Indian headline indices – Sensex and Nifty ended higher tracking positive Asian markets. The SGX Nifty futures today ended at 11,542.50 level, up 48 points from the last close. While the Sensex ended at a level of 38,823.11, up 266 points from the last close, the Nifty50 settled at 11,852 level, up 84 points from the previous close. The US Fed Reserve Chairman Powell indicated towards a rate cut soon in view of global slowdown and trade tensions with China and other countries. Today, on BSE, the leading gainers are IndusInd, Hero MotoCorp and Tata Motors, whereas the losers are Tech Mahindra, ICICI Bank and Yes Bank. The shares of InterGlobe Aviation, operator of Indigo ended lower on Thursday after promoter feud over corporate governance became public. Yesterday, the airline clarified that the related party transactions it entered with group entities are public and only a fraction of the total revenues of the airline’s holding company. Shares of Pune-based Bharat Forge today rose after the company received new orders worth $100 million. Its shares today ended at Rs 1,352.95 per share, 3.21 per cent higher than the last close.
Share market HIGHLIGHTS: Sensex, Nifty end higher; IndusInd, Hero MotoCorp major gainers
Indian headline indices - Sensex and Nifty ended higher tracking positive Asian markets. The SGX Nifty futures today ended at 11,542.50 level, up 48 points from the last close. Hero MotoCorp and IndusInd were the major gainers on BSE.
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Headline indices - Sensex and Nifty ended higher on Thursday. On BSE Hero MotoCorp and IndusInd Bank were the top gainers.
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Shares of Pune-based Bharat Forge surged around 4 per cent after its joint venture received new orders of $100 million from Israel’s Rafael Advanced Defence Systems Ltd for the manufacture and supply of missiles to the Indian Army and Air Force. The order was given to its joint venture company, Kalyani Rafael Advanced Systems or KRAS, in which Rafael is also a partner for manufacturing of 1,000 BARAK-8 MRSAM missiles’ kits which in turn would be supplied to BDL (Bharat Dynamic Ltd) for further integration, Bharat Forge said in an exchange filing.
Read more: Bharat Forge shares surge on receiving new orders worth $100 million
Indian conglomerate Bharat Forge said on Thursday its joint venture got a $100 million order from Israel's Rafael Advanced Defence Systems Ltd for the manufacture and supply of missiles to the Indian Army and Air Force. The order was given to its joint venture company, Kalyani Rafael Advanced Systems Ltd, in which Rafael is also a partner, Bharat Forge said in a statement. (Reporting by Derek Francis in Bengaluru; editing by Gopakumar Warrier)
Australian shares climbed on Thursday buoyed by broad-based gains after Federal Reserve Chairman Jerome Powell cemented the chance of an ease in U.S. monetary policy later this month. The S&P/ASX 200 index advanced 0.4%, or 26.3 points, to 6,716.1 at the close of trade. The benchmark added 0.4% on Wednesday. In his testimony before Congress, Powell on Wednesday said "that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. outlook." (Reuters)
Round-up of South Korean financial markets: ** South Korean shares soared on Thursday, after U.S. Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, while leading chipmakers extended a rally in Seoul. The won gained 0.7%, while the benchmark bond yield fell. ** The benchmark KOSPI stock index closed up 21.80 points, or 1.06%, at 2,080.58. ** Powell confirmed that the U.S. economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war, saying the central bank stands ready to "act as appropriate." (Reuters)
Stating that its growth plans will see it becoming the world's largest zinc producer and among the top three silver producers, mining giant Vedanta Ltd Thursday said it spent around Rs 10,000 crore in FY'19 on capital expenditure programmes. "As India's largest private sector oil and gas producer, your company aims to double its current contribution of 27 per cent of nation's production," the company's Chairman Navin Agarwal said at its Annual General Meeting (AGM). (PTI)
Japan's Nikkei rose on Thursday after the Federal Reserve chief cemented expectations of a U.S. rate cut later this month, while Japan Post Insurance put the sector under pressure as it dived after admitting mismanagement in handling insurance policies. The Nikkei share average ended 0.5% higher at 21,643.53.
