NSE's Nifty ended at 11,408, up 23 points or 0.20 per cent.
The benchmark indices ended in the positive territory for the third consecutive session on Wednesday, led by buying in Reliance Industries (RIL), HDFC Bank, ICICI Bank, and Bharti Airtel.
The S&P BSE Sensex ended at 38,615 levels, up 86 points, or 0.22 per cent with Tech Mahindra (up around 2 per cent) being the top gainer and Bajaj Auto (down over 1 per cent) the biggest loser. NSE's Nifty ended at 11,408, up 23 points or 0.20 per cent. India VIX, the volatility gauge, dropped another 2 per cent to 19.96 levels.
The sectoral trend on the NSE was mostly positive. Nifty Media rallied the most - up over 5 per cent to 1,550.50 levels. Nifty PSU Bank gained over 2 per cent to 1,462.45 points. On the other hand, Nifty FMCG slipped 0.44 per cent to 31,586.05 points.
In the broader market, the S&P BSE MidCap index ended at 14,741.42, up 0.6 per cent while the S&P BSE SmallCap index gained over 1 per cent to 14,318 levels.
Shares of Dilip Buildcon surged 10 per cent to Rs 418.05 on the BSE after the company announced that its Joint Venture with Hindustan Construction Company (HCC) has received a letter of acceptance (LoA) from Rail Vikas Nigam Limited for a new project worth Rs 1,334.95 crore in Uttarakhand. The stock ended at Rs 405.20, up over 6.5 per cent. READ MORE
CSB Bank zoomed 14.4 per cent to Rs 227.85 on the BSE after the bank's net profit grew 174.1 per cent on a yearly basis to Rs 53.56 crore in June quarter of FY21, as against Rs 19.54 crore in Q1FY20. In the March quarter of FY20, the bank had incurred net loss of Rs 59.68 crore. The stock settled at Rs 225.45, up over 13 per cent. READ MORE
Reliance Industries (RIL) ended nearly 0.7 per cent higher at Rs 2,133 on the BSE after the Mukesh Ambani-owned conglomerate on Tuesday announced the acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore. READ MORE
European stocks edged up on Wednesday as a record high for US stocks outweighed simmering worries over a resurgence in coronavirus cases that could undermine a nascent recovery. The broad Euro STOXX 600 gained 0.1 per cent in choppy trading, with indexes from Frankfurt to London making slim gains.
MSCI’s broadest index of Asia-Pacific shares outside of Japan fell 0.2 per cent, after initial support from an S&P 500’s charge to a record high powered by looser policy and charging tech stocks.
Wall Street futures pointed to slim gains.
In commodities, oil prices eased on concerns that US fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in US crude stocks.
Market Closing Comment :: Vinod Nair, Head of Research at Geojit Financial Services
Ever present fears regarding the Covid-19 impact on economic recovery brought about volatility in the global markets, despite US markets surging to record highs. Indian indices also exhibited this volatility before closing the day with a positive bias. Banking index again led the gains. The gains in the Indian market, as in the global markets, have been driven by ample liquidity and the expectation of normalisation of business supported by government measures, in a post covid-19 scenario. However, investors must continue to remain stock specific and use the accumulation strategy for the time being.
Heatmap: Top Sensex gainers and losers at close
Nifty sectoral indices at close
MARKETS AT CLOSE
AGR Case :: Sale of spectrum is allowed under trading guidelines, observes SC
>> But how can spectrum be sold under IBC? All resolution transactions must be as per IBC.
MARKETS AT CLOSE
The S&P BSE Sensex ends 86 points, or 0.22 per cent, higher at 38,615, and the Nifty50 index settles 23 points, or 0.2 per cent, higher at 11,408
AGR Case :: DOT had refused to grant nod to Jio-R.Comm spectrum sale agreement, despite TDSAT judgment in favour of R.Comm, says Salve
>> Not the right stage for SC to decide the issue of sale of spectrum.
>> Issue of sale of spectrum is to be decided by the DoT.
