PremiumIndian indices may witness a flat to positive start on Thursday. Indices recovered lost ground on Wednesday after snapping 5-day losing streak with the help of gains in HDFC twins, Reliance Industries, and technology stocks. Globally, European stocks rose on Wednesday as investors monitored corporate earnings and developments in the Russia-Ukraine crisis, while US stocks ended mixed and Netflix shares tumbled after the streaming giant reported a drop in subscribers. Oil prices dipped further after recording a decline in the last session. In Asia, shares in Japan, South Korea, and Shanghai rose, while that in Hong Kong declined and in Australia was muted.
Only one stock has been put under the ban for trade on Thursday, April 21, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The security has been put on ban under the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Gold is proving remarkably resilient, gaining almost 7% this year as investors shrug off surging real yields and strengthening dollar to focus on political and economic risks.
While traditional yield and currency drivers suggest bullion is overvalued, demand for the haven asset remains strong. That’s because gold buyers piling into exchange-traded funds are taking a pessimistic view of the U.S. Federal Reserve’s ability to cool decades-high inflation without hurting the economy. For them, gold is a hedge against soaring prices and low growth.
Tesla Inc results surged past Wall Street expectations on Wednesday, as higher prices helped insulate the electric vehicle maker from supply chain chaos and rising costs.
The results also should trigger $23 billion in new payouts to CEO Elon Musk, already the world's richest man.
Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.
Shares of Tesla rose 5% after the close of regular trading.
Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.
Brent crude futures rose 55 cents, or 0.5%, to $107.35 a barrel at 0117 GMT, recouping losses from the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained 41 cents, or 0.4%, to 102.60 a barrel, adding to a 19 cent gain in the previous session.
Analysts said market volatility is likely to pick up again soon, with the European Union still weighing a ban on Russian oil for its invasion of Ukraine, which Moscow calls a "special military operation".
Mainland China and Hong Kong stocks fell on Thursday, hurt by worries about the Chinese economy, but an overnight tumble in longer dated U.S. treasury yields lent support to other benchmark indexes.
A 0.78% drop for Hong Kong and 0.36% decline for blue chips in mainland China pulled MSCI's broadest index of Asia-Pacific shares outside Japan 0.22% lower.
But share benchmarks in Australia and Korea were up, while Japan's Nikkei rose 0.81%. Nasdaq futures gained 0.6% and S&P500 futures advanced 0.4%.
The 10-year yield was last at 2.8455%, a whisker higher in Asia morning trade, but still bruised after falling overnight from as high as 2.981% in early trade on Wednesday.
Hong Kong stocks opened down on Thursday, following two days of losses and mixed results on Wall Street where shares of streaming giant Netflix plummeted on dwindling subscriptions.
The Hang Seng Index fell 0.78 percent, or 163.81 points, to 20,780,86.84.
The Shanghai Composite Index started 0.40 percent lower, or 12.62 points, at 3,138.43, while the Shenzhen Composite Index on China's second exchange lost 0.53 percent, or 10.42 points, at 1,975.22.
Investors are shifting more of their shares in Chinese e-commerce giants to the Hong Kong market, as Beijing’s efforts have yet to dispel concerns over the companies’ eligibility to remain listed on Wall Street.
About 77% of JD.com Inc.’s shares are circulating in Hong Kong’s clearing and settling system as of Tuesday, versus 44% at the beginning of this year, according to Bloomberg calculations based on stock exchange data. Alibaba Group Holding Ltd.’s Hong Kong-listed share portion rose to 56% from 53% during the same period, the data show.
Most of this year’s conversions at Alibaba and JD.com took place this month, even as China modified a decade-old rule that potentially removed a key hurdle for U.S. regulators to gain full access to auditing reports.
While other companies that are listed in both Hong Kong and New York haven’t seen a similar scale of share conversion this year, the moves by shareholders at Alibaba and JD.com highlight that the U.S. delisting risk remains a concern. By slashing exposure to American depositary shares, investors avoid direct regulatory shocks that may force trading suspensions and liquidation of their stock in the U.S.
Wall Street's major stock indexes ended mixed Wednesday after another day of choppy trading, while Netflix lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead.
The S&P 500 slipped 0.1% after a late-afternoon fade, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average rose 0.7%, having received a bump from IBM, which added 7.1% after reporting quarterly results that beat analysts’ estimates.
Netflix slumped 35.1% a day after the streaming giant reported its first decline in subscribers in more than a decade. The company also said it expects a steeper decline during the current quarter. Netflix is now considering changes that it has long resisted, including minimizing password sharing and creating a low-cost subscription option supported by advertising. The stock is now down 67% from the all-time high it reached in November.
The skid in Netflix, one of Wall Street's Big Tech high flyers in recent years, weighed heavily on the S&P 500, outweighing gains elsewhere in the benchmark index, and hit the communication services sector the hardest, pulling it 4.1% lower.
European stocks rose Wednesday as investors tracked corporate earnings and developments in the Ukraine conflict, while US stocks ended mixed and Netflix shares tumbled after the streaming giant reported a drop in subscribers.
Oil prices slid further after having slumped the previous day on demand concerns.
Having lost subscribers for the first time in more than a decade, Netflix faces the new challenge of stagnation from a position of strength.
A drop of just 200,000 users -- less than 0.1 percent of its total customer base -- was enough to send Wall Street panicking, with shares plunging more than 30 percent on Wednesday.
The loss of subscribers and the company's various plans to revive business "change the historically simple story" of Netflix's solid success, said Wells Fargo analysts, who cut its price target in half.
Tokyo stocks opened higher Thursday, despite a mixed finish on Wall Street, where a big earnings miss by Netflix prompted a sell-off of the streaming giant's shares.
The benchmark Nikkei 225 index added 0.31 percent, or 83.99 points to 27,301.84, while the broader Topix index edged up 0.19 percent, or 3.70 points, to 1,918.85.
The dollar fetched 128.20 yen, against 127.84 yen in New York late Wednesday.
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