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Published on 5/08/2020 9:30:16 AM | Source: HDFC Securities Ltd

Indian markets could open flat to mildly up following mixed Asian markets today - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Indian markets could open flat to mildly up following mixed Asian markets today -  HDFC Securities

Markets could open flat to mildly up following mixed Asian markets and US indices that closed higher on Tuesday …

Indian markets could open flat to mildly up following mixed Asian markets today and US indices that closed higher on Tuesday.

U.S. stocks concluded a bumpy trading session on a high note Tuesday, with another record for the Nasdaq Composite, even as technology-related names took a backseat to outperformance in beaten-down sectors energy, real estate and consumer staples.

Investors parsed a trove of quarterly results from U.S. corporations and awaited a resolution to a stalemate between congressional Democrats and Republicans on a fresh fiscal relief package for Americans that have been put out of work due to the COVID-19 pandemic.

A reading of U.S. factory orders rose 6.2% (vs forecast 4.6%) in June to mark the second increase in a row, pointing to a steady rebound after widespread shutdowns in the early stages of the pandemic.

The 10-year Treasury note yield closed at 0.514%, near its alltime closing low, according to Dow Jones Market Data, while gold prices soared 1.7% to notch their first finish above $2,000 in history at $2021 an ounce.

Stocks in Asia Pacific traded mixed Wednesday morning, following a choppy trading session on Wall Street and losses in Europe.

The China Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 54.1 from June’s 58.4, which was the highest reading since April 2010.

India's benchmark indices broke their 4 day losing streak on Tuesday added by a strong rebound in Reliance Industries and HDFC Bank. The NSE Nifty 50 gained 203.7 points, ending 1.87% higher at 11,095.3.

The bounce in the Nifty after taking support of the upgap (formed on July 17-20) on Monday was on expected lines. It will be interesting to watch as to whether the upward momentum in the market continues beyond another 200 odd Nifty points.

Axis Bank sets floor price of Rs 442.19 per share for QIP

Axis Bank said it has set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000 crore qualified institutional placement (QIP). The board of the bank had last month approved the Rs 15,000 crore fund raise plan. The QIP was okayed by shareholders at the annual general meeting held on July 31, 2020, the bank said. Further, it said the committee may, at its absolute discretion, offer a discount of not more than 5 percent of the said floor price.

Axis Bank said a meeting of the committee is scheduled to be held on August 10, 2020 to consider and approve, among other things, the issue price for the equity shares proposed to be issued.

 

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