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Markets likely to be volatile; ITC, Infosys, DHFL in focus

Major companies that will release March quarter earnings today are Motherson Sumi Systems, Muthoot Finance and PVR. (Reuters)Premium
Major companies that will release March quarter earnings today are Motherson Sumi Systems, Muthoot Finance and PVR. (Reuters)

  • Markets are likely to be volatile on Wednesday while trends in SGX Nifty indicate a soft opening of Indian benchmark indices. On Tuesday, the Nifty closed at 15,574.85, down 7.95 points or 0.05%. The BSE Sensex ended at 51,934.88, down 2.56 points

MUMBAI: Markets are likely to be volatile on Wednesday while trends in SGX Nifty indicate a soft opening of Indian benchmark indices. On Tuesday, the Nifty closed at 15,574.85, down 7.95 points or 0.05%. The BSE Sensex ended at 51,934.88, down 2.56 points.

Asian shares edged up to near three-month highs on Wednesday and global equities held steady near a record as data showing higher US manufacturing activity in May cheered investors looking for signs of a continued rebound in the world's largest economy.

US manufacturing activity rose in May, the Institute for Supply Management (ISM) said on Tuesday, as pent-up demand boosted orders in a reopening economy, even as unfinished work piled up because of shortages of raw materials and labour.

Investors will be watching US jobs data due Friday for clues to the Fed's plans for policy in the coming weeks and months.

Major companies that will release March quarter earnings today are Motherson Sumi Systems, Muthoot Finance and PVR.

ITC Ltd on Tuesday reported a consolidated net profit of 3,816.84 crore for the fourth quarter ended March 2021.Unlike other discretionary categories, which have reported a strong rebound, two-year average growth in cigarette volumes as well as EBIT declined by 2% each in Q4FY21.Cigarette EBIT growth has been below 10% for 25 of the last 27 quarters.

Securities and Exchanges Board of India (Sebi) on Tuesday banned Infosys's senior corporate counsel Pranshu Bhutra and Venkata Subramaniam V. V., senior principal, Corporate Accounting Group along with six other related entities from accessing capital markets until further orders for insider trading.

Dewan Housing Finance Corp. Ltd’s erstwhile promoter Kapil Wadhawan has moved the Supreme Court, challenging the stay order passed by the National Company Law Appellate Tribunal (NCLAT) on his offer to lenders, according to a Mint report.

In commodities markets, prospects for a solidifying global economic recovery from pandemic lockdowns lifted oil prices, with Brent crude trading at its highest levels since March, despite the OPEC+ alliance agreeing to hike output in July.

Brent futures rose 0.6% to $70.67 per barrel and US West Texas Intermediate crude added 0.56% to $68.10 per barrel.

The dollar remained soft after a bump from the US manufacturing data, reflecting a quickening global recovery outside the US.

The dollar index was slightly lower at 89.876, but it rose 0.11% against the yen to 109.57. The euro added 0.1% to $1.2223.

The US 10-year yield was slightly higher at 1.6181% from 1.615% on Tuesday, and the policy-sensitive two-year yield rose to 0.1505% from 0.147%.

Higher Treasury yields helped to dent gold's appeal as the precious metal slipped below a near five-month price peak hit on Tuesday. Spot gold traded at $1,899.46 per ounce.

(Reuters contributed to the story)

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