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Sensex sheds over 300 points, Nifty ends below 17,500; auto, IT stocks drag

Stock Market Today: Sensex closed trading on Wednesday at 58,340.99, down 323.34 points, or 0.55%, while Nifty closed at 17,415.05, down 88.30 points, or 0.5%. (Utpal Sarkar)Premium
Stock Market Today: Sensex closed trading on Wednesday at 58,340.99, down 323.34 points, or 0.55%, while Nifty closed at 17,415.05, down 88.30 points, or 0.5%. (Utpal Sarkar)

Market closing: Most benchmark indices erased gains and slipped into the negative zone on Wednesday. This came on the back of fresh selling pressure in some heavyweights like Reliance, Infosys, Larsen & Toubro, and others

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Benchmark indices opened higher but remained largely range-bound for most of the forenoon session. A fall began around noon, pushing indices lower. Sensex ended the day over 300 points down, while Nifty stayed below the 17,500-mark.

24 Nov 2021, 03:51:53 PM IST

Markets close

Benchmark indices closed with marginal losses in a day marked by volatility on Wednesday. Sensex closed down 323.34 points, or 0.55%, at 58,340.99, and Nifty was down 88.30 points, or 0.55%, at 17,415.05. On Sensex, ICICI Bank, NTPC, Kotak Mahindra Bank, and Power Grid led the pack of eight gainers while Maruti and Infosys lagged the most among 22 losers on the index. Auto, energy and most other sectors ended the session in the red. On Nifty, ONGC, Adani Ports, and Coal India led gainers, while Eicher Motors and Maruti lagged. Among sectors, auto, FMCG, IT, and pharma were under pressure.

Source: BSE
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Source: BSE
24 Nov 2021, 03:33:22 PM IST

Nifty sectoral indices

Nifty sectoral indices
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Nifty sectoral indices
24 Nov 2021, 03:29:14 PM IST

India to consider allowing crypto trading for some investors

India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors, according to people familiar with the matter. The discussions come as authorities race to finalize a bill Prime Minister Narendra Modi’s government wants to present to parliament in the session starting Nov. 29. The legislation may stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender, the people said, asking not to be identified as no final decision has been taken.

24 Nov 2021, 03:21:09 PM IST

Centre's plan to ban cryptocurrencies leads to heavy selling: Report

Plans by the Indian government for a new bill that would bar most private cryptocurrencies has triggered heavy selling in the country's digital currency markets, as investors look to exit positions despite the losses, said traders and investors.

The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda released late on Tuesday for the winter session of Parliament set to start this month.

24 Nov 2021, 03:16:29 PM IST

Cadila Healthcare enters pact with Korean Enzychem for DNA Covid-19 vaccine

Indian pharmaceutical major Cadila Healthcare has entered into an agreement with South Korea's Enzychem Lifesciences for its plasmid DNA vaccine to prevent Covid-19. The deal encompasses manufacturing license and technology for such vaccines. The partnership, which was signed on Wednesday, will result in manufacturing of 80 million doses or more of Covid-19 plasmid DNA vaccine in 2022.

24 Nov 2021, 03:05:08 PM IST

PVR, UFO Moviez jointly launch cinema air purification system

Multiplex chain PVR Cinemas has partnered with digital service provider UFO Moviez to announce the installation of a cinema-specific air sterilization device called UFO-Wolf AirMask to make theatres a safe experience for audiences who may still be wary of sitting with strangers in closed auditoriums in the wake of the covid-19 pandemic.

 

24 Nov 2021, 02:56:40 PM IST

Star Health aims for $7 billion valuation in IPO

Indian health insurance provider Star Health and Allied Insurance Co is aiming for a valuation of about $7 billion in its initial public offering, a banking source told Reuters on Wednesday. Backed by ace Indian investor billionaire Rakesh Jhunjhunwala, it is looking to raise 72.49 billion rupees ($974.23 million) and has set a price band between 870 rupees and 900 rupees per share, according to a document from a bookrunner.

24 Nov 2021, 02:47:49 PM IST

International flights expected to return to normal by year-end

Regular international flight operations are likely to resume soon, said Rajiv Bansal, Secretary of Ministry of Civil Aviation on Wednesday. Scheduled international passenger flights to and from India were suspended in March 2020 due to the covid-19 pandemic. Recently, the government extended the suspension till 30 November, 2021.

