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Sensex closes at new high of 58,130, Nifty at 17,324; metals, realty surge

Market Closing: Indian indices closed over 0.48% higher on Friday. Premium
Market Closing: Indian indices closed over 0.48% higher on Friday. 

Market Closing: The Sensex closed at 58,129.95, up 277.41, or 0.48%, while the Nifty was at 17,323.60, up 89.45 points, or 0.52%. Banks, financials , FMCG were top drags

Sensex, Nifty closed over 0.48% higher on Friday. Indian shares hit all-time highs on Friday, boosted by Reliance Industries and a jump in Exide Industries following the sale of the battery maker's insurance unit to HDFC Life Insurance, while the focus is also on a key US jobs report later in the day.

03 Sep 2021, 03:52:25 PM IST

Market closing quote: Neeraj Chadawar, head - Quantitative Equity Research, Axis Securities

“Large caps are playing a catch-up rally in the last one month, which is driving the benchmark to higher levels. We believe that the style rotation holds the key, moving forwards. We are in a very interesting phase of the market where benchmark indices are touching to all time high levels in which the market positioning has slowly shifted towards high quality large cap names. The market breadth has narrowed in the last one month and the high quality large cap stocks outperformed the broader market. Quality theme is clearly back in focus as we had highlighted this in the last month also where the market focus was slowly shifting towards the sustainability of the returns. We continue to see the broader market doing well, as the visibility on broad based earnings is still intact. Quality is an emerging theme which is now visible in the performance of FMCG index. Allocations are now increasingly shifting towards quality stocks where the earnings visibility and the balance sheet strength are very high."

03 Sep 2021, 03:47:38 PM IST

Rupee inches 4 paise higher to close at 73.02 (provisional) against US dollar

03 Sep 2021, 03:47:13 PM IST

Market closing

The Sensex closed at 58,129.95, up 277.41, or 0.48%, while the Nifty was at 17,323.60, up 89.45 points, or 0.52%. Banks, financials , FMCG were top drags. On the 30-share Sensex, RIL, Titan, Tata Steel, and 16 other stocks will close in green, while Airtel, HUL, HDFC twins, and seven other stocks closed in red.

Sensex at close
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Sensex at close
03 Sep 2021, 03:23:05 PM IST

Investors with reasonable risk appetite can go for Indiabulls Housing NCD issue

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured/ and or unsecured non-convertible debentures (NCDs), which will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of 200 crore with a greenshoe option of up to 800 crore, aggregating up to 1,000 crore. The issue, which will be open for subscription during 6-20 September, has been rated AA with a stable outlook by Crisil Ratings Ltd and AA+ with a negat ive outlook by Brickworks Ratings Pvt Ltd. There are 10 series of NCDs available with a fixed coupon and having tenures of 24 months, 36 months, 60 months and 87 months with annual, monthly and cumulative payout options. The issue has been split into two parts: secured and unsecured. The secured portion of the NCD will be backed by present and future receivables and current assets of the company, while no security will be created for the unsecured NCDs.

03 Sep 2021, 03:17:26 PM IST

L&T Technologies: Axis Securities maintains ‘buy’

L&T Technologies Ltd (LTTS), on its investors day, stated that the company has accelerated demand and will reach the $1 Bn revenue mark in the near term and $1.5 Bn by FY25. The management also foresees robust demand due to the Covid-19 and consequent global lockdowns. Automation spendings are likely to accelerate going ahead on account of newer technologies such as softwaredriven cars, digital revolutions, and cloudification. The management has maintained its revenue guidance to 15%-17% for FY22. The company's deal pipeline continues to be strong as compared to previous quarters and it signed six large deals with $10 Mn+ which includes two $25 Mn+ deals in Q1FY22. Revenues from digital and leading-edge technologies stood at 54% during the quarter. The management is confident of gaining momentum from the next quarter on account of a healthy deal pipeline and ram up in new deal wins. We recommend a HOLD and assign a 35x P/E multiple to its FY23E earnings of 124/share, which gives a TP of 4,290/share indicating potential upside of 6%.

 

03 Sep 2021, 03:12:00 PM IST

Taliban co-founder Mullah Baradar will lead a new Afghan govt: report

Taliban co-founder Mullah Baradar will lead a new Afghan government set to be announced shortly, people in the Islamist group said on Friday, as its fighters battled forces loyal to the vanquished republic in the Panjshir Valley north of Kabul. The new government's most immediate priority, however, should be to stave off the collapse of an economy grappling with drought and the ravages of a conflict that killed an estimated 240,000 Afghans.

