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Sensex closes 135 pts lower, Nifty at 15,709; Maruti Q1 results below estimates

Market closing: Indian indices closed over 0.24% lower on Wednesday. (REUTERS)Premium
Market closing: Indian indices closed over 0.24% lower on Wednesday. (REUTERS)

  • Market closing: The Sensex closed at 52,443.71, down 135.05 points or 0.26%, while the Nifty was at 15,709.40, down 37.05 points, or 0.24%. IT, metals were top gainers. Auto, PSU banks, and realty were top drags.

Sensex, Nifty shed over 0.24% on Wednesday. Maruti Suzuki's Q1 results were below street expectations. A retreat in China's stock rout led to a recovery in Asian stocks. All eyes will be on the result of the US Fed meeting that concludes later today.

28 Jul 2021, 03:57:52 PM IST

Rupee recovers 9 paise to close at 74.38, snaps 2-day losing run

The rupee recovered by 9 paise to close at 74.38 (provisional) against the US currency on Wednesday, snapping it two-day losing run ahead of the US Fed policy decision. Forex traders said the rupee is trading in a narrow range ahead of the monthly expiry and the US Fed's policy decision. At the interbank foreign exchange market, the local unit opened at 74.44 against the dollar and witnessed an intra-day high of 74.31 and a low of 74.49 during the session. The local unit finally ended at 74.38, higher by 9 paise over its last close. On Tuesday, the rupee had settled at 74.47 against the US dollar. (PTI)

28 Jul 2021, 03:55:55 PM IST

Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"The markets slipped below the crucial 15,600 level but was swift to recover from there and managed to close above 15,700. This is an indication that the market is still range bound and is continuing to trade within the 15,400-15,900 band. Until we do not get past either levels convincingly, the index will not see a significant move in either direction."

28 Jul 2021, 03:45:26 PM IST

Market opening

The Sensex closed at 52,443.71, down 135.05 points or 0.26%, while the Nifty was at 15,709.40, down 37.05 points, or 0.24%. IT, metals were top gainers. Auto, PSU banks, and realty were top drags. On the 30-share Sensex, Bharti Airtel, Tata Steel, IndusInd Bank, and 10 other stocks closed in green, while Kotak Mahindra Bank, Dr Reddy’s Labs, M&M, and 14 other stocks closed in red.

Sensex at close
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Sensex at close
28 Jul 2021, 03:30:30 PM IST

Maruti Suzuki Q1 disappoints

Maruti Suzuki India reported Q1 consolidated net profit of 4.75 billion compared to a loss of 2.67 billion a year ago. The carmaker’s Q1 ebitda stood at 8.5 billion compared to 20.5 billion in the previous quarter.

28 Jul 2021, 03:24:58 PM IST

Sebi to introduce new identity for Indian companies

In a bid to enable companies, especially startups, without promoters to get listed on stock exchanges for accessing public capital, Sebi is planning to introduce a new concept of "controlling shareholders-driven companies" in place of "promoter-driven" companies. Sebi chairman Ajay Tyagi said this while addressing a capital market summit organized by industry body Ficci on Wednesday. (Read here)

28 Jul 2021, 03:09:34 PM IST

Central Bank of India trades lower

Central Bank of India's stock was trading at 24.60 each, down 0.81% at 3:09 pm. The bank reported Q1 net profit of 2 billion compared to 1.35 billion a year ago. The lender’s gross NPA was at 15.92% compared to 16.55% in the previous quarter. The bank’s Q1 net NPAs were at 5.09% compared to 5.77% in the previous quarter.

28 Jul 2021, 03:04:43 PM IST

Welspun India gains

Welspun India reported Q1 consolidated net profit of 2.18 billion compared to 491 million a year ago, compared to the Q1 estimate of 1.2 billion. The company’s Q1 ebitda was 4.8 billion compared to 2.6 billion a year ago. The company’s Q1 ebitda margin was at 22.6% compared to 22.1% a year ago.

