MARKET WRAP: Sensex ends 159 pts down, Nifty at 10,657; metals, realty slip

The benchmark indices pared most of their day's losses to end slightly lower tracking the global markets, even as rupee recovered and oil prices dropped after Trump tweeted that Saudi Arabia had agreed to lift oil production by “maybe up to 2,000,000 barrels”.

The S&P BSE Sensex ended at 35,264, down 159 points while the broader Nifty50 index settled at 10,657, down 57 points.

Among sectoral indices, the Nifty Metal index ended 1.8 per cent lower led by a fall in the shares of Jindal Steel & Power and National Aluminium Company. The Nifty Realty index also ended 1.4 per cent lower as stocks of Indiabulls Real Estate and Housing Development and Infrastructure declined.


A renewed slide in Chinese shares and a sobering set of factory surveys sucked Asian markets lower on Monday, while the euro and the Mexican peso were both jolted by political developments at home. Shanghai blue chips resumed their slide with a fall of 2.3 percent that soured sentiment across the region.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6 percent, adding to a 2 percent drop last week. Japan's Nikkei shed 2.2 percent to an 11-week low, with a survey of manufacturers showing sentiment had darkened a shade in the face of trade war threats.


Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States.

Benchmark Brent crude oil fell $1.24 a barrel to a low of $77.99 before recovering to around $78.50, down 73 cents. US light crude was down 40 cents at $73.75.


On macro front, India’s manufacturing conditions improved in June at the strongest pace since December 2017, supported by the sharpest gains in output and new orders in 2018 so far. Reflecting greater production requirements, firms were encouraged to engage in purchasing activity and raise their staffing levels. On the price front, input cost inflation was the sharpest since July 2014, whilst output charges rose at a stronger pace. Business confidence eased to the weakest since last October.

The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose from 51.2 in May to 53.1 in June. This was consistent with the fastest improvement in the health of India’s manufacturing economy in 2018 so far

(With input from agencies)


Nifty Metal index ends 1.79% lower. Top losers:

JINDAL STEEL 206.95 223.05 -16.10 -7.22
JSW STEEL 313.40 326.80 -13.40 -4.10
NATL. ALUMINIUM 62.05 64.70 -2.65 -4.10
JINDAL STAIN .HI 129.35 134.25 -4.90 -3.65
S A I L 80.20 83.00 -2.80 -3.37

Nifty sectoral losers of the day

BSE Sensex: Bharti Airtel, NTPC among top losers of the day, Asian Paints top gainer

Market at close
The S&P BSE Sensex ended at 35,264, down 159 points while the broader Nifty50 index settled at 10,657, down 57 points.
Gold extends losses on global cues, low demand

Gold prices shed Rs 20 to Rs 31,400 per ten grams at the bullion market today amid a weak trend overseas and easing demand from local jewellers.
Silver also remained under selling pressure and lost Rs 250 at Rs 40,350 per kg owing to reduced offtake by industrial units and coin makers. READ MORE
Bharat Hotels files Rs 1,200-cr IPO papers

Bharat Hotels, which runs five-star properties under 'The LaLiT' brand, has filed draft prospectus with capital markets regulator to garner Rs 1,200 crore through its initial share-sale.
The initial public offer (IPO) comprises sale of fresh equity shares to the tune of Rs 1,200 crore, according to the draft papers filed with the Securities and Exchange Board of India (Sebi). READ MORE

Why Trump, Saudi bonhomie may not help oil prices stay down in long term

US President Donald Trump’s weekend of oil diplomacy offered mixed messages on supply, and conflicting responses from traders after prices fell even as analysts predicted any drop may be short-lived.
Crude fell in New York late Sunday after a Trump tweet over the weekend suggested that Saudi Arabia had agreed to pump 2 million more barrels a day. READ MORE

