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Markets may continue to consolidate; Future group, SpiceJet, SBI Card in focus

On Wednesday, the BSE Sensex ended at 61,143.33, down 206.93 points or 0.34% and the Nifty was at 18,210.95, down 57.45 points or 0.31%.Premium
On Wednesday, the BSE Sensex ended at 61,143.33, down 206.93 points or 0.34% and the Nifty was at 18,210.95, down 57.45 points or 0.31%.

  • Among key companies, Bajaj Finserv, Adani Green Energy, Adani Total Gas, NPTC, SBI Cards & Payment Services, DLF, Interglobe Aviation, Marico, Tata Power, Gujarat Gas and AU Small Finance Bank will release their September quarter earnings today.

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MUMBAI: Indian stock markets will likely consolidate further on Thursday while SGX Nifty trends indicate a tepid opening of domestic benchmark indices. On Wednesday, the BSE Sensex ended at 61,143.33, down 206.93 points or 0.34% and the Nifty was at 18,210.95, down 57.45 points or 0.31%.

Global stocks eased from record peaks as a stark reminder of supply chain snags in corporate earnings reports stalled their rally, while investors also looked to whether central banks may consider tightening monetary policy earlier than thought.

MSCI's gauge of world stocks, ACWI, dipped 0.05% in early Thursday trade, with Japan's Nikkei leading the loss with fall of 1.1%. Mainland Chinese shares slipped 0.2% while MSCI’s broadest index of Asia-Pacific shares outside Japan ticked down 0.1%.

Overnight, on the Wall Street, the S&P 500 lost 0.51% from all-time high hit on Tuesday though the Nasdaq ended little changed, thanks to strong earnings from Microsoft and Google parent Alphabet.

Back home, the Amazon-Future battle over the Reliance Retail deal has yet again reached the Delhi high court, with the Future Group seeking a stay on an interim order passed by the Singapore International Arbitration Centre (SIAC) on 21 October. According to a regulatory filing on Wednesday, Future Group promoters and Future Coupons Pvt. Ltd have also urged the high court to set aside the SIAC order.

SpiceJet Merchandise Pvt. Ltd, a subsidiary of no-frills carrier SpiceJet Ltd, on Wednesday agreed to make pending payments to public sector lender Canara Bank regarding a two-year-old acquisition, according to a Mint report.

Among key companies, Bajaj Finserv, Adani Green Energy, Adani Total Gas, NPTC, SBI Cards & Payment Services, DLF, Interglobe Aviation, Marico, Tata Power, Gujarat Gas and AU Small Finance Bank will release their September quarter earnings today.

With global supply disruption fuelling worries about inflation, investors are keeping close eye on whether the world’s central banks will look to reduce their generous pandemic stimulus measures more quickly.

The US Federal Reserve is almost unanimously expected to announce tapering of its bond purchase at its policy meeting next week. The two-year U.S. Treasuries yield rose to as high as 0.528% and last stood at 0.501%. At the start of October, it was around 0.26%. In contrast, longer-dated yields fell in part as a tighter monetary policy is likely to tame inflation down the road.

The 10-year U.S. notes yields dropped to 1.545%, compared with a five-month peak of 1.705% touched a week ago. Also helping to drive global bond yields lower was a plunge in UK Gilts yields after Britain’s government cut its borrowing forecasts more than expected. The 10-year Gilt yield fell 12.8 basis points on Wednesday, its biggest decline since March 2020, to 0.982%.

Other major currencies were on hold ahead of policy announcements from the Bank of Japan and the European Central Bank later in the day, though no major changes are expected. The yen stood at 113.73 per dollar, off its four-year low of 114.695 touched last week while the euro changed hands at $1.1600.

Oil prices fell after U.S. crude stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation’s largest storage hub emptied further. The bigger-than-expected rise in U.S. crude stocks gave some investors an impetus to unload long positions after strong gains in recent weeks brought both the Brent and US crude benchmarks to multi-year highs.

Brent fell 1.8% to $83.07 per barrel, off Monday’s seven-year high of $86.70 while U.S. crude fetched $81.25 per barrel, down 1.7% and off Monday’s peak of $85.41, a seven-year high.

(Reuters contributed to the story)

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