>> Even possible for UVARC to back out of bid with DoT now saying that spectrum sale can't be allowed under IBC
Economists agree on massive GDP contraction, differ widely on the extent
Economists and various agencies have pegged the contraction in gross domestic product (GDP) in the range of 13.6-35 per cent in the first quarter of 2020-21. The National Statistics Office (NSO) is slated to release the official number at the end of the current month. READ MORE
AGR Case :: Spectrum can be sold only with the DOT nod, says Salve
>> If resolution plan succeeds, DOT will decide on sale of spectrum at that stage, let Govt decide.
AGR Case :: Not seeking to sell the spectrum, but only looking to transfer the right to use, says Salve
AGR Case :: Spectrum is recorded as an asset, by virtue of having been purchased in an auction, argues Harish Salve
>> Telcos own the right to use the spectrum, an extremely valuable right of the telcos.
>> Nobody's case that spectrum is owned by anyone else other than the Govt.
>> License merely transfer the right to use, that right involves payments.
MARKET UPDATE:: Sensex off day's high, turns flat
Cabinet Decisions :: Jaipur, Guwahati and Thiruvananthapuram Airports to be given to pvt players
>> To be given on lease for operation, development and maintenance for 50 years
Cabinet Decisions :: PFC and REC to extend more loans to discoms beyond the cap of 25% of last year's working capital
World Bank sees higher GDP fall in India than 3.2% it projected for FY21
The World Bank on Wednesday said that it is likely to project a steeper contraction of India's economy than 3.2 per cent it has forecast for the current financial year due to the increasing number of Covid-19 cases and the resultant regional lockdowns. It cautioned India against using its tariff policy to attract the firms wanting to shift from China. READ MORE
NEWS ALERT | Centre to sell stake in IRCTC via OFS: TV reports
>> Govt likely to hold first pre-bid meeting on Sept 3
>> Bidding window will be Sept 4-11
June Quarter Result :: Muthoot Finance reports profit of Rs 841 cr vs Rs 530 cr YoY
>> Revenue comes in at Rs 2,385 cr vs Rs 1,857 cr YoY
AGR Case :: Hearing to soon begin in SC
>> Harish Salve, appearing for Jio and SBI, likely to argue on -
SBI, Bank of Maharashtra: PSU bank stocks are showing a breakout formation
Shares of public sector banks were in focus on Wednesday, rallying up to 6 per cent on the National Stock Exchange (NSE) in intraday deals. Among individual stocks, Punjab National Bank jumped 5.2 per cent to Rs 34.6 apiece on the NSE in the intra-day trade. READ MORE
BSE Industrial index gains over 1%; IRB Infra zooms 17%, hits 52-week high
Among individual stocks, IRB Infrastructure Developers zoomed nearly 17 per cent to hit a 52-week high of Rs 138.80 on the BSE during the day after the company informed it has received unanimous Arbitral award of Rs 73.86 crore for one of its earlier projects in Punjab. At 02:06 PM, the stock was trading 9.5 per cent higher at Rs 130 levels. READ MORE
Banks may restructure Rs 8.4 tn loans as economy sputters: India Ratings
Almost 60 per cent of Rs 8.4 trillion credit is already susceptible to slip into non-performing asset (NPA) category after lockdowns to contain the coronavirus devastated the economy, in absence of restructuring. READ MORE
Rupee ends weaker at 74.83 per US dollar vs Tuesday's close of 74.76/$
CSB Bank reports 174% YoY jump in Q1 profit at Rs 53.5 cr; stock zooms 14%
Shares of CSB Bank zoomed 14.4 per cent to Rs 227.85 per share on the BSE on Wednesday after the bank's net profit grew 174.1 per cent on a yearly basis to Rs 53.56 crore in June quarter of FY21, as against Rs 19.54 crore in Q1FY20. In the March quarter of FY20, the bank had incurred net loss of Rs 59.68 crore. Net interest income (NII) came in at Rs 185.3 crore for the quarter under review, up 40 per cent YoY from Rs 132.4 crore earned in Q1FY20. The bank's operating profit before provisions and contigencies stood at Rs 129,09 crore, clocking a growth of 222 per cent YoY. READ MORE
European indices trade higher in early deals
JUNE QUARTER RESULTS | CSB Bank Q1 profit rises 174% YoY to Rs 53.6 crore
-- Net interest income (NII) up 40% YoY to Rs 185.3 crore
-- Gross NPA unchanged at 3.5%
-- Net NPA at 1.7% vs 1.9% (QoQ)
Dilip Buildcon surges 10% on receiving LoA for project worth Rs 1,335 cr