28 Jul 2021, 02:50:14 PM IST

80 MT cement capacity addition in next 3 yrs, a 10 yr high: Crisil

Buoyed by a healthy growth outlook, the cement industry is pressing the pedal on capacity additions, with 80 million tonnes (MT) expected over the next three years through fiscal 2024, a quarter more than that seen during the last three fiscal (64 MT. This will also be the highest capacity addition seen in any block of three consecutive years, during the last 10 year period, said Crisil Research in a note. (Read here)

28 Jul 2021, 02:36:45 PM IST

Bharti Airtel commentary: Amarjeet Maurya - AVP - Mid Caps, Angel Broking

Today Bharti Airtel Ltd (BAL) stock is up ~5%. BAL is getting positive momentum in stock due to the company increasing tariffs rate for the postpaid subscriber. The company is increasing tariffs rate for the enterprise segment ( which account for around 60% of the company’s postpaid users) which would boost overall average ARPU for BAL. Going forward, we expect BAL to report healthy top-line & Bottom-line growth on the back of a strong brand, growth in customer additions, and improvement in ARPU. Hence, we are positive on stock.

28 Jul 2021, 02:21:04 PM IST

HDFC twins, RIL top drags

Index contribution
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Index contribution
28 Jul 2021, 02:17:29 PM IST

AAI spent ₹17,784 cr in last 5 yrs to renovate or build airports: Govt

The Airports Authority of India (AAI) has spent approximately 17,784 crore during the last five years in renovating or building airports across the country, Minister of State for Civil Aviation V K Singh said on Wednesday. In a written reply to a question in Rajya Sabha, Singh also said that the central government has accorded in-principle approval to two greenfield airports -- Jewar in Uttar Pradesh and Hollongi in Arunachal Pradesh -- during the last three years. (PTI)

28 Jul 2021, 02:06:02 PM IST

Droom closes pre-IPO growth funding round one at $1.2 bn valuation

Droom, an online automobile marketplace, has closed the first leg of its pre-IPO growth funding round of up to $200 million at a valuation of $1.2 billion, it said on Wednesday. In addition to participation by several existing investors, new investors including 57 Stars and Seven Train Ventures participated in the first closing of the round, the company said in a statement. The company also said that it is pursuing a dual-track for a possible IPO and aims to be listed either on Nasdaq or in India in 2022. (Read here)

28 Jul 2021, 01:51:18 PM IST

Sanofi India sells nutraceuticals biz to Kedaara-Universal Medicare for ₹587 cr

Sanofi India Ltd on Wednesday said its board has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt. Ltd for 587 crore. The move will help Sanofi India focus strongly on its growth pillars while allowing the nutraceuticals business to have more opportunities for expansion in an organisation where it will have a better strategic fit. (Read here)

28 Jul 2021, 01:33:10 PM IST

Banks, financials drag

Nifty sectoral indices
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Nifty sectoral indices
28 Jul 2021, 01:30:27 PM IST

M&M to adopt 58 MWp captive solar plant in Maharashtra

Homegrown auto major Mahindra & Mahindra (M&M) on Wednesday said it is adopting a 58 MWp captive solar plant that is expected to generate about 100 million units of power annually beginning 2022. The project will quadruple M&M's renewable power share from 12% to 56% across its facilities in Maharashtra, including Mumbai, Nashik, Pune, Igatpuri and Nagpur, the company said in a statement. The solar plant, located at Parbhani district in the Marathwada region of Maharashtra, will be built, owned, and operated for a period of 25 years by ReNew Sunlight Energy Pvt Ltd, which is a 100% subsidiary of ReNew Power Pvt Ltd, it added.

28 Jul 2021, 01:14:40 PM IST

Tata Motors car prices to be increased again. Check details

Tata Motors sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. After Maruti Suzuki, Tata Motors is looking to again increase the prices of its entire range of passenger vehicles from next week as it aims to offset the steep rise in procurement cost of essential materials, according newswires. The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. (Read here)

28 Jul 2021, 01:03:09 PM IST

IndusInd Bank Q1 commentary: Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd

"IndusInd Bank reported a 8.0% year-on-year (y-o-y) increase in net interest income to 3,564 crore while NIMs for the quarter contracted by 22bps y-o-y to 4.06% due to interest reversals. Other income for the quarter was up by 18% y-o-y at 1788 crore. Total income was up by 11% y-o-y to 5,352 crore while operating expenses were up by 14% y-o-y to 2,167 crore. Pre provisioning profits for the quarter was up by 9% y-o-y to 3,185 crore while provisions for the quarter were down by 18% y-o-y and 1% quarter-on-quarter (q-o-q) to 1,844 crore. As a result the bank reported a profit of Rs. 1016 crore up by 99% y-o-y and 10% q-o-q.

