In choppy trade on Tuesday, domestic equities closed higher on positive cues from global peers. Sensex moved between 60,791.29 and 61,497.71, while Nifty was in the 18,099.30-18,310.45 range. Auto, metal, realty indices rose 2-3%. BSE MidCap and SmallCap indices advanced
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European stocks rose on Tuesday following gains in Asian and US peers. Oil prices hovered near recent highs. Gold prices eased on Tuesday, weighed down by an uptick in the dollar and US bond yields
26 Oct 2021, 03:45:48 PM IST
Sensex, Nifty log second straight day of gains; auto, metals, realty stocks surge
Indian benchmark equity indices closed higher for the second straight day on Tuesday, led by gains in auto, realty, and metal stocks.
The Sensex closed 383.21 points, or 0.63%, higher at 61350.26, while Nifty was up 143 points or 0.79% at 18268.40.
Reliance Industries, Kotak Mahindra Bank drove gains on the Sensex, while Tata Steel was the top gainer.
Tata Motors, Tata Steel, SBI Life Insurance, Titan Company and JSW Steel were the top gainers on Nifty, while IndusInd Bank, ICICI Bank, Power Grid Corp, HUL and NTPC fell the most. In total, 39 Nifty stocks gained, 11 fell.
All sectoral indices ended higher with auto, realty, metal, oil & gas indices up 1-3%. BSE Midcap rose 1.7%, and Smallcap was up over 2%.
26 Oct 2021, 03:22:27 PM IST
Zee Entertainment surges; Bombay HC grants an injunction in company's favour in Invesco case
A joint venture of billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) and the UK's BP on Tuesday announced the opening of their first petrol pump that offers multiple fuel choices, including EV charging infrastructure.
Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded Mobility Station at Navde, Navi Mumbai, the two firms said in a joint statement
26 Oct 2021, 03:08:20 PM IST
Winter Session of Parliament likely to be held from 29 Nov-23 Dec: ANI
The Winter Session of Parliament is likely to held from 29 November to 23 December, news agency ANI reported citing unnamed sources.
The government may introduce two key financial sector bills, including the proposed law for facilitating privatisation of public sector banks as announced by the finance minister in the Budget, a PTI report had said earlier.
26 Oct 2021, 03:05:58 PM IST
RIL, Kotak Mahindra Bank, Bajaj Finance drive Sensex higher
26 Oct 2021, 03:03:50 PM IST
India VIX down 4%
26 Oct 2021, 02:56:35 PM IST
Zee vs Invesco: Bombay High Court grants an injunction in Zee Entertainment's favour: agencies
26 Oct 2021, 02:49:46 PM IST
Top gainers/losers on Nifty at this hour
26 Oct 2021, 02:38:38 PM IST
India's tax revenues likely to beat forecast on strong recovery, say officials: Reuters
ve budget, beating forecasts for the first time in four years, two officials said, as the economy powers back towards pre-pandemic levels.
Tax revenues, budgeted at 15.45 trillion rupees ($206 billion) for the year to March 31, have been below projections ever since 2017-18, as the economy lost momentum even before COVID-19 and then slipped into a deep recession. (Read here)
26 Oct 2021, 02:23:13 PM IST
India receives first direct LNG cargo from Yamal LNG project: Reuters
India received its first direct cargo of liquefied natural gas (LNG) from Russia's Yamal LNG project over the weekend, Refinitive Eikon LNG flows data showed.
The cargo was supplied by Russian gas company Gazprom under its long-term LNG sales deal with GAIL (India) Ltd, an industry source said.
The cargo on board the Marshal Vasilevsky sailed through the Northern Sea Route, Pacific Ocean and Indian Ocean before arriving at GAIL's Dabhol terminal over the weekend, the ship-tracking data showed.
26 Oct 2021, 02:16:32 PM IST
Homegrown luxury beauty brand Forest Essentials to open 12 stores in the UK
26 Oct 2021, 02:15:33 PM IST
Europe stocks rise as earnings boost sentiment
Stocks in Europe rose along with U.S. equity futures Tuesday as corporate earnings helped boost sentiment amid lingering concerns about inflation and growth.
26 Oct 2021, 02:08:39 PM IST
Govt receives ₹533 cr from 4 CPSEs as dividend
The Centre has received ₹533 crore as dividend tranches from 4 CPSEs, including IRCON and NHPC, this fiscal, DIPAM Secretary Tuhin Kanta Pandey said on Tuesday.
