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Markets may consolidate post Fed meet; Tech Mahindra, TVS Motors in focus

On Wednesday, the BSE Sensex ended at 52,443.71, down 135.05 points or 0.26%. The Nifty closed at 15,709.40, down 37.05 points or 0.24%. (MINT)Premium
On Wednesday, the BSE Sensex ended at 52,443.71, down 135.05 points or 0.26%. The Nifty closed at 15,709.40, down 37.05 points or 0.24%. (MINT)

  • Tech Mahindra, TVS Motors Company, Colgate-Palmolive (India), Container Corporation of India, Laurus Labs, , Deepak Nitrite, Oberoi Realty, Union Bank of India, LIC Housing Finance and Ajanta Pharma are key companies which will announce June quarter earnings today.

MUMBAI: Markets are likely to consolidate on Thursday while trends in the SGX Nifty suggest a flat opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 52,443.71, down 135.05 points or 0.26%. The Nifty closed at 15,709.40, down 37.05 points or 0.24%.

Asian stocks rose Thursday on China’s efforts to soothe market nerves and the Federal Reserve’s reassurance that it’s moving very gradually toward tapering stimulus if the US makes more economic progress.

Hong Kong and Chinese shares outperformed at the open, rebounding from steep losses sparked by Beijing’s crackdown on private enterprises. MSCI Inc.’s Asia-Pacific gauge jumped about 1%. S&P 500 futures fell back after the index was little changed overnight, while Nasdaq 100 futures dipped as Facebook Inc. fell in extended trading on a cautious outlook.

Treasury yields and the dollar were steady in the wake of the Fed meeting. Officials discussed how to go about scaling back bond buying when the time comes, but no decision on timing has been made. Chair Jerome Powell said there was still some way to go to meet the conditions for tapering.

The Fed reiterated that a recent surge in inflation is likely transitory and linked to the economic reopening from the pandemic. The central bank’s $120 billion in monthly bond purchases, along with robust corporate earnings, have supported market sentiment. Risks remain from the spread of the delta variant of covid-19 and China’s efforts to rein in its largest companies.

Meanwhile, President Joe Biden made progress on his economic agenda. A bipartisan group of senators and the White House reached a tentative agreement on a $550 billion infrastructure package.

Tech Mahindra, TVS Motors Company, Colgate-Palmolive (India), Container Corporation of India, Laurus Labs, , Deepak Nitrite, Oberoi Realty, Union Bank of India, LIC Housing Finance and Ajanta Pharma are key companies which will announce June quarter earnings today.

Hinduja group flagship firm Ashok Leyland will invest up to $200 million (nearly 1,500 crore) in its electric vehicles journey through its UK-based arm Switch Mobility in the next few years, according to company officials.

To enable companies, especially startups without promoters, to get listed on stock exchanges for accessing public capital, Sebi is planning to introduce the concept of "controlling shareholders-driven companies" in place of "promoter-driven" companies. Sebi chairman Ajay Tyagi said this while addressing a capital market summit organized by industry body Ficci on Wednesday.

In primary markets, Specialty chemical company Tatva Chintan Pharma will make stock markets debut on Thursday. The 500-crore issue was subscribed 180.36 times during 16-20 July share sale. Price band of the issue was 1,073-1,083 per share.

Elsewhere, oil held an advance as declining stockpiles of US crude, gasoline and distillate signaled healthy demand during the nation’s summer driving season.

(Bloomberg contributed to the story)

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