Sensex, Nifty surged over 0.80% on Wednesday. Asian stocks fell Wednesday while Treasuries retained gains amid concerns about a slower recovery from the pandemic and risks for the global economy from elevated inflation.
Shares retreated in Japan, Hong Kong and China, where the economy weakened on steps to curb a Covid-19 outbreak. Beijing’s escalating regulatory overhaul hurt China’s technology sector and Macau casino stocks. U.S. and European futures were steady after the S&P 500 dipped overnight.
1953 customs notification to be amended to facilitate purchase of equipment by telcos
Tower approval on self declaration basis; key dept portals for clearance to be integrated
Digitalisation of telecom connection KYC; simplification of postpaid to prepaid and vice versa KYC
Spectrum sharing liberalised; 100% FDI in telecom sector via automatic route, subject to safeguards
Spectrum: Future auctions to allow 30-yr duration; cos can surrender after 10 yr lock in on paying fixed charge
Interest-penalty regime on license fee, spectrum user charges to be rationalised- MCLR=2% interest rate-annual compounding
AGR definition to be rationalised, non telecom revenue to be excluded
Telecom sector reforms: 9 major reforms; 5 structural reforms
₹42,500 cr new investment expected in auto sector; 2.3 lakh cr incremental production expected
PLI qualification: auto, auto component global earnings
₹3,000 cr for OEMs:
₹150 cr for auto component makers
Constant value addition at 20% on drone manufacturing
PLI: Five year goals
₹2,000 cr investment by champion cos
₹1,000 cr investment by 2-3 wheeler makers
₹250 cr by champions in auto component industry
₹500 cr by new investors
Portion of investment to be given to cos as incentive
Cabinet briefing on PLI for auto, auto components and drones begins
– ₹47,500 crore additional investment over 5 years
-More than 7 lakh employment opportunities
MediaTek to hire aggressively in India to strengthen its R&D division
Chipset company MediaTek announced it is planning to aggressively hire this financial year in order to strengthen and expand R&D facilities in India. In statement on Wednesday, the company said, as reported by news agency PTI, it is looking to hire across offices in India, with a focus on artificial intelligence technologies, smart home and enterprise segments, 5G and wireless communications, among others. (Read more)
Naapbooks becomes 11th co to get listed on BSE Startups Platform
Stock exchange BSE on Wednesday said Gujarat-based IT firm Naapbooks Ltd has got listed on its startups platform. This is the eleventh firm to get listed on the platform, according to a release. “The 10 companies listed on BSE Startups Platform have raised ₹34.62 crores from the market and total market capitalisation of these companies as on 14 September 2021 is ₹142.75 crore,” it added.
India seeks $109 bn valuation in LIC’s mega IPO
India’s government is seeking a valuation of between ₹8 trillion ($109 billion) to ₹10 trillion for Life Insurance Corporation, in what’s slated to be the nation’s biggest initial public offering. The possible valuation is based on preliminary talks and may change after detailed discussions, due diligence and an official valuation report, according to people with knowledge of the matter, who asked not to be identified as the deliberations are private. The government is considering selling 5%-10% of the company, which could raise between ₹400 billion and ₹1 trillion, the people said. A spokesperson for the finance ministry declined to comment, while an email sent to LIC wasn’t immediately answered. (Bloomberg)
Citrix Systems explores potential sale after 2021 stock rout: report
Cloud computing company Citrix Systems Inc is working with advisers weighing whether to sell itself after its stock tumbled this year, Bloomberg News reported, citing people familiar with the matter. The workplace software maker plans to gauge the interest of potential buyers over the next few weeks, the report said, adding that a decision is yet to be made on whether to pursue a sale and Citrix might remain a standalone entity. The report, however, did not provide the details of the advisers with whom the company is working on the potential sale.
