India VIX declined nearly 3 per cent to 24 levels.
The domestic stock market ended Friday's volatile session in the negative territory, weighed down by heavyweights Reliance Industries (RIL) and the HDFC twins. Weak global markets following disappointing US gross domestic product (GDP) data, too, dented investor sentiment.
The S&P BSE Sensex ended 129 points or 0.34 per cent lower at 37,607 while the Nifty50 index gave up the 11,100-mark to settle at 11,073, down 29 points or 0.26 per cent. India VIX declined nearly 3 per cent to 24 levels.
On a weekly basis, Sensex fell 1.36 per cent while NSE's Nifty slipped 1 per cent.
Among individual stocks, shares of RIL ended 2 per cent lower at Rs 2,067 apiece on the BSE after the company reported a profit before tax (PBT) of Rs 8,542 crore against Rs 14,366 crore reported during the same quarter last year. The company's net profit, however, rose about 31 per cent to Rs 13,233 crore against Rs 10,104 crore in the same quarter last year. READ MORE
State Bank of India (SBI) ended over 2.6 per cent up at Rs 191.45 after the lender posted 36.8 cent rise in profit before tax (PBT) at Rs 5,559.7 crore for the quarter ended June 2020 (Q1FY21) on robust growth in net interest income.
The sectoral trend on the NSE was mixed. While pharma, PSU banks, and realty counters advanced, auto and private banks ended flat with negative bias. Nifty Pharma index gained the most - up 3.6 per cent to 11,148.90 levels.
In the broader market, the Nifty Smallcap 100 index gained over 0.8 per cent to 5,011 while the Nifty Midcap 100 closed 0.4 per cent higher at 15,471 points.
Asian shares turned lower in a choppy session on Friday as abysmal economic data from the United States and rising global Covid-19 cases darkened the mood, despite strong US tech earnings and manufacturing recoveries in China and Japan.
European shares were largely flat after encouraging earnings updates from Nokia, BNP Paribas and others countered concerns about a global economic recovery as coronavirus cases surged globally.
The US dollar was also set for its worst month in a decade amid expectations the Fed will maintain its ultra-loose monetary policy for years.
In commodities, oil prices rose and were on track for monthly gains, boosted by a weaker dollar in the face of continuing concerns over the recovery of the US economy as the coronavirus ravages the world’s biggest economy and oil consumer.
COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services
Indian markets closed the session flat, with a negative bias. Following one of the worst quarterly US GDP data, Asian shares closed in the negative while European markets were also trading flat. In India, the uncertainty was visible as profit booking and post-earnings results performance of index heavyweights, impacted the benchmark indices. On a weekly basis, the indices closed with slight losses following a result-heavy week and stock-specific action in the benchmark indices while at the same time virus infections continued to increase.
Markets seem to be in a consolidation mode with momentum slowing down in the last couple of sessions. This trend is expected to stay since the uncertainties continue and volatility remains high. Investors are advised to remain cautious and accumulate quality stocks in this uncertain environment
SECTOR WATCH:: Nifty Pharma rallies 3.5%
MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex
The S&P BSE Sensex ended at 37,607, down 129 points, or 0.34 per cent while NSE's Nifty ended at 11,073, down 29 points, or 0.26 per cent.
BROKERAGE VIEW:: HDFC Securities on RBL Bank
Significant treasury gains and strong NIMs buoyed RBK’s 1Q earnings. While QoQ deposit growth was healthy, deposit granularity remains an area of concern. Moratorium trends in the credit card and micro-credit portfolios, where LGDs are high, are concerning. These segments could contribute disproportionately to slippages and LLPs. Provisions are likely to remain elevated in the near term, denting return ratios. This underpins our REDUCE rating. Our price target of Rs 148 remains unchanged.