Shares of Dilip Buildcon surged 10 per cent to Rs 418.05 on the BSE on Wednesday after the company announced that its Joint Venture with HCC has received a letter of acceprtance (LoA) from Rail Vikas Nigam Limited for a new project worth Rs 1,334.95 crore in Uttarakhand. "HCC-DBL has received letter of acceptance (LOA) for a new Project viz Constructlon of Tunnels, Bridges, Yard and formation works from chainage 117+365 To 125+320 (FLS) under Package-9 in connection with new BG Line between Rishikesh and Karanprayag (125km) in State of Uttarakhand, India," the company said in an exchange filing. READ MORE
Charticle: FII/ DII ownership trends for June quarter of FY21
The domestic equity market has made a remarkable comeback since the market crash of March. The S&P BSE Sensex has zoomed 50 per cent while NSE's Nifty has jumped 52 per cent, respectively from their March lows. The broader market, too, has participated in the market rebound. For instance, the Nifty Midcap 100 index has gained 52 per cent. READ MORE
NEWS Alert :: HCC-DBL JV wins order worth Rs 1,335 crore from Rail Vikas Nigam
Hindustan Construction Company Ltd. (HCC), in a joint venture with Dilip Buildcon Limited (DBL), has been awarded a Rs.1,335 crore contract by the Rail Vikas Nigam, for construction of tunnels, bridges and formation works under package-9 of the new broad gauge rail line between Rishikesh and Karanprayag in Uttarakhand. HCC share in the JV is 60% (i.e. Rs.801 crore).
YES Bank freezes at 5% upper circuit on payment of Rs 35,000 crore to RBI
RBI had first provided YES Bank with the special liquidity window when it was coming out of the moratorium imposed on it after the board was superseded in March this year. The SLF window was given for three months to ensure that the bank was covered for any large deposit withdrawals. READ MORE
Morgan Stanley bullish on small, midcaps on growth recovery, valuations
“With monetary aggregates normalising and significant policy action underway with a corporate tax cut last September, we think growth is set to turn. Smaller firms are likely to benefit more due to their operating and financial leverage. Small, midcap valuations are looking attractive relative to gross domestic product (GDP) and money supply, setting the stage for outperformance versus large-cap stocks in the coming months,” Desai and Rathi wrote. READ MORE
Long-duration fund rally may halt as yields harden on rate-cut pause
Domestic yields on 10-year government securities (G-secs) have started to harden. On Tuesday, yields ended marginally higher at 5.95 per cent. Since the RBI’s no rate-cut stance on August 6, yields are up 14 basis points. READ MORE
Adani Enterprises up 10% as Cabinet may consider AAI's pact with Co today
In the first phase, the Union government had decided to privatise six airports and the Adani group had won the competitive bidding process under the same. In February, the group signed a concession agreement with the AAI for managing airports in Ahmedabad, Lucknow and Mangalore but approval regarding the other three was deferred. Privatisation has also been challenged in high courts in Assam and Kerala but a government official told Business Standard that there was no order against the process READ MORE
PSBs rally on privatisation buzz; Nifty PSU Bank index up 3%; PNB gains 5%
Shares of public sector banks were trading higher, in an otherwise range-bound market, rallying up to 6 per cent on the National Stock Exchange (NSE). At 11:20 am, the Nifty PSU Bank index was trading 2.3 per cent higher, having zoomed nearly 3 per cent in the intra-day trade. Among individual stocks, Punjab National Bank jumped 5.2 per cent to Rs 34.6 apiece on the NSE in the intra-day trade. According to media reports, the US Bankruptcy court has recognised the claim of Punjab National Bank on proceeds of any asset sold by the American debtors of Nirav Modi entities. READ MORE
Have the markets topped out? Here's what leading brokerages think
Though most analysts expect the global central banks to keep the liquidity tap open that should keep the markets supported, valuations of the Indian markets, they say, are beginning to look stretched. In this backdrop, they remain cautious with some even expecting a minor correction from here on. READ MORE
BUZZING STOCK:: Future Retail leaps 18%
Huge response to sovereign gold bonds may continue, say mkt players
