2 min read.Updated: 28 Jul 2021, 07:14 AM ISTLivemint
A slide in technology and consumer stocks dragged US market lower with the major indexes slipping below the record highs they set a day earlier
Indian markets on Tuesday closed lower dragged by pharma and select banking and financial stocks whereas metals stocks gained led by news of potential steel export tax in China. Sensex closed at 52,578.76, down 273 points, or 0.52%, while Nifty at 15,746.45, down 0.5%.
Meanwhile, a sharp sell-off in Chinese stocks overnight, where concerns about the impact of a recent tightening in government regulations pummelled prices, pushed global equity markets lower on Tuesday.
Wall Street: A slide in technology and consumer stocks dragged US market lower with the major indexes slipping below the record highs they set a day earlier. The S&P 500 snapped a five-day winning streak whereas Dow Jones closed 0.25% lower. The tech-heavyweight Nasdaq 100 fell over 1%
Asian markets: Asian stocks followed Wall Street lower at the open Wednesday as a rout in China spurs caution and U.S. megacap technology earnings receive a mixed response. Japan and Australia futures declined but rose in Hong Kong, where stocks have plunged on a regulatory crackdown that’s forcing investors to ask how far Beijing will go to curb the power of its big companies.
IMF growth forecast: The International Monetary Fund (IMF) on Tuesday slashed India’s economic growth projection for FY22 to 9.5% from 12.5% estimated in April, citing a slow recovery in consumer confidence because of the ferocious second wave of the pandemic and a tardy vaccination programme.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the Indian markets on Wednesday. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
Q1 announcements: On Tuesday. InterGlobe Aviation, the parent of India’s top domestic airline IndiGo, posted its biggest quarterly loss, hit by the second covid wave. Its loss widened to ₹3,174.20 crore in the June quarter from ₹2,844 crore a year earlier.
Separately, Private sector lender IndusInd Bank on Tuesday reported a near doubling of its June quarter net profit to ₹1,016 crore on a yearly basis on the back of lower provisions.
Earnings today: Maruti Suzuki, Central Bank, Happiest Minds, IDBI Bank, Nestle India, Coforge, Birlasoft, Dhanlaxmi Bank are some of the companies that are scheduled to announce their quarterly earnings for the first quarter today.
IPO today: Auto-components maker Rolex Rings Limited's initial public offering (IPO) will open for subscription today and will be opened for bidding till July 30. The company has fixed its price band for the initial share sale at ₹880-900 a share.
(With inputs from agencies)
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