03 Sep 2021, 03:08:49 PM IST

Oil steady ahead of U.S. jobs report as U.S. storm recovery struggles

il prices were largely steady on Friday as a rebound in global demand was widely expected but a slow recovery for the U.S. Gulf Coast export and refining hub from the hurricane earlier this week weighed on prices. Brent crude futures were up 22 cents, or 0.3%, to $73.25 a barrel at 0911 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 5 cents at $69.94 a barrel. Both benchmark oil contracts were largely steady for the week. The move down in WTI was likely due to traders squaring positions ahead of the U.S. non-farm payrolls report for August set to be released on Friday, analysts said, on worries the report may be weaker than consensus forecasts.

03 Sep 2021, 02:58:25 PM IST

RIL, Infy drive Sensex gains

Index contribution
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Index contribution
03 Sep 2021, 02:54:06 PM IST

Sebi tweaks investor grievance redressal mechanism framework

Capital markets regulator Sebi on Friday tweaked the framework on investor grievance redressal mechanism after receiving representation from stock exchanges. The regulator has modified framework pertaining to speeding up grievance redressal mechanism and threshold limit for interim relief paid out of investor protection fund (IPF) of the stock exchange among others. With regard to place of arbitration or appellate arbitration in case award amount is more than 50 lakh, Sebi said the next level of proceedings may take place at the nearest metro city, if desired by any of the party involved.

03 Sep 2021, 02:37:19 PM IST

Biological E novel covid vaccine candidate CORBEVAX gets DCGi approval for 2 clinical trials

03 Sep 2021, 02:27:51 PM IST

Bharti's rights issue credit positive for itself, credit neutral for Singtel: Moody's

Bharti's rights issue is credit positive for the company, Moody's Investors Service has said as it noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR. For Bharti's 31.7% shareholder, Singapore Telecommunications (Singtel), the transaction is 'credit neutral', it said. Bharti Airtel board had recently approved raising up to 21,000 crore by way of rights issue, at a price of 535 per share.

03 Sep 2021, 02:16:33 PM IST

Tata Consumer Products rolls out new branding for Tata Soulfull range

Tata Consumer Products on Friday announced the rollout of new branding for the Tata Soulfull range of health and wellness food. The company said it has integrated the Tata logo into the Soulfull portfolio, subsequent to Tata Consumer Soulfull Pvt Ltd becoming a 100 per cent subsidiary of Tata Consumer Products in February 2021. The integration was completed within 100 days of the acquisition, Tata Consumer Products said in a statement. The Tata Soulfull product range is focused on the health and wellness food segment with a portfolio of millet-based products for kids and adults, the statement said.

03 Sep 2021, 02:15:18 PM IST

Sebi asks AMCs to invest in schemes based on risk; quantify minimum amount to be invested

Markets regulator Sebi on Friday asked asset management companies (AMCs) to invest in the range of 0.03 to 0.13 percentage of the asset base in their own schemes in a bid to align the interest of the fund houses with investors. The percentage that needs to be invested depends on the risk level of the scheme, which has been categorized into low, low to moderate, moderate, moderately high, high and very high. The new framework is aimed at aligning the interest of asset management companies (AMCs) with the unitholders of the mutual fund schemes. (PTI)

03 Sep 2021, 02:06:45 PM IST

Reliance Industries (RIL) share hits record high. Experts give 'buy' tag

Reliance Industries share price today shot up to its new lifetime high of 2,374.90 breaching its previous high of 2,369.35 per equity share mark. The Sensex heavyweight today opened with an upside gap of 15.60 at 2310 per stock levels and went to make its new lifetime high of 2,374.90. According to stock market experts, RIL share price may continue to scale new peaks in upcoming trade sessions as they see further rise in the counter. They said that Reliance Industries share price may go up to 3000 levels in next 12 month. (Read more)

03 Sep 2021, 02:01:45 PM IST

EU, AstraZeneca reach supply agreement

EU and AstraZeneca have reached an agreement which will secure the delivery of the remaining covid-19 vaccine doses to member states. Agreement will also end the pending litigation before the Brussels court. (Reuters)

 

03 Sep 2021, 01:54:23 PM IST

PM Modi says Mazagon Dock will partner Zvezda for construction of commercial ships

