Vedanta group firm Hindustan Zinc on Tuesday said its mined metal production rose by 9% to 2,21,000 tonnes in the first quarter of the ongoing fiscal
Markets are likely to be volatile on Wednesday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 52,769.73, up 397.04 points or 0.76%. The Nifty was at 15,812.35, up 119.75 points or 0.76%.
Asian stocks were mixed Wednesday and Treasuries pared a decline as investors mulled a surprise US inflation jump that stirred the debate on how long Federal Reserve policy can stay ultra-loose.
Shares fluctuated in Japan and dipped in Hong Kong and China. US futures were steady after the S&P 500 slipped for the first time in three trading sessions while the Nasdaq 100 ended little changed. Traders are digesting a release showing the highest US inflation since 2008.
The Treasury yield curve saw volatility Tuesday. Weak demand for the monthly 30-year bond auction unleashed a bout of steepening that reversed a flattening move spurred by hot June inflation readings. The 10-year US Treasury yield dipped back to about 1.4% Wednesday and the dollar trimmed earlier gains.
The June US inflation print topped all forecasts and pointed to higher costs associated with the reopening from the pandemic. Fed officials have said they expect such pressures to be transitory but some commentators see a risk of more durable increases that could force a quicker-than-expected reduction in stimulus. Traders will be scrutinizing testimony due from Fed Chair Jerome Powell this week.
Investors are also monitoring the spread of the more contagious delta variant of Covid-19, which is hampering the recovery from the pandemic in some parts of the world. The unfolding earnings season is key too, with global stocks close to record highs on optimism over the bounce back from the health crisis.
S&P Global Ratings on Tuesday affirmed its lowest investment-grade sovereign rating (BBB-) for India with a stable outlook, holding that the country’s recovery will gain pace through the second half of the fiscal year 2021-22 (FY22) and into the following year, helping stabilize its overall credit profile.
Online food delivery platform Zomato on Tuesday said that it has raised ?4,196 crore from several prominent institutional investors as part of an anchor book allocation, a day ahead of its public offering. The company informed exchanges that it has allocated 552.17 million equity shares, to anchor investors, at a price of ?76 per share, the upper end of its price band of ?72-76 per share.
Adani Airport Holdings Ltd (AAHL), a wholly-owned unit of Adani Enterprises Ltd, on Tuesday took over the management control of Mumbai International Airport Ltd (MIAL) from the GVK Group.
Some of the major companies which will announce June quarter earnings today are Infosys and L&T Technology Service.
Vedanta group firm Hindustan Zinc on Tuesday said its mined metal production rose by 9% to 2,21,000 tonnes in the first quarter of the ongoing fiscal.
Oil edged lower after touching the highest price in more than 2.5 years. The prospect of an imminent flood of crude exports from Iran and other major producers has waned, and the International Energy Agency has warned of a deepening supply crunch.
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