Markets likely to stay weak; RIL, Future Retail, Tata group stocks in focus2 min read . Updated: 30 Oct 2020, 08:23 AM IST
- A gauge of Asian shares fell for a third straight session on Friday as jitters over upcoming US presidential elections and fears that the global economic downturn will persist enveloped markets, though the index was still set to end the month higher
Indian stocks are likely to stay weak for a third straight session on Friday tracking weak cues from Asian peers. SGX Nifty, down 0.3%, also suggests a negative start for the domestic equities.
On Thursday, the BSE Sensex ended at 39,749.85, down 172.61 points or 0.43%. The Nifty was at 11,670.80, down 58.80 points or 0.50%.
A gauge of Asian shares fell in the early trade as jitters over upcoming US presidential elections and fears that the global economic downturn will persist enveloped markets, though the index was still set to end the month higher.
Record numbers of coronavirus cases worldwide and the 3 November presidential election remained the major factors looming ahead for investors. On Wednesday, global coronavirus cases rose by over 500,000 for the first time as France and Germany prepped fresh lockdowns.
Major companies that will announce September quarter results today include Reliance Industries, Indian Oil Corporation, DLF, IndusInd Bank and Jindal Steel.
Vodafone Idea Ltd on Thursday reported a net loss of ₹7,218 crore in the September quarter. It had posted India’s largest-ever quarterly net loss of ₹50,922 crore during the same period last year. Net loss was ₹25, 460 crore in the previous quarter.
Amazon.com Inc. has written to the Securities and Exchange Board of India (Sebi) to consider the interim judgement of a Singapore arbitration court barring the Future group’s asset sale to Reliance Retail, two people aware of the matter said. The deal is yet to get approvals from various authorities, including Sebi.
Mistry family controlled Shapoorji Pallonji (SP) group, which owns 18.4% stake in Tata Sons, on Thursday filed a scheme of separation in Supreme Court proposing to swap its entire holding in the group holding company for equivalent shares in listed entities of Tata group and along with a pro-rata share of Tata brand value (adjusted for net debt against) payable by cash or listed securities. For unlisted companies of Tata group, the SP group has sought independent valuation also payable in cash and or in listed securities.
The dollar was weaker against the Japanese yen at 104.46 while the risk-sensitive Australian dollar rose 0.3% to $0.7050.
In commodities, oil picked up after hitting a five-month low on Thursday, with Brent crude futures up 9 cents at $37.74 a barrel and U.S. crude adding 11 cents at $36.28.
Gold rose, with spot prices climbing 0.2% to $1,870.9 an ounce.
(Reuters to the story)