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Markets may continue consolidation; NTPC, Infosys, Adani Ent in focus

On Monday, markets hit record high as the BSE Sensex ended at 55,582.58, up 145.29 points or 0.26%. The Nifty was at 16,563.05, up 33.95 points or 0.21%. (Mint)Premium
On Monday, markets hit record high as the BSE Sensex ended at 55,582.58, up 145.29 points or 0.26%. The Nifty was at 16,563.05, up 33.95 points or 0.21%. (Mint)

  • Adani Enterprises Ltd (AEL) on Monday said its wholly-owned subsidiary Adani Road Transport Ltd will acquire a 49% in Maharashtra Border Check Post Network Ltd, with an option to acquire additional stake subject to regulatory approval

MUMBAI: Markets are likely to consolidate on Tuesday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Monday, markets hit record high as the BSE Sensex ended at 55,582.58, up 145.29 points or 0.26%. The Nifty was at 16,563.05, up 33.95 points or 0.21%.

Asian stocks were mixed Tuesday as traders weighed a record-breaking run in the S&P 500 against concerns that the delta virus variant will choke global growth. The dollar rose and Treasuries held gains.

Shares fluctuated in Japan and Hong Kong and posted modest increases in China, while U.S. equity futures edged down. The S&P 500 closed at another all-time high overnight—doubling from its pandemic low in March 2020—with health-care and utility companies advancing.

Mobility curbs to fight the delta strain, signs of a slowing recovery from the pandemic in China and Beijing’s regulatory crackdown continue to colour the market mood in Asia. Australia’s dollar weakened after the central bank signaled it’s prepared to act if lockdowns lead to a greater economic setback.

Online drugstore PharmEasy, which bought diagnostic chain Thyrocare in June, aims to raise a billion dollars at a valuation of $9 billion in its initial public offering later this year, according to a Mint exclusive.

State-run NTPC Ltd has started the groundwork to hold initial share sales of its units NTPC Vidyut Vyapar Nigam Ltd (NVVN) and NTPC Renewable Energy Ltd (NTPC REL), with merchant bankers making preliminary presentations, according to a Mint report.

IT services major Infosys on Monday said it will make an additional investment of $0.45 million in TidalScale Inc, taking its total investment in the software-defined-server technology startup to $3.45 million.

Adani Enterprises Ltd (AEL) on Monday said its wholly-owned subsidiary Adani Road Transport Ltd will acquire a 49% in Maharashtra Border Check Post Network Ltd, with an option to acquire additional stake subject to regulatory approval.

The company in a statement said the acquisition is at an enterprise value of 1,680 crore implying an attractive EBITDA multiple of 7 times.

Treasury yields held a decline. Traders are awaiting an address by Federal Reserve Chair Jerome Powell on Tuesday and the Jackson Hole symposium in late August for clues on when and how the Fed might taper stimulus.

While the S&P 500 is on track for one of the calmest months ever, a measure of implied volatility in VIX options has advanced for five out of seven weeks -- even as the Cboe Volatility Index kept falling -- suggesting disquiet among investors for what lies ahead. Risks include slower growth due to the delta strain, the impact of elevated inflation and the prospect of reduced central bank support.

Elsewhere, oil pared a drop and gold maintained a recent advance.

(Bloomberg contributed to the story)

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