“IRCON, NHPC, CONCOR and Hindustan Copper Ltd have respectively paid about ₹148 crore, ₹294 crore, ₹67 crore and ₹24 crore as dividend tranches to GoI," the DIPAM Secretary tweeted.
As per the Department of Investment and Public Asset Management (DIPAM) website, so far in the current financial year (April-March), the government has received ₹8,572 crore as dividend from central public sector enterprises (CPSEs).
Besides, ₹9,110 crore has been mobilised through the disinvestment of the minority stake in CPSEs.
26 Oct 2021, 02:02:54 PM IST
Fino Payments Bank fixes IPO price band at ₹560-577 a share
Fino Payments Bank on Tuesday said it has fixed a price band of ₹560-577 a share for its ₹1,200-crore initial public offering (IPO), which will open on 29 October 29. The issue will close for subscription on 2 November.
The offer includes a fresh issue of equity shares worth ₹300 crore and an offer for sale (OFS) of 15,602,999 equity shares by promoter Fino Paytech.
26 Oct 2021, 01:40:39 PM IST
Indian more "eager" to shop this festival season: report
More Indians have reported eagerness to spend this festival season when compared to the year-ago period, industry body Retailers Association of India (RAI) said in a Festive Shopping Index released on Tuesday.
About 94% of respondents are excited to shop in the ongoing festival season compared to 80% last year, according to findings of the survey. Shoppers showed higher intent to buy new apparel (63%), followed by home appliances and electronics (50%) and mobile phones (36%). Jewellery is back among the top things to buy this festive season climbing up steadily compared to a year ago period.
26 Oct 2021, 01:29:52 PM IST
IEX to commence trade in Energy Saving Certificates
The Indian Energy Exchange (IEX), India’s premier energy trading platform, will commence trade in Energy Saving Certificates (ESCerts) under Perform, Achieve and Trade Cycle-II (PAT-II) scheme, the company said today.
Trading will take place once a week every Tuesday.
26 Oct 2021, 01:27:27 PM IST
Zee Entertainment cancels 27 Oct board meet to consider Q2 results: exchange filing
“This is to inform that a meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum," the company said in a filing to the stock exchanges.
Central government panel looking into new Delta sub-variant: agencies
Health minister Mansukh Mandaviya said on Tuesday that a government panel of experts was looking into a Delta coronavirus sub-variant, AY.4.2, that has been detected in the UK.
The U.K. Health Security Agency said last week that it was investigating AY.4.2 as it was possibly more transmissible than Delta, though there was no evidence that it caused more severe disease or rendered vaccines ineffective.
26 Oct 2021, 01:15:57 PM IST
Kotak Mahindra Bank Q2 earnings
September quarter PAT at ₹2,032.01 crore vs ₹2,184.48 crore a year ago.
The bank's net interest income (NII), the difference between interest earned and interest expended, rose over 3% to ₹4,020.6 crore from ₹3,897 crore in the same quarter last year. Provisions stood at ₹424 crore compared with ₹703.5 crore quarter ago, and ₹333.2 crore a year ago.
26 Oct 2021, 12:57:14 PM IST
India Post Payments Bank, HDFC Ltd announce strategic alliance for offering home loans
26 Oct 2021, 12:56:03 PM IST
Nifty Realty surges most among sectoral indices
26 Oct 2021, 12:45:34 PM IST
Study finds 'robust' evidence that COVID-19 is seasonal infection: PTI
COVID-19 may be a seasonal infection linked to low temperatures and humidity, much like seasonal influenza, according to new "robust" evidence found by researchers.
The study, recently published in the journal Nature Computational Science, also supports the considerable contribution of airborne SARS-CoV-2 transmission and the need to shift to measures that promote "air hygiene."
A research team led by the Barcelona Institute for Global Health (ISGlobal), Spain, noted that a key question regarding SARS-CoV-2 is whether it is behaving, or will behave, as a seasonal virus like influenza, or whether it will be equally transmitted during any time of the year.
Higher transmission rates were associated with lower temperatures and humidity, they said.
The first epidemic waves waned as temperature and humidity rose, and the second wave rose as temperatures and humidity fell, according to the researchers.
However, this pattern was broken during summertime in all continents, they said.
