Bargain hunting in domestic equities helped the markets rebound swiftly from intra-day lows on Wednesday. The S&P BSE Sensex and the Nifty50 indices had plunged to 51,802 and 15,513 levels, respectively earlier today as investors turned wary ahead of the verdict of the US Federal Reserve's policy meeting. Besides, the ripples of a regulatory crackdown by the Chinese government was also felt by the markets.
At close, the BSE barometer of 30 shares stood at 52,443.71, down 135.05 points or 0.26 per cent while Nifty50 was down 37 points or 0.24 per cent at 15,709.40.
Among Sensex pack of stocks, Bharti Airtel was the best performer (up 5 per cent), followed by Tata Steel (up 3 per cent) and IndusInd Bank (up 1 per cent). Kotak Bank, DRL, M&M and PowerGrid were the top losers.
In the broader markets, the BSE SmallCap index underperformed the headline indices and slipped 0.45 per cent. Meanwhile, BSE Midcap ended unchanged.
Sectorally, all but the Nifty Metal (up 1.12 per cent) and IT (up 0.21 per cent) indices ended in the red with the Nifty PSB Index sliding nearly 2 per cent. Nifty Auto too witnessed heavy selling and was down nearly 1 per cent.
TRADING STRATEGY :: Traders are advised to refrain from building a new buying position
The market witnessed the continuation of the bearish movement after a failed attempt to hold the support level around the Nifty 50 Index level of 15700. If the market sustains below 15700, and can see the continuation in the correction till the next support level near 15420-15450. The traders are advised to refrain from building a new buying position until further improvement is seen in the market breadth.
Views by: Ashis Biswas, Head of Technical Research at CapitalVia Global Research
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The short term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15860-15900 levels in the near term.
MARKET OUTLOOK :: Nifty can now stay in the 15,635-15,797 band for the next 1-2 sessions
Nifty broke the 15,635 support but bounced back to close marginally in the negative for the day. The selling in the markets got arrested once the Hong Kong and Chinese markets reversed their weak trend this morning showing signs of stability after three days of sharp weakness. Global markets show some stability ahead of US Fed meet. Broad market however shows weakness as per the weak advance decline ratio. Nifty can now stay in the 15,635-15,797 band for the next 1-2 sessions.
Views by: Deepak Jasani, Head of Retail Research, HDFC Securities
MARKET OUTLOOK :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
After selling pressure in the first half, good recovery was seen. Nifty managed to defend 15,700 and close marginally above the same. Support is now seen at 15,500 while resistance is placed at 16,000/16,100 levels. For the near-term expect short covering above 15,770 on the index. Metals and Realty continue to remain in momentum while banking provides value for the medium-term.
TECH VIEW :: Dips are being used to create fresh longs
>> The Nifty index witnessed selling pressure in the start but respected the range and rebounded swiftly to close at 15,710.
>> The index has formed a "pin bar" sort of candle pattern which suggests dips are bring used to create fresh longs.
>> Going forward, 15,600-15,500 will act as a strong support. Holding above the said levels can help the index move towards its upper band range. Immediate hurdle is seen at 15,800-15,900 zone.
Views by: Rohit Singre, Senior Technical Analyst at LKP Securities.
MARKET STRATEGY :: A move above 15,770 would trigger further rebound; else profit taking will resume
It was a roller coaster ride for equity markets as the benchmark oscillated in a broader range and finally settled in the red. After the flat opening, weakness in global indices started weighing on the sentiment which pushed the index lower. However, rebound in the select index majors trimmed the losses as the session progressed. Finally, the Nifty index ended with losses of 0.2% at 15,713 levels.
Markets will react to the US FOMC meeting outcome in early trade on Thursday. The FOMC is expected to maintain status quo on rates however their commentary on the inflation trajectory and any timelines on interest rate revision would be actively tracked. Back home, the earnings announcement from key Nifty majors and monthly derivatives expiry would keep the participants busy.
On the index front, a move above 15,770 would trigger further rebound else profit taking will resume. Traders should continue with a selective approach and wait for further clarity.