IMD predicts intense spell of rainfall in five states on Thursday. See full forecast
IMD Weather Forecast: Intense spell of rainfall is likely over Madhya Pradesh, Uttar Pradesh, Uttarakhand, East Rajasthan and Gujarat till 16th September, the India Meteorological Department (IMD) said on Wednesday. It also said that a fresh spell of heavy rainfall is likely over east India from 18th September. (Read more)
Cabinet approves PM Aatmanirbhar Swasth Bharat Yojana scheme of ₹64,000 cr: report
CIL warned government of coal shortage in February, documents show
Coal India’s warned the adviser to the federal power ministry in February of an impending fuel shortage as utilities tapped inventories and curbed purchases despite rising coal-fired power output, documents reviewed by Reuters show. India, which has the world’s fourth largest coal reserves, is facing a shortage of the fuel and has urged utilities to import coal as supplies at several plants run low. State-run Coal India told the Central Electricity Authority (CEA) that it was “evident that a crisis is arising” unless immediate action was taken to increase supply to power plants, according to a Feb. 4 letter reviewed by Reuters.
Indian law firms reluctant to advise on LIC mega IPO: Report
India’s plans to list state-run Life Insurance Corporation (LIC) face an unusual problem: domestic law firms are shying away from advising the government, deterred by the low fees on offer at the time of a lucrative boom in corporate stock listings. With millions of policyholders and a share of 66% of new premium collections in a crowded insurance market, LIC is a household name, managing assets of more than $450 billion. (Read more)
Forbearance gives Indian banks time to build capital buffers
Regulatory forbearance has reduced the Indian banking sector’s need for fresh core capital to meet minimum regulatory capital requirements, says Fitch Ratings. Under our latest base case, we do not expect the banking system to require fresh equity capital to meet the minimum common equity Tier 1 (CET1) requirement of 8% until the financial year ending March 2025 (FY25). However, the sector would require USD27 billion in fresh capital under our stress case, which incorporates less benign economic assumptions. (Read more)
EU’s chief executive warns against ‘pandemic of the unvaccinated’
The pace of vaccination against COVID-19 must be quickened to avert “a pandemic of the unvaccinated”, the European Union’s chief executive said on Wednesday, also urging countries around the globe to step up the fight against climate change. Ursula von der Leyen’s second ‘state of the union’ address since she took over as European Commission president comes after two years that have tested the resilience of the bloc with the coronavirus pandemic, a sharp economic downturn, strains over Brexit and the rule of law in eastern member states.
Truecaller eyes $116 mn fundraise: Bloomberg
Caller-identification service Truecaller is looking to raise $116 million in what could rank among the year’s biggest IPOs in Sweden
TikTok’s lead EU regulator opens two data privacy probes
-TikTok’s lead data privacy regulator in the European Union has opened two inquiries into the Chinese-owned short-video platform related to the processing of children’s personal data and transfers of personal data to China. Ireland’s Data Protection Commission, which is lead EU regulator for many of the world’s top internet firms due to the location of their regional headquarters in Ireland, is allowed to impose fines of up to 4% of global revenue.
Rakuten India forays into B2B technology products; launches ‘SixthSense’
Rakuten India, the Bengaluru-based technology arm of Rakuten Group, on Wednesday announced its foray into B2B technology products with the launch of ‘SixthSense’. Rakuten SixthSense – a ‘Code to Customer’ Observability platform – has been developed in India and will help provide businesses and IT leaders intuitive end-to-end visibility of the entire IT environment.
Thomas Cook gains
Thomas Cook India’s stock was trading at ₹63.10, up 1.53% at 1:51 pm. The travel company is expanding payment solutions portfolio by extending its relationship with Visa to cover multicurrency borderless Visa Card.
Sector Watch: Telcos gain on cabinet nod for sector
India’s federal cabinet on Wednesday approved a production-linked incentive scheme for the automobile sector and as well as a much-expected relief package for the cash-strapped telecoms sector, a senior government source said. Shares in wireless carriers Bharti Airtel and Vodafone Idea were up more than 3% at 0745 GMT on the news. (Read more)
Glenmark Pharmaceuticals concludes PMS study on Favipiravir
Gravita’s unit Gravita Dominican closed due to no operations in the company since its incorporation
Edison Motors, 2 others submit final bids for Ssangyong Motor: report
HSBC India launches solution for cross-border transactions
HSBC India on Wednesday launched HSBC UniTransact, a digital proposition aimed at simplifying cross-border transactions. This offering is a one-stop solution, bringing clients the benefit of seamless integration of all aspects of transaction banking while minimizing manual intervention through the course of the transaction journey, the bank said.