26 Oct 2021, 12:42:26 PM IST
China locks down Lanzhou, city of 4 million, over Covid: agencies
26 Oct 2021, 12:39:33 PM IST
Posten Norge and Infosys collaborate to develop next generation IT service management capability
Oil prices edged lower on Tuesday after rising earlier in the day and analysts said prices were set to sustain a rally driven by strong demand in the United States, the world's biggest consumer of oil and its products.
Brent crude was down 5 cents at $85.94 a barrel, after gaining 0.5% on Monday. U.S. oil dropped 12 cents to $83.64 a barrel, having finished unchanged the previous session after testing new highs.
26 Oct 2021, 12:18:18 PM IST
Axis Securities recommends BUY on Tech Mahindra; target price at ₹1,700/share
Efficient execution leads to better-than-expected performance
Tech Mahindra Ltd reported better-than-expected results in Q2FY22. The company’s revenue for Q2FY22 stood at ₹10,881 Cr, delivering a growth of 6.7% QoQ and 7.1% QoQ in constant currency terms. However, despite revenue growth, its operating margins was stable at 15.2%, primarily due to higher operating costs and employee wage hikes which was only partially offset by a better service mix.
The company’s net income for the quarter stood at ₹1,339 Cr, improving by 25.8% YoY but declining 1% QoQ. Ramp-up of new deal wins helped Tech Mahindra to generate strong volume growth. The communication vertical improved by 6.7% QoQ while the enterprise vertical grew by 6.3% QoQ in CC terms. The deal pipeline, too, remained robust during the quarter at TCV of $750 Mn, out of which $265 Mn is from Communication, Media & Entertainment, and $495 Mn from Enterprise. The management is expecting strong improvements in supply-side constraints and expects recovery with the ramp-up in new deal wins.
Axis Securities recommends a BUY rating on the stock and assigns a 21x P/E multiple to the company’s FY24E earnings of ₹82.6/share to arrive at a TP of ₹1,700/share. TP implies an upside of 12% from CMP.
Margin and growth improves; Maintain BUY Can Fin Homes
Earnings in Q2FY22 witnessed sequential pick up, led by double-digit loan growth, improved NIM, and provision write-back. NIM improved to 3.4% from 3.3% QoQ. Asset quality continues to remain best-in-class with G/NNPAs at 0.8%/0.5% respectively.
The management indicated strong growth in H2FY22 which was better than H1FY22 and was led by traction in the loan book growth (~18-20%) and NIM improvement on higher yields. Out of the restructured book of ~ ₹646 Cr (~2.7% of the book), the management expects ~7-8% (~ ₹50 Cr) to slip into NPA over the next few quarters.
However, the company has additional provisioning of ₹65 cr (in excess of PCR) which should be sufficient. Furthermore, recoveries from the NPA pool may be ~ ₹55-60 crore in the next few quarters which may result in an eventual write-back in the provisions. NPAs are expected to be less than 1% levels over the next few quarters.
26 Oct 2021, 11:54:44 AM IST
Coforge reports solid Q2 earnings but the stock is priced to perfection
Midcap IT services provider Coforge Ltd reported robust earnings in the September quarter. Both revenue growth and operating margins were ahead of the Street's expectations. On a sequential basis, its dollar revenue grew 7.4% to USD212.8 million, beating consensus estimate of $209.7 millon. In constant currency terms, revenue increased by 3.9% sequentially.
Ebita margins (pre-RSU) increased by 250 basis points (bps) sequentially to 18.6% higher than consensus estimate. One basis point is one hundredeth of a percentage point. In a post earnings conference call, the company's management said, that margin growth was driven by multiple
initiatives including higher offshore revenue, improved utilisation, flattening of
pyramid due to hiring at bottom of pyramid and operating leverage. Going ahead, the company's management expects margins to improve for the rest of the financial year as well. The management said that it is confident of delivering Ebitda margin of 19% in FY22, with an over 100bps sequential expansion in 3Q, followed by a further expansion in 4QFY22.
26 Oct 2021, 11:41:56 AM IST
Nifty PSU Bank rises 2%
26 Oct 2021, 11:31:04 AM IST
Axis Bank falls ahead of Q2 results amid subdued market
Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.
Apart from these fundamental drivers, some qualitative and macros, which make us incrementally positive on the markets include a) higher pace of vaccination, b) pro growth policy action, c) National Asset monetisation pipeline that will drive capex cycle, d) Strong recovery in real estate market that a has multiplier impact on the economy and e) Buoyancy in Corporate earnings growth (Nifty EPS CAGR of 26% over FY21-23E).
