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Benchmark indices closed in the red on Tuesday amid mixed global cues. Sensex shed 109 points, while Nifty closed below 17,900 mark after paring gains in early trade. Markets today will watch September quarter earnings of companies including Aditya Birla Fashion & Retail, Bata India Ltd, Eicher Motors Ltd, and
State Bank of India. Markit India PMI Services and Composite will also be watched. Global markets await a key Federal Reserve policy decision.
The National Company Law Tribunal has placed on its website an order approving the resolution plan of Adani Power for Essar Power MP.
Adani Ports has reported that the company's portfolio of ports handled cargo volume of 24.76 million metric tonnes in October. The company's volume recovered in October and grew by month-on-month to 7.67 MMT.
LatentView Analytics Ltd, a global digital analytics firm, on Wednesday set the price band for its initial public offering (IPO) at ₹190 to ₹197 per share. The IPO will open on 9 November and close on 11 November, with shares expected to start trading on 22 November. The IPO consists of a fresh issue of ₹474 crore and an offer for sale of up to ₹126 crore by its existing shareholder and promoters. (Read here)
Asian stocks were steady Wednesday as traders mulled another all-time high for US equities and a retreat in short-term sovereign yields ahead of the Federal Reserve policy decision (Read here)
Banks to remain closed for 5 days from today in these cities (Read here)
In cryptocurrencies, Bitcoin prices today surged to trade above $63,000 mark. The world's largest cryptocurrency by market capitalization was up more than 3% to $63,232.8. The and most popular digital token is up 117% this year (year-to-date) so far after hitting a record high of near $67,000 in October. Ether, the coin linked to ethereum blockchain and the second largest crypto, also jumped more than 6% to $4,619, as per CoinDesk. Cardano prices were marginally higher at $1.96 whereas dogecoin rose over 1% to $0.27. Other digital tokens like XRP, Solana, Stellar, Uniswap, Litecoin, Polkadot were also trading with gains over the last 24 hours. Shiba Inu, that has been on a record rally since the past few sessions, declined over 2% to $0.00006816. (Read here)
Policybazaar IPO comprises a fresh issue of ₹3,750 crore worth of equity shares and an OFS of about ₹1,960 crore by existing shareholders (Read here)
Sigachi Industries IPO consists of a fresh issue of 7.70 million shares up from earlier planned of up to 2.84 million shares (Read here)
On 2nd day, PB Fintech Ltd IPO issues subscribed—1.59x (5 pm as per BSE website). It was subscribed 2.04 times in the retail investor category. The qualified institutional buyers (QIBs) and the non-institutional investors (NIIs) had subscribed to the issue 2.08 times and 0.23 times respectively. In terms of valuations, the post-issue FY2021 EV/Sales works out 47.6x to (at the upper end of the issue price band), which is high considering ’s historical financial performance (making continuous losses on bottom-line front). Considering the company's overall business model and higher valuation, we recommend a NEUTRAL rating on the issue.
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the US, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures fell by 98 cents, or 1.2%, to $83.74 a barrel by 0034 GMT, while US West Texas Intermediate (WTI) crude futures tumbled by $1.32, or 1.6%, to $82.59 a barrel. "Crude oil lower as pressure mounted on OPEC to boost output. US President Biden led calls from major economies for the group to increase production beyond what has already been agreed," analysts from ANZ said in a note on Wednesday.
Asian stocks started off mixed Wednesday as traders evaluated another all-time high for US equities and a retreat in short-term sovereign yields ahead of the Federal Reserve policy decision. Australian shares rose, while South Korea declined. Futures fell for Hong Kong. Japan is shut for a holiday. S&P 500 and Nasdaq 100 contracts slipped. US shares edged up to records, buoyed by the resilience of company profits to rising input costs amid pandemic-related supply chain and labor upheavals. Treasury two-year yields joined a global slide in short-term rates unleashed by the Australian central bank’s dovish statement. The US yield curve steepened and the dollar climbed. Cash Treasuries won’t trade in Asia because of the Japan holiday. Australian bond yields declined. The dollar was steady. In China, Premier Li Keqiang said the economy is facing new downward pressure. Meanwhile, there was speculation an appeal to ensure there was adequate winter food supply and for people to stock up on essentials is linked to a widening virus outbreak that has already led to mobility curbs. The gyrations in short-term yields extend a period of heightened bond-market volatility as investors try to anticipate how hawkish central banks might become to quell inflationary pressures. The Fed is expected to announce that it will start tapering its massive bond purchases, but economists are divided on whether a rate liftoff will be next year or in early 2023.
Stocks
S&P 500 futures fell 0.1% as of 9:14 a.m. in Tokyo. The S&P 500 rose 0.4%
Nasdaq 100 futures fell 0.1%. The Nasdaq 100 rose 0.4%
Australia’s S&P/ASX 200 Index rose 1.1%
Kospi index fell 0.3%
Hang Seng Index futures fell 0.2%
Currencies
The Japanese yen was at 113.93 per dollar
The offshore yuan traded at 6.4032 per dollar
The Bloomberg Dollar Spot Index was steady
The euro was at $1.1578
Infosys, Wipro and Vodafone Idea are among stocks to watch (Read here)
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