Auto, metals gain
Bharti Airtel latest to hit ₹4 tn mcap for the first time
Shares of Bharti Airtel Ltd on Wednesday became 12th Indian firm to cross ₹4 trillion market capitalisation after its shares hit a fresh record high with gaining over 43% so far this Year. The stock hit an all time high of ₹729 a share on BSE and gained as much as 5.1% in intraday. At 1.10pm, the scrip was trading at ₹728 on BSE, up 5% from its previous close with market cap stood at ₹4.01 trillion. Earlier, Reliance Industries Ltd, TCS, HDFC Bank, Infosys Ltd, Hindustan Unilever, HDFC Ltd, ICICI Bank, Bajaj Finance Ltd, ITC Ltd, State Bank of India and Kotak Mahindra Bank have achieved this milestone.
India needs $7.8 tn GCF in 5 years: report
India needs around $7.8 trillion of gross capital formation in the form of greenfield assets in the next five years for the government to realise its $5 trillion economy target, Moneycontrol reported, citing a new report by Deloitte.
Cabinet approves 4 yr moratorium on telcos’ AGR dues: reports
Tata group may submit financial bid for Air India today: report
Cabinet briefing at 3 pm by Telecom minister Ashwini Vaishnaw and I&B minister Anurag Thakur
Disney+ Hotstar likely to add with 7 mn subscribers on the back of IPL
The fourth quarter of the year that will see a sports-heavy calendar for Disney+ Hotstar, the video streaming service owned by Disney India, along with local originals, is expected to bolster its subscription base by 7 million, helping the platform close the year with 46 million subscribers. These are findings from a recent report by Media Partners Asia (MPA), which projects the subscriber base of rivals Netflix and Amazon Prime Video at 5.5 million and 21.8 million respectively by the end of 2021. Currently, Hoststar, Netflix and Amazon are at 39 million, 4.6 million and 18 million subscribers respectively, it said. MPA is an independent provider of research, advisory and consulting services in media, telecom, sports and entertainment for Asia-Pacific and the Middle East. Hotstar did not respond to Mint’s queries on expected rise in subscriber base while Netflix and Amazon declined to comment.
HCL Tech, Finastra expand partnership to drive financial transformation in S Korea, Taiwan
IT services major HCL Technologies on Wednesday said it has expanded its partnership with Finastra, a software vendor working in the financial services industry, to drive digital transformation in South Korea and Taiwan. As part of the engagement, HCL Technologies will use its digital transformation and service capabilities to bring two of Finastra’s strategic products – Fusion Cash Management and Fusion Summit – to the financial services ecosystem in the region, a statement said.
Mastercard ban: RBL Bank restarts credit card issuances with rival Visa
Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on Wednesday restarted credit card issuances on rival Visa’s payment network. The Reserve Bank of India had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business. RBL Bank said it signed up with Visa on July 14 itself, and the technology integration was achieved in record time to restart new issuances. Its head for retail business thanked Visa and technology partner Fiserv, and exuded confidence of meeting its target of issuing 12-14 lakh credit cards in FY22.
Tata Consumer Products to join hands with IIMR to strengthen product portfolio in millets
FMCG firm Tata Consumer Products Ltd (TCPL) is planning to join hands with the Indian Institute of Millets Research (IIMR) to unlock the full potential of millets as a healthier and more sustainable alternative to traditional grains. TCPL and IIMR will be signing an MoU to strengthen innovation, enhance consumer experience, and make this ancient Indian grain more mainstream, said a joint statement. The Tata Group firm is the parent company of Soulfull brand, which has a portfolio of millet-based products for kids and adults. (PTI)
Sidbi collaborates with Assam govt for development of MSMEs
The Small Industries Development Bank of India (Sidbi) on Wednesday said it participated in a special event held at the Administrative Staff College, Guwahati, Assam to strengthen the state co-operation. The event was chaired by Himanta Biswa Sarma, chief minister of Assam. During the event the KK Dwivedi, principal secretary, Industries and Commerce, government of Assam presented the expectations of the state on three major themes of startups, cluster development and livelihood and enterprise promotion.