03 Sep 2021, 01:43:34 PM IST

Steel Strips board approves 1:2 stock split

Steel Strips Wheels, a leader in designing & manufacturing automotive wheels, on Friday announced that its board in a meeting held today has approved the stock split (sub-division of equity shares) in the ratio of 1:2 i.e., from the existing 1 (one) equity share into 2 (Two) equity shares. Steel Strips said that rationale behind the split is to provide enhanced liquidity to the company's shares in the stock market and to encourage the participation of the small all investors by making equity shares of the company affordable. (Read more)

03 Sep 2021, 01:29:07 PM IST

Shanghai steel futures leap as peak season output curbs weigh

Steel futures in China jumped on Friday, with stainless steel rising more than 6% along with gains in rebar and hot-rolled coils, as production curbs during the peak demand season stoked concerns about global supply. Apparent demand for five main steel products, including construction and manufacturing used materials, rose for the third straight week to 10.41 million tonnes, as of Thursday, data from Mysteel consultancy showed. Capacity utilisation rates of blast furnaces at 162 mills across China, however, fell to 75.06% this week from 75.53% the week earlier, according to Mysteel. The most-active October contract for stainless steel on the Shanghai Futures Exchange jumped as much as 6.1% to 18,760 yuan ($2,904.97) per tonne. The contract ended 5.9% higher at 18,715 yuan.

03 Sep 2021, 01:23:32 PM IST

Maruti Suzuki gains

Maruti Suzuki India's stock was trading at 6,866.60 each, up 1.11% at 1:21 pm. On Friday, the carmaker announced to undertake a recall of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross, and XL6. This is to inspect for a possible defect in 181,754 units of these models manufactured between 4 May 2018 to 27 October 2020. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects. (Read more)

03 Sep 2021, 01:13:45 PM IST

Madhav Copper trades lower

Madhav Copper's stock was trading at 39.90 each, down 0.37% at 1:12 pm. The company's board has given a green signal to avail loan of upto 50 million.

03 Sep 2021, 12:57:45 PM IST

HDFC Life shares slip 4% after firm announces acquisition of Exide Life

Shares of HDFC Life Science Ltd dropped 4% on Friday after the firm said it will acquire Exide Life Insurance in a deal worth 6,887 crore. The stock hit a low of 728.55 on the BSE. At 12.05pm, the scrip was at 734.05 on BSE, down 3.3% from its previous close. HDFC Life stock had been trading higher for nine consecutive sessions and rose nearly 14% during this period. (Read more)

03 Sep 2021, 12:40:14 PM IST

Sensex heatmap

RIL, Titan, Maruti top gainers
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RIL, Titan, Maruti top gainers
03 Sep 2021, 12:36:55 PM IST

Vodafone Idea gains

Vodafone Idea's stock was trading at 7.67 each, up 7.42% at 12:35 pm. Vodafone Idea chief executive Ravinder Takkar said the company is preparing for the future, virtualization in a major way and creating future-fit elements for deploying 5g technology. Trials and various innovations in open ran space are underway.

03 Sep 2021, 12:35:26 PM IST

Stock Watch: Easy Trip Planners - ICICI Securities

Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India. It was founded as a B2B2C portal in 2008, providing travel agents access to its website to book domestic travel airline tickets. Subsequently, the company diversified into the business to customer (B2C) distribution channel in 2011.

· The company now offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets and bus tickets

· As of FY20, airline tickets accounted for 94.0% of revenues while hotels and other services contributed 5.4% and 0.6% of revenues, respectively

Key triggers for future price performance

· Online travel market in India is set to double over the next five years to reach $31 billion in FY25E, growing at 14% CAGR from FY20 levels

· The key drivers of longer term growth of online travel are: (1) Increased adoption of internet platforms in under-penetrated segments such as hotels, international travel and bus, (2) elevated growth in underlying demand in air and hotel segments due to rising income levels and (3) deeper penetration of travel into lower tier towns

· Near-term triggers - In anticipation of a recovery post the second wave, the Ministry of Civil Aviation has also increased the load capacity of airlines to 65%, which should hopefully ramp up further as the demand situation improves. Similarly, more than 90% of chain hotels and over 80% of top independent hotels are now open for bookings

· Easy Trip Planners (EMT) is the fastest growing and profitable company in OTA space in India and is ranked second in the domestic air ticketing space

· “Lean cost model" and “No convenience fee strategy" remain key pillars supporting such rapid, profitable growth. This has also led to stickiness by customers with healthy repeat transaction rate of ~86% in the B2C channel

· Further benefits would accrue from segments like international air, hotels and bus booking over the next three to four years, which are high margin business but currently having online penetration below 20% levels

03 Sep 2021, 12:12:46 PM IST

Global Update: Heena Naik, research analyst - Currency, Angel Broking

 - Number of Americans filing new claims for jobless benefits fell last week, while layoffs in August dropped to their lowest level in more than 24 years suggesting that the labor market was charging ahead despite new COVID-19 infections.