MARKET STRATEGY :: US Fed's commentary to guide markets in near-term
Jitters over Chinese clampdown and wariness over ongoing Fed meeting outcome, continue to disturb the domestic market. However, as the global markets gained ground after the recent sell-off, losses were trimmed by the end of the day. Due to a weak start to the sector earnings, pharma stocks continued to trade in bear’s grip while banking, auto and realty stocks were feeble too. Globally, the Fed’s comment on economic recovery, inflation and monetary policy may provide hints about tapering, which will determine the mood of the market in the near future.
Views by: Vinod Nair, Head of Research at Geojit Financial Services
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
Markets opened weak and we saw about of panic selling as the Chinese fiasco and crackdown made the street nervous even as smart investors sensed the emerging opportunity in a democratic set up here. Broader Markets saw interested in buying across pockets like Paper, Steel & Home Textiles. Markets however recouped most of its losses in late afternoon trade despite persistent weakness in Financial stocks.
NEWS ALERT :: RBI announces digital payment index for March 2021
Index for March 2021 stands at 270.59 vs 207.84 for March 2020 (with March 2018 base).
Context: Digital payment index captures extent of digitisation of payments across the country.
IPO Alert :: Rolex Rings issue subscribed over 3x so far on Day 1
>> QIBs are yet to place bids
>> Retail portion subscribed over 6x
IPO Alert :: Glenmark Life Sciences' issue subscribed over 5x so far on Day 2
>> Retail portion subscribed nearly 9x
BSE Snapshot :: 425 scrips hit fresh 52-week high in a weak market
India VIX, the index to gauge volatility in the markets, ended 3.5 per cent higher at 13.7 levels.
Earlier in the day, the index had climbed as high as 11 per cent.
Bharti Airtel zooms 5% as Co revises base tariff plan for prepaid customers
>> New plans will be effective Thursday, July 29, onwards
InterGlobe Aviation ends over 2% lower on record quarterly loss in Q1
>> While analysts see near-term pain to weigh on stock, they believe the company is well-placed to benefit from liquidity boost and consolidation in the industry in the long-term.
Mahindra Lifespace advances over 4%, hits 52-week high as Board approves bonus issue plan
Tata Coffee tanks 9% on poor Q1 show
The Tata Group company's Q1 PAT dropped 20% YoY to Rs 28.6 crore while revenue slipped 9% YoY to Rs 533 crore. Ebitda and Ebitda margin fell 18.4% and 190 bps, respectively.
Dr Reddy's extends fall into second day
Shares of Dr Reddy's Laboratories extended their decline into second straight day, falling 14 per cent in two days, after the company reported the disappointing results for the quarter ended June 2021 (Q1FY22). The stock hit a three-month low of Rs 4,667, down 4 per cent on the BSE in the intra-day trade on Wednesday, and was trading at its lowest level since April 9, 2021.
Maruti Suzuki slips over 1% as Q1 PAT comes in lower-than-expected
India’s largest domestic automobile manufacturer Maruti Suzuki India on Wednesday reported a standalone net profit of Rs 440.8 crore for April-June quarter of FY22 (Q1FY22), hit by increased tax expenses and lower sale volumes.
Analysts, on an average, had expected a standalone net profit anywhere between Rs 787 crore and Rs 987.7 crore. However, the outlier figures on the extreme ends pegged the same at Rs 426 crore and Rs 1,097.4 crore.
Index contributors :: Banks, RIL top drags on the Sensex today
BSE SmallCap index underperforms, ends 0.46% down
BSE MidCap index rebounds from lows, ends flat
Sectoral trends on the NSE :: Metal stocks shine in a weak market; PSBs bleed
Sensex Heatmap at Close
Top gainers: Bharti Airtel, Tata Steel, IndusInd Bank
Top losers: Kotak Bank, Dr Reddy's Labs, M&M
BSE barometer Sensex stood at 52,443.71, down 135.05 points or 0.26 per cent while Nifty50 was down 37 points or 0.24 per cent at 15,709.40. In the broader markets, the BSE SmallCap index underperformed the headline indices and slipped 0.45 per cent.