UPDATE:: Adani Gas gains nearly 1.5%
NEWS ALERT :: Penalty provision for short-collection/ non-collection of upfront margin in cash segment shall be implemented w.e.f Sept 1, 2020
RIL, HDFC twins contribute the most to Sensex's 200-point fall today
June Quarter Result :: Sun Pharma reports loss of Rs 1,655.6 crore
>> One-time loss of Rs 3,633.3 crore
>> Revenue at Rs 7,585.3 crore
>> EBITDA at Rs 1,843.6 crore
>> EBITDA margin at 24.3%
MARKET CHECK:: BSE Energy index falls 1.7%
BROKERAGE VIEW:: ICICI Securities on Torrent Pharma
Overhang pertaining to two US-focused plants notwithstanding, Torrent continues to impress thanks to its robust margin profile, which can be attributed to a global portfolio that comprises ~60% branded generics. We expect a further improvement in this matrix and product rationalisation to further strengthen margins. The company’s portfolio is finely balanced between India, Brazil, Germany and the US with Indian being the leader. With consistent FCF generation and moderation in core capex, we expect the leverage situation to improve substantially. With these key characteristics we believe the premium valuation is justified. We upgrade to BUY with a revised target price of Rs 2,865 (30x of FY22E EPS of Rs 95.5).
NEWS ALERT :: Banks can't refuse loan to MSMEs under Emergency Credit Fund, says FM
Rupee ends at 74.81 per US dollar vs Thursday's close of 74.84/$
MARKET CHECK:: BSE Midcap index outperforms Sensex
SBI Q1 profit jumps 81% YoY to Rs 4,189 cr, moratorium declines to 9.5%
State Bank of India (SBI) on Friday reported standalone net profit of Rs 4,189.34 crore for June quarter of FY21 (Q1FY21), supported by one-time gain from stake sale in SBI Life for Rs 1,539.73 crore. This was 81.18 per cent higher from net profit of Rs 2,312.2 crore reported in the June quarter of FY20. On a quarterly basis, the net profit grew 17 per cent from Rs 3,580.8 crore reported in March quarter of FY20. READ MORE
Q1 Results | Indian Oil Corporation posts net profit of Rs 1,910.8 crore
MARKET UPDATE:: Sensex off day's low
Covid-19 impact on GDP to be felt for years in advanced economies: Fitch
The impact of coronavirus will continue for years as GDP levels in the largest advanced economies remain around 3 to 4 per cent below their pre-virus trend path by the middle of this decade, Fitch Ratings has said in a new report. "There will be lasting damage to supply-side productive potential from the coronavirus shock as long-term unemployment rises, working hours fall, and investment and capital accumulation slow," said Maxime Darmet, Director in Fitch's Economics team. READ MORE
BUZZING STOCK:: Laurus Lab up 15%
Q1 RESULTS | State Bank of India posts net profit of Rs 4,189.crore, helped by one-time gain of Rs 1,539.7 crore
-- Gross NPA at 5.44% vs 6.15% (QoQ)
-- Net NPA at 1.86% vs 2.23% (QoQ)
-- Additional provision of Rs 1,836 crore on account of Covid-19
-- Fresh slippages at Rs 3,637 crore
-- Moratorium at 9.5% of term-loan book
Covid-19 impact on GDP to be felt for years in advanced economies: Fitch
"There will be lasting damage to supply-side productive potential from the coronavirus shock as long-term unemployment rises, working hours fall, and investment and capital accumulation slow," said Maxime Darmet, Director in Fitch's Economics team.
Huge uncertainties surround the economic outlook in aftermath of the massive shock in H1 2020. The path that the coronavirus outbreak will take is unknown. READ MORE
NEWS ALERT :: Niti Aayog submits proposal to Fin Min, PMO to privatise 3 banks, reports CNBC TV18
>> Names include UCO Bank, Bank of Maharashtra, Punjab & Sind Bank
No BS-IV vehicle registration until decision on sale during lockdown: SC
The Supreme Court on Friday said that no BS-IV vehicles will be registered till it decides the sale of such vehicles during lockdowns to contain the spread of the coronavirus, referring to country's new standards for emissions. The court was earlier irked over the violation of its order and pulled up automobile dealers association for sale of BS-IV vehicles when a nationwide lockdown was announced in the last week of March and extended three times. READ MORE
Q1 RESULTS | UCO Bank reports profit of Rs 21.5 crore as compared to Rs 601.5 crore loss in Q1FY20
-- NII dips 5.1 per cent YoY to Rs 1,266.7 crore
-- Q1FY21 gross NPA at 14.4% vs 16.8% YoY
Sun Pharma trades over 2% higher ahead of June quarter nos
MARKET CHECK:: BSE Healthcare index jumps 3%
European indices open mixed
MARKET CHECK:: Top 5 losers on the BSE at this hour
Sanofi India: Sturdy balance sheet, cash-generation augur well for company