- China Caixin Services PMI dropped to 46.7 versus 52.6 expected and 54.9 prior in August. This dragged the Caixin Composite PMI to 47.2 versus 53.1 prior.

- Federal Reserve member Raphael Bostic expressed concerns about the expiry of federal unemployment benefits and their impact on the economy.

- The US trade deficit narrowed more than expected in July as imports declined because of shortages and a shift in domestic spending from goods to services.

- Owing to an uptick in global orders, India's merchandise exports rose by 45.17 percent in Aug '21 as compared to Aug’20.

- US Dollar Index sank to its lowest in almost a month ahead of a crucial U.S. jobs report that could spur the Federal Reserve to an earlier tapering of stimulus.

 

03 Sep 2021, 11:58:21 AM IST

Tata Motors opens 70 new sales outlets in South India

Tata Motors on Friday inaugurated 70 new sales outlets across South India in one go, as part of its retail acceleration strategy. Spread across 53 cities, the new outlets have been strategically mapped to key emerging markets of the Southern region, Tata Motors said in a statement. The showrooms will be home to the company's 'New Forever' range of passenger vehicles, including its electric vehicles portfolio, it added. (PTI)

03 Sep 2021, 11:54:14 AM IST

India's service activity grows at fastest pace in 18 months: PMI Survey

The IHS Markit Services Purchasing Managers' Index (PMI) rose to 56.7 in August - its strongest pace since the pandemic hit the country in March 2020 and well above the 50-level that separates growth from contraction. The data showed that firms had ample capacity to deal with rising new orders, however, which was a factor that prevented job creation. (Read more)

03 Sep 2021, 11:45:23 AM IST

HDFC twins, HUL top drags on Sensex 

Index contribution
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Index contribution
03 Sep 2021, 11:43:47 AM IST

Bharat Forge, Tata Motors drive gains

Nifty auto index
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Nifty auto index
03 Sep 2021, 11:36:55 AM IST

Mukesh Ambani: RIL to invest ₹75,000 cr in Jamnagar for green energy complex

Reliance Industries has started developing the green energy complex in Jamnagar with an investment of 75,000 crore, said Mukesh Ambani while speaking at the International Climate Summit 2021 on Friday. “It is a matter of pride for me to speak at the summit, PM started the Amrit Mahotsav of Azadi. India will achieve the goal of self-reliance. Climate change challenge for the world. We have to move fast towards green energy," Mukesh Ambani said. (Read more)

03 Sep 2021, 11:16:59 AM IST

Base metals commentary: Prathamesh Mallya, AVP- research, Non-Agri Commodities and Currencies, Angel Broking

“On Thursday, most Industrial metals on the LME ended higher as expectation of recovery in global demand and a softer Dollar under pinned the base metals prices. Signs of slowdown in China’s industrial sector in August’21 weighed on the industrial metal prices in the earlier sessions. China's Caixin Manufacturing Purchasing Managers Index slid into contraction (below the 50 level) in August’21. Covid-19 led restrictions, increasing energy usage limitations and high raw material prices took a hit on China’s industrial sector. However, China’s official manufacturing Purchasing Manager's Index (PMI) came down to 50.1 in August’21, data as per the National Bureau of Statistics. Signs of slowdown in the world’s largest metal consuming economy pressured the base metal prices. Data as per the Antaike showed that China has cut around more than 2 million tonnes of annual aluminium producing capacity with more to come in the times ahead. Disrupted supply from top producer China continued to support Aluminium prices in 2021."

03 Sep 2021, 10:56:27 AM IST

Crude oil insight: ICICI Direct 

Oil prices fell sharply last month as a spike in delta coronavirus cases threatened to slow a demand recovery. Crude was also weighed down by manufacturing data from China, where factory activity in August expanded at a slower pace than in the previous month. On the supply side, the Organization of Petroleum Exporting Countries (Opec) and allied producers including Russia, together known as Opec+, agreed to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) to the market. MCX crude prices have an immediate resistance around 5,100 level. As long as they sustain below this level they are expected to correct further towards immediate support of  4,600 level in the short-term.