24 Nov 2021, 02:36:00 PM IST

Sensex in red

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Market watch
24 Nov 2021, 02:25:22 PM IST

Nalco plunges ahead of record date for interim dividend

Shares of State-run National Aluminium Company (Nalco) plunged in Wednesday's trading session, a day ahead of its record date fixed on November 25, 2021 for payment of interim dividend for the financial year 2021-22. The board of directors approved payment of interim dividend at 2 per share (40% on Face value of Rs. 5/- each) on the paid-up equity share capital of 918.3 crore.

 

24 Nov 2021, 02:17:09 PM IST

ICICI Bank, Bajaj Finance, HDFC Bank bring up Sensex

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Market watch
24 Nov 2021, 02:07:06 PM IST

India taps strategic oil reserves to cool prices

India, the world’s third-largest oil importer, has agreed to release 5 million barrels of crude oil from its strategic oil reserves in coordination with other major consumers, including the US, China, Japan and South Korea.

24 Nov 2021, 01:57:19 PM IST

Sensex up 226 points 

BSE indices
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BSE indices
24 Nov 2021, 01:49:57 PM IST

Star Health IPO-All you need to know: Mr. Amarjeet Maurya - AVP - Mid Caps, Angel One Ltd 

Star Health and Allied Insurance Company Ltd (Star Health) IPO expected to open on 30th November 2021 and close on 2nd December 2021. The IPO consist fresh issue of Rs2,000cr and an offer for sale of 5.83 crores shares.

The IPO aims to utilize the net proceeds to augment the company's capital base and insolvency level.

The Company is Incorporated in 2006, Star Health and Allied Insurance Company Ltd is one of the largest private health insurers in India with a market share of 15.8% in Fiscal 2021. The company primarily focuses on the retail health market segment. It offers a range of flexible and comprehensive coverage options for retail health, group health, personal accident, and overseas travel, accounting for 87.9%, 10.5%, 1.6%, and 0.01%, respectively, of the total Gross Written Premium (GWP) in Fiscal 2021.

In FY2021 and the 6 months ended September 30, 2021, they had total Gross Written Premium (GWP) of 9,348.95 crore and 5,069.78 crore, respectively.

The company mainly distributes policies through individual agents and also includes corporate agent banks and other corporate agents. As of September 30, 2021, its network distribution includes 779 health insurance branches across 25 states and 5 union territories in India. Star Health has also built one of the largest health insurance hospital networks in India with more than 11,778 hospitals.

Star Health reported Gross Written Premium CAGR of ~31% to Rs9,349cr over FY19-21 and on the net profit front, the company has reported a loss of Rs826cr in FY21.

 

24 Nov 2021, 01:38:39 PM IST

Cabinet approves proposal to repeal three farm laws

The Union Cabinet today approved the Central Government's proposal to repeal the three contentious farm laws, which triggered protests at Delhi borders by thousands of farmers, according to reports.

The Farm Laws Repeal Bill, 2021 is aimed at rolling back three Bills passed into law last year – Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, Farmers' (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 and Essential Commodities (Amendment) Act, 2020.

24 Nov 2021, 01:29:05 PM IST

Rakesh Jhunjhunwala portfolio: Nirmal Bang sees over 40% upside on this Tata group stock

Brokerage house Nirmal Bang recently hosted Indian Hotels Company on an investor call in which the company's management stated that the strong rental growth in hotels seen in 2QFY22 gathered further momentum in 3QFY22 with staycations, vacations, weddings etc. The brokerage and research firm remains positive on IHCL’s business recovery prospects due to strong growth environment with a V-shaped recovery in demand, cost optimization, which will help in improving EBITDA margin, strong brand recall and footprint across segments, asset light approach for growth and diversified revenue strategy to include other verticals like Ginger, Qmin, Ama Trails, Chambers etc.

24 Nov 2021, 01:18:36 PM IST

BSE Power up 1.4%

The BSE Power index is up 1.4%. Tata Power trading 2.91% higher.

 

BSE Power index
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BSE Power index
24 Nov 2021, 01:10:37 PM IST

Indian IPOs in the spotlight after Paytm debacle

At least a dozen Indian companies working on initial public offerings are now under extra investor scrutiny following the disastrous debut of digital payments startup Paytm, the country’s biggest-ever IPO.