Nintendo Co soared 4.2% and was the most traded stock by turnover after the company introduced Nintendo Switch Lite, a device dedicated to handheld game play. (Reuters)
Analysts at HSBC have moved to endorse Chinese stocks and cooled on Indian shares, in a "less defensive" positioning ahead of a potential interest rate cut from the U.S. Federal Reserve later this month. Fed Chairman Jerome Powell on Wednesday paved the way for the first U.S. rate cut in a decade, pledging to "act as appropriate" to defend an economic expansion threatened by trade disputes and a global slowdown. HSBC had downgraded Chinese stocks in May to reflect such risks. But that view reversed along with rising expectations of a Fed cut, which would support 'cyclical' markets - those that move in sync with the business cycles. (Reuters)
Finance Minister Ms. Nirmala Sitharaman, in her maiden Budget speech delivered on July 5th, spoke for the full 2 hours and 16 minutes, much longer than most FMs in the past have. By the time she finished, the markets had started to tank sharply. The Sensex on that day closed 400 points lower, but the pedagogic style in which the new FM delivered her Budget speech was something which wasn’t to be missed. On 30 occasions, she chose to repeat the same point twice, and at times even thrice, for greater effect. The novelty wasn’t just in her style of presentation, but there were also many points in the Budget that were also unique.
Read more: 7 pain points for stock markets from Nirmala Sitharaman’s budget
Infrastructure company Larsen & Toubro (L&T) Thursday said it has received 'significant' orders across various business segments in the domestic and international market. The company did not provide value of the contracts but said the orders fall under "significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. "The construction arm of L&T has secured orders from prestigious clients across various Indian states for its varied businesses," L&T said in a regulatory filing. (PTI)
The benchmark 10-year Japanese government bond futures climbed on Thursday, after U.S. Federal Reserve Chairman Jerome Powell reinforced prospects for an interest rate cut later this month. Ten-year JGB futures gained 0.08 points to 153.60, with a trading volume of 25,232 lots by late afternoon trade.
In the cash bond market, the yield on benchmark 10-year JGBs declined one basis point to minus 0.140%, after hitting a three-week high the previous day.
(Reuters)
JP Morgan is overweight on the cement sector as cement utilisation levels are improving and price increases have been sticky, as told to CNBC TV8.
Amazon.com Inc. is flirting with a $1 trillion valuation again after posting its longest winning streak since briefly surpassing that level in September. Seven consecutive days of gains have boosted the e-commerce giant’s market value to $993 billion as of Wednesday’s close, according to data compiled by Bloomberg. A gain of less than 1% for the stock would push the market capitalization above the 10-figure mark.
Read more: Jeff Bezos’ Amazon may hit $1 trillion sweet spot again after 7-day streak
Gold price plunged Rs 600 to Rs 34,870 per ten gram in the bullion market on Tuesday, continuing to be under pressure for the last three trading sessions. Gold prices had surged immediately after the government increased customs duty on gold and other precious metals to 12.5 per cent in the Union Budget 2019 from earlier 10 per cent. According to analysts, there is a scope for further correction in the gold prices and the investors are in a wait and watch mode ahead of the US Federal Reserve minutes to be released later today.
Read more: Gold prices headed for more correction? Investors on sidelines amid global, local cues
L&T Construction has bagged orders in the range of Rs 1,000-2,500 crore.
The Indian rupee opened at 68.30 against the US dollar, up 26 paise against the previous close of 68.56 a dollar after the US Fed Res Chairman Powell hinted towards rate cut soon amid global slowdown concerns and trade war tensions with China and other countries.
CRISIL reaffirmsed A1+ rating on Piramal Enterprises' Rs 12,000 crore commercial paper program.
Gold prices rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut later this month.
Read more: Gold hits 1-week high as comments from Fed’s Powell stoke rate cut bets
U.S. oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an incident involving a British tanker in the Middle East highlighted ongoing tensions there. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $60.54 a barrel by 0055 GMT, after earlier touching the highest since May 23 at $60.63. They gained 4.5% in the previous session.
Read more: US oil hits highest in over a month amid Gulf of Mexico storm, Iran tensions
Despite the weakening economy, the broader market looks positive over a period of the next twelve months, Credit Suisse’s managing director (MD) Neelkanth Mishra said Wednesday in interaction with CNBC TV18. Headline indices – Nifty and BSE 100 will hold up and do well but Mishra is a little wary about the small and mid-cap stocks.
Read more: Stocks in focus: Investors keeping an eye on these sectors; real estate good bet, IT expensive