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Markets likely to be steady; Eicher Motors, telecom stocks in focus

On Monday, the BSE Sensex ended at 55,555.79, up 226.47 points or 0.41%. The Nifty closed at 16,496.45, up 45.95 points or 0.28%. (Reuters) (REUTERS)Premium
On Monday, the BSE Sensex ended at 55,555.79, up 226.47 points or 0.41%. The Nifty closed at 16,496.45, up 45.95 points or 0.28%. (Reuters) (REUTERS)

  • Markets are in a more optimistic mood compared with the doubts over the pace of the recovery that were prevalent last week. Traders are awaiting Jackson Hole from Thursday for clues on how and when the Federal Reserve plans to scale back stimulus.

MUMBAI: Markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 55,555.79, up 226.47 points or 0.41%. The Nifty closed at 16,496.45, up 45.95 points or 0.28%.

Asian stocks rose Tuesday after a boost to the US vaccination drive allayed some concerns over the delta strain’s economic impact, lifting Wall Street. The dollar held a drop and oil steadied after surging.

MSCI Inc.’s Asia-Pacific share gauge climbed for a second day, aided by jumps in Japan as well as Chinese technology stocks, with South Korea also advancing. Equities in China overall posted a modest gain after the central bank in a statement called for more credit support for the real economy.

US futures nudged higher after American equities extended a rebound on full approval for the Pfizer Inc.-BioNTech SE shot, which raises the prospect of more vaccine mandates to underpin economic reopening.

Commodities held a surge—including oil’s biggest jump in nine months overnight in New York—in a return of the reflation trade linked to the recovery from the pandemic. Treasuries were steady ahead of the Jackson Hole symposium.

Markets are in a more optimistic mood compared with the doubts over the pace of the recovery that were prevalent last week. Traders are awaiting Jackson Hole from Thursday for clues on how and when the Federal Reserve plans to scale back stimulus. Risks from the delta variant have raised questions about whether officials will hold off from signaling a taper timeline.

The board of directors of Eicher Motors Ltd—country’s leading manufacturer of middleweight premium motorcycles—on Monday reappointed Siddhartha Lal as the managing director of the company and the company would seek an approval from shareholders in the comings months through a postal ballot. The board though has decided to cap the compensation of Siddhartha Lal to 1.5% of the total profits to be earned by the company as opposed to its earlier proposal of 3% of the bottom-line.

State-owned Canara Bank closed its QIP, garnering a total of 2,500 crore equity capital in the issue. Last week, the bank had launched the qualified institutions placement (QIP), setting the floor price at 155.58 per equity share.

Troubled Vodafone Idea continued to lose mobile subscribers in June, ceding fresh ground to rivals Reliance Jio and Bharti Airtel which added 54.6 lakh and 38.1 lakh customers, respectively, in the fiercely-competitive Indian telecom market, according to monthly data by TRAI.

There are two stock markets listing today, Aptus Value Housing Finance and Chemplast Sanar.

The latest US data were mixed: July home sales came in higher than expected while growth at US services and factories slowed to an eight-month low. Traders are also monitoring President Joe Biden’s $4.1 trillion economic agenda, with key votes due in the House of Representatives.

Elsewhere, gold was around the highest in more than two weeks.

(Bloomberg contributed to the story)

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