JUNE QUARTER RESULTS :: MARUTI SUZUKI
>> PAT at Rs 440.8 crore
>> Revenue at Rs 17,771 cr
>> EBITDA at Rs 820 crore
>> Margin at 4.6%
>> Q1 PAT impacted by lower sales volume; Covid wave hit Apr-June production, sales
Century Textiles surges 15%, hits record high on robust Q1 results
Shares of Century Textiles and Industries moved higher by 15 per cent to Rs 783.80, also its record high on the BSE in intra-day trade on Wednesday after the company reported a consolidated net profit of Rs 25 crore for the quarter ended June 2021 (Q1FY22), on the back of strong operational performance. The company had posted a consolidated net loss of Rs 36 crore in Q1FY21.
The stock rebound 17 per cent from its intra-day low of Rs 668.85 to surpass its previous high of Rs 736 touched on July 19, 2021. In comparison, the S&P BSE Sensex was down 0.44 per cent or 233 points at 52,346 points around 02:55 pm. READ MORE
NEWS ALERT :: FM, I&B Minister to brief on Cabinet decision at 4 pm
Rakesh Jhunjhunwala plans 70 planes for new ultra-low cost airline
Jhunjhunwala, who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next 15 days, he said in a Bloomberg Television interview Wednesday. The ultra-low cost airline will be called Akasa Air and the team, which includes a former senior executive of Delta Air Lines Inc., is looking at planes that can carry 180 passengers, he said. READ MORE
IPO CHECK :: Glenmark Life Sciences subscribed over 4 times so far
Analysts see 16-23% YoY PAT growth, margin contraction for TechM in Q1
A near 1 per cent contribution from acquisitions and ramp-up in deals won in prior quarters are likely to modestly drive the June quarter revenue growth for information technology (IT) major Tech Mahindra (TechM), as per analysts. Growth would be mainly contributed by Enterprise segment while Communications business is expected to be weak during the quarter under review. READ MORE
Govt's stimulus package for economic revival 'inadequate': Parliamentary panel
The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector. READ MORE
June Quarter Results :: Tata Coffee reports PAT of Rs 28 crore vs Rs 35 crore YoY
>> Co reports one-time loss of Rs 1.2 crore
>> Revenue: Rs 532.7 crore vs Rs 587.5 crore YoY
>> Ebitda: Rs 90 crore vs Rs 110 crore YoY
June Quarter Results :: SRF declares dividend of Rs 12 per share
>> PAT: Rs 395 crore
>> Revenue: Rs 2,699 crore
>> Ebitda: Rs 671.5 crore; margin at 24.9%
MARKET CHECK :: Nifty reclaims 15,700
IPO Alert :: Rolex Rings issue subscribed 2x so far on Day 1; retail portion at 4x
Bharti Airtel revises base tariff plan for prepaid customers; stock up 5%
Shares of Bharti Airtel moved higher by 5 per cent to Rs 570.5 on the BSE in the intra-day trade on Wednesday after the country's premier communications solutions provider upgraded its prepaid plans and discontinued its Rs 49 entry level prepaid recharge. The revised plans will be effective from Thursday, July 29. "The company's prepaid packs will now start from the Rs 79 smart recharge and offer up to four times more outgoing minutes of usage to customers along with double data," Bharti Airtel said in a press release. READ MORE
MARKET CHECK :: Sensex rebounds nearly 600 pts from lows
India's Droom aims to list on Nasdaq, valuation crosses $1.2 billion
Droom, India’s largest online automobile marketplace, has been valued at $1.2 billion in a new funding round that added the company to India’s unicorn club. The company closed the first leg of a pre-IPO funding round of up to $200 million. The round had existing investors and new ones like 57 Stars and Seven Train Ventures. The company is pursuing a possible IPO and aims to be listed either on USA’s Nasdaq or in India in 2022. READ MORE
Gold firms above key $1,800 level ahead of US Fed policy verdict
Gold prices firmed on Wednesday above the key psychological level of $1,800 on a weaker dollar, though gains were curbed by investor caution ahead of a Federal Reserve meeting that could offer clues on the U.S. central bank's policy tapering plans.
Spot gold was up 0.4% at $1,806.00 per ounce, as of 0328 GMT. U.S. gold futures rose 0.4% to $1,806.90. READ MORE
Maruti Suzuki's Q1 PAT may slip up to 32% QoQ, say analysts
The bottom line could be positive, relative to a net loss posted last year, as auto demand remained resilient during the second wave of Covid-19 compared with last year’s nationwide lockdown. The auto major is slated to report its Q1FY22 result on Wednesday, July 28.