NII growth was driven by advances growth of 6%y-o-y though they were down by 1% q-o-q, while deposits registered a growth of 26% y-o-y. Asset quality deteriorated marginally with GNPA and NNPA increasing to 2.88% and 0.88% of advances as compared to 2.67% and 0.69% of advances in Q4FY21. Overall IndusInd posted a good set of numbers in the backdrop of the second Covid wave especially on the asset quality front which held up relatively well. We expect that the worst of the Covid impact is over for the bank and we expect the bank to start reporting sequential growth in advances and NIIs from Q2FY22 along with lower credit costs thus driving earnings growth. Post the Q4FY22 results we have a positive outlook on the bank.'

28 Jul 2021, 12:53:44 PM IST

IDBI Bank gains

IDBI Bank's stock was at 38.15 each, up 0.39% at 12:53 pm. The company has reported Q1 net profit of 6 billion, compared to 1.44 billion a year ago. Net NPAs were at 1.67% compared to 1.97% earlier.

28 Jul 2021, 12:39:39 PM IST

Dalmia Bharat Q1 commentary: Milan Desai, lead equity analyst, Angel Broking

"Dalmia Bharat Q1FY22 numbers were below estimates on the volume front but better than expected realizations aided operational profitability. The volumes grew by 33% year-on-year (y-o-y) to 4.89 Mnt but were down ~24% quarter-on-quarter (q-o-q) which is slightly below expectations. Blended realizations were up 2% y-o-y and 8% q-o-q which is ahead of expectations. Cement companies have been taking price hikes, especially in South and East regions, which have helped in absorbing the sharp increase in energy cost. Energy cost jumped from 686/tonne in Q1FY21 and 875/tonne in Q4FY21 to 1,057/tonne in Q1FY22. ebitda/tonne at 1432/tonne came in ahead of expectations, up from 1,200/tonne in Q4FY21 and 1,680/tonne in Q1FY21. Given the higher impact on demand in southern states, we believe that these results are reasonable. We remain positive on the stock considering and maintain our buy rating."

28 Jul 2021, 12:15:05 PM IST

Small business loan disbursals rise 40% in FY21: Sidbi-TransUnion Cibil report

Lenders have disbursed loans worth 9.5 trillion to micro, small and medium enterprises (MSMEs) in FY21, 40% higher than 6.8 trillion in the previous year, showed findings from the latest edition of the Sidbi - TransUnion Cibil MSME Pulse Report. The report said that government interventions like Emergency Credit Line Guarantee Scheme (ECLGS) was a major factor in driving this significant surge in credit disbursement to MSMEs. (Read here)

28 Jul 2021, 12:12:23 PM IST

Sebi: More IPOs seen to help investors exit than to raise funds

28 Jul 2021, 12:12:02 PM IST

Sebi: Seeing more cases of wildly held cos

28 Jul 2021, 12:11:47 PM IST

Sensex heatmap

Bharti Airtel top gainer
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Bharti Airtel top gainer
28 Jul 2021, 12:10:11 PM IST

Sebi working with tech sector on ease of IPOs; new ech issues not on IGPs: Ajay Tyagi

28 Jul 2021, 12:08:46 PM IST

Data capabilities enhanced; new data centre in operation; surveillance dept utilising these capacities: Sebi chief

28 Jul 2021, 12:07:52 PM IST

Sebi supports development of debt market along the same lines as equity markets: Ajay Tyagi

28 Jul 2021, 12:07:03 PM IST

Sebi asks corporates to ensure greater transparency

Sebi chairman Ajay Tyagi has pulled up the corporate sector to ensure more than bare minimum compliance with respect to transparency, during a Ficci event.

28 Jul 2021, 12:04:46 PM IST

Bharti Airtel revises prepaid plans

-Discontinue 49 recharge

-Minimum recharge now at 79

28 Jul 2021, 12:03:28 PM IST

India-focused messaging startup Gupshup raises $240 mn for share buy-back

Gupshup, a Silicon Valley messaging startup with a focus on India, on Wednesday said it raised $240 million from Tiger Global Management and others to buy back shares ahead of a possible IPO next year. While venture capital investments are traditionally used for hiring more engineers or expanding sales and marketing, buy-back deals allow investors in a startup to realize their investment before an IPO. A flood of funds at a time when startups stay private for much longer has led to more buy-back deals on the private market, said Ed Zimmerman, a lawyer at Lowenstein Sandler who teaches venture capital at Columbia University's business school, referring to the market in general. (Reuters)

28 Jul 2021, 12:03:28 PM IST

Crude oil commentary: rathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

"On Tuesday, WTI Crude ended lower by 0.36% to close at $71.7 per barrel despite of a weaker Dollar as worries over wide spread of the covid-19 Delta variant continued to cloud the demand outlook for the global oil market.

