09:25 (IST)

JSW, ITC among top gainers

09:21 (IST)

Markets open high

09:20 (IST)

Uber India cuts 600 jobs

09:20 (IST)

Bharti Airtel promoter firm to raise $1 bn through equity

Bharti Airtel promoter firm Bharti Telecom plans to raise $1 billion through equity sale to become debt free, according to a source aware of the development.

Sources told CNBC Awaaz that the company's promoters may sell nearly 15 crore shares as part of the block deal.

JP Morgan is the banker to the deal.

The deal is likely to be at a 6 percent discount to the closing price.

09:18 (IST)

Stocks to watch out for

09:05 (IST)

Markets expected to trade in green

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "The Indian markets are expected to kick start trade in the green following a trading holiday yesterday on account of Eid, as indicated by the SGX Nifty which is currently trading higher by over 100 points over Friday’s session close. The entire Asian pack is also trading in the green with handsome gains. NIKKEI is leading the charge with gains of 2.20% followed by the rest of the markets which are trading higher between 1%-1.5%. Dow Jones Futures currently are also trading in the green with substantial gains of 1.5% which could the Indian markets buoyant as well.   

"The Nifty ended trade the previous trading week in the red down by 1%. Further, Index continues to oscillate in a trading band between 9240 acting as a stiff resistance on the upside and 8800 as a support on the downside. Following a 100 points GAP up opening in today’s session it will be essential for the Bulls to push Index above the intermediate resistance zone of 9150-9170 for it to test levels of 9240 which happens to be the upper end of the range and also 20-DMA. However, failure to keep the Nifty beyond the 9150-9170 resistance territory could lead to resumption of the selling pressure as bears will hammer the Index lower to levels of 9040-8970," Agarwala said.

09:04 (IST)

Asian markets trade high

09:03 (IST)

Markets could open high in line with Asian markets

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open higher in line with most other Asian markets on hopes of early breakthrough in coronavirus vaccine. Indian markets could open higher in line with positive Asian markets on Monday and today and despite flat US markets on Friday.

"US stock benchmarks ended little changed Friday as investors looked ahead to a three-day weekend amidst optimism about businesses reopening in many states. For the week though, equity indexes ended with strong gains as the markets largely shrugged off rising U.S.-China tensions and remained optimistic that the impact of coronavirus on corporate earnings will be relatively short-lived.

"European equities rallied Monday as countries gradually continue to reopen their economies and lift coronavirus lockdown restrictions. Stocks gained modestly on Monday with many countries on holiday as German business morale rebounded strongly in May, offering a glimpse of optimism to battered investors of what lay beyond weeks of economic lockdowns.

"Asian markets rose on Monday ahead of Prime Minister Shinzo Abe's announcement that the state of emergency that still was in effect for Tokyo and several other areas was ending as outbreaks appeared to be subsiding. Latin American stocks hit a 10-week high, while currencies rallied on Monday as investors bet on economic recovery from the coronavirus with more countries emerging from virus-induced lockdowns. In line with broader emerging market peers, regional stocks rallied. Sao Paulo's Bovespa index jumped nearly 4% to a near 11-week high. The MSCI's index of Latin American equities rose 3.5%.

"Stocks in Asia Pacific traded higher Tuesday morning after American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine.

"The Indian equity markets snapped a three-day gaining streak to end lower on Friday, due to weak cues from other global markets. Nifty finished with a loss of 67 points, or 0.74 percent, at 9,039.25.Technically, while the Nifty has corrected, the healthy bounce back from the lows indicates that the bulls are not willing to give up easily. The Nifty has also formed a hammer pattern on the weekly charts, which indicates that the bulls could gain control next week. Crucial supports to watch next week are the lows of 8806. On the upside, the bulls could gain momentum if the recent highs of 9179 are convincingly cleared," Jasani said.

Stock market today LIVE Updates: Markets open positive, Sensex above 31,000, Nifty opens above 9,150; ITC, HDFC Bank among top gainers

Sydney: Asian shares crept ahead on Tuesday following an upbeat session in Europe and further gains in US stock futures as investors looked past Sino-US trade tensions to a re-opening world economy.

Japan's Nikkei led the way with a rise of 1 percent to its highest since early March when the economic impact of the coronavirus was just becoming clear.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 percent in early trade, while South Korea rose 0.4 percent.

While Wall Street had been shut on Monday, E-Mini futures for the S&P 500 ESc1 were up just over 1 percent after EUROSTOXX 50 futures added over 2 percent on Monday.

European sentiment got a lift when a survey showed German business morale rebounded sharply in May as activity gradually returned to normal after weeks of lockdowns.

Representational image. Reuters

Representational image. Reuters

That helped offset the war of words between Washington and Beijing over trade, the coronavirus and China’s proposals for stricter security laws in Hong Kong.

“US-China tensions continue to simmer in the background, but equity investors appear more interested on the prospect of economies reopening around the globe,” said Rodrigo Catril, a senior FX strategist at NAB. "On this score, Japan ended its nationwide state of emergency, Spaniards have returned to bars in Madrid wearing masks and England will reopen some businesses on 1 June.”

Bond investors suspect economies will still need massive amounts of central bank support long after they reopen and that is keeping yields low even as governments borrow much more.

Yields on US 10-year notes were trading at 0.65 percent having recovered from a blip up to 0.74 percent last week when the market absorbed a tidal wave of new issuance.

The decline in US yields might have been a burden for the dollar but with rates everywhere near or less than zero, major currencies have been holding to tight ranges.

The dollar was a fraction firmer on the yen on Monday at 107.75 but well within the 105.97 to 108.08 band that has lasted since the start of May.

The euro was all but flat at $1.0900, having spent the month so far wandering between $1.0765 and $1.1017.

Against a basket of currencies, the dollar was idling at 99.788, sandwiched between support at 99.001 and resistance around 100.560.

Analysts at CBA felt the dollar could break higher should China-US tensions actually threaten their trade deal.

“Although not our central scenario, if the US or China were to withdraw from the Phase One deal, USD would sharply appreciate while CNH, AUD and NZD would decline,” they wrote in a note to clients.



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