MARKET WRAP: Sensex slips 174 pts, Nifty at 11,692 as Rupee hits record low

Photo: Shutterstock.com
The benchmark indices ended lower ahead of the August F&O expiry due on Thursday, as the Rupee hit a record low of 70.51 against the US dollar.

The S&P BSE Sensex ended at 38,723, down 174 points while the broader Nifty50 index settled at 11,692, down 47 points.

Among sectoral indices, the Nifty IT index ended 0.37 per cent lower weighed by a fall in Infosys and Tata Elxsi. The Nifty Bank index, too, slipped 0.16 per cent due to fall in IndusInd Bank and Yes Bank.

In individual stocks, oil-to-telecom giant Reliance Industries (RIL) settled 1.8 per cent lower at Rs 1,294 level on the BSE.

Rupee

The Indian rupee touched a record low of 70.51 to the dollar on Wednesday, tracking weakness in Asian peers and on strong month-end dollar demand back home.

 
The Reserve Bank of India likely sold dollars, though the force was mild, according to two senior forex officials at state-run banks.

GDP Data

 
Going ahead, investors will look forward to June-quarter GDP data to be announced on August 31. For the quarter ended March 31, 2018, the GDP growth print stood at 7.7 per cent. 

Global Markets

Asian shares crept marginally higher on Wednesday as optimism over the US-Mexico trade deal was quickly clouded by caution ahead of a looming deadline on tariffs with China.

MSCI’s broadest index of Asia-Pacific shares outside Japan eked out a rise of 0.2 per cent.

Chinese blue chips dipped 0.4 per cent as the country's state planner warned of increasing risks to the economy in the second half of the year.

Japan's Nikkei put on 0.2 per cent but shied away from stubborn resistance around 23,000, a level where it has failed repeatedly in recent months.

(with wire inputs)

3:42 PM IST Nifty IT index ends 0.37% lower. Top loser: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) TATA ELXSI 1395.30 1417.60 -22.30 -1.57 INFOSYS 1409.10 1424.70 -15.60 -1.09 INFIBEAM AVENUES 232.40 234.75 -2.35 -1.00 HCL TECHNOLOGIES 1032.75 1040.75 -8.00 -0.77 TECH MAHINDRA 733.65 736.10 -2.45 -0.33

3:40 PM IST Nifty sectoral gainers and losers of the day

3:38 PM IST BSE Sensex: RIL, Coal India among top losers of the day, ONGC top gainer

3:35 PM IST Market at close The S&P BSE Sensex ended at 38,723., down 174 points while the broader Nifty50 index settled at 11,692, down 47 points.

3:12 PM IST 99.3% of demonetised notes are back; Rs 15.31 trillion returned, says RBI As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.   Of the Rs 15.41 trillion worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 trillion have been returned. READ MORE

2:58 PM IST Prepare a list of the public sector banks that can be merged: Govt asks RBI The government has asked its central bank to prepare a list of candidates for merger among 21 government-controlled lenders as it seeks to strengthen a banking system laden with bad debt, people familiar with the matter said.   In a meeting this month, finance ministry officials also asked the Reserve Bank of India to suggest a time frame for the consolidation, the people said, asking not be named as the information isn’t public. The move is aimed at creating fewer, better-capitalized lenders and improving regulatory oversight, they said. READ MORE

2:46 PM IST Relief for Mistry as NCLAT admits plea against his removal from Tata Sons The National Company Law Appellate Tribunal (NCLAT) today admitted a petition moved by ousted Tata Sons Chairman Cyrus P Mistry against a Mumbai-bench of the company law tribunal order upholding his removal. READ MORE

2:31 PM IST Oil slips on rising US supply, Venezuela investment Oil prices slipped on Wednesday, pulled down by a rise in US inventories and hopes that new investment could halt a plunge in Venezuela's output. Benchmark Brent crude oil was down 20 cents at $75.75 a barrel. US light crude was 10 cents lower at $68.43 a barrel. READ MORE

2:16 PM IST Gold edges higher, but rate hike views weigh on market Gold prices inched up on Wednesday after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher US interest rates and lingering Sino-US trade tensions capped the precious metal's gain.   Spot gold was up 0.3 per cent at $1,204.43 an ounce. Prices hit their highest since Aug. 10 at $1,214.28 on Tuesday, but closed 0.8 per cent lower as US Treasuries rose after the United States and Mexico struck a trade deal. US gold futures were down 0.3 per cent at $1,210.60. READ MORE Gold