Morgan Stanley upgrades Titan to overweight

Titan stock is down 16% from the recent peak and has underperformed the Sensex by 18% over the past three months). We think this offers a compelling entry point for long-term investors.
Risk reward now appears favorable at current valuations. We upgrade Titan to overweight (OW). We roll forward our residual income model to June 2019 to derive our revised target price of Rs1,080, implying an 29% upside from the current levels. Currently,F2020e P/E would be 37x for Titan. This should be viewed in the context of 29% F2018-20e earnings CAGRs, implyingF20e PEG of ~1.3x.
25 years of MF: Despite shocks due to bad decisions, industry has done well
In the early 1990s, you wouldn't identify an Indian fund manager with a Leonardo DiCaprio in The Wolf of Wall Street. Mutual fund professionals of the time were mostly unknown bankers who ran the show with a handful of equity analysts.
More often than not, one landed the job because the bank had no other openings. As a leading mutual fund (MF) manager of the 1990s says: “I took a late decision to join a bank instead of the civil services. READ MORE
COMMENT Arafat Saiyed, AVP-Research, Reliance Securities

After a flat debut of 3%, the stock price of RITES rose to Rs 218 per share in the morning trades. At 11:55 am, the stock was up 18% from its IPO price of Rs 185. Assuming moderate revenue CAGR of ~10% and PAT CAGR ~8% through FY17-20E, the stock at current price is valued at 10x FY20E earnings, which appears to be justified considering its unique business model, steady growth and healthy return ratios. Hence we continue to remain positive on the stock
Index watch

BSE SENSEX 35199.09 35423.48 -224.39 -0.63
BSE 500 14421.69 14528.54 -106.85 -0.74
BSE MID-CAP 15297.73 15450.90 -153.17 -0.99
BSE SMALL-CAP 15882.88 16032.15 -149.27 -0.93
S&P BSE LARGECAP 4131.12 4158.60 -27.48 -0.66
> More on BSE Indices
Stocks near 52-week high

BRITANNIA INDS. 6220.00 6237.05 6196.40 29-JUN-2018 2795
HIND. UNILEVER 1645.00 1655.00 1641.85 27-JUN-2018 30848
TATA ELXSI 1341.10 1357.50 1335.50 26-JUN-2018 46573
MONSANTO INDIA 2856.00 2899.00 2863.65 07-JUN-2018 95
TCS 1858.00 1886.20 1847.20 27-JUN-2018 109825
HDFC Securities on Take Solutions

Take Solutions (TAKE) is a niche technology-led service provider for the Life Sciences industry (91% of revenue). The company provides IP-based solutions in clinical, regulatory, safety and consulting processes to global Life science companies across multiple therapeutic areas. TAKE will benefit from (1) Large addressable market (favourable global trends), (2) Broad and high-growth portfolio (therapeutic segments) within Life science, (3) Strong growth visibility (order book, pipeline), and (4) Marquee clients (9 of top 10 global pharma giants) with low client concentration risk.  
We expect TAKE’s USD revenue/EPS CAGR at 20/22% over FY18-20E, factoring 24/30% CAGR in Life Sciences revenues/order book (37/53% CAGR in the trailing three years). TAKE trades at 15.7/13x FY19/20E EPS. Based on 16x FY20E EPS, TAKE’s fair value is Rs 280, supported by (1) ~15% RoIC and 22% EPS CAGR, (2) Likely value unlocking (SCM business divestment), (3) Midcap-IT valuations at 16.5x FY20E and global Life science tech/CRO valuations at 16x. Working capital intensity (an industry phenomenon) is a concern.
JM Financial on Havell's India

In its FY18 Annual Report, Havells has strongly focused on the role IT has played across the company (250-member team working on 200+ projects in sales and R&D) to boost not only its strategy to penetrate the home segment deeper but also its engagement with dealers and channel partners.

In FY18, it forayed into the white goods segment by acquiring the consumer durables business of Lloyd (reported strong margin performance) and expanded its existing consumer durables basket by launching water purifiers and personal grooming products. Havells continues to generate significant free cash flows (INR 10bn in FY18 vs. INR 5.8bn in FY17, adjusted for the Lloyd acquisition). We continue to remain bullish with a Mar’19 target price of Rs 650 (40x FY20E EPS). We maintain BUY
Equirus Securities on Sterlite

We have highlighted earlier that China has been the main growth driver over the last decade and their big 3 telcos have deployed OFC of ~1bn fkm to increase the penetration of 4G and FTTH. With 4G and FTTH penetration largely done in China, these telcos have now started preparing to launch 5G network.

