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Photo: Mint
Photo: Mint

Indian stocks seen rangebound; Yes Bank in focus

  • Asian stocks were marginally lower in the early trade, as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery
  • US stocks fell on Tuesday, halting a five-day winning streak by the benchmark S&P 500 index

Indian markets are likely to be rangebound on Wednesday tracking mixed cues from global peers. SGX Nifty, up 0.5%, suggests a flat opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 36,674.52, up 187.24 points or 0.51%, while the Nifty closed at 10,799.65, up 36 points or 0.33%.

Asian stocks were marginally lower in the early trade, as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery, leading some investors to cash in on recent gains ahead of earnings season.

US stocks fell on Tuesday, halting a five-day winning streak by the benchmark S&P 500 index, its longest this year, which had been driven by better-than-expected economic data.

MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.78% lower. The Dow Jones Industrial Average fell 1.51%, the S&P 500 lost 1.08%, and the Nasdaq Composite dropped 0.86%.

Private sector lender Yes Bank on Tuesday said its board has approved raising of capital through a follow-on public offer (FPO).

Retail sales dropped sharply in June with retailers in malls reporting a 77% year-on-year dip in business in the last 15 days of June and those in high streets seeing business decline by 62% in the same period, as per the findings of a survey by the Retailers Association of India (RAI), conducted with over 100 large and small retailers, between 15 June and 30 June.

Edelweiss Financial Services Ltd said its non-bank subsidiary ECL Finance Ltd will sell its wholesale loan book within two years to focus solely on retail lending. Edelweiss will, however, continue to extend wholesale loans through its separate asset management company (AMC).

India’s markets regulator is considering opening up real estate investment trusts (REITs) to small investors by gradually lowering the minimum trading lot size of REIT units from 50,000 to the value of just a single unit, much like how stocks are traded.

Concern over the rise in new coronavirus cases helped lift safe-haven assets, including the US dollar, which was 0.15% higher at 96.889, against a basket of currencies.

The benchmark 10-year US10YT yield was down at 0.6397%, from 0.648% late on Monday.

Spot gold jumped 0.7% to $1,796.08 per ounce.

(Reuters contributed to the story)

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