Sanofi India posted a 20 per cent growth in profit before tax (PBT), before exceptional items, for the June quarter (Q2) of calendar year 2020 (CY20), despite the lockdown leading to lower revenue. While some therapy areas were impacted in Q2, Sanofi completed the slump sale of its Ankleshwar manufacturing facility and some of its products. READ MORE
Zydus Wellness gains 6% as Co's PAT grows 10% YoY in Q1
Dabur's aggressive focus on healthcare products is paying off
At a time when the non-food FMCG (fast-moving consumer goods) category has been severely impacted, Dabur not only reported better-than-estimated volumes in the June quarter of financial year 2020-21 (Q1FY21), but it saw an improvement over the previous quarter. Compared to a decline of 14.6 per cent in volumes in Q4FY20 and similar expectations for Q1, Dabur’s domestic volumes were down only 9.7 per cent in the recently concluded quarter. READ MORE
RBI likely to leave repo rate unchanged in August policy meet: Report
"We believe an August rate cut is unlikely. We believe that the MPC could now well debate what further unconventional policy measures could be resorted to in the current circumstances to ensure financial stability is continued to be addressed," an SBI research report- Ecowrap said. READ MORE
Nasdaq-beating market rally sends BSE IT Index to a record high
The 50-member S&P BSE Information Technology (BSE IT) Index jumped to a record high this week, taking its advance since the end of March to more than 40 per cent, and eclipsing the tech-heavy US gauge’s 36 per cent gain in the period. READ MORE
NEWS ALERT :: PNB to infuse Rs 600 cr in PNB Housing Finance via preferential/rights issue
Direct market access in exchanges will pose higher systemic risk: Brokers
Since the buzz on DMA floated on the Street this week, share price of the listed brokerage ICICI Securities is down over 15 per cent. Geojit Financial Services is down over 7 per cent, while IIFL Securities and discount broker 5Paisa Capital are down 7.4 per cent and over 18 per cent, respectively.
“If there is a client default, the onus is on the brokerage firm and not on the exchange. If exchanges, as one large entity, were to take such a risk it would be systemic and put everyone participating in the markets at risk on an extremely volatile day (like in 2008),” said Nithin Kamath, co-founder and chief executive officer (CEO) at Zerodha, the country’s largest broking house in terms of active clients. READ MORE
Zee Ent, GAIL India, Bharti Infratel may be excluded from Nifty: Report
Stocks of Zee Entertainment, GAIL India, and Bharti Infratel could be excluded from the Nifty50 when the index is reconstituted next, suggests a July 30 report by IDBI Capital authored by A K Prabhakar, head of research at the Mumbai-based brokerage co-authored with Dhartikumar Sahu. These three stocks, according to IDBI Capital, are likely to pave way for SBI Life Insurance, Divi’s Lab, and Dabur India. READ MORE
NEWS ALERT :: SC bars registration of BS-IV vehicles till further orders
>> SC's Justice Arun Mishra-led bench expresses anger over large number of BS-IV vehicles sold in March 2020, says something 'fraudulent' may have taken place
(Via CNBC TV18)
Ipca Lab hits 52-week high; stock surges 9% in 3 days
In the June quarter of FY21, insurance companies raised stake in the company from 2.22 per cent stake, held at the end of Q4FY20, to 4.23 per cent. HDFC Life held 2.3 million shares, representing 1.82 per cent stake, while SBI Life held 1.4 million shares, representing 1.1 per cent stake, in the company at the end of June quarter, shareholding pattern data shows. READ MORE
Pharma stocks trade higher in an otherwise volatile market
China's positive GDP growth rate may take a bite out of India's FPI flows
The IMF has projected a positive GDP growth rate for China in CY20, while estimating a 4.5 per cent contraction for India this financial year. China’s economy grew 3.2 per cent in the second quarter, following a slump of 6.8 per cent in the first, according to its National Bureau of Statistics. This was driven by its success in controlling the outbreak and policy support from the government. Various agencies have pegged India’s FY21 growth between 1.3 per cent and -9.5 per cent. READ MORE
BROKERAGE VIEW:: Emkay Global on Torrent Pharma
RATING: SELL | TARGET PRICE: Rs 2,250
We raise FY21/22/23E EPS by 25 per cent /11 per cent /10 per cent and increase the TP to Rs 2,250, valuing the stock at 25x (unchanged) Jun’FY22E EPS (adjusting Rs 8/share amortisation costs. We have extended the amortization period for Unichem/Elder from 15 years to 30 years). We retain Sell and UW in sector EAP.
