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Markets seen rangebound; Tata Steel, Hero, BPCL in focus post Q1 results

  • Asian shares were mostly higher in the early deals as markets weighed a pause in Wall Street’s multi-month stock rebound and awaited the release of Chinese economic data later in the session

Indian stock markets are likely to be rangebound on Friday while trends in the SGX Nifty indicate a soft opening for the benchmark indices. On Thursday, the BSE Sensex ended at 38,310.49, losing 59.14 points or 0.15% and the 50-share index Nifty was at 11,300.45, slipping 7.95 points or 0.07%.

Asian shares were mostly higher in the early deals as markets weighed a pause in Wall Street’s multi-month stock rebound and awaited the release of Chinese economic data later in the session.

The S&P 500 ended slightly lower on Thursday after briefly trading above its record closing high level for a second day, and the Dow Jones Industrial Average also dipped.

Wall Street’s hesitation came as US lawmakers continued to battle over a new economic stimulus package and after a report from the US Labor Department showed the number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the covid-19 pandemic - not enough to change economists’ views that the jobs market recovery was faltering.

India’s largest private steel producer Tata Steel posted a consolidated net loss of 4,648 crore in the June quarter due to lower production and sales in domestic and European markets. The company had reported a profit of 714 crore in the year-ago period. Its operating revenue fell 32% year-on-year to 23,812 crore, as sales fell 22% globally from 6.34 million tonnes (mt) in Q1FY20 to 4.93 mt in Q1FY21.

Hero MotoCorp Ltd – country’s largest two-wheeler manufacturer reported a 95.12 % year on year decrease in standalone net profit to 61.31 crore, for the quarter ending June 30, as a result of a significant decline in retail sales, due to the adverse impact of the covid -19 pandemic.

State-run Bharat Petroleum Corporation Limited (BPCL) on Thursday posted 21.6% rise in consolidated net profit at 2,187.74 crore for the April-June quarter of this fiscal against 1,799.59 crore a year ago.

The Reserve Bank of India (RBI) on Thursday announced stricter guidelines for core investment companies (CICs), mandating more disclosures, better risk management and a simpler group structure.

The dollar index fell 0.141%. The Japanese yen weakened 0.03% versus the greenback at 106.96 per dollar; The Australian dollar rose 0.03% versus the greenback at $0.715 and the offshore Chinese yuan weakened to 6.9485 per dollar.

Benchmark US Treasury yields surged to seven-week highs on Thursday after the Treasury sold a record amount of 30-year bonds to weak demand. Ten-year yields were last at 0.718%, after earlier reaching 0.727%, the highest since 24 June. They are up from 0.504% last Thursday, which was the lowest since 9 March.

Oil prices eased on Thursday after a weaker demand forecast, but the weak dollar limited losses as traders kept an eye on U.S. stimulus headlines. US crude was up 0.24% to $42.34 per barrel while Brent settled Thursday’s session at $44.96.

Spot gold added 0.3% to $1,958.07 an ounce.

(Reuters contributed to the story)

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