High gold prices appear not to be a deterrent for those investing in gold as is reflected in the latest issue of sovereign gold bonds (SGBs) that opened this month. As much as 6.35 tonnes-worth of bonds were sold, the highest ever, and helped the government raise Rs 3,387 crore. Going ahead, experts say the response during the festive season will be crucial. This is for two reasons: One, gold prices have seen wide fluctuations in recent trade, and, two, investors might diversify their investments. READ MORE
Going long on gold second most crowded trade globally, says BofA Securities
Going long on US technology stocks topped was the most crowded trade among global fund managers in August with 59 per cent of those surveyed globally bullish on this asset class. Surprisingly, 31 per cent of fund managers surveyed by BofA Securities believe gold is overvalued. Among those surveyed, 46 per cent believed equity markets are in a bull phase, while a net 79 per cent expect a stronger global economy over the next year. READ MORE
Hindustan Aeronautics rises 6%, nears 52-week high post Q1 results
Shares of Hindustan Aeronautics Limited (HAL) soared as much as 6.8 per cent to Rs 1,360 on the BSE on Wednesday after the company registerd a marginal increase in its consolidated revenue for June quarter of FY21 (Q1FY21). The state-owned aerospace and defence company's revenue increased 0.8 per cent year-on-year (YoY) to Rs 10,239 crore from Rs 10,149 crore in the year-ago quarter. Net profit for the quarter fell by 1 per cent YoY to Rs 1,226 crore from Rs 1,238.9 crore in Q1FY20. READ MORE
Here's what may trigger re-rating in ZEEL stk post 94% YoY dip in Q1 profit
At 10:47 am, the stock was trading 2.7 per cent higher at Rs 179 per share, as against 0.48 per cent rise in the benchmark S&P BSE Sensex. A combined 42.7 million shares had changed hands on the counter on the BSE and NSE till the time of writing of this report. The stock had hit an intra-day low of Rs 169.35, thereby clocking an 8 per cent gain from the day's low. READ MORE
Making sense of markets that don't move in sync with the monsoons
An analysis of monsoon data with calendar year market returns shows a correlation of -0.27. The correlation is one when two variable move together in perfect sync. It is minus one when they move in exactly the opposite direction. READ MORE
Sebi's new margin norms will be painful for investors, market participants
For the past several years, these cash margins were not demanded from clients and were borne by their brokers. The market regulator, however, tightened the margins norms due to the misuse of securities by a few unscrupulous brokers in the industry. These new norms also brought along multiple challenges for investors and stockbrokers alike. READ MORE
UFlex jumps 9%, scales fresh 52-week high as Q1 profit grows two-fold
Shares of UFlex surged 9.12 per cent to a fresh 52-week high of Rs 368.35 on the BSE on Wednesday after the packaging materials and solution company reported over two-fold jump in its consolidated net profit at Rs 196.54 crore for the first quarter of 2020-21 (Q1FY21). The company had posted a net profit of Rs 90.91 crore during April-June quarter a year ago, UFlex said in a regulatory filing. READ MORE
Indiabulls Real Estate surges 7% as Embassy Group signs merger agreement
Jitendra Virwani along with other promoter entities of NAM Estates (Embassy Promoters) will become the new promoters of IBREL upon completion of merger and Sameer Gehlaut, along with existing IBREL promoter group entities, shall initiate the process of reclassification as required. Embassy Group already has around 14 per cent stake in Mumbai-based IBREL and the same will increase to 45 per cent after the merger of assets of these two companies. READ MORE
Rupee opens at 74.69 per US dollar vs Tuesday's close of 74.76/$
RIL shares gain nearly 1.5% post acquisition of majority stake in Netmeds
Shares of Reliance Industries (RIL) rallied as much as 1.47 per cent to Rs 2,150 apiece on the BSE on Wednesday after the Mukesh Ambani-owned conglomerate on Tuesday announced the acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore. READ MORE
Result Impact | Uflex hits 52-week high
>> Packaging materials and solution company Uflex Ltd on Tuesday reported over two-fold jump in its consolidated net profit at Rs 196.54 crore for the first quarter ended June 2020, helped by volume growth. The company had posted a net profit of Rs 90.91 crore during April-June quarter a year ago, Uflex said in a regulatory filing.