Offerings on the radar include that of Oravel Stays Ltd., the operator of hotel-booking startup Oyo, which is looking to raise nearly $1 billion. Other sizable listings include API Holdings Ltd., the parent of online pharmacy PharmEasy, and logistics company Delhivery Ltd.

24 Nov 2021, 01:01:49 PM IST

BUY VRL Logistics: Motilal Oswal

Shares of VRL Logistics have given multibagger return in 2021 as the stock has surged over 124% this year (year-to-date or YTD) so far. Domestic brokerage and research firm Motilal Oswal sees further upside on the multibagger stock as it expects volume growth to drive the logistics company's earnings.

24 Nov 2021, 12:52:52 PM IST

Here is how to avert fraudulent transactions

BSE lists 8 points. Read here.

24 Nov 2021, 12:44:20 PM IST

Hero Electric retail sales registered over 100% growth

Hero Electric has registered 24,000 retail sales during the 45 days festive period starting from October 1 to November 15 compared to last year sales that stood at 11,339 units. This is more than 100 per cent increase as compared to the sales that occurred last year during the same period. The company already has over 4 lakh electric vehicles on the Indian roads. Hero Electric has attributed rising fuel prices and government-backed FAME II policy that subsidise the purchase of electric vehicles.

 

24 Nov 2021, 12:33:40 PM IST

Ashok Leyland opens new store

Ashok Leyland has opened a new 3S (sales/service/spares) dealership, D.R Brijmohan & Sons in Guwahati, Assam. Spread over 1,15,000 sq. ft., it offers 18 bays, wheel alignment and accident repair facility. This dealership is located in Lokhra, the transport hub of Guwahati. Ashok Leyland also has 10 upcoming outlets in Assam, Meghalaya, Arunachal Pradesh and Tripura to cater to the rising demand in North-East India.

 

24 Nov 2021, 12:23:53 PM IST

Nifty Energy up 1%

The Nifty Energy index is up 1% led by ONGC (up 4%), Tata Power (3.5%), and GAIL (2.5%).

 

Nifty Energy
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Nifty Energy
24 Nov 2021, 12:13:13 PM IST

Nifty Bank Outlook: Angel One

Following the weakness from the previous session, the Bank Nifty started on a negative note however it managed to find support on the previous session low and started bouncing back. The bank index eventually ended with marginal gains of 0.39% at 37273. The BankNifty has now reached the October swing low and from here this high beta index had witnessed a strong upmove. By returning back to the origin point of upmove with oscillators in deep oversold territory we witnessed some bounce back in yesterday’s session. However, the momentum is strongly gripped by the bears and hence we expect this support around 36500 – 36600 to be broken very soon. Hence, any further extension of this bounce should be taken to lighten up the existing long positions. Immediate resistance is seen around 37800 – 38000 levels.

24 Nov 2021, 12:05:11 PM IST

Privatisation of public sector banks (PSBs): Bill coming in winter session

The central government will introduce the Banking Laws (Amendment) Bill 2021 in the Winter Session of Parliament. The proposed legislation is among the list of 26 bills that are scheduled to be introduced during the session. The list of businesses also includes the Insolvency and Bankruptcy Code (Second Amendment) Bill, The Pension Fund Regulatory Development Authority (Amendment) Bill.

24 Nov 2021, 11:54:57 AM IST

Paytm surges 13% in second session of gains on ‘value buying’

Shares of Paytm climbed for a second day on Wednesday, easing a selloff that wiped out about a third of the digital payments startup’s value in its first two trading sessions.

The payments firm advanced as much as 12.7% on Wednesday, but is still down more than 20% from its offer price. Paytm’s parent company, One 97 Communications Ltd., raised $2.5 billion in India’s biggest-ever IPO that had global institutions such as BlackRock Inc. and Canada Pension Plan Investment Board as cornerstone investors. Shares sank 27% last Thursday, marking one of the worst debuts by a major technology company globally.

24 Nov 2021, 11:46:46 AM IST

Cryptos slump on Indian bourses as bill to ban digital currency spooks markets

Digital currencies on Indian exchanges slumped into a discount of up to 25% compared to their global peers amid panic selling as the government listed a bill to ban all private cryptocurrencies in the country. Crypto prices, in India, usually trade at a premium against global markets.