However, markets expect the global economic growth to sustain in the coming months which limited the fall in oil prices. Even the Organization of Petroleum Exporting Countries and their allies, also known as Opec+ have announced to increase crude supply by 400,000 barrels per day from August to December in order to meet the rising global crude demand in the months ahead. Bets on decrease in the US Crude inventories and expectation of increase in global oil demand might levy some support for oil prices. Officials US crude inventory data will be published later in day."

28 Jul 2021, 11:56:24 AM IST

SJS Enterprises files DRHP to raise ₹800 cr via IPO

SJS Enterprises Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India to raise 800 crore via initial public offering.

The IPO consists of a pure offer for sale of 688 crore by Evergraph Holdings Pte Ltd and 112 crore by KA Joseph. Currently, Evergraph Holdings and KA Joseph hold 77.86% and 20.74% stake in the company, respectively. (Read here)

28 Jul 2021, 11:40:00 AM IST

Bajaj Finserv surpasses Axis Bank in mcap ranking

Bajaj Finserv Ltd now has higher market capitalisaion than Axis Bank Ltd following a surge in its share price which hit a fresh record high on Wednesday.

At 10.50 am, shares of Bajaj Finserv hit a fresh record high of 13,974 with market cap stood at 2.21 trillion which was more than that of Axis Bank's 2.19 trillion mcap. So far this year, Bajaj Finserv has outperformed the market by gaining 56% as compared to 9% rise in the benchmark Sensex. Axis Bank rose 15% in this period.

28 Jul 2021, 11:19:41 AM IST

IndiGo’s net worth negative after Q1, but sentiments for the stock nosedive only a bit

InterGlobe Aviation Ltd’s shares flew southwards on Wednesday on the National Stock Exchange. In early deals, the stock was more than 4% down.

This was after the firm that runs India’s largest airline, IndiGo, saw June quarter (Q1FY22) losses widen sharply, coming in worse than forecasted. Standalone net loss stood at 3,180 crore, roughly 1,000 crore higher than Ambit Capital Pvt. Ltd’s estimates. With this, the airline’s net worth has now turned negative. At the end of financial year 2021 (FY21), IndiGo’s net worth stood at 71 crore, dropping meaningfully from 5,860 crore a year ago.

28 Jul 2021, 11:05:37 AM IST

Govt plans to amend to DIGCA, GIBNA: report

*DIGC stands for Deposit Insurance and Credit Guarantee Corporation

*GIBNA stands for General Insurance Business (Nationalisation) Act

28 Jul 2021, 10:40:42 AM IST

All sectors in red

Nifty sectoral indices
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Nifty sectoral indices
28 Jul 2021, 10:26:50 AM IST

IndusInd Bank gains

IndusInd Bank's stock was trading at 988.15 each, up 1.28% at 10:26 am. The lender on Tuesday reported a consolidated net profit of 1,061 crore, showing a rise of 99.2% year-on-year for the quarter ended 30 June, 2021. The lender had posted a net profit of 510 crore in the year-ago period. The bank's net interest income (NII) also rose 8% year-on-year to 3,563.7 crore from 3,309 crore in Q1FY21, IndusInd Bank said in a regulatory filing.

28 Jul 2021, 10:24:37 AM IST

Apple reports strong growth in India for the fourth straight quarter

American technology giant Apple has reported strong growth in India for the fourth consecutive quarter. “Today, Apple is reporting a very strong quarter with double digit revenue growth across our product and services categories and in every geographic segment. We set a new June quarter revenue record of $81.4 billion, up 36% from last year, and the vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America and Vietnam," Tim Cook, chief executive officer of Apple, said during the company’s Q2, 2021 earnings call last night.