Given the scenario, we see value emerging across the market cap spectrum with the key filter being quality. We continue to advise investors to utilise equities as a key asset class for long term wealth generation by investing into quality companies with strong earnings growth and visibility, stable cash flows, RoE and RoCE.
We recommend Bank of Baroda, Action Construction Equipment, Bata India, TCNS Clothing, Gateway Distriparks, Mahindra Lifespace and Vardhman Special Steel as our Muhurat 2021 picks.
26 Oct 2021, 11:18:24 AM IST
Glenmark Pharma launches fixed-drug combination for type 2 diabetes management
Glenmark Pharmaceuticals has launched a fixed-dose combination (FDC) of its novel, patent-protected, globally researched Sodium-Glucose Co-Transporter Inhibitor (SGLT2i) - Remogliflozin Etabonate and another widely used DPP4 inhibitor (Dipeptidyl Peptidase 4 inhibitor) - Vildagliptin, with Metformin (first-line medication for the treatment of type 2 diabetes).
“The combination contains Remogliflozin (100 mg) Vildagliptin (50 mg) Metformin (500/1000 mg) in a fixed-dose and must be taken twice daily to improve glycemic control in patients. Glenmark has launched the same under two brand names Remo MV and Remozen MV," as per a company statement.
Nomura has downgraded Indian markets to neutral from overweight citing unfavourable risk-reward given high valuations, with a number of positives priced in even as headwinds are emerging. Instead, the Japanese brokerage firm prefers China and Asean and will be looking for better entry points for India. Nomura had upgraded India to overweight in February, citing local factors such as fiscal activism and falling covid-19 cases.
“However, we think these positives are now adequately reflected in current valuations – that appear rich not only on absolute basis but also on relative basis. Even on two-year forward price-to earnings (PE) basis (incorporating India’s strong earnings outlook), India is trading at record high elevated premium relative to regional markets," said Chetan Seth and Amit Phillips, analysts, Nomura. (Read here)
26 Oct 2021, 10:54:31 AM IST
Sensex pares gains
26 Oct 2021, 10:44:59 AM IST
Broader markets advance; India VIX down 2%
26 Oct 2021, 10:35:27 AM IST
Colgate Palmolive investors hardly have reasons to smile
There was nothing exciting about Colgate Palmolive Ltd's September quarter earnings. The FMCG company missed analysts' estimates on key parameters of volumes, revenue growth and operating margins.
Higher spends on promotional activities led to around 4% year-on-year (y-o-y) volumes growth with revenue growth of 5% in the September quarter.
Gross margins fell 130 basis points (bps) y-o-y dented by higher input prices and lower pricing growth. One basis point is one hundredeth of a percentage point. Ebitda margins declined 220bps y-o-y to 30% impacted by higher employee expenses and ad spends. Ebitda is short for earnings before interest, tax, depreciation and amortization. Analysts caution that input cost inflation remains a key risk for the company as prices of crude and crude derivatives are elevated. Consequently, investors in this stock should brace for around 120-140bps fall in operating margins in FY22.
Further, on a two-year CAGR basis, revenues growth was around 5.2%, analysts note.
Indian rupee opens at 75.04 per dollar vs 75.08 at close on Monday
26 Oct 2021, 10:20:29 AM IST
Axis Securities has HOLD rating on Gland Pharma, target price at ₹ 4,000/share
Strong growth in injectables, rich valuations
Gland Pharma reported a good set of numbers with revenue growth of 30% YoY, driven by emerging and India markets while core markets reported a 13% rise.
Gross margins stood at 55.5%, decreasing by 360bps due to an increase in raw material cost as well as a high proportion of sales from the emerging markets. EBITDA margins at 34.9%, reported a decline of 110bps despite a fall in employee and other expenses.
Reported PAT grew 38% due to high other income and lower tax rates. The core markets grew by 13% YoY. While new products added growth of 9%, the existing portfolio added 5% of growth which is above our estimates.
The rest of the World (RoW) market has seen robust growth due to increased focus on geographic expansion. This Is driven by increased penetration by forming new partnerships in various countries.
26 Oct 2021, 10:15:34 AM IST
Oil gains as traders await stocks data, Iran talks
Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the US, the world's biggest consumer of oil and its products.
Brent crude was up 13 cents or 0.2% at $86.12 a barrel, after gaining 0.5% on Monday. U.S. oil gained 5 cents or 0.1% to $83.81 a barrel, having finished unchanged the previous session after testing new highs.