24 Nov 2021, 11:39:04 AM IST

Paytm Money launches Margin Pledge feature

Paytm Money, the wholly-owned subsidiary of Paytm, announced the launch of Margin Pledge feature today. The feature will allow users to pledge their existing stocks and ETFs in return for a collateral margin that can be used for trading in stocks, ETFs, futures, and options.

Investors holding a portfolio of stocks might miss out on trading opportunities due to the unavailability of funds. To address this, Paytm Money has introduced the Margin Pledge feature.

24 Nov 2021, 11:30:41 AM IST

Nifty technicals: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

After Monday’s sell off, our market started the day on a weak note as indicated by the SGX Nifty early in the morning. Things looked extremely bleak in the opening trades but fortunately the bears chose to take some breather after nearing the support zone of 17250 – 17200. In fact, as the day progressed, the overall recovery in the market gained some momentum to reclaim the 17500 mark.

Nifty might have gained only half a percent from the previous close; but yesterday’s session was full of action as we first witnessed a correction which was then followed by a decent rebound across the board. Yesterday’s low precisely coincided with the daily ’89-EMA’ support which we had mentioned in our previous commentary as well. Since market was too oversold some respite was evident and this is exactly what we witnessed throughout the day. Despite this, we still remain cautious on the market and construe this as merely a technical rebound. It’s better not to get carried away by these intermediate recoveries because we are still not out of the woods yet. For the coming session, 17550 – 17650 is to be seen as stiff hurdle and ideally it would be a prudent ploy to lighten up longs if Nifty extends yesterday’s bounce back. On the flipside, 17200 has now become a sacrosanct support for the Nifty. Although we expect it to be breached soon, it would be difficult to take a call whether it will happen in next two days as we are approaching the November expiry.

Our inclination remains on the bearish side and hence, it’s advisable not to be in a hurry to do any kind of bottom fishing at this juncture. The midcap index too had a sharp recovery but if we take a glance at the daily time frame chart, we can see it giving a precise pull back towards its trend line breakdown point. Such recoveries should be used to lighten up longs.

24 Nov 2021, 11:20:31 AM IST

Nifty SmallCap up 1.5%

Nifty SmallCap 100
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Nifty SmallCap 100
24 Nov 2021, 11:13:31 AM IST

Paytm up 12%

Paytm
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Paytm
24 Nov 2021, 11:06:39 AM IST

Rupee slips 12 paise to 74.54 against US dollar

The Indian rupee depreciated by 12 paise to 74.54 against the US dollar in opening trade on Wednesday, tracking stronger American currency in the overseas market. At the interbank foreign exchange, the rupee opened on a weak note at 74.53, then lost further ground and touched 74.54 against the American dollar in initial deals, registering a decline of 12 paise from the last close.

On Tuesday, the rupee had closed at 74.42 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.06 per cent to 96.55.

24 Nov 2021, 10:56:32 AM IST

Volatility down 8.07% as India VIX touches 16.56

24 Nov 2021, 10:47:36 AM IST

Tarasons Products IPO subscribed 77.49 times on last day

The initial public offering (IPO) of life sciences company Tarsons Products Limited was subscribed 77.49 times on the last day of subscription on Wednesday, helped by huge interest from institutional investors. The 1,023.8-crore IPO received bids for 84,02,81,684 shares against 1,08,44,104 shares on offer. As per market observers, Tarsons Products shares are available at a premium (GMP) of 155 in the grey market today. The company's shares are expected to list on stock exchanges BSE and NSE this week on Friday, November 26, 2021.

24 Nov 2021, 10:39:11 AM IST

Nifty PSU Bank index

Nifty PSU Bank index
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Nifty PSU Bank index
24 Nov 2021, 10:29:10 AM IST

Top gainers/losers on Sensex at this hour

Sensex stocks
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Sensex stocks
24 Nov 2021, 10:20:40 AM IST

Benchmark indices rise in opening trade; telecom, power stocks drive gains

The BSE Sensex trading higher by 187.89 points or 0.32 per cent at 58,852.22 in early trade, while the NSE Nifty rise 59.85 points or 0.34 per cent to 17,563.20.