BROKERAGE VIEW:: Edelweiss Securities on CEAT Ltd
CEAT’s Q1FY21 standalone EBITDA of Rs 993 mn surpassed our estimate ~80% riding a 24% revenue beat. This was owing to stronger-than-expected replacement demand (likely to have gained share). Key call highlights: 1) Strong recovery in replacement demand (2W and PV were positive YoY in July) unlikely to sustain given current economic scenario. 2) Targeting ~15% permanent cost reduction. 3) RoE target could be postponed due to a weak demand environment (expects sustained turnaround only from Q4FY21). 4) Capex intensity to ebb and can turn FCF positive if demand normalises. While revenue growth will be cushioned by revival in OEMs (easing restrictions in urban areas, channel filling, new order wins) and export demand, we expect a lower share of replacement demand to adversely impact margin. Tracking the beat, we marginally revise our estimates, Maintain ‘BUY’ with revised TP of Rs 1,019 (Rs 977 earlier) valuing it 12x March 2022E EPS.
SBI Q1FY21 preview: Stake sale gain from SBI Life to cushion Covid-19 blow
Analysts at Phillip Capital expect the slippages to be contained, around Rs 8,300 crore, given the moratorium extended by the Reserve Bank of India (RBI).
On the whole, gross non-performing asset (GNPA) ratio is seen between 5.9 and 6 per cent, down from 6.2 per cent sequentially and 7.5 per cent YoY. Net NPA (NNPA) ratio, meanwhile, is seen at 2.1 per cent. READ MORE
Lakshmi Vilas Bank freezes at 5% lower circuit on Rs 112 crore Q1 loss
Shares of Lakshmi Vilas Bank were locked in the 5 per cent lower circuit band of Rs 19.7 apiece on the BSE on Friday the lender reported its April-June quarter result on Thursday post market hours. The bank reported a net loss of Rs 112 crore for the June quarter of FY21 after reporting a net profit of Rs 92.86 crore in the March quarter of FY20. In the year-ago quarter (Q1FY20), its loss was at Rs 237.25 crore. READ MORE
Essel Propack jumps 18% after Q1 net profit rises 14% YoY to Rs 46 crore
Shares of Essel Propack zoomed as much as 18 per cent to Rs 242 apiece on the BSE on Friday after the company reported a 14 per cent increase in its consolidated net profit at Rs 45.62 crore for the June quarter. The company had logged a profit of Rs 40.03 crore in the corresponding quarter of the previous fiscal. At 10:12 am, the stock was quoting nearly 16 per cent higher at Rs 237.70 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading at 37,623, down 113 points, or 0.3 per cent. READ MORE
Tata Motors trades flat ahead of Q1 earnings; here's what to expect
Shares of Tata Motors were trading almost flat ahead of its financial results for the quarter ended June 30, 2020. Analysts are expecting over 50 per cent year-on-year (YoY) fall in the company's overall revenues while consolidated net loss may widen to as high as 9,810 crore, owing to sharp fall in volumes due to the Covid-19 induced lockdown. READ MORE
China's positive GDP growth rate may take a bite out of India's FPI flows
The IMF has projected a positive GDP growth rate for China in CY20, while estimating a 4.5 per cent contraction for India this financial year. China’s economy grew 3.2 per cent in the second quarter, following a slump of 6.8 per cent in the first, according to its National Bureau of Statistics. READ MORE
Torrent Pharma leaps 10%, nears 52-wk high as Q1 net profit jumps 49% YoY
Shares of Torrent Pharma rallied as much as 9.7 per cent to Rs 2,675.35 on the BSE on Friday after the pharmaceutical company's consolidated profit before tax jumped 44 per cent to Rs 402 crore in April-June quarter of FY21 (Q1FY21). The company's PBT in corresponding quarter last year stood at Rs 279 crore. The stock was trading close to its 52-week high level of Rs 2,679.45, touched on April 9, 2020. READ MORE
Rupee opens stronger at 74.75 per US dollar vs Thursday's close of 74.84/$
RIL slips nearly 2% after June quarter result; here's what brokerages say