Though, 5G launch may continue to drive OF demand in the medium term, telcos may try to manage their capex at a gradual pace. Meanwhile, as ~2,750 tons of preform capacity is expected to come on stream by end of CY18, OF realisations may have peaked out, in our view. We tweak our FY19/FY20 EPS estimates by +1%/-4% to factor in pressure on margins in FY20 and roll over to Jun’19 target price of Rs 380 (from June’19 target price of Rs. 410) set at TTM P/E of 30x. Maintain LONG.
Vedanta to delist from LSE, Agarwal's family trust makes cash buyout offer

Billionaire Anil Agarwal-led Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33 per cent of the public shareholding in the company.
Anil Agarwal's family trust has agreed to buy the rest of Vedanta in a deal that values the mining conglomerate at 2.3 billion pounds ($3.03 billion). READ MORE

Market Check

S&P BSE Sensex 35,226.72 -0.56%
Nifty 50 10,633.80 -0.75%
S&P BSE 200 4,579.33 -0.63%
Nifty 500 9,086.55 -0.83%
S&P BSE Mid-Cap 15,307.12 -0.93%
S&P BSE Small-Cap 15,890.51 -0.88%

MF sector: Excessive regulation reduces returns, under regulation up risks

In India, the concept of MF was introduced with the enactment of Unit Trust of India (UTI) Act in 1963. Subsequently, in 1987, public financial institutions, banks, Life Insurance Corporation and General Insurance Corporation were permitted to float MFs. In 1993, the private sector was allowed to join the industry. Kothari Pioneer was the first to float an MF scheme. READ MORE

25 years of private sector MF: Many foreign players bite the dust in India

At a time when the private sector mutual fund industry is celebrating its 25 years, it is surprising that there are few foreign players who have made the cut. The first player in the private sector – Kothari Pioneer – was sold to Franklin Templeton within the first few years. READ MORE

Bajaj Auto on the fast track as sales jump 65% to 4,04,429 units in June

Bajaj Auto on Monday reported a 65 per cent jump in total sales to 4,04,429 units for June. The company had sold 2,44,878 units in the same month a year ago.

Its motorcycle sales also increased by 65 per cent to 3,37,752 units as against 2,04,667 in June last year, Bajaj Auto said in a BSE filing. READ MORE

Stock quote (Source: NSE)

Stocks at 52-week low

ADANI POWER 15.50 15.20 -0.65 -4.02
BANK OF BARODA 110.45 109.60 -2.35 -2.08
BANK OF INDIA 85.20 84.60 -2.30 -2.63
CAN FIN HOMES 333.55 328.15 -5.85 -1.72
CAPITAL FIRST 511.95 510.60 -4.70 -0.91
» More on 52 Week Low
LIC-IDBI deal: Premium money of citizens can't be used to fill fiscal gaps

A dangerous narrative being peddled by the Centre is that LIC has so much cash – it gets about Rs 2 trillion premium money from customers every year – that it is a mere drop in the ocean if it buys a 51 per cent stake (about Rs 130 billion) in IDBI Bank. There is also talk of LIC rescuing Air India by taking a 24 per cent stake after the government’s failed attempt to invite bidders to acquire the ailing airline. READ MORE

IPOs have valuation, information risks: Wait for some time after listing
Over the past year, 39 initial public offers (IPOs) of more than Rs 1 billion have hit the markets (we have deliberately ignored the smaller-sized IPOs, where the companies tend to be less well known, and hence riskier). Of these, 21 have given positive returns while 18 have given negative returns (see table).
Only 14 of these 39 IPOs, or around 36 per cent, have managed to beat the returns that an investor could have earned by simply investing in a Nifty-based exchange-traded fund (average return 13 per cent over past one year). READ MORE
Maruti Suzuki gains after good monthly sales

Maruti Suzuki India rose 0.84% to Rs 8,895 at 09:25 IST on BSE after the company said that its total sales rose 36.3% to 1.44 lakh units in June 2018 over June 2017. The announcement was made on Sunday, 1 July 2018. READ MORE