Analysts, on an average, expect the automaker to report a standalone net profit anywhere between Rs 787 crore and Rs 987.7 crore. However, the outlier figures on the extreme ends peg the same at Rs 426 crore and Rs 1,097.4 crore. READ MORE
Godawari Power jumps 5%, hits new high on strong Q1 results
In Q1FY22, revenue from operations grew 96 per cent YoY at Rs 1,126 crore against Rs 574 crore in the corresponding quarter of the previous fiscal. The company recorded its highest-ever quarterly export turnover of Rs 639 crore during the quarter. It has reported the highest ever iron ore production of 559 kmt and the highest ever steel billets production of 115 kmt. READ MORE
Hem Securities on Rolex Rings IPO
The company is bringing the issue at a price band of Rs 880-900 per share at a P/E multiple of 25 on post issue FY21 EPS. It is one of the top five forging companies in India in terms of installed capacity, serves 60 customers across 17 countries that constitute ~80% of the total market. The company has a strong & sticky clientele & with the company in process of expanding the capacity of its solar projects by an installed capacity of 16 MW, the proposed expansion will help in reducing the company’s carbon footprint and expanding its profit margins. Hence, looking after all the above, we recommend “Subscribe” on the issue both for listing gains & long term perspective.
US Fed meet, F&O expiry, RBI policy: Your trading guide ahead of key events
S&P BSE SENSEX
Outlook: A range trade breakout may see 2000 points run.
The index is volatile and is moving in the a range of 53,500 to 51,500 levels since the past few sessions. Such consolidation usually triggers a breakout towards a decisive trend either way. One way to gauge the strength is to identify a gap-up or gap down close on the breakout mark. On the higher side upon breakout, the Sensex may see 55,500 and on the downside, it may fall towards 49,500 levels. For now, the overall trend remains bullish. READ MORE
NEWS ALERT :: Bharti Airtel likely revises its prepaid plans
Sensex slides for third day; what's spooking investors on D-Street?
The benchmark indices came falling like a deck of cards in Wednesday's session, as the ripples of a regulatory crackdown by the Chinese government was felt by markets across the globe. Investors worried whether the selloff in Chinese tech stocks would spread to other segments. "China is too big now. It can cause flutters in global markets. This space needs to be watched cautiously," warned Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. READ MORE
Torrent Pharma gains 3% in a weak market on healthy margins in June quarter
The stock of the drug maker rebound 7.5 per cent from its intra-low of Rs 2,890. It had hit a 52-week high of Rs 3,121.45 on Tuesday, July 26. In comparison, the S&P BSE Sensex was down 0.87 per cent or 456 points at 52,123 at 11:28 am.
Torrent Pharma’s Q1FY22 revenues grew 3.8 per cent year-on-year (YoY) to Rs 2,134 crore on the back of 18 per cent YoY growth in domestic formulations to Rs 1,093 crore. However, US revenues declined 29 per cent YoY at Rs 266 crore amid continuous price erosion in base business and lack of new approvals pending re-inspection of facilities. READ MORE
Analysts see up to 34% upside in IndiGo stock despite Covid-19 headwind
"A combination of volatile demand trends over February to May and a sustained demand-supply mismatch at an industry level took out most part of the contribution margin that IndiGo and its peers were earning. This is potentially a transient phase that may continue into Q2FY22," notes Aditya Mongia and Teena Virmani, research analysts at Kotak Institutional Equities.
They, however, believe IndiGo is well-placed to survive this tough phase with Rs 5,500 crore of free cash, potential QIP or Rs 3,000 crore and other liquidity-boosting measures. READ MORE
Dr Reddy's extends fall on disappointing Q1; stock down 14% in 2 days
Shares of Dr Reddy's Laboratories extended their decline into second straight day, falling 14 per cent in two days, after the company reported the disappointing results for the quarter ended June 2021 (Q1FY22). The stock hit a three-month low of Rs 4,667, down 4 per cent on the BSE in the intra-day trade on Wednesday, and was trading at its lowest level since April 9, 2021. READ MORE
WATCH :: Are markets staring at a deeper correction?
