Markets likely to be volatile; Wipro, telecom shares in focus1 min read . Updated: 13 Oct 2020, 08:28 AM IST
- Asian stocks were mixed on Tuesday, while a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets
MUMBAI: Markets are likely to be volatile on Tuesday while trends in SGX Nifty indicate a negative opening of Indian benchmark indices. On Monday, the 50-share Nifty ended at 11,930.95, up 16.75 points or 0.14%. The BSE Sensex ended at 40,593.80, up 84.31 points or 0.21%. Government’s effort to stimulate consumers demand looks to be short term in nature and lacks commitment to have a sustainable growth, analysts said.
Asian stocks were mixed on Tuesday, while a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.
MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.11% higher.
Wipro will report its September quarter earnings today while the board will also announce share buyback details.
Vodafone Idea continued to report subscriber losses after losing 3.7 million subscribers in July. Bharti Airtel and Reliance Jio reported addition of 3.2 million and 3.5 million subscribers, respectively during the month. The wireless market share of Jio, Airtel and Vodafone Idea stands at 35%, 27.9% and 26.3%, respectively.
Johnson & Johnson said Monday it had temporarily halted its Covid-19 vaccine trial because one of its participants had become sick.
In currency, the yuan fell 0.8% on Monday, after the central bank cut foreign exchange forward reserve requirements that effectively lowers the cost of shorting the yuan.
Investors are also closely watching the global resurgence in coronavirus cases after British Prime Minister Boris Johnson on Monday announced a new system of restrictions on parts of England. Lawmakers will vote on the move on Tuesday.
Gold added 0.1% to $1,923.62 an ounce.
In energy markets, oil prices slipped after a force majeure at Libya's largest oilfield lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta.
Brent crude settled down $1.13, or 2.6%, to $41.72 a barrel. U.S. West Texas Intermediate CLc1 ended 2.9%, or $1.17, lower at $39.43.
(Reuters contributed to the story)