Force Motors share price zooms as Mahindra Thar rival Gurkha unveiled
Force Motors share price today skyrocketed more than 10 per cent in the early morning deals after the auto major unveiled new avatar of Force Gurkha on the social media platform. Auto experts are of the opinion that Force Motors’ Gurkha 2021 variant will give tough competition to Mahindra Thar in the Indian auto market. Market observers believe that current rise in Force Motors share price is completely based on this new auto rivalry buzz. They advised stock market investors to maintain ‘buy on dips’ strategy in the counter for short-term target of ₹1750 apiece. (Read more)
Hindalco’s earnings outlook improves with rising aluminium prices
The stable rise in aluminium prices and disruption in global supply of bauxite have kept investor interest in integrated manufacturers such as Hindalco Ltd high. (Read more)
DMRC gets approval to conduct studies for Noida Airport-Delhi high-speed metro link
The Board of the Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday gave its go ahead to Delhi Metro Rail Corporation (DMRC) for conducting studies for high-speed metro rail links from Noida International Airport to Delhi. These metro rail connecting projects are in two parts — one between the airport in Jewar and Greater Noida and the other from Greater Noida to Delhi, according to details that emerged from the 71st Board meeting of YEIDA. (Read more)
Infosys has fixed most I-T portal glitches: report
Some issues around new I-T portal login persist, CNBCTV18 reported citing industry sources.
Dabur hikes price of hair oils by 2-7.5%: report
Stock recommendations: ICICI Securities
Base Metals commentary: Prathamesh Mallya, AVP- research, Non-Agri Commodities and Currencies, Angel Broking
“On Tuesday, Industrial metals on the LME ended lower as the wide spread of the delta variant of the covid19 virus in China undermined the demand outlook for industrial metals. However, slower than expected growth in US Consumer prices raised bets on a delay by the US on withdrawing the economic support which limited the fall in the Industrial metal prices. Nickel and Aluminium prices rose earlier in the week on fears of potential supply shortage. Increasing restriction on the production capacities in China (largest Aluminium producer) amid expectation of higher needs for Industrial metals underpinned prices. Also, aluminium prices have surged in the past few weeks as along with the disrupted supply from China, a rapid increase in Alumina prices and depleting inventories across exchanges.”
Daily Commodities Outlook: ICICI Securities
· Gold prices opened flat on Tuesday and fell gradually during the first half of the session till a low of | 46620. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47320
· Prices rose strongly in the last session as a slower-than-expected rise in US inflation could reinforce the view that the Fed may go slow on unwinding economic support measures and keep interest rates low. Lower interest rates reduce the opportunity cost of holding non-yielding bullion
· Therefore, we expect gold prices to trade positive towards | 47600 level for the day
· Crude oil prices started Tuesday’s trade on a positive note opening strongly higher and corrected gradually during most of the session till a low of | 5151
· Prices corrected slightly in the last session as the impact of a second major storm Nicholas in the Gulf of Mexico eased and China’s plans to sell crude from its strategic reserves dampened price gains
· Hence, we expect crude prices to remain subdued in the range of | 5140-5240 levels for the day
Bharti Airtel gains
Bharti Airtel’s stocks were trading at ₹715.50 apiece, up 3.08% at 11:24 am. A block deal of 20.5 lakh shares of the telco worth ₹145 crore changed hands at an average price of ₹709.50 per share.
Man Infra gains
Man Infraconstruction has been named developer by Juhu Sai Darshan Co-Operative Housing Society.