ALERT :: Nifty hits 5-week low
Selloff gathers steam! Sensex tanks 450 points
UTI AMC hits new high ahead of results, rallies 111% from October lows
Shares of UTI Asset Management Company (AMC) hit a new high of Rs 994 as they rallied 8 per cent on the BSE in intra-day trade on Wednesday, in an otherwise weak market, on expectations of good earnings. The stock of the AMC surpassed its previous high of Rs 947.20 touched on July 23, 2021. It traded at its highest level since its stock market debut on October 12, 2020. READ MORE
Rolex Rings IPO kicks off. Should you subscribe?
Subscribe for listing gains: KR Choksey
Company has a diverse product portfolio with a wide user base. It has long standing relationships with leading clients both in India and in exports markets which can be leveraged for increased market share and improved product mix with high-margin value added products. It also has unutilised capacity including large tracts of land which can be used to service higher customer volumes using existing infrastructure. At the same time, RR is also dependent on top 10 clients besides being open to the risk of business loss due to Covid-19. It has high proportion of unutilised capacity, besides the high degree of power and fuel costs.
At the upper band of IPO price of Rs 900, it is valued at a P/E multiple of 35 (on recalculated EPS excluding the INR 25 Cr deferred tax credit) which is lower than the industry average of 83. Considering company’s long standing relationships and diverse product portfolio in the wake of not so robust financials, concentrated client base and sub optimal capacity utilisation, we recommend a ‘Subscribe’ for listing gains.
Rupee opens at 74.43 per US dollar vs Tuesday's close of 74.46$
APL Apollo, Apollo Tricoat Tubes hit new highs on bonus issue plan
“The board of directors of the company is scheduled to meet on August 6, 2021, to consider and approve the proposal for issue of bonus shares on the equity shares of the company,” the firms announced in separate regulatory filings on Tuesday. Their boards will also consider un-audited financial results for the first quarter ended June 30, 2021 (Q1FY22). READ MORE
Bears tighten grip! Sensex slumps over 350 pts
NEWS ALERT :: Sanofi India to sell nutraceuticals biz
>> Co to sell Universal Nutriscience for Rs 587 cr including debt-like obligations
EXPERT VIEW :: Sectoral shift underway in the markets
There is a mild risk-off in equity markets globally as reflected in the rising dollar (dollar index at 92.80 now). The sell-off in Chinese tech stocks on Beijing's regulatory crackdown has triggered concerns about whether this sell-off will spread to other segments. China is too big now. It can cause flutters in global markets. This space needs to be watched cautiously. The Nifty range 15600 - 15900 has become strong with sustained FII selling around 15900 and strong retail & DII buying around 15600. This range is likely to hold for some time.
A significant trend in the market now is sectoral shifts. Yesterday there has been across a board selling in pharma stocks. Profits booked in this segment is moving into other sectors. The relative outperformance in front line financials indicates a sectoral shift.
-- Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
BSE Smallcap index wipes losses, returns to green
BUZZING :: Tata Coffee hits 52-week high ahead of Q1 numbers
Bajaj Healthcare rises 5% as firm to consider stock split
> Board to consider stock split in August 13 meeting.
Results Impact :: IIFL Finance declines 1% even as Q1 profit soars over 700%
>> The company on Tuesday reported a 735 per cent YoY jump in consolidated net profit at Rs 265.82 crore for the quarter ended June on healthy growth in its loan portfolios. Total income during Q1 FY22 moved up to Rs 1,531.67 crore, as against Rs 1,295.19 crore in the first quarter of FY21.
Nestle India falls 1% ahead of June quarter show
>> A low base last year and continued demand for in-home consumption products like Maggi, Kitkat, Nescafe is likely to drive Nestle India's growth in the June quarter (Q2FY21), believe analysts. In year-on-year (YoY) terms, the company is expected to post a 14-19 per cent jump in profit after tax (PAT) and 13-21 per cent increase in revenues.
Earnings Reaction :: IndiGo drops 3% on posting highest ever quarterly loss
>> The airline posted its highest ever quarterly loss of Rs 3,174.17 crore during the April-June period as the second wave of the pandemic during April and May forced down the number of air passengers. Adding to this, the airline’s condition was worsened by crude oil prices have inched up, which means operating costs increase for airlines.