26 Oct 2021, 10:13:59 AM IST
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Despite breaking 18000 on an intraday basis, the index still managed to close above it. It is imperative this continues to happen as it is both psychological and technical support. In order to resume the uptrend, the Nifty would need to stabilize above 18350. Even though the current trend continues to remain positive, it is advisable to gauge the markets before taking a directional call."
26 Oct 2021, 10:01:36 AM IST
Over the last 24 hours, India reported 12,428 new COVID-19 cases, the lowest in 238 days, while active infections declined to 1,63,816, according to Union Health Ministry data updated on Tuesday.
With fresh cases, the total climbed to 3,42,02,202, while death toll rose to 4,55,068 with 356 fresh fatalities, according to the data updated at 0800am.
26 Oct 2021, 09:59:48 AM IST
Gold eases on dollar uptick as investors look for central bank policy cues
Gold prices eased on Tuesday, weighed down by an uptick in the dollar and U.S. bond yields, as investors assessed central banks' likely response to higher inflation ahead of key upcoming policy meetings.
Spot gold fell 0.2% to $1,803.51 per ounce by 0329 GMT. U.S. gold futures dropped 0.1% to $1,805.30.
On Monday, the metal rose nearly 1% to a high of $1,809.66, only about $4 shy of an over one-month peak scaled last week.
Tech Mahindra top gainer on Sensex, surges over 6%
The September-quarter earnings performance of large-cap IT services provider Tech Mahindra Ltd was not very different from its tier-1 competitors. Akin to peers, its revenue growth was robust and deal pipeline healthy with softness in operating performance.
On a sequential basis, its constant currency revenue grew 7.2% led by growth in communications and enterprise verticals. In a post-earnings conference call, the management said that the September quarter has been one of the best in the past decade. Tech Mahindra’s all business verticals across geographies are growing at a good pace, the management said. Order book increased from $421 million in Q2FY21 to $750 million in Q2FY22. The management expects deal win momentum to continue.
26 Oct 2021, 09:33:28 AM IST
Top gainers/losers on Nifty at this hour
26 Oct 2021, 09:24:05 AM IST
ICICI Securities on markets
Equity benchmarks started the F&O expiry week on a positive note as index snapped past four sessions losing streak. The Nifty gained 10 points to settle the session at 18125. The market breadth remained negative with A/D ratio of 1:3 as broader market underperformed. Sectorally, financials outshone while IT, auto underperformed.
· The Nifty started the week on a positive note and underwent profit booking. However, buying demand in the vicinity of psychological mark of 18000 helped index to recoup most of intraday losses. As a result, daily price action resembles a hammer like candle, indicating supportive efforts emerged around 20 days EMA. Meanwhile, Nifty midcap and small cap extended corrective phase and approached their 50 days EMA
· Going ahead, follow through strength with a close above previous session high (18240) would confirm the pause in ongoing corrective phase and lead to a base formation in coming sessions, else prolonged consolidation amid stock specific action. Key point to highlight since May 2020 is that, on eight out of ten occasions supportive efforts emerged in the vicinity of 20 days EMA, highlighting elevated buying demand. Also, the index has not corrected for more than 3-4% since April 2021. In current scenario, past four sessions 3% decline hauled index near 20 days EMA, indicating limited downside. We expect index to maintain the same rhythm.
Thus, any dip from here on towards 17800 should be capitalised on to accumulate quality stocks amid progression of Q2FY22 result season.
26 Oct 2021, 09:21:43 AM IST
Sensex stocks in opening deals
26 Oct 2021, 09:18:29 AM IST
Markets in opening deals
26 Oct 2021, 09:06:24 AM IST
Nifty in pre-open trade
26 Oct 2021, 09:05:40 AM IST
Market trend in pre-open trade
26 Oct 2021, 08:45:53 AM IST
Market view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
On Monday, the global set up was good and in fact we over surpassed SGX Nifty by kick-starting the week well above the 18200 mark. However, Nifty immediately erased all gains in the following ticks and due to aggravated selling in few heavyweights, we slid below the psychological level of 18000 in the opening hour itself. Things did not look good at one point but fortunately the oversold market started rebounding from lower levels to again reclaim the opening levels. During the second half, index remained in a small range to conclude the session on a flat note.
The banking space continues to outperform and today one of the giants ICICI BANK led from the front by clocking whopping single day gains over 10%. Honestly, if banking space had not provided such solid helping hand in last three days, the Nifty would have been considerably lower from the current levels. But this is how index balancing is done.
