Traders can expect a flat start to the domestic indices today, as indicated by the SGX Nifty which was trading flat at 11,490-odd levels at 7:20 AM. This is despite a firm trend in global indices.
The S&P 500 and the Nasdaq reached new record closing highs in overnight trade. Overall, the Dow Jones rose 1.3 per cent, the S&P 500 gained 1 per cent, and the Nasdaq added 0.6 per cent.
Asia’s stock markets also started strong on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent to its highest since early January. Japan’s Nikkei was ruling 1.5 per cent higher. Hong Kong's Hang Seng gained 0.3 per cent and Australia's ASX200 was up 0.7 per cent.
Besides, investors will focus on stock-specific developments even as they keep a keen eye on Covid-19 and vaccine related newsflow. India has recorded 61,749 coronavirus cases in the past 24 hours, taking its total to 31.64 lakh. The country's death toll has risen to 58,546.
On the results front, a total of 76 companies including Can Fin Homes, Atul Auto are scheduled to announce their June quarter results today. LIC Housing Finance yesterday announced its Q1 results in which its net profit rose 34 per cent year-on-year to Rs 817.48 crore. Net interest income grew marginally to Rs 1,221 crore while net interest margin declined to 2.32 per cent from 2.41 per cent for the same period in the previous year.
And, now, a quick look at other top news.
The Supreme Court yesterday reserved its judgment on the AGR case after several rounds of hearing. The court observed that if telecom companies are unwilling to pay their dues, it would direct the Union government to cancel their spectrum allocation and licence.
Future Retail has averted a default by paying Rs 100 crore of interest on its foreign bonds. The interest was paid on the last day of the 30-day grace period granted by the bondholders of the $500-million senior secured notes. For this, the company drew on its internal accruals and borrowed from banks.
Axis Bank on Monday said it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17 per cent from 29 per cent. It had initially planned to raise its stake in the insurer to 30 per cent. Recent media reports had said that the deal ran into a regulatory roadblock over certain clauses in the agreement.
Sources have told Business Standard that Indiabulls Housing Finance is in the final stages of negotiating a deal with Oaktree to raise $200 million in debt, the second such deal between the two in the past three months.
Kerala-based Kalyan Jewellers has filed its offer document with the Sebi for a Rs 1,750-crore IPO. The issue comprises fresh fundraise of Rs 1,000 crore and Rs 750-crore secondary share sale by promoter T S Kalyanaraman and private equity firm Warburg Pincus.
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