Markets at noon

S&P BSE Sensex 35,165.28 -0.73%
Nifty 50 10,640.85 -0.69%
S&P BSE 200 4,572.44 -0.78%
Nifty 500 9,092.10 -0.77%
S&P BSE Mid-Cap 15,293.99 -1.02%
S&P BSE Small-Cap 15,897.30 -0.84%

Top Nifty50 losers

NTPC 152.70 159.65 -6.95 -4.35 4135004
HINDALCO INDS. 223.60 230.50 -6.90 -2.99 2303461
ADANI PORTS 363.85 373.15 -9.30 -2.49 526604
INDIABULLS HOUS. 1114.00 1142.50 -28.50 -2.49 414083
O N G C 154.50 158.40 -3.90 -2.46 2491344

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Devangshu Dutta Tough times for leveraged firms
The latest Financial Stability Report from the Reserve Bank of India (RBI) suggests that the banking sector continues to be deep in crisis. In the previous report, in December 2017, the central bank had estimated that, in its ‘baseline scenario non-performing assets’ (NPAs) would peak in September 2018 at 11. 1 per cent of all advances, after hitting 10.8 per cent in March 2018. READ MORE
No pre-IPO placement for HDFC Mutual Fund distributors

The Securities and Exchange Board of India (Sebi) has directed HDFC Asset Management Company (AMC) to cancel the shares allotted to distributors ahead of its much-awaited initial public offering (IPO), according to sources. Sebi wants the money repaid to the distributors at the rate of 12 per cent interest per annum. READ MORE

ALERT PNB FRAUD CASE: Interpol issues red corner notice against Nirav Modi
Rupee watch (Image source: Religare report)

WEB EXCLUSIVE Mid-year market review: Midcap index dips 13%, smallcap down 16%
Additional surveillance mechanism for select stocks put in place by market regulator Securities and Exchange Board of India (Sebi) and concerns regarding rejig in classification of mid-and small-caps have led to stocks from these two segments underperform their large-cap peers in the first half of calendar year 2018 (H1CY18).
The S&P BSE Midcap and S&P BSE small-cap indices have lost around 13 per cent and 16 per cent respectively in H1CY18, as compared to four per cent rise in the S&P BSE Sensex during this period, ACE Equity data shows. READ MORE

Edelweiss on Tata Steel

Putting an end to uncertainties, Tata Steel (TATA) and ThyssenKrupp (TK) have signed a definitive agreement to merge the former’s European operations and TK’s Steel Europe division. Key takeaways: 1) TATA’s share in the JV & debt transfer to the JV remain unchanged as per the MoU; 2) the JV will issue 10% equity as warrants to TK in case of an IPO; and 3) management anticipates EUR400-500mn synergies. We view the development as positive for the TATA stock, which had been roiled by the recent uncertainties on the deal. We perceive additional ~INR85/share value pursuant to completion of the transaction. Maintain ‘BUY’ with target price of Rs 903
ALERT Nikkei India Manufacturing PMI at 53.1 in June

India’s manufacturing conditions improved in June at the strongest pace since December 2017, supported by the sharpest gains in output and new orders in 2018 so far. Reflecting greater production requirements, firms were encouraged to engage in purchasing activity and raise their staffing levels. On the price front, input cost inflation was the sharpest since July 2014, whilst output charges rose at a stronger pace. Business confidence eased to the weakest since last October.
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose from 51.2 in May to 53.1 in June. This was consistent with the fastest improvement in the health of India’s manufacturing economy in 2018 so far
Fine Organics lists with 4% premium at Rs 815 on bourses
Fine Organics listed at Rs 815, a premium of over 4% on NSE and BSE with respect to its issue price.
The Rs 600-crore initial public offer was oversubscribed by 8.99 times during June 20-22, 2018. The reserved portion of qualified institutional buyers (QIBs) portion was subscribed 12.86 times, non-institutional investors 21.01 times and retail investors 1.62 times. READ MORE

NEW LISTING RITES makes stellar debut, lists at Rs 190, up 2.7% w.r.t. issue price
Railways consultancy firm RITES, the first state-owned firm to hit the IPO market in the current fiscal listed at Rs 190 on BSE and NSE, up 2.7% with respect to its issue price. The Rs 466-crore initial public offer garnered strong investor demand, with the issue getting subscribed more than 67 times. The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 15.74 times. READ MORE