Dilip Buildcon rises 3%
>> The company has received a letter of acceptance (LOA) for a new project worth Rs 1,334.95 crore.
YES Bank advances 2%
>> The private sector lender has repaid the RBI Rs 35,000 crore out of the Rs 50,000 crore of Special Liquidity Facility.
Zee Entertainment bounces from day'a low
>> The company posted a 95 per cent fall in consolidated net profit at Rs 29.28 crore in Q1 June 2020 as against Rs 529.76 crore in Q1 June 2019. Further, the company's board has approved the sale of 100 per cent equity shares held in four wholly-owned subsidiaries of the Company i.e. Zee Unimedia, Zee Digital Convergence, India Webportal, and Zee Network Distribution to another wholly-owned subsidiary Company i.e. Essel Vision Productions (EVPL).
Indiabulls Real Estate gains 1%
>> Bengaluru-based realty firm Embassy Group on Tuesday signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate Ltd (IBREL) and take control of the merged entity.
Reliance Industries up over 1%
>> The Mukesh Ambani-owned conglomerate on Tuesday announced the acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore.
Sectoral trends on NSE at Open
BROKERAGE VIEW :: Credit Suisse on RIL
Netmeds acquisition gives RIL entry into online pharmacy; Total medicine market is $18 - 19 bn (online is 3 - 3.5% market); Margins are low in online pharmacy; RIL could expand online pharmacy market in India; Possible that RIL may go for aggregator model
Markets at Pre-open
Markets at Pre-open
BROKERAGE VIEW :: Emkay Global Financial Services on Zee Entertainment
CMP: Rs 174 | TP: Rs 190 | Rating: HOLD
>> Z IN posted poor operating performance, with EBITDA declining 67% yoy, accentuated by higher-than-expected opex. Advertising revenues fell 65% yoy, while domestic subscription revenues surprised once again by rising 6% yoy, driven by ZEE5.
>> Management expects ad revenues to bounce back from H2FY21. Conversely, subscription revenue is anticipated to moderate, due to an inability to effect price hikes. While the viewership share has eroded meaningfully during the lockdown, it is starting to reverse.
>> The company has improved disclosures with quarterly balance sheet, standardized ZEE5 metrics and strengthened corporate governance policies. Consistent FCF generation is key for sustained re-rating given the underperformance in the recent past.
>> We remain watchful of timely subscription receivables from Dish and Siti, and investments in Sugarbox. The improvement in disclosures and policies, along with corrective steps, is leading us to upgrade Z IN to Hold with a revised TP of Rs190 (11x Sep’22E EPS).
BROKERAGE VIEW :: HDFC Securities on HG Infra
CMP: Rs 193 | Target: Rs 337 | Reco: Buy
>> HG Infra reported revenue at Rs 3bn (7% miss). However, APAT was nearly 3x our estimate on better than expected EBITDA margin and lower interest expense. Labour availability has improved to 85% of the required labour force. While HG did not secure any orders during the quarter, it aims to win Rs 30-40bn during FY21. Order backlog is robust at Rs 68bn (3.1x FY20 revenue). Standalone net debt increased to Rs 2.7bn from Rs 2.5bn on Mar-20 as working capital nearly doubled to Rs 1.4bn from Rs 0.7bn on Mar-20. Realization of receivables from Rajasthan project key for reduction in debt. We maintain BUY on HG with a SOTP based target price of Rs 337/sh, valuing the EPC business at 10x FY22E EPS. Key risks: (1) slowdown in NHAI ordering and (2) delays in receipt of pending dues from the Rajasthan project.
Top stocks to watch out for today
RIL: The Mukesh Ambani-owned conglomerate on Tuesday announced the acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore.
Indiabulls Real Estate: Bengaluru-based realty firm Embassy Group on Tuesday signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate Ltd (IBREL) and take control of the merged entity.
Tata Consultancy Services (TCS) announced the launch of TCS Safe Workplace, a return-to-work solution that helps global enterprises quickly transition to a safe, secure, and productive work environment. READ MORE
BROKERAGE VIEW :: HDFC Securities on Petronet LNG
CMP: Rs 258 | Target: Rs 291 | Reco: Buy
Our BUY recommendation on PLNG with a price target of INR 291 is premised on robust volume offtake in FY21/22E as (1) benign LNG prices will ensure high LNG imports, in turn allowing full utilisation at Dahej on its expanded capacity, (2) completion of the Kochi-Mangalore pipeline by 2HFY21 would subsequently raise utilisation at the Kochi terminal, and (3) healthy free cash flows of INR67bn over FY21E and FY22E cumulatively. 1Q EBITDA was 44% above estimates, led by an 18% beat on total volumes.