Crude oil future strategy

MCX Crude Oil September at | 4,940-4,980,

Target: | 4,660,

Stop loss: | 5,110,

Time frame: Till Expiry

Slow demand recovery, increasing supply likely to put pressure on crude prices
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Slow demand recovery, increasing supply likely to put pressure on crude prices
03 Sep 2021, 10:43:55 AM IST

Brookfield nears $1 bn buy of 2 Bharti Realty commercial properties in NCR

Brookfield Asset Management is close to acquiring two commercial properties from Bharti Realty situated near Delhi airport and Gurgaon for aroudn $1 billon, according to media reports.

03 Sep 2021, 10:37:39 AM IST

Snapdeal eyes $2.5 bn IPO: report

SoftBank Group backed e-commerce platform Snapdeal is in talks with advisers for a potential IPO that could be valued at nearly $2.5 billion, Bloomberg reported.

03 Sep 2021, 10:30:27 AM IST

Rupee inches 2 paise higher to 73.04 against US dollar in early trade

03 Sep 2021, 10:11:10 AM IST

Here are 10 Indian start-ups that could be future unicorns. Full Hurun list

Indian start-ups founded in the 2000s with a valuation of at least 1,500 crore or $200 million, are most likely to ‘go unicorn' in the next 2 to 4 years, according to a report. The Hurun Research Institute on Thursday released the Hurun India Future Unicorn List 2021, a ranking of India’s start-ups founded in the 2000s, not yet listed on a public exchange. As per the report, such startups with and most likely to ‘go unicorn’ within 2 years (Gazelles) or 4 years (Cheetahs) if their worth is at least $200 million. For the eligibility to enter the Hurun Unicorn list, a start-up needs to have a valuation of 1,500 crore or $200 million. (Read more)

03 Sep 2021, 10:08:32 AM IST

L&T Technology stock surges 4% on strong FY25 growth outlook

Shares of L&T Technology Ltd rose 4% on the NSE on Friday, hitting a new 52-week high of 4,145, following the management's robust growth outlook. At its recently held analyst day, the company's management said it aims to achieve FY25 revenue of $1.5 billion, along with 18% Ebit margin. Ebit is short for earnings before interest and tax.

03 Sep 2021, 09:54:20 AM IST

Network18, SunTV drive gains

Media stocks surge
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Media stocks surge
03 Sep 2021, 09:27:20 AM IST

Kotak Mahindra Bank, PNB drive gains

Nifty Bank index
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Nifty Bank index
03 Sep 2021, 09:26:17 AM IST

Realty surges; Banks above 37K

Nifty sectoral indices
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Nifty sectoral indices
03 Sep 2021, 09:17:52 AM IST

Market opening

Sensex at open
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Sensex at open
03 Sep 2021, 09:11:25 AM IST

Market pre-opening quote: Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

"Nifty is expected to open around 17,260 , up by 30 points. Nifty is in a strong uptrend and is now headed for 17,275 and 17,310 in the coming few trading sessions.17,150 and 17,060 will act as strong support levels for Nifty. Traders can consider buying on every correction with strict stop-loss as long as Nifty is trading above 16,900 levels." 

03 Sep 2021, 09:10:44 AM IST

Market pre-opening

The Sensex was at 58,205.53, up 352.99 points, or 0.61%, while Nifty was at 17,234.15, up 157.90 points, or 0.92% at market pre-opening.

Sensex at pre-open
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Sensex at pre-open
03 Sep 2021, 08:58:58 AM IST

HDFC Life to acquire Exide Life for ₹6,687 crore

HDFC Life on Friday announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance Company Limited for a total consideration of 6,687 crore. HDFC Life will acquire 100% stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs. 685 per share and a cash payout of 726 crore aggregating to 6,687 crore. (Read more)

03 Sep 2021, 08:58:11 AM IST

Sembcorp, Adani, ReNew firms emerge as L-1 bidders in 1,200 MW wind energy auction

Sembcorp firm Green Infra Wind Energy, ReNew Naveen Urja, Adani Renewables Holdings Fifteen and Anupavam Renewables have emerged as the lowest bidders in an auction for 1,200 MW wind energy projects by Solar Energy Corporation of India (SECI), a person familiar with the matter said. (PTI)