Household debt jumps to 37.3% of GDP in 2020-21, says SBI report
The COVID-19 pandemic has resulted in a spike in the household debt to GDP ratio. As per SBI estimates, it rose sharply to 37.3% in 2020-21 from 32.5% in 2019-20 (BIS estimates are at 37.7% as of Dec’20). The report confirms the deeper impact of the Covid-19 pandemic. “We estimate that household debt as a percentage of GDP has declined to 34% in Q1FY22 with the commensurate rise in GDP in Q1, though it has increased in absolute terms. We project that household debt in rural and urban areas might have doubled in 2021 from the 2018 levels,”the report states. (Read more)
CPI Inflation at 5.3% in August 2021: ICICI Securities
* CPI Inflation for August declined further to 5.3% compared to 5.6% in July 2021. Inflation print has now declined 100 bps in two months from 6.3% in June 2021 to latest print being at 5.3%
· The decline in headline inflation is last two months is largely driven by a fall in food inflation. Consumer Food Price Index has come down sharply in the last two months from 5.1% in June 2021 to 4.0% in July and to 3.1% now in August 2021. The favourable base effect of vegetables within food is the major reason for the low food inflation
· Core inflation is down marginally at 5.8% in August compared to 5.9% in July 2021
· Overall three items viz. oil & fats, transport & communication and fuel & light continue to be major contributors. The total contribution of these three items is around 3.0% out of 5.3% headline inflation. Transport and communication (petrol) and fuel & light (LPG) contributed around 1.8% while oil & fats (edible oil) contributed 1.2% in headline inflation. Effectively, edibles oils and global crude oil prices are driving inflation higher
· Overall, within food inflation, oil & fats seem to have peaked as lower custom duty and lower global prices should ease retail prices, going forward. Within core, the month on month rise in transport and communication should recede as retail prices are marginally lower and have stabilised. The positive base effect should help bring transport inflation print lower from current higher levels. However, the indirect impact of elevated retail petrol prices is a major concern
· Inflation has receded below RBI’s upper target range of 6% and also printed below market expectations. The same will help RBI continue its growth focused approach and reduce market expectations of fast normalising liquidity stance
Srei Infrastructure Finance says has no information from its bankers on classification of loans availed by Srei Group as NPAs
ICICI Securities: Axis Securities initiates coverage with BUY rating
“We initiate coverage on ICICI Securities (ISEC) with a BUY recommendation and a Target Price of ₹870/share, implying an upside of 22% from CMP. With a market share of 8.4% in FY21, ISEC stands as the 4th largest broker amongst the active clients in NSE despite increased competition from the discount brokers. By leveraging its strong digital platform, the company endeavours to become a comprehensive solutions provider and cater to the various needs across the investors life cycle comprising of investment, protection, and borrowing. While the COVID-19 has front-loaded opportunities in the capital market, the broking industry continues to consolidate in favour of digital and larger players. We believe ISEC is well-placed as the industry leader and we expect its growth to be driven by (1) Long-term industry tailwinds; (2) Limited revenue cyclicity owing to the diversified product basket as well as its efforts to further diversify revenue stream; (3) Improving customer sourcing and activation through proactive use of the digital platform; and (4) Improving profitability due to its cost rationalization efforts. Additionally, ISEC is ensuring its growth by undertaking various initiatives to improve customer engagement and activation as well as increase monetization of customers’ wallet shares. This cements our confidence in the company’s bright prospects over the long term which is reflected in our target multiple of 19x Sept’23E EPS.”
Astral’s stocks were trading at ₹2,125.00 apiece, up 0.82% at 10:45 am. Crisil has revised Astral’s long-term rating to AA from AA-, and changed the outlook to Stable from Positive.
Rupee inches 1 paisa higher at 73.67 against US dollar in early trade
Nifty at 17,451
Dynacons Systems and Solutions wins contract worth ₹74.6 mn
India reports 27,176 new covid cases
India reports 27,176 new #COVID19 cases, 38,012 recoveries, and 284 deaths in the last 24 hours, as per Health Ministry
Total cases: 3,33,16,755
Active cases: 3,51,087
Total recoveries: 3,25,22,171
Death toll: 4,43,497
Total Vaccination: 75,89,12,277 (61,15,690 in last 24 hrs) pic.twitter.com/6XmpGDSLYf
— ANI (@ANI) September 15, 2021
Tech Data partners signs supply agreement with Palo Alto Networks
IT distributor TD Synnex owned Tech Data has signed a distribution agreement for India & SAARC with cybersecurity firm Palo Alto Networks, to provide comprehensive cybersecurity offerings.
Axis Bank, HDFC Bank top drags
RIL, Infy drive Sensex gains
Banks, financials top drags
OneWeb launches 34 more satellites, reaches nearly halfway mark
Bharti-backed OneWeb, the Low Earth Orbit (LEO) satellite communications company, today said it has launched 34 more satellites from the Baikonur Cosmodrome in Kazakhstan. This latest launch brings OneWeb’s total in-orbit constellation to 322 satellites, nearly half of OneWeb’s entire 648 LEO satellite fleet that will deliver high-speed, low-latency global connectivity.
