Indian markets seen under pressure; aviation shares, AstraZeneca in focus2 min read . Updated: 09 Sep 2020, 08:35 AM IST
- AMFI will release monthly flows data for August later today. Equity schemes are likely have seen an outflow last month as domestic institutional investors sold ₹11,727.66 crore in the month, the highest since March 2019
MUMBAI: Indian markets will likely trade with losses on Wednesday, in line with weakness in global peers. SGX Nifty futures were down 50 points at 11,263 in early deals on Wednesday, indicating a negative opening for indices in India.
On Tuesday, the BSE Sensex ended at 38,365.35, losing 51.88 points or 0.14%. The 50-share index Nifty closed at 11,317.35 shedding 37.70 points or 0.33%.
Asian stocks were under pressure on Wednesday after Wall Street sank for the third consecutive day led by declines in heavyweight technology stocks, and oil prices hit lows not seen since June.
Escalating concerns over Britain leaving the European Union without a trade deal added to the downdraft facing Asian markets.
Back home, lenders to Reliance Communications Ltd (RCom) and Reliance Telecom Ltd (RTL) on Tuesday informed the Mumbai bench of the National Company Law Tribunal (NCLT) that they will move the Supreme Court for clarity on sale of spectrum.
The Cabinet Committee on Economic Affairs (CCEA) on Tuesday gave its approval to plans to monetize state-run Power Grid Corp. of India Ltd’s (PGCIL) transmission projects that were won through a bidding process.
Indian airlines may not rush to utilize up to 60% of their capacity as allowed by the government as customer bookings continue to remain subdued despite a rebound since May, said airline officials.
Late-stage studies of AstraZeneca’s covid-19 vaccine candidate are on temporary hold while the company investigates whether a recipient’s “potentially unexplained" illness is a side effect of the shot.
Association of Mutual Funds in India will release monthly flows data for August later today. In August, equity schemes likely witnessed an outflow as domestic institutional investors sold ₹11,727.66 crore in the month, the highest since March 2019.
India's equity mutual fund schemes saw a net outflow in July amounting to ₹2,480.35 crore, a first in over four years, as redemption pressure deepened while contribution from systematic investment plan (SIP) continued to dwindle.
The safe-haven US dollar rose on Tuesday to a four-week high, led by gains versus sterling on renewed fears about Brexit and as investors' appetite for risk fell with Wall Street's sell-off.
The dollar index rose 0.527%.
Oil futures sunk sharply lower on Tuesday, with Brent falling below $40 a barrel for the first time since June and US crude declining nearly 8%, in part because of rising covid-19 cases in some parts of the world. US crude recently fell 0.95% to $36.41 per barrel and Brent was flat on the day.
Reuters contributed to the story.