At 09:39 am, the stock was trading over 1.63 per cent lower at Rs 2,074 on the BSE. In comparison, the S&P BSE Sensex was trading 32 points or 0.09 per cent higher at 37,768 levels. During the session, the stock hit a low of Rs 2,070.70 against Thursday's close of 2,108.65. RIL's shares had hit an all-time high of Rs 2,198.70 on July 27 whereas its 52-week low stands at Rs 867.82, touched on March 23, 2020. READ MORE
We expect volumes to improve in the coming quarters on: 1) low base and pent-up demand; 2) better rural sentiment; and 3) gradual improvement in economic activity. Our top picks are Mahindra & Mahindra, Eicher Motors and Ashok Leyland
Edelweiss on steel sector
HRC prices continued their up-move recently. i) Domestic prices rose INR900–1,500/t across the board except south. ii) International prices edged up USD7–10/t across regions. On the longs front, we see secondary rebar prices rising 3.5% vis-a-vis last week owing to an increase in pellet prices. In our view, this would show up in primary rebar prices as well. Going ahead, we expect spreads to improve further as price hikes are complemented by lower coking coal prices. We retain our preference for flats players. Maintain ‘BUY’ on Tata Steel (target price: Rs 450; 6.2x FY22E EBITDA); it is our preferred pick in the ferrous space owing potential for earnings improvement at both domestic and overseas operations
COMMENT :: Chris Wood of Jefferies on gold
One undoubted reason for gold’s latest surge is the renewed weakness in the US dollar. The weakening US dollar is good news for owners of gold and related precious metals. It is also good news for emerging market equities. For now GREED & fear’s assumption is that the US dollar has peaked with the core risk to that assumption a feared second wave involving a renewed surge in deaths and not just cases.
Another reason gold has rallied is declining US dollar real rates. The technical point to be aware of about gold is the potential for a price spike caused by a short squeeze on the bullion banks that make a market in gold. The data shows that owners of gold futures are increasingly opting to take delivery of physical gold as futures contracts expire.
The risk of such a short-squeeze triggered spike in the gold price, as well as the potential threat to Fed credibility suggested by the weakening US dollar, are reasons why a conservative GREED & fear would be wary of owning gold or gold shares on too much leverage right now. This is because intervention can happen at any time. Still for the moment investor positioning on gold looks far from extreme.
(Source: GREED & fear, Wood's weekly newsletter ti investors)
Nomura on CEAT
CEAT trades at ~6.6x FY22F EV/EBITDA, which we find expensive. Rising debt, high capex spend and entry into competitive segments will likely keep ROEs subdued over the next two years. Hence, we maintain our target EV/EBITDA at 6x (lower end of the historical trading band of 6-9x) on average FY22F-23F EBITDA, to arrive at our raised target price of Rs 801. We reaffirm Reduce. We prefer Balkrishna Industries (BIL IN, Buy).
STOCK ALERT :: Infosys hits all-time high
Nomura on Maruti Suzuki (MSIL)
We value MSIL using 25x (unchanged) core FY22-23F average EPS (Rs 184), which is at the upper end of our expected trading band. We roll forward our valuation from Jun-22F to Sep-22F and add Rs 1,548 cash/share. Since current valuation is already at our target level, factoring in full recovery, we maintain Neutral. We prefer M&M (MM IN, Buy) as our top pick in the sector
Ahead of Result | Tata Motors trades flat
Biocon dips marginally
Nifty IT index outperforms benchmarks
Wipro trades in the green
>> Wipro announced that Metro Bank, a large UK based retail and commercial bank, has awarded a multi-year contract to deliver and transform Testing and Environment Management Services.
Nifty Bank slips over 200 pts in early deals
Result Impact | Torrent Pharma jumps 6% in a weak market
>> Despite challenges posed by Covid-19 pandemic and lockdown, Torrent Pharmaceuticals Ltd. (TPL) saw its consolidated profit before tax (PBT) rise 44.08 per cent for the first quarter ended June 30, 2020, to stand at Rs 402 crore. The company's PBT in the corresponding quarter last year stood at Rs 279 crore.