28 Jul 2021, 10:22:28 AM IST

Dabur leads gains

Nifty FMCG index
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Nifty FMCG index
28 Jul 2021, 10:18:00 AM IST

Ramco Cements stock under pressure after Q1 volumes disappoint

Ramco Cements Ltd reported a higher-than-anticipated fall in sales volumes in the June quarter. On a year-on-year (y-o-y) basis, volumes fell around 11% due to the prolonged lockdowns in its key markets of Tamil Nadu, Kerala and Karnataka. On a sequential basis, the impact on volumes was more pronounced with a 33% decline. However, the sharp increase in realisations due to the pricing discipline in the region, compensated for lower volumes. On a sequential basis, realisations grew 13% to 5,739 per tonne. (Read here)

28 Jul 2021, 10:13:25 AM IST

Dr. Reddy's Laboratories trades lower

Dr. Reddy's Laboratories' stock was trading at 4,755.50 each, down 1.83% at 10:11 am. The company expects the locally manufactured Russia’s covid-19 vaccine Sputnik V to be available from September-October period, M V Ramana, chief executive officer of branded markets (India and emerging markets) said. The sudden spike of covid-19 cases in Russia has delayed the arrival of Sputnik V doses is getting delayed and the situation may ease by August end, Ramana said.

28 Jul 2021, 10:10:34 AM IST

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"The index is nearing its short term support of 15,600. If it breaks this on a closing basis, the next pit stop would be 15,400 which is a crucial medium term support. If we break that as well, we might witness a pause to the current uptrend. Traders would then need to re-evaluate the bullish trend of this market. If either of the two levels do not break, we will remain range bound between 15,400 and 15,900."

28 Jul 2021, 09:55:03 AM IST

Sugar stocks under pressure

Shree Renuka, Bajaj Hindusthan Sugar top drags
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Shree Renuka, Bajaj Hindusthan Sugar top drags
28 Jul 2021, 09:38:04 AM IST

Pharma stocks top drags

Nifty top losers
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Nifty top losers
28 Jul 2021, 09:30:51 AM IST

India reports 43,654 fresh covid cases, 41,678 recoveries

28 Jul 2021, 09:26:17 AM IST

HDFC twins, RIL top drags

Index contribution
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Index contribution
28 Jul 2021, 09:25:20 AM IST

Sensex heatmap

Sensex sheds early gains
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Sensex sheds early gains
28 Jul 2021, 09:22:10 AM IST

Pharma, financials top drags

Nifty sectoral indices
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Nifty sectoral indices
28 Jul 2021, 09:10:47 AM IST

Market pre opening

At market pre-opening, the Sensex was at 52,662.64, up 83.88 points, or 0.16%, while Nifty was at 15,746.45, down 78.00, or 0.49%.

Sensex pre-opening
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Sensex pre-opening
28 Jul 2021, 09:08:06 AM IST

Apple sales top estimates on demand for 5G iPhones

Apple Inc. reported record third-quarter revenue on demand for iPhones, iPads and services, bolstered by retail stores reopening globally and consumers embracing new 5G networks. Sales grew 36% to $81.4 billion from a year earlier, the tech giant said on Tuesday. Analysts were expecting revenue of $73.8 billion. The iPhone, Apple’s core product, generated $39.6 billion, beating projections of $34.6 billion. The third quarter is typically one of Apple’s slowest periods—with consumers holding out for new phone launches around September—but the 5G iPhone 12 appears to have helped the company buck that trend. (Bloomberg)

28 Jul 2021, 09:00:44 AM IST

Bitcoin, ether, dogecoin prices surge today. Check latest crypto rates

Cryptocurrency prices today gained with Bitcoin surging over 8% to $39,937, CoinDesk data showed. Bitcoin prices have been gaining in the past few sessions amid speculation that Amazon may be entering the cryptocurrency sector and after comments from Ark Investment Management LLC’s Cathie Wood and Tesla chief executive Elon Musk helped boost its momentum. Ether gained nearly 7% to $2,309 whereas Dogecoin jumped nearly 5% to $0.20. Other digital tokens like XRP, Cardano, Uniswap, Stellar, Litecoin also surged more than 4% over the last 24 hours. Both Bitcoin and Ethereum have rallied in the past week after sinking in May on worries about Bitcoin’s environmental impact and a regulatory crackdown in China. (Read here)

28 Jul 2021, 08:42:12 AM IST

Alphabet beats analysts’ estimates on rebound of digital ads

Google parent Alphabet Inc. reported quarterly sales that topped Wall Street estimates, driven by robust digital ad spending from marketers eager to get consumers buying again during an uneven pandemic reopening. Second-quarter revenue, excluding payments to distribution partners, was about $51 billion, the Mountain View, California-based company said Tuesday in a statement. Analysts projected $46.1 billion, according to data compiled by Bloomberg. Profit was $27.26 a share, topping the average estimate of $19.35.