Market Check

Index Current Pt. Change % Change
S&P BSE SENSEX 35,244.42 -179.06 -0.51
S&P BSE SENSEX 50 11,166.91 -57.27 -0.51
S&P BSE SENSEX Next 50 31,916.50 -25.01 -0.08
S&P BSE 100 10,938.59 -49.12 -0.45
S&P BSE Bharat 22 Index 3,271.83 -57.99 -1.74

(Source: BSE)
F&O Strategies
HCLTECH JULY FUTURES: Buy around 926-927 for a potential upside target of 963 with a stop below 909 (spot levels)
HEROMOTOCO JULY FUTURES: Sell around 3473-3472 for a potential downside target of 3395 with a stop loss placed above 3510 (spot levels)

(Source: Karvy)
Rupee gains 13 paise against US dollar on increased greenback selling

The rupee strengthened by 13 paise to 68.33 against the dollar in early trade on Monday on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas capped the gains. READ MORE
LIC lost money in 18 out of 21 public sector bank shares in last 2.5 years

Even as the Life Insurance Corporation (LIC) looks at buying up to 51 per cent stake in IDBI Bank, its investment record in public sector banks (PSBs) is disappointing. LIC has lost money in 18 out of 21 PSBs in the last two and a half years.
At the end of March this year, the government-owned insurance major had equity investments of over 1 per cent in 21 PSBs but only three of them are now trading at a higher stock price than their prices at the end of December 2015. READ MORE

Nifty sectoral trend

BSE Sensex heatmap

Market at open
At 9:16 AM, the S&P BSE Sensex was trading at 35,401, down 22 points while the broader Nifty50 was ruling at 10,707, down 7 points.
Markets at pre-open

Index Current Pt. Change % Change
S&P BSE SENSEX 35,408.12 -15.36 -0.04
S&P BSE SENSEX 50 11,223.71 -0.47 0.00
S&P BSE SENSEX Next 50 32,039.09 +97.58 +0.31
S&P BSE 100 10,992.30 +4.59 +0.04
S&P BSE Bharat 22 Index 3,347.43 +17.61 +0.53

(Source: BSE)
Nifty outlook by Devang Shah
Short-term outlook for the market remains positive till Nifty trades above 10,417 levels and expecting targets in the range of 10,900-11,000 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and expecting targets in the range of 12,000-12,200 levels in medium term.
10,500 & 11,000 levels is strong support & resistance levels based on option open interest data for currnet month series expiry perspectives. By looking at current structure, I feel market is going to surpass all time high soon on main indices & this rally will have time wise consolidation rather than price wise correction in short term. Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
Stock Picks by Devang Shah:
CLOSE - Rs 636.45
TARGET – Rs 670-690
CLOSE – Rs 80.70
TARGET – Rs 87-92
Top stock ideas by Angel Broking: Bullish on ACC

View – Bullish
Last Close – Rs 1294.65
Justification – We have been quite upbeat on the ‘cement’ space since last couple of weeks. Initially, it sounded a contradictory approach; but the way some of the cement stocks bounced back this week, the strategy seems to have played out well for us. ‘ACC’ continue to remain amongst the preferred choices, even after a four percent move. The weekly and daily charts look quite promising and hence, the stock is likely to extend this relief rally in coming days. We increase our near term target for this stock towards Rs 1420. Traders can keep their stop losses at Rs 1279. READ MORE

Antique Research on Emami

The company plans to continue to invest in new brands to drive growth. The management currently is confident of maintaining EBIDTA margin despite the input cost inflation and increase in ad-spends. In view of the underperformance during 4QFY18, we cut FY19e/FY20e EPS forecasts by 5%/7% respectively. We expect Emami to deliver revenue and EBITDA CAGR of 17% and 18% respectively over FY18e-20e. We maintain BUY with a revised target price of Rs 1,192
Nifty outlook by Prabhudas Lilladher
Nifty as of now took support at around 10,550 levels and recovered to move past 10,700 levels but still the conviction has not been maintained for further upward movement until it moves past 10,750-10,770 levels decisively. Bank Nifty also showed some sort of resistance at around 26,450 levels and the chances of some profit booking cannot be ruled out in the coming days. However, the support for the week is seen at 10,520 while resistance is seen at 10,880.
PORTFOLIO CHURN Chris Wood of CLSA rejigs portfolio (Image source: Wood's weekly newletter, GREED & fear)