03 Sep 2021, 08:48:23 AM IST

Japan PM Suga will not run for re-election: public broadcaster

Japan's Prime Minister Yoshihide Suga said Friday he will not run for re-election as party leader in a vote this month, effectively ending his tenure after just one year, according to public broadcaster NHK. Suga announced his intention to resign at an emergency meeting of senior members of the ruling Liberal Democratic Party, NHK and other Japanese media said. (AFP)

03 Sep 2021, 08:32:44 AM IST

Stocks to Watch

GAIL, IRB Infra, J&K Bank, PNB Housing, multiplexes, among other stocks may be in the news today. (Read more)

03 Sep 2021, 08:16:56 AM IST

Market outlook

Markets are likely to be rangebound on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 57,852.54, up 514.33 points to 0.90% and the Nifty was at 17,234.15, up 157.90 points or 0.92%. (Read more)

03 Sep 2021, 08:07:42 AM IST

Cryptocurrency prices today: Bitcoin falls after rising back above $50,000. Latest rates here

After rising back above the $50,000 mark, Bitcoin prices today plunged from the crucial mark to trade below $49,000. The most popular virtual token had briefly surpassed the $50,000 level on August 23. The world's largest cryptocurrency by market capitalization fell over 2% to $48,610, as per CoinDesk. (Read more)

03 Sep 2021, 07:54:04 AM IST

Merchandise exports grow 45% YoY in August to $33.14 bn

India’s merchandise exports grew 45.17% year-on-year in August to $33.14 billion, but slipped off the highest ever reported in July of $35.17 billion, official data from the commerce and industry ministry showed on Thursday. Exports reported in August is an increase of 27.5% over the $25.99 billion reported in August 2019, said the ministry. (Read more)

03 Sep 2021, 07:49:01 AM IST

US weekly unemployment claims fall, layoffs lowest in 24 yrs

U.S. weekly initial jobless claims fell last week, and layoffs dropped to their lowest in more than 24 years. Still, rising COVID-19 cases in recent weeks have threatened the economic recovery, keeping the Federal Reserve from pulling back on its massive stimulus. "It was better than expected but it wasn’t enough to change anyone’s views about what is going on, or the pace of tapering or what Friday’s number might be. It was just within the range of estimates," said Marshall Gittler, head of investment research at BDSwiss. On Wednesday, the ADP National Employment Report was much weaker than expected. On Friday, the U.S. government will report on payrolls for August. Nonfarm payrolls are expected to rise by 750,000, with the unemployment rate anticipated to dip to 5.2% from 5.4%, according to Reuters estimates.

03 Sep 2021, 07:40:18 AM IST

Asian indices witness steady start

Asian stocks were steady Friday and the dollar held a drop after cyclicals led Wall Street to a record high ahead of a U.S. jobs report that will shape views on the outlook for Federal Reserve monetary policy. Equities gained in Japan but dipped in China and Hong Kong. U.S. futures fluctuated after energy shares helped the S&P 500 to a new peak. The U.S. 10-year Treasury yield was little changed and the dollar was at a four-week low. Chinese technology stocks retreated, with investors continuing to weigh Beijing’s regulatory crackdown. President Xi Jinping said the nation will set up a new stock exchange to provide financing for innovative smaller firms. Traders were also monitoring the latest twists at indebted developer China Evergrande Group.

S&P 500 futures were steady as of 10:50 a.m. in Tokyo. The S&P 500 rose 0.3%

Nasdaq 100 futures were little changed. The Nasdaq 100 fell less than 0.1%

Japan’s Topix index rose 0.5%

Australia’s S&P/ASX 200 increased 0.5%

South Korea’s Kospi advanced 0.5%

Hong Kong’s Hang Seng index fell 0.7%

China’s Shanghai Composite index slipped 0.1%

03 Sep 2021, 07:39:10 AM IST

US indices close at record highs

Record-setting world stocks moved higher on Thursday after jobless claims data suggested the US labour market was charging ahead even as new COVID-19 infections surge, while the risk of a upcoming sub-par U.S. payrolls report weighed on the dollar. Economic data from Asia and Europe was largely disappointing but the Labor Department report showed the number of Americans filing new claims for jobless benefits fell last week to a pandemic-era low. The decline in layoffs to their lowest in more than 24 years helped ease concerns about the state of the U.S. economy even if the closely watched employment report for August on Friday shows a slowdown in nonfarm payrolls growth. The Dow Jones Industrial Average ended up 0.4 percent at 35,443.82. The broad-based S&P 500 gained 0.3 percent to 4,536.95, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 15,331.18.

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