28 Jul 2021, 08:33:55 AM IST

Banks flag that shadow banks are rigging ratings using this instrument

Banks have cautioned rating agencies about some non-bank lenders seeking credit lines that they don’t plan to use to hide the true picture of their liquidity position, two executives familiar with such instances said. Rating companies consider the size of a company’s unutilized credit limit as one of the attributes to determine its rating. A higher rating helps companies raise money at a cheaper rate because they are considered less risky. (Read here)

28 Jul 2021, 08:21:28 AM IST

Market outlook

Markets are likely to remain volatile on Wednesday ahead of the US Federal Reserve meet. Trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 52,578.76, down 273.51 points or 0.52%. The Nifty closed at 15,746.45, down 78 points or 0.49%. (Read here)

28 Jul 2021, 08:16:31 AM IST

Coforge Q1 results below street expectations

Coforge reports Q1 net profit of 123.6 crore, while ebit was at 159 crore. Revenues were at 1,461.6 crore.

28 Jul 2021, 08:02:38 AM IST

Rolex Rings IPO opens today: Should you subscribe?

Rolex Rings Limited 731 crore initial public offer (IPO) will open for subscription today and will close on Friday i.e., July 30. The price band for the initial share sale is fixed at 880-900 per share. The issue will comprise a fresh issue of 56 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC). (Read here)

28 Jul 2021, 07:53:48 AM IST

BSES will become one of 'greenest' discoms in country by 2024: Experts

Reliance Infrastructure-led BSES is slated to become one of the "greenest" power distribution companies in the country by increasing the share of renewable energy in its portfolio to over 50% by 2024, power sector experts said on Tuesday. According to estimates, 3,300 MW of power portfolio of BSES discoms—BRPL and BUPL—is to become green by 2024. It will reduce around 7 million tonnes of carbon dioxide annually, they said. Recently, BSES signed agreements with Solar Energy Corporation of India (SECI) to procure 510 MW of solar and hybrid power.

28 Jul 2021, 07:42:22 AM IST

Asian stocks track fall in Wall Street indices

Asian stocks followed Wall Street lower Wednesday as a rout in China spurs caution and US megacap technology earnings receive a mixed response. Treasuries held a climb and a gauge of the dollar was steady. Chinese equities fell further, and modest gains in Hong Kong provided little succor after this week’s plunge on a regulatory crackdown that’s stirred questions about how far Beijing will go to curb big companies. The Nasdaq Golden Dragon China Index—which tracks 98 of China’s biggest firms listed in the US—has suffered a record drop. The offshore yuan pared a slide. US contracts fluctuated following the tech-heavy Nasdaq 100’s biggest decline in more than two months as major American equity indexes fell.

S&P 500 futures were flat as of 10:55 a.m. in Tokyo. The S&P 500 fell 0.5%

Nasdaq 100 futures fell 0.1%. The Nasdaq 100 fell 1.1%

Japan’s Topix index fell 0.7%

Australia’s S&P/ASX 200 lost 0.5%

South Korea’s Kospi index rose 0.1%

Hong Kong’s Hang Seng index rose 0.7%

China’s Shanghai Composite index fell 0.9%

SGX Nifty was up 0.19%

28 Jul 2021, 07:32:44 AM IST

US markets pulled down by tech earnings

US equities ended a five-day winning streak as megacap technology stocks including Apple Inc. and Microsoft Corp. tumbled ahead of their earnings reports. The tech-heavy Nasdaq 100 posted its biggest drop in more than two months as all three of the major American equity indexes fell from all-time highs. The Hang Seng Index sank the most since May 2020 as speculation swirled that U.S. funds are offloading China and Hong Kong assets.

Shares of Amazon.com Inc. and Facebook Inc., which are set to report earnings later this week, also tumbled. Nine of the 10 stocks in the NYSE FANG+ index, which includes the biggest U.S.-based tech companies as well as China’s Baidu Inc. and Alibaba Group Holding Ltd., ended the session lower.

The S&P 500 fell 0.5% as of 4 pm New York time

The Nasdaq 100 fell 1.1%

The Dow Jones Industrial Average fell 0.2%

The MSCI World index fell 0.6%

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