The following asset allocation change will be made for the Asia Pacific ex-Japan relative-return portfolio. The Underweight in Indonesia will be increased by one percentage point to Neutral. This will be paid for by shaving the Overweight in Thailand by one percentage point to Neutral


Markets on Friday

S&P BSE Sensex 35,423.48 1.10%
Nifty 50 10,714.30 1.18%
S&P BSE 200 4,608.29 1.28%
Nifty 500 9,162.45 1.39%
S&P BSE Mid-Cap 15,450.90 1.81%
S&P BSE Small-Cap 16,032.15 1.92%

ICICI Securities on Tata Motors

Tata Motors owned Jaguar & Land Rover (JLR) at its recently held Investor Day, highlighted its business challenges & strategies for the way forward. JLR has laid down its strategy that focuses on 1) increasing its offering of advance driver-assistance system (ADAS) that is shaping up the industry; 2) to launch four new models thereby taking total nameplate to 16 by FY24E; 3) focus on cost (via engineering capabilities, globalise sourcing & managing SG&A) and; 4) improving the financial performance (for FY19-21E, its EBIT guidance maintained at 4-7% while investment is expected to be £4.5 bn per annum). The huge investment will have near term impact on cash flow though the same will improve, going forward.

​​We will continue to see stock-specific approach in the market as most global clues are negative. With April-June 2018 (Q1FY19) earnings approaching, the current consolidation phase offers good opportunity for investors with 3-5 years perspective. Also, we will see auto stocks  in focus as the auto companies will start announcing monthly sales numbers for June 2018 starting from July 1. On the macro front, Markit Economics will unveil the result of a monthly survey on the performance of India's manufacturing sector in June 2018 on Monday

(Source: Rahul Sharma, Senior Research Analyst, Equity99)
MUST READ Fortis Healthcare management charts recovery plan amid financial crisis

Even as debt-strapped Fortis Healthcare (FHL) is grappling with financial crisis, challenges to recruiting talent, and finding a suitor to invest in the health care major, the current management team is working to put the hospital and diagnostic major back on the growth path.
Plans are afoot to start a new 250-bed multi-organ transplant centre at Arcot Road in Chennai, apart from expanding SRL Diagnostics’ footprint (target to open 100 new centres over the next 100 days), as well as rope in over half a dozen new specialist doctors to boost revenue CLICK HERE FOR MORE
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 0.5 points or 0.02 per cent. Nifty futures were trading around 10,691-level on the Singaporean Exchange.
At 3%, FDI inflows clocked slowest growth rate of last five years in FY18

Foreign direct investment (FDI) in India seems to be petering out with the inflows growth rate recording a five-year low of 3 per cent at $44.85 billion in 2017-18. According to the latest data of the Department of Industrial Policy and Promotion (DIPP), FDI in 2017-18 grew by only 3 per cent to $44.85 billion READ MORE
Asian markets trade mixed
Asian stocks were narrowly mixed on Monday, the first trading day of the second half of the year, with trade tensions between the US and its trading partners still a key concern for investors. The Nikkei 225 slipped 0.23 per cent as the consumer goods and utilities sectors logged declines.
The Kospi was little changed, with the index last trading lower by 0.06 per cent while the S&P/ASX 200 edged up by 0.14 per cent.
Wall Street ekes out gain
Wall Street's major stock indexes edged higher on Friday, as a surge in Nike Inc shares helped the quarter close out on an upswing while concerns over US international trade relations ebbed. For the quarter, the Dow, the S&P 500 and the Nasdaq all posted gains. The Dow edged up 0.7 per cent, the S&P 500 rose 2.94 per cent, and the tech-heavy Nasdaq jumped 6.33 per cent.
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