Market LIVE Updates: Sensex up over 100 pts, Nifty at 15,800; banks top drags
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Stock Market LIVE Updates: The Sensex was at 52,753.11, up 100.04 points or 0.19%, while Nifty was at 15,805.90, up 27.45 points or 0.17% at 9:45 am. IT, auto, pharma were top gainers

Indian indices were up over 0.17% on Friday. Asian markets opened lower with Japanese indices witnessing the biggest weekly foreign money outflows in two months. US stocks ended higher on Thursday, boosted by robust US earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter.

Iron ore falls to two-month low as beijing steps up steel curbs


Iron ore fell to a two-month low in Singapore amid expectations for steeper cuts in Chinese steel production through the year-end. The raw material that’s used to make steel is under mounting pressure—dropping around 15% in two weeks—as Beijing steps up measures to cut pollution from one of its dirtiest industries. Shagang Group, the world’s fourth largest steel mill, said this week that it’s curtailing production and overseas sales to comply with government efforts to cut emissions. 

Oil settles up, Brent tops $76 as US supplies tighten more


Oil prices rose on Thursday, with global benchmark Brent topping $76 a barrel, as supplies in the United States tightened further after shrinking to the smallest levels since January 2020.

Brent crude oil futures settled up $1.31 a barrel, or 1.75% at $76.05 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures settled up $1.23, or 1.7% at $73.62 a barrel.

Market opening


The Sensex opened at 52,792.36, up 139.29 points or 0.26%, while Nifty was at 15,800.60, up 22.15 points or 0.14%. IT, auto were top gainers.

Market pre-opening


The Sensex was at 52,792.36, up 139.29 points or 0.26%, while Nifty was at 15,800.60, up 22.15 points or 0.14% at market pre-opening.

Traffic jams return in India as mobility increases amid easing of lockdowns


With the delta variant of Covid-19 roiling the Asia-Pacific, where vaccination rates remain low, activity on roads and highways provides vital clues to each country’s success at controlling the pandemic that’s claimed millions of lives worldwide. Data compiled by Apple Inc. show a jump in mobility across nations such as India as it emerges from a deadly wave and eases lockdowns amid falling infection figures. More traffic has also been observed in Japan despite rising virus cases and calls for a wider declaration of a state of emergency with the Tokyo 2020 Olympics under way.

Uber delays office return, makes Covid vaccination mandatory for employees


Uber Technologies Inc is pushing back its back-to-office date to late October globally, and all employees in the United States will have to be fully vaccinated before returning to office, a spokesperson said on Thursday.

Exxaro Tiles fixes IPO price band at ?118-120 per share


Exxaro Tiles Ltd has fixed price band for its initial public offering (IPO) at ?118-120 a share. The IPO will open on 4 August and close on 6 August.

The company will issue 13.42 million shares comprising a fresh issue of 11.19 million shares and an offer for sale of up to 2.24 million shares by Dixit Kumar Patel. At the upper end price band of ?120, the firm will raise approximately ?161 crore.

Market outlook


Indian markets are likely to be under pressure on Friday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 52,653.07, up 209.36 points or 0.40%. The Nifty ended at 15,778.45, up 69.05 points or 0.44%. 

Stocks to Watch:


LIC Housing, PVR, Tejas Networks, TVS Motor, Union Bank, among other stocks may be in the news today.

QSR major Devyani International fixes IPO price band at ?86-90 per share


Devyani International Ltd (DIL), the largest franchisee of Pizza Hut, KFC, and Costa Coffee, has fixed the price band of its initial public offering (IPO) at ?86-90 apiece.

Microsoft looks to tap into India's Oyo before its potential IPO: report


Microsoft Corp is in advanced talks to invest in Indian hotel chain Oyo at a $9 billion valuation, a source familiar with the matter said on Thursday. The deal could be announced in the coming weeks and would be a prelude to Oyo's initial public offering (IPO) that is expected by the end of the year, the source said. Founder and Chief Executive Officer Ritesh Agarwal said earlier this month that Oyo would consider a potential public offering, but did not provide a timeline.

Amazon sales growth slows in tame start to Jassy's tenure as CEO


Amazon.com Inc on Thursday said sales growth would slow in the next few quarters as customers venture more outside the home, a tepid start to CEO Andy Jassy's reign after 27 years with Jeff Bezos at the retailer's helm. Spending growth by Prime members, Amazon.com's most valuable customers, has eased as well, the company said. Shares fell 7% in after-hours trade. More than a year into the COVID-19 pandemic, Amazon's financial luster is fading slightly. When brick-and-mortar stores closed, Amazon posted record profits, drew more than 200 million Prime loyalty subscribers, and recruited over 500,000 workers to keep up with surging demand. Now, the company is facing the tough task of climbing higher still. While revenue surged 44% in the first quarter of this year, that figure dropped to 27% for the period ended June 30. Sales may only rise as much as 16% in the third quarter, Amazon said.

Asian stocks open lower on tech giants' earnings, China regulations


U.S. equity futures slid and Asian stocks dipped Friday as traders weighed signs of a slowdown ahead for megacap technology companies and risks from China’s regulatory crackdown. Treasuries and the dollar rose.

Stocks fell in Hong Kong and China as well as Japan. Nasdaq 100 contracts shed more than 1% as Amazon.com Inc. tumbled in extended trading on indications its rapid growth through the pandemic is waning. Asia-Pacific stocks had jumped Thursday after Beijing tried to allay fears over regulatory curbs on private industries, but U.S.-listed Chinese equities later resumed declines.

S&P 500 futures also fell. The gauge rose overnight on data signaling scope for the Federal Reserve to keep policy ultra-loose. U.S. economic growth was solid while trailing estimates. Jobless claims dropped but were higher than forecast.

S&P 500 futures declined 0.8% as of 10:30 a.m. in Tokyo. The S&P 500 index rose 0.4%

Nasdaq 100 futures fell 1.3%. The Nasdaq 100 increased 0.2%

Japan’s Topix index fell 0.9%

Australia’s S&P/ASX 200 index slid 0.1%

South Korea’s Kospi retreated 0.8%

Hong Kong’s Hang Seng index slipped 1.4%

China’s Shanghai Composite index lost 0.8%

Wall Street indices close higher


US stocks ended higher, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter. The U.S. economy grew solidly in the second quarter, putting the level of gross domestic product above its pre-pandemic peak, but the pace of GDP growth was slower than economists had expected. Among the latest upbeat earnings news, shares of Ford Motor Co jumped 3.8% as the company lifted its profit forecast for the year, while KFC owner Yum Brands Inc rose 6.3% after it beat expectations for quarterly sales.

The Dow Jones Industrial Average rose 153.6 points, or 0.44%, to 35,084.53, the S&P 500 gained 18.51 points, or 0.42%, to 4,419.15 and the Nasdaq Composite added 15.68 points, or 0.11%, to 14,778.26.

The Dow and S&P 500 hit intraday record highs early in the session.

The S&P 500 real estate sector hit a record intraday high as well, but ended down 0.2%.
 

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