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Markets likely to consolidate; financial services, auto stocks in focus

On Tuesday, the BSE Sensex closed at record high with the 30-share index gaining 151.81 points or 0.28% at 54,554.66. The Nifty was up 21.85 points or 0.13% at 16,280.10. (Mint)Premium
On Tuesday, the BSE Sensex closed at record high with the 30-share index gaining 151.81 points or 0.28% at 54,554.66. The Nifty was up 21.85 points or 0.13% at 16,280.10. (Mint)

  • Some of the key earnings today are Bata India, Pidilite Industries, Cadila Healthcare, Bajaj Electricals, Cummins India, Aster DM Healthcare, CESC, Endurance Technologies and IDFC.

MUMBAI: Markets are likely to consolidate on Wednesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at record high with the 30-share index gaining 151.81 points or 0.28% at 54,554.66. The Nifty was up 21.85 points or 0.13% at 16,280.10.

Asian stocks were mixed Wednesday as investors awaited a key report on US inflation. Treasuries and the dollar were steady. Shares rose in Japan and Australia and fluctuated elsewhere. US futures were little changed. Earlier, the S&P 500 climbed to an all-time high, while the tech-heavy Nasdaq 100 declined.

Crude oil bounced back from a three-week low on bets that the global demand recovery will remain intact despite the fast-spreading delta virus variant.

Data out Wednesday are expected to show prices paid by US consumers grew in July at the slowest pace in five months, though remain elevated.

Investor focus on US price data comes as Federal Reserve officials talk up the prospects of unwinding some of the fiscal stimulus that has helped the recovery from the pandemic. Chicago Fed President Charles Evans said he expects substantial further progress later this year on the central bank’s tapering intentions.

Asia’s economies are already showing a hit from the surging delta variant of Covid-19. Hong Kong extended until March regulations that allow it to enact pandemic-related curbs such as restrictions on group gatherings and compulsory quarantine of visitors.

The delta Covid-19 variant is sweeping across the US with hospitals parceling out beds for patients, and hunting for doctors and nurses. The outbreak is also growing in China, with more than 100 symptomatic cases reported on Tuesday.

The US Senate passed a $550 billion infrastructure plan, sending the legislation to the House for a vote, though investors believe it will take years for the impact of the spending to be felt.

Some of the key earnings today are Bata India, Pidilite Industries, Cadila Healthcare, Bajaj Electricals, Cummins India, Aster DM Healthcare, CESC, Endurance Technologies and IDFC.

Some of the stressed companies that qualified for debt recast under the central bank’s resolution framework may struggle to meet the K.V. Kamath committee’s financial parameters within the extended deadline, banks with large exposures to these firms said.

The billionaire Burman family is set to pare its stake and give up control of a life insurance joint venture with UK’s Aviva Plc as part of its strategy to raise capital for the core consumer goods business, according to a Mint exclusive.

Retail sales of vehicles rose sharply in July on a sequential basis largely because of pent-up demand and greater preference for personal mobility to avoid infection and as dealerships reopened in most states.

(Bloomberg contributed to the story)

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