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Business News/ Markets / Stock Markets/  Markets likely to be cautious; Bharti Airtel, auto and sugar stocks in focus
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Markets likely to be cautious; Bharti Airtel, auto and sugar stocks in focus

The government on Wednesday set a price of ₹290 a quintal for sugarcane purchased by mills for the 2021-22 season that runs from October to next September, up from ₹285 a quintal in the previous season.

On Wednesday, the Sensex ended at 55,944.21, down 14.77 points or 0.03% and the Nifty closed at record high, ending at 16,634.65, up 10.05 points or 0.06%. (Reuters) (REUTERS)Premium
On Wednesday, the Sensex ended at 55,944.21, down 14.77 points or 0.03% and the Nifty closed at record high, ending at 16,634.65, up 10.05 points or 0.06%. (Reuters) (REUTERS)

MUMBAI: Markets are likely to be cautious on Thursday while trends in SGX Nifty indicate a soft opening of Indian benchmark indices. On Wednesday, the Sensex ended at 55,944.21, down 14.77 points or 0.03% and the Nifty closed at record high, ending at 16,634.65, up 10.05 points or 0.06%.

Asian stocks wavered Thursday as traders await more clues about the regulatory outlook in China as well as the Federal Reserve’s approach to paring stimulus. A gauge of the dollar was firm.

Equities in Japan, Hong Kong and China fluctuated. South Korean shares pared gains after the central bank raised rates, making the nation the first major Asian economy to start exiting record-low borrowing costs.

US equity futures fell after the S&P 500 and Nasdaq 100 edged up to records overnight. The 10-year U.S. Treasury yield held an advance ahead of the Jackson Hole meeting, which may offer fresh insight on how the Fed intends to scale back bond purchases.

In China, Beijing’s crackdown on private industries is colouring sentiment and hampering the outlook for the world’s second-largest economy. A rebound in Chinese technology has fizzled.

Views are split on whether Chairman Jerome Powell’s speech Friday at Jackson Hole will provide a clearer guide on when and how the Fed will scale back its emergency support. While the ongoing economic rebound and elevated inflation add to the case for starting policy normalization, the fast-spreading delta virus strain threatens a slower pace of recovery than some had expected.

Bharti Airtel Ltd on Wednesday said its board will take a call on raising funds at a meeting on 29 August. The telco did not disclose the size of the fund-raise, which comes after it raised $1.25 billion earlier this year.

Revenue Secretary Tarun Bajaj on Wednesday said that the government is open to discussing a change in Goods and Services Tax (GST) rates on automobiles amid several remarks from automakers across the country to lower taxes. The current GST rate on automobiles, including cars, motorbikes and trucks is at 28%, on top of which other taxes are imposed by states.

The government on Wednesday set a price of 290 a quintal for sugarcane purchased by mills for the 2021-22 season that runs from October to next September, up from 285 a quintal in the previous season.

Elsewhere, crude oil dipped below $68 a barrel, paring a rally this week driven by bets that demand will weather the delta virus strain’s impact on the economic recovery. Gold fell below $1,800 and Bitcoin traded around $49,000.

(Bloomberg contributed to the story)

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Published: 26 Aug 2021, 08:12 AM IST
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