The Sensex opened at 58,354.11, up 107.02 points, or 0.18%, while Nifty was at 17,387.65, up 7.65 points, or 0.04%. Media sector surges.
On Wednesday, the Sensex was at 58,349.81, up 102.72 points, or 0.18%, while Nifty was at 17,380.00, up 24.70 points, or 0.14% at market pre-opening.
IRCTC, Vodafone Idea among 8 stocks under F&O ban on NSE today
As many as eight stocks/securities have been put under the futures and options (F&O) ban by the National Stock Exchange (NSE) on Wednesday, September 15, 2021. These securities are banned under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read more)
Markets are likely to be volatile on Wednesday while trends in SGX Nifty suggest a soft opening of Indian benchmark indices. On Tuesday, the Nifty ended at 17,380, up 24.70 points. The BSE Sensex closed at 58,247.09, up 69.33 points. (Read more)
Mixing of vaccines: DCGI permits CMC Vellore to start trial
The Centre on Tuesday informed that the Drugs Controller General of India (DCGI) has given permission to the Christian Medical College Vellore to start a trial on the mixing of vaccines. “A couple of such studies have been initiated. We need more scientific data to get more clarity,” said Dr Renu Swarup, Secretary, Department of Biotechnology. (Read more)
Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities
“Nifty is expected to open positive at 17,420, up by 30 points. 17,420 – 17,450 has been acting as a strong resistance zone for Nifty, a closing above this zone may take Nifty to 17,550-17,600 levels. 17,250-17,300 range will continue acting as strong support zone for Nifty. Traders can consider buy on dips with strict stop-loss as a strategy to trade current markets.”
Inflation is cooling, but don’t celebrate just yet
India’s wholesale price index (WPI) inflation cooled to 11.16%, mirroring the ease in the retail inflation print for July, and adding strength to the argument that price pressures are transient in the economy. The surge and the drop in WPI inflation that followed it have a large base effect push because of the pandemic. (Read more)
Apple event showcases new iPhone 13, iPad and Watch Series 7
After weeks of turbulent headlines, Tim Cook took the virtual stage in an attempt to return attention to the key driver of Apple Inc.’s success: the iPhone. The Cupertino, Calif., tech giant revealed the iPhone 13 and a smartwatch with a new look during its annual September event, which the company streamed live on its website rather than holding in person because of Covid-19 precautions. (Read more)
Stocks to Watch
RIL, Reliance Infra, Srei Infra, ZEEL, Shree Cement among other stocks may be in the news today. (Read more)
Reliance Infrastructure eyes becoming debt free
The company will receive a sum of ₹7100 cr from the Delhi Metro Rail Corporation Limited (DMRC) which the company will utilise to repay the debt of Reliance Infrastructure and to make the company debt-free, Chairman Anil Ambani said on Tuesday during an Annual General Meeting (AGM) of the company. (Read more)
India, UK aim to conclude mini trade deal by March next year
India and UK are aiming to launch trade negotiations by November 2021 with an eye to conclude a mini trade deal by March 2022 and later a comprehensive free trade agreement. The matter came up during discussions held between trade minister Piyush Goyal and his British counterpart Secretary of State Elizabeth Truss on Monday. (Read more)
Asian stocks open lower
Most Asian stocks fell Wednesday amid growth concerns while Treasuries retained gains in the wake of inflation data that signaled flexibility for the Federal Reserve over when to start tapering stimulus. Shares retreated in Japan and Australia, but edged higher in South Korea. U.S. futures rose. The S&P 500 and Nasdaq 100 declined overnight. The 10-year Treasury yield remained below 1.3%, narrowing the yield gap between short- and longer-maturity U.S. debt. Bonds in Australia and New Zealand also advanced. The dollar was steady.
S&P 500 futures rose 0.2% as of 9:23 a.m. in Tokyo. The S&P 500 fell 0.6%
Nasdaq 100 futures added 0.2%. The Nasdaq 100 fell 0.3%
Japan’s Topix index fell 1%
Australia’s S&P/ASX 200 Index dropped 0.4%
South Korea’s Kospi index rose 0.2%
Hang Seng Index futures lost 0.5% earlier
Wall Street closes lower
Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation. Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks. So far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year. The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76. All 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.
Never miss a story! Stay connected and informed with Mint.
our App Now!!