Markets snap 7-session rally; Nifty settles September series above 9,750

All that happened in today's trade

8:57 AM

Govt may sell up to 60% stake in producing oilfields of ONGC, OIL

 

India plans to offer stakes of up to 60% in oil and gas fields owned by state energy companies that are already under production to private firms, said five government and company sources with knowledge of the matter.

 

The government is making the decision after failing to draw investment from global oil majors in new fields. The plan would boost India's domestic oil and gas output and would meet Prime Minister Narendra Modi's target to reduce oil imports by 10% by 2022. However, the plan could reduce profits of state-owned companies. READ MORE

8:55 AM

Rupee ended at fresh 6-month low on Wednesday

 

The Indian rupee on Wednesday closed at a fresh 6-month low of 65.71 against the US dollar, 0.4 percent lower than its previous close, as foreign investors continued pulling their money out of Indian securities on worries about ongoing tensions between US and North Korea and about the Indian government overshooting its fiscal deficit target for the year.

8:55 AM

Sensex can cross 100,000 mark in 10 years: Morgan Stanley

The government thrust on digitisation could result in a threefold increase in India’s gross domestic product (GDP) and equity market capitalisation in the next 10 years, said Morgan Stanley.

 

“India’s digitisation drive has raised our confidence in long-term growth estimates. We forecast GDP to reach $6 trillion, equity market capitalisation to rise to $6.1 trillion and the market value of financials and consumer sectors to hit $1.8 trillion and $2 trillion, respectively, by 2027,” said the brokerage.

 

"We see the BSE Sensex crossing the 100,000 mark, albeit the bulk of the returns are likely to be front ended in the coming five years," Morgan Stanley added. READ MORE

8:54 AM

Global oil prices trade mixed

 

Global oil prices fell on Wednesday while US crude rallied, after crude stockpiles unexpectedly drew with refiners coming back online following Hurricane Harvey last month.

 

US crude for November delivery ended Wednesday's session up 26 cents at $52.14, but stayed below five-month highs.

 

Brent crude futures were down 68 cents, or 1.2%, at $57.76 a barrel, slipping from 26-month highs.

8:53 AM

Asian peers edge higher

 

Among global markets, most Asian peers rose in early Thursday trade, after US equities advanced and the greenback rose following the unveiling of a long-awaited tax reform plan stateside.

 

The Nikkei 225 climbed 0.49% in early trade as oil stocks and most financial names notched gains.

 

Across the Korean Strait, the Kospi shed 0.04% as automakers stumbled. The tech sector was mixed, but shares of heavyweight Samsung Electronics rose 0.77%.

8:46 AM

SGX Nifty

 

The Nifty futures were trading largely flat with a hint of a negative bias on the Singaporean exchange, hinting at a similar start to the market here as well. They were trading at 9,731.5, down about 0.05%.

8:46 AM

Trump proposes biggest tax overhaul in 3 decades

 

President Donald Trump on Wednesday proposed the biggest US tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favors the rich and companies and could add trillions of dollars to the deficit.

 

The plan would lower corporate income tax rates, cut taxes for small businesses, reduce the top income tax rate for individuals and scrap some widely used tax breaks including one that benefits people in high-tax states dominated by Democrats. READ MORE

8:44 AM

Wall Street end higher

 

US stocks closed higher Wednesday after the release of the GOP's tax plan framework and as investors eyed higher interest rates.

 

The Dow Jones industrial average closed about 56 points higher, after posting its first four-day losing streak since June on Tuesday. Goldman Sachs had the greatest positive impact on the index.

 

The S&P 500 hit an all-time high of 2,511.75 but failed to set a record close. 

8:42 AM

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