Earnings Impact :: IndusInd Bank gains 2% on doubling Q1 PAT
> The lender reported doubling of its net profit to Rs 1,016 crore in the June 2021 quarter, on a dip in provisioning and a surge in other income. The bank had posted a net profit of Rs 510.39 crore in the corresponding quarter of the previous financial year.
Bear Attack :: Nifty Pharma extends losses!
> Index lost over 0.50% in early trade after a 4% crash on Tuesday
Sector View :: All sectoral indices in the red on NSE
>> Pharma pack continues to bleed
Volatility index India VIX gains 3%
> Volatility index rises 3.43% to 13.68
First Trade :: Nifty slips below 15,700
OPENING BELL :: Global jitters push Sensex down 200 points
COMMODITY CHECK :: Precious metals gain
Morgan Stanley maintains 'Overweight' on IndiGo
Reco: OVERWEIGHT | TP: Rs 2,293
>> Reported higher than expected loss
>> Near term earnings are tough to predict
>> Competitive leads on customers and costs, and valuation keep us overweight
Credit Suisse bullish on IndiGo despite record loss in Q1FY22
Reco: OUTPERFORM | TP: Rs 2,100
>> IndiGo has taken large damage from Covid second wave, would take time to fill
>> We are focussed on long-term potential
>> Consolidation may play out given scale of damage to peers & ensuing lessors disputes
>> Revise EPS to -Rs 77/+Rs 63 for FY22/23
>> Co seems less confident of QIP
Sensex Heatmap | Top gainers & losers in pre-open trade
Pre-open Session | Nifty tops 15,750
Pre-open Session | Sensex jumps 250 points
Morgan Stanley on DLF
Reco: Overweight | TP: Rs 399
>> Showing consistency in pre-sales and de-leveraging
>> Gross sales at Rs 1000 crore consistently for last three quarters
>> Should benefit from upcoming residential cycle with attractive pipeline
UBS maintains 'Neutral' call on IndusInd Bank
Reco: NEUTRAL | TP: Rs 1,100
>> Management expects accelerated loan growth in H2FY22
>> Mgt expects cost of deposits to go down as it has cut deposit rate by 50bps
>> Brokerage raises loan growth target to 13%
CLSA on IndusInd Bank
Reco: BUY | TP: Rs 1,350 from Rs 1,325
>> Delivering on granularity and stability
>> Slippages at Rs 2,700 cr were above estimates
>> Asset quality seems manageable
CLSA cuts target price on Dr Reddy's Labs
Reco: BUY | Revised TP: Rs 5,930 from Rs 6,210
>> Q1 results missed estimates due to higher return of costs
>> Strong sales in India and EMs offset by weak APIs
>> Cut FY22-24 EPS target by 3-10% on higher SG&A costs
June Quarter Results :: Coforge increases FY22 organic growth guidance in constant currency terms
>> Co raises guidance to 19% from 17% for FY22 in CC terms
>> Declares interim dividend of Rs 13/share
>> PAT: Rs 123.6 crore
>> Revenue: Rs 1,461.6 crore
>> Revenu: $ 199.7 million
>> Ebit: Rs 159 crore
>> Ebit margin: 10.9%
Nifty outlook & weekly stock picks by Vinay Rajani
The stock has taken out the crucial resistance of the previous swing top placed at Rs 254. It has been in on a primary uptrend as it is trading above all important moving averages with higher tops and higher bottom formation. The hospital, healthcare and diagnostic sectors have been outperforming the overall market for the last couple of months. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
SGX Nifty alert
>> At 8:27 AM, the index was at 15,784 levels, up 42 points
Wall Street on Tuesday
In overnight trade, US stocks fell, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement. The Dow Jones Industrial Average fell 0.24 per cent, the S&P 500 lost 0.47 per cent and the Nasdaq Composite dropped 1.21 per cent.
Asian markets check
In Asia, most indices tracked a weak Wall Street finish to open in the red. Japan's Topix index fell 0.5 per cent and Australia’s S&P/ASX 200 lost 0.1 per cent although Hong Kong's Hang Seng was up 1.45 per cent.
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