Markets likely to be volatile; Dish TV, Future group stocks in focus

Asian stocks were steady on Thursday as investors weighed corporate earnings, elevated inflation and risks from China’s property sector

Indian stock markets are likely to stay volatile on Thursday while trends in SGX Nifty indicate a tepid opening for domestic benchmark indices. 

On Wednesday, the BSE Sensex ended at 61,259.96, down 456.09 points or 0.74% and the Nifty was at 18,266.60, down 152.15 points or 0.83%. BSE Midcap and Smallcap indices fell nearly 2% each.

Asian stocks were steady on Thursday as investors weighed corporate earnings, elevated inflation and risks from China’s property sector.

Stocks dipped in Japan and fluctuated in China and Hong Kong. Ailing developer China Evergrande Group sank after terminating talks to sell its property-management arm and revealing a plunge in sales.

US futures wavered after a mixed Wall Street session that saw the S&P 500 rise to the cusp of a record and the tech-heavy Nasdaq 100 dip.

Back home, Yes Bank Ltd will be in focus as the lender is finalizing the paperwork to sue satellite television operator Dish TV India Ltd over its refusal to hold a special shareholders meeting, according to a Mint exclusive.

Future Retail must take part in arbitration over a commercial dispute with Amazon.com Inc, a Singapore arbitration panel ruled on Wednesday, rejecting the Indian retailer's bid to avoid the process.

Vodafone Idea Ltd will defer payment of its spectrum dues by four years under the terms of a recent telecom bailout package. In an exchange filing, the telco said its board approved a proposal to opt for deferring instalments for October 2021 to September 2025, as required by the telecom department’s 14 October notification.

Among major companies, Asian Paints, JSW Steel, ICICI Lombard General Insurance, Mphasis, IDBI Bank, Macrotech Developers, Concor, Biocon, TVS Motor and Indian Hotels will release their September quarter results today.

In the US, longer-term treasury yields held an advance in the wake of a soft 20-year auction. The 10-year breakeven rate -- a proxy for where investors see annual inflation rates over the next decade -- touched the highest since 2013.

The dollar remained lower, crude oil climbed.

Corporate results have tempered but not dissipated worries that cost pressures -- stoked by an energy crunch and supply-chain snarls -- could endure and slow the pandemic recovery. Investors are also grappling with the prospect of reduced central bank support and remain wary of the travails in China’s real-estate sector.

Meanwhile, the US Food and Drug Administration cleared the way for Moderna Inc. and Johnson & Johnson Covid-19 booster shots. Russia is among countries stepping up virus restrictions to curb surging infections.
 

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