On the Sensex chart, Bharti Airtel, PowerGrid, NTPC, Sun Pharma and Reliance Industries were major gainers – rising as much as 2.04 per cent.

On the other hand, Bajaj FinServ, Tech Mahindra, Maruti, Asian Paints and Infosys were among the major laggards.

Analysts said the telecom sector is in focus as the sector majors initiated rate hikes which will enhance profitability.

24 Nov 2021, 10:13:11 AM IST

ICICI Securities recommendations

(Long) Nestle: In recent market declines, while the Nifty has reverted from higher levels, FMCG stocks largely consolidated while a couple of them have provided support. Nestlé is one stock among the pack, which saw delivery based buying interest from its sizeable put base of 19,000. With leverage positions in the stock considerably low, fresh accumulation is likely to help the stock move higher. We feel, going ahead, stocks like Nestlé should head towards their September series high.

Target: 20,600; Stop Loss: 18,779

(Short) Cholamandalam Finance: The banking and financial space was the worst performer in the current leg of profit booking in the Nifty. Few stocks among NBFC violated their support last week. We feel Chola Finance may violate its major Put base of 600 as closure is already happening in the strike. After making a high above 650, the stock has continuously been witnessing profit booking. In the absence of any noticeable delivery based buying, we feel profit booking in the stock should escalate and it is likely to head towards 585 levels on downside.

Target: 585; Stop Loss: 645

24 Nov 2021, 10:02:55 AM IST

Crypto view: Avinash Shekhar, Co-CEO, ZebPay

“We’re awaiting further details on the bill that is going to be presented in the winter session of the Parliament. There have been many positive steps taken by the government to learn and understand crypto and its impact on all stakeholders- investors, exchanges, policymakers. So, we’re looking forward to a crypto bill that takes into consideration all the inputs from those discussions."

- Avinash Shekhar, Co-CEO, ZebPay

24 Nov 2021, 09:55:19 AM IST

Govt  to move  bill  to  ban all ‘private cryptocurrencies’

The government is set to introduce “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" in the winter session of Parliament beginning 29 November for consideration and passing. The bill aims “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," it said in a notification on the Lok Sabha website.

24 Nov 2021, 09:46:01 AM IST

Most active stocks on NSE

Nifty50
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Nifty50
24 Nov 2021, 09:39:27 AM IST

Star Health sets price band for IPO at ₹870-900 per share

Star Health and Allied Insurance Co. Ltd, owned by a consortium of investors, including Rakesh Jhunjhunwala and Westbridge Capital, has set the share’s price band for its initial public offering at 870-900 per share, valuing the company at 49,796 crore at the top end of the band. The share sale will open between 30 November and 2 December. The company plans to list on exchanges on 10 December.

24 Nov 2021, 09:28:40 AM IST

21 of 30 Sensex stocks in green

BSE stocks
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BSE stocks
24 Nov 2021, 09:19:15 AM IST

Nifty stays over 17.5k

Nifty50
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Nifty50
24 Nov 2021, 09:18:32 AM IST

Markets at open

BSE indices
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BSE indices
24 Nov 2021, 09:11:14 AM IST

IPCA Labs approves acquisition of 26.574% stake in Lyka Labs

The board of Ipca Labs has approved the acquisition of 26.574% of the paid-up share capital of Lyka Labs Limited and entered into a joint management Control Agreement with the promoters of the company.

24 Nov 2021, 09:05:25 AM IST

Markets in pre-open

BSE indices
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BSE indices
24 Nov 2021, 09:04:32 AM IST

Nifty in pre-open

Nifty50
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Nifty50
24 Nov 2021, 08:57:03 AM IST

Petrol and diesel prices remain unchanged

The cost of one litre of petrol in Delhi stands at 103.97 and that of diesel at 86.67 per litre. In Mumbai, the petrol and diesel prices have remained static at 109.98/litre and 94.14 per litre, respectively. Check here.

24 Nov 2021, 08:48:20 AM IST

Top Indian mutual fund debt fund is raising bets on riskier corporate bonds

One of India’s top fund managers is turning bullish on bonds of riskier companies, as an accelerating economic recovery is giving a particular boost to the financial health of such businesses. “Lower-rated companies that have not only survived but also improved their operational and financial metrics in the downturn make for an attractive investment proposition now," said Amit Tripathi, who oversees about $15 billion of debt assets at Nippon India Mutual Fund. Such firms will gain most from an upturn in Asia’s third-largest economy, he said.