Going ahead, 18000 becomes a key support now and as long as we remain above it, there is no reason to worry for. However, we do not expect Nifty to give a complete recovery from hereon. Rather, 18250-18300 are to be seen as stiff hurdles and it would be a daunting task for the bulls to overcome it. As of now, banks have managed to defend our benchmark index but it has also moved quite a lot in such a short span. So if we see any profit booking there, it may not augur well for the bulls.
Apart from this, the midcap index continues to sulk and for the fifth straight session, we witnessed a decent correction in most of the high beta midcap counters. Considering the recent trend, we are certainly not used to such continuous correction in the broader market and hence, one needs stay light when it comes to these propositions.
26 Oct 2021, 08:31:04 AM IST
India may reach out to Asian peers for joint sourcing of oil
The government is drawing up a plan to counter the influence of the Saudi Arabia-led cartel on global crude oil supplies and pricing as petrol and diesel prices hit an all-time high in India.
The plan seeks to coordinate crude oil sourcing by state-run and private refiners before roping in other major Asian oil importers such as Japan and South Korea, said two government officials, seeking anonymity.
“After bringing public and private sector refiners together, we also plan to speak to major Asian energy buyers," said one of the two officials.
An earlier attempt to form a buyers’ collective between China and India, the world’s second- and third-largest oil importers, had failed to gain traction following border clashes between the two Asian neighbours last year. (Read here)
26 Oct 2021, 08:29:41 AM IST
Solar power tariffs may touch ₹2.7 a unit: Crisil
India’s solar power tariffs are expected to touch ₹2.6-2.7 per unit due to the increase in the goods and services tax (GST) on renewable energy equipment and a proposed customs duty on imported solar modules, according to Crisil Ratings.
A higher GST is being levied on cells, modules and inverters from 1 October after the 45th GST council meeting held on 17 September recommended increasing the GST on ‘Specified Renewable Energy Devices and parts’ from 5% to 12%.
This comes in the backdrop of solar tariffs firming up in the recent auctions rounds as compared to a record low of ₹1.99 per unit in December 2020. India’s solar tariffs are on an upswing due to factors such as higher commodity prices and a 40% basic customs duty on solar modules and 25% on solar cells to be imposed from April 2022.
26 Oct 2021, 08:21:11 AM IST
Oil takes breather after latest charge amid tight market
Oil prices edged lower on Tuesday, taking a breather from a sustained rally driven by strong demand in the United States, the world's biggest consumer of oil and its products.
Brent crude was down 20 cents or 0.2% at $85.79 a barrel in Asian trade, after gaining 0.5% on Monday. U.S. oil was down 21 cents or 0.3% at $83.55 a barrel, having finished unchanged the previous session after testing new highs.
Trends on SGX Nifty futures indicate a positive opening for the Indian benchmark. Futures traded at 18,221.80, up 0.4%.
26 Oct 2021, 07:14:08 AM IST
Asian stocks higher tracking record Wall Street close
Asian equity markets were higher in early deals on Tuesday after a record S&P 500 close, as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment even as the debate over inflation risks intensified.
Equities were up in Japan, Australia and South Korea. U.S. futures advanced, with Nasdaq 100 contracts outperforming. The tech-heavy gauge led U.S. gains overnight amid a Tesla Inc. rally to a $1 trillion market value. Facebook Inc. was higher in late trading on strong user growth and a pledge to buy back as much as $50 billion more in stock.
S&P 500 futures climbed 0.2%, while the S&P 500 rose 0.5%. Nasdaq 100 futures rose 0.4%.
Japan’s Topix index rose 1%, Australia’s S&P/ASX 200 Index advanced 0.3%, South Korea’s Kospi index gained 0.5%. Hang Seng Index futures rose 0.1%.
Major Wall Street benchmarks hit fresh records on Monday, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.
A large proportion of S&P 500 companies are due to report results this week, including technology heavyweights Facebook, Apple Inc, Amazon, Microsoft, and Alphabet, which have been the drivers of the market rally this year.
The Dow Jones Industrials and S&P 500 closed at record highs on Monday as traders looked ahead to earnings reports.
The Dow Jones Industrial Average rose 0.18% to 35,741.15, the S&P 500 gained 0.47% to 4,566.48 and the Nasdaq Composite added 0.9, to 15,226.71.
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