SBI trades higher ahead of Q1 results
Reliance Industries exerts pressure, down 1%
Sectoral trends on NSE at Open
Sensex Heatmap at Open
Commodity heatmap :: Gold tops Rs 53,000-mark on MCX
Top gainers and losers on the S&P BSE Sensex at Pre-open
Markets at Pre-open
Markets at Pre-open
Rollover Analysis :: August series
>> Nifty Futures began the August series with 1.12 crore shares versus 1.14 crore shares in open interest.
>> The August series began with Rs.95,448 crore versus Rs 91,631 crore in stock futures, Rs. 12,389 crore versus Rs.11,685 crore in Nifty futures & Rs.115,808 crore versus Rs. 84,291 crore in index options and Rs. 25,621 crore versus 17,812 crore in stock options.
>> Nifty August month rollover was higher at 77.59% versus 78.93%
>> Market-wide rollover was at 87.85% versus 92.01%
Top stocks to watch out for today
RIL: Mukesh Ambani-promoted Reliance Industries (RIL) reported a 40.5 per cent dip in profit before tax (PBT) and exceptional items as the pandemic and the ensuing lockdowns hit the energy and retail businesses in the June quarter. Net profit, however, rose for the company, beating Street estimates.
SBI: The state-run lender is slated to announce its June quarter results later in the day. Amid declining interest income and lower net profit sequentially, analysts see India’s largest public sector bank’s business growth to be modest in the recently concluded quarter.
Torrent Pharma: Despite challenges posed by Covid-19 pandemic and lockdown, Torrent Pharmaceuticals Ltd. (TPL) saw its consolidated profit before tax (PBT) rise 44.08 per cent for the first quarter ended June 30, 2020, to stand at Rs 402 crore. The company's PBT in the corresponding quarter last year stood at Rs 279 crore. READ MORE
NEWS ALERT :: Tata Capital Growth to invest Rs 225 crore in Biocon for 0.85% stake
Outlook on Crude oil, natural gas by Bhavik Patel of Tradebulls Securities
Crude has good support around levels of 3,030-2,980 and resistance in zone of 3,130-3,180. Crude is trading in this narrow range since the past 10 days. Delays in the next stimulus bill is expected to have negative effect on oil markets as it would mean less money in hands of consumers who can spend. READ MORE
Stock calls by Nilesh Jain of Anand Rathi
SELL PEL | TARGET: Rs 1,300 | STOPLOSS: Rs 1,410
The stock has provided breakdown from a rising trend line on the daily chart. The neckline is placed at 1,410 levels which will now act as an immediate hurdle. It is also facing the resistance of its short term 21-DMA, which is also placed at 1420 levels. The momentum oscillator MACD has provided sell crossover on the daily chart. Based on the aforementioned rationale, we can expect some more weakness in the counter. READ MORE
Here's a Bear Spread strategy for Nifty Bank index by HDFC Securities
Bear Spread strategy on Bank Nifty (Expiry 06 August)
Buy Bank Nifty 21500 Put at Rs 386 & simultaneously sell 21000 Put at Rs 215
Lot Size 25
Cost of the strategy Rs 171 (Rs 4275 per strategy) READ MORE
NEWS ALERT :: Japan's factory output increases by 2.7% MoM in June
>> The sharp rise, which followed four months of declines, was largely thanks to a bounce in motor vehicle production.
>> It beat the median market forecast of a 1.2% rise in a Reuters poll of economists.
>> Manufacturers surveyed by the Ministry of Economy, Trade and Industry (METI) expect output to jump 11.3% in July and 3.4% in August
NEWS ALERT :: China July manufacturing PMI improves to 51.1 from 50.9 in June
FII/FPI & DII trading activity on NSE, BSE and MSEI
Oil prices bounce back from three-week lows
>> Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer.
>> Brent crude was up by 40 cents, or 0.9%, at $43.34 a barrel. On Thursday, Brent closed down 1.9% but had recovered much of the ground lost from the lowest level since July 10.
>> US crude gained 35 cents, or 0.9%, to $40.27 after dropping 3.3% the previous session, again recovering from lows not seen since July 10.
SGX Nifty hints at green start
>> At 8:20 am, the index was at 11,128 level, up 28 points or 0.25 per cent.
Asian stocks set to rise on Big Tech surge, dollar slides
S&P dips on worries about earnings, data, stimulus and election