BROKERAGE VIEW :: Motilal Oswal Financial Services on Zee Entertainment
CMP: Rs 174 | TP: Rs 190 (+9% ) | Reco: Neutral
>> 1QFY21 revenue declined 35% (v/s est. decline of 45%) as ad revenue plunged 65% YoY. Subscription revenue grew 5% YoY, leading to betterthan-expected EBITDA of INR2.2b. ZEE5’s OTT witnessed healthy traction during the lockdown and formed 13% of subscription revenues.
>> We have revised revenue/EBITDA estimates upwards by 7%/27% for FY21E and 13%/74% for FY22E. This is due to the positive management commentary for 2HFY21 and positive ad recovery over 2HFY20.
>> However, we remain watchful of losses from OTT, challenging ad economic environment and new governance norms. Maintain Neutral with TP of Rs 190.
BROKERAGE VIEW :: Motilal Oswal Financial Services on InterGlobe Aviation
>> INDIGO in its annual report highlighted that, average daily flights in China had recovered by 47% YoY as of May’20, based on recent data published by the Civil Aviation Administration of China (CAAC). Recovery was higher for domestic flights at 53% YoY in May’20.
>> As per DGCA data (July’20), INDIGO has been the biggest gainer in terms of market share post the resumption of operations. Its share climbed to ~60% of domestic market share from ~48% over Jan–Feb. The company has gained market share from Air India, GoAir, and other operators, while SJET’s market share remains consistent at 15–17%.
>> However, we continue to believe that in the long run, Aviation would witness continued headwinds in terms of surplus capacity, the lack of confidence among passengers to resume travel, and demand in business travel.
BROKERAGE VIEW :: Motilal Oswal Financial Services's India Strategy
>> Benchmark Indices – Nifty-50/Nifty Midcap-100 – have recovered from their Mar’20 lows gaining 50%/52%. Further, YTD CY20, Nifty-50/Nifty Midcap-100 are down 6%/3%, recovering almost all losses for CY20 in tandem with the rise in global equity markets.
>> FII holdings in the Nifty-500 remained near 5-year lows in 1QFY21 – it marginally increased by 8bp QoQ, but declined 130bp YoY to 20.8%. DII holdings were also marginally up in the Nifty-500 by 7bp QoQ/90bp YoY to 14.7%.
>> In the Nifty-500, FIIs have the highest ownership in Private Banks (44%), followed by NBFCs (31.6%), O&G (22.4%), Telecom (20.6%) and Real Estate (20.5%). DIIs have the highest ownership in Capital Goods (22.1%), Metals (21.5%), Private Banks (20.2%), Utilities (18.8%) and Autos (16.3%).
>> Using Nifty-500 as the benchmark, DIIs are significantly overweight in Utilities, Capital Goods, Metals and PSU Banks and underweight in NBFCs, Technology, Private Banks, and O&G.
NEWS ALERT :: Man Industries bags export order worth Rs 405 crores
>> With this the total unexecuted order book of the company stands at approx. Rs. 1800 Crores to be executed in the current financial year.
Source: BSE filing
FII/FPI & DII trading activity on NSE, BSE and MSEI
Oil prices skid as concerns over US demand recovery seep through market
>> Oil prices slid on Wednesday as concerns grew that US fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in US crude stocks.
>> With investors keeping one eye on a key producer countries’ ministerial meeting later in the day, Brent crude futures fell 38 cents, or 0.8%, to $45.08 a barrel, having edged up 9 cents on Tuesday.
>> US West Texas Intermediate (WTI) crude futures was down 25 cents, or 0.6%, at $42.64 a barrel, having ended unchanged the previous day.
SGX Nifty update
>> At 8:30 am, the index was at 11,423 level, up 12 points
Asian stocks at 7-month highs after Wall Street cracks more records
S&P 500 record close relegates COVID-19 sell-off to history books