24 Nov 2021, 08:39:55 AM IST

Vodafone Idea, Escorts among stocks under F&O ban on NSE today

A total of two stocks/securities have been put under the ban for trade on Wednesday, November 24, 2021 under the futures and options segment by the National Stock Exchange (NSE). These securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. The two stocks under NSE's F&O ban stock list for today are Vodafone Idea and Escorts.

24 Nov 2021, 08:29:59 AM IST

Dollar rests after Powell push

The dollar paused for breath on Wednesday after surging with bets on higher rates when Jerome Powell was picked for a second term as Federal Reserve chair, while the New Zealand dollar was on edge ahead of a central bank decision on a rate-hike path.

In emerging markets, the Turkish lira has collapsed and fell more than 11% in one session overnight, setting the scene for further capital outflows and possibly putting pressure on EM currencies globally.

24 Nov 2021, 08:21:24 AM IST

Services, trade help power steady economic recovery in India

India’s economy showed steady signs of strengthening in October as services, manufacturing and exports kept it on course to post the world’s fastest growth.

Demand during India’s so-called festive season has helped keep momentum rolling, as shown by a fourth straight month unchanged at a 5 on the Bloomberg News ‘Animal Spirits’ gauge of indicators, which uses a three-month weighted average to smooth out volatility in single-month readings. The measure reflects strength in services and new orders last month, as well as a rebound in exports.

24 Nov 2021, 08:16:45 AM IST

Nikkei slips as growth stocks unsettled by Fed outlook

Japan's Nikkei fell on Wednesday, as growth-oriented stocks took a beating from worries the U.S. Federal Reserve might speed up policy tightening to cope with the rising spectre of inflation.

U.S. President Joe Biden on Monday nominated Federal Reserve Chair Jerome Powell for a second four-year term and appointed Lael Brainard as vice chair.

24 Nov 2021, 08:09:06 AM IST

Day trading guide for Wednesday

7 stocks to buy or sell today

24 Nov 2021, 08:00:12 AM IST

Stocks to watch

Indian shares snapped four sessions of losses on Tuesday, as metals and energy stocks marked a sharp recovery. Shares of Airtel, Reliance, SpiceJet, Vedanta, among others, will be in focus today.

24 Nov 2021, 07:51:11 AM IST

Oil steadies as global release of strategic reserves underwhelms

Oil was steady after the biggest gain in two weeks following an announcement by the U.S. of a coordinated release of strategic reserves with other countries that fell short of expectations.

Futures in New York traded above $78 a barrel after rising 2.3% on Tuesday. The U.S. will release 50 million barrels, in concert with China, Japan, India, South Korea and the U.K. in an effort to tame prices. Much of the oil will need to be returned to the stockpile by those who buy it, however, and contributions from international partners were smaller than many expected.

Focus now turns to OPEC+ and how the group will respond to the move by some of its biggest customers.

24 Nov 2021, 07:39:49 AM IST

SGX Nifty signals a positive start

SGX Nifty futures traded at 17,611.50 in early deals, up 62.50 points or 0.36%, indicating a positive start for Indian benchmarks in Wednesday's trade.

24 Nov 2021, 07:33:38 AM IST

Asia stocks set for steady start

Asian stocks were steady Wednesday and Treasury yields held a climb as traders weighed the risk of tighter monetary policy to curb inflation and awaited U.S. data as well as Federal Reserve minutes.

Shares fell in Japan and fluctuated in China and Hong Kong. U.S. futures were little changed after energy and financials helped the S&P 500 eke out a gain, while the Nasdaq 100 extended a drop. A slew of reports are due later in the day on U.S. economic activity and inflation pressures.

The 10-year U.S. Treasury yield was around 1.65%. The prospect of the Fed speeding up the withdrawal of monetary stimulus has tempered bond market inflation expectations, though they remain elevated.

New Zealand’s currency weakened after the nation raised interest rates to 0.75% to curb price pressures, a smaller move than some had expected. The central bank projected 2% benchmark borrowing costs by the end of 2022.

 

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