserve stimulus. The dollar held a drop.
Equities edged up in Japan and Australia and were steady in South Korea. U.S. contracts were little changed after the S&P 500 hit a record and the tech-heavy Nasdaq 100 fell amid a rotation to cyclical shares. Ten-year Treasuries pared gains spurred by a strong auction and a U.S. inflation report lending support to the view that price pressures are transitory. China’s crackdown on private enterprise is again in focus, with a watchdog stepping up scrutiny of insurance technology platforms. The nation’s central bank is also facing mounting calls to cut interest rates as fresh coronavirus outbreaks threaten to hamper the economic recovery. Credit in China expanded last month at the slowest pace since February 2020.
S&P 500 futures were steady as of 9:22 a.m. in Tokyo. The S&P 500 rose 0.3%
Nasdaq 100 contracts shed 0.1%. The Nasdaq 100 fell 0.2%
Japan’s Topix index rose 0.7%
Australia’s S&P/ASX 200 Index rose 0.3%
South Korea’s Kospi climbed 0.1%
Hang Seng Index futures were little changed
The Dow Jones Industrial Average and S&P 500 closed at record levels on Wednesday, as data indicated U.S. inflation growth may have peaked, while sectors tied to economic growth advanced on the heels of the passage of a large infrastructure bill. The Labor Department said the consumer price index increased 0.5% last month after climbing 0.9% in June, the largest drop in month-to-month inflation in 15 months, easing concerns about the potential for runaway inflation. The Dow Jones Industrial Average rose 220.3 points, or 0.62%, to 35,484.97, the S&P 500 gained 10.95 points, or 0.25%, to 4,447.7 and the Nasdaq Composite dropped 22.95 points, or 0.16%, to 14,765.14.
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