MARKETS ROUND UP.
US stocks closed mixed on Friday after reports showed the economic recovery slowed and stimulus talks reached a stalemate. The S&P500 fell less than 0.1% after fluctuating near all-time highs for much of the day, the Dow edged 0.1% higher while the Nasdaq ended in the red.
Stocks in Asia began the week mixed as investors assessed soured US-China ties as well as cash injections by the Chinese central bank. The market opened modestly higher in China after the central bank injected liquidity into the financial system. Equities in Japan and Australia were lower, while South Korea closed for a holiday.
Nifty futures on the Singapore Exchange traded 11 point higher at 7 am (IST) this morning, signaling a tepid start for Dalal Street..
Last Friday, Nifty shuttled between a high and low of 11,366 and 11,111 levels before closing 122 points, or 1.08 per cent, down at 11,178. In the process, the index formed a large bearish engulfing candle on the daily chart. Analysts said the upside may remain capped in the coming sessions.
The rupee settled 6 paise lower at 74.90 against US dollar on Friday tracking weak domestic equities.
The dollar slipped in Asian trade. The yen gained 0.1% to the greenback as did the offshore yuan. The euro was little changed.
Oil prices climbed higher on Monday, lifted by China’s plans to ship in large volumes of US crude in August and September. Brent crude rose 21 cents, or 0.5%, to $45.01 while WTI crude gained 27 cents, or 0.6%, to $42.28.
Some important national market news :
SEBI is mulling with the proposal of introducing T +1 settlement instead of T +2 settlement as is being followed up at present.
Gold prices fell sharply in India last week, tracking a decline in global markets. On Friday, October gold futures fell 1.5% to Rs 52,170 per 10 gm. For the week, gold was down about Rs 2,600. Silver slumped 5.5% to Rs 67,220 per kg. In global markets, spot gold fell 4.4% for the week to $1,945 in London.
Prices of natural gas in India are likely to be cut to $1.9-1.94 — the lowest in more than a decade — from October, denting revenues of producers such as ONGC who are already incurring huge losses on gas production.
Reliance Industries is in talks to buy e-commerce companies Urban Ladder and Milkbasket, say sources, even as the conglomerate is also reportedly in talks to acquire e-pharma Netmeds and lingerie retailer Zivame.
So Reliance shares are going up despite the Covid ’19 effect. It is a script to watch for medium and long term benefits. Reliance is debt-free company. Overseas Investors are showing a lot of interest.
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