1:59 PM IST Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 38,837.01 -59.62 -0.15   S&P BSE SENSEX 50 12,275.63 -16.57 -0.13   S&P BSE SENSEX Next 50 35,369.56 +340.27 +0.97   S&P BSE 100 12,039.39 +3.69 +0.03   S&P BSE Bharat 22 Index 3,725.36 +13.80 +0.37 (Source: BSE)

1:46 PM IST Coal India regaining investor confidence; delay in stake sale plan may help Coal India (CIL) shares have risen about 11 per cent in a month, outperforming the 2.5 per cent rise by the S&P BSE Sensex. Given the improving outlook on the business front and reasonable stock valuations, analysts believe there are more gains ahead. READ MORE

1:31 PM IST Aston Martin sets out plans to float on London Stock Exchange Luxury carmaker Aston Martin intends to float on the London Stock Exchange, completing a turnaround after new models and a surge in volumes helped the iconic brand return to profitability following years of losses.   If successful it would become the first British-based carmaker to be listed in London for years, following the sale of such names as Jaguar, Bentley and Rolls-Royce to foreign owners. READ MORE Aston Martin Volante

LIVE UPDATES

Nifty IT index ends 0.37% lower. Top loser:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%)
TATA ELXSI 1395.30 1417.60 -22.30 -1.57
INFOSYS 1409.10 1424.70 -15.60 -1.09
INFIBEAM AVENUES 232.40 234.75 -2.35 -1.00
HCL TECHNOLOGIES 1032.75 1040.75 -8.00 -0.77
TECH MAHINDRA 733.65 736.10 -2.45 -0.33

Nifty sectoral gainers and losers of the day


BSE Sensex: RIL, Coal India among top losers of the day, ONGC top gainer


Market at close

The S&P BSE Sensex ended at 38,723., down 174 points while the broader Nifty50 index settled at 11,692, down 47 points.
99.3% of demonetised notes are back; Rs 15.31 trillion returned, says RBI

As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.
 
Of the Rs 15.41 trillion worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 trillion have been returned. READ MORE

Prepare a list of the public sector banks that can be merged: Govt asks RBI

The government has asked its central bank to prepare a list of candidates for merger among 21 government-controlled lenders as it seeks to strengthen a banking system laden with bad debt, people familiar with the matter said.
 
In a meeting this month, finance ministry officials also asked the Reserve Bank of India to suggest a time frame for the consolidation, the people said, asking not be named as the information isn’t public. The move is aimed at creating fewer, better-capitalized lenders and improving regulatory oversight, they said. READ MORE

Relief for Mistry as NCLAT admits plea against his removal from Tata Sons

The National Company Law Appellate Tribunal (NCLAT) today admitted a petition moved by ousted Tata Sons Chairman Cyrus P Mistry against a Mumbai-bench of the company law tribunal order upholding his removal. READ MORE

Oil slips on rising US supply, Venezuela investment

Oil prices slipped on Wednesday, pulled down by a rise in US inventories and hopes that new investment could halt a plunge in Venezuela's output.

Benchmark Brent crude oil was down 20 cents at $75.75 a barrel. US light crude was 10 cents lower at $68.43 a barrel. READ MORE
Gold edges higher, but rate hike views weigh on market

Gold prices inched up on Wednesday after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher US interest rates and lingering Sino-US trade tensions capped the precious metal's gain.
 
Spot gold was up 0.3 per cent at $1,204.43 an ounce. Prices hit their highest since Aug. 10 at $1,214.28 on Tuesday, but closed 0.8 per cent lower as US Treasuries rose after the United States and Mexico struck a trade deal. US gold futures were down 0.3 per cent at $1,210.60. READ MORE
Gold

Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,837.01 -59.62 -0.15
 
S&P BSE SENSEX 50 12,275.63 -16.57 -0.13
 
S&P BSE SENSEX Next 50 35,369.56 +340.27 +0.97
 
S&P BSE 100 12,039.39 +3.69 +0.03
 
S&P BSE Bharat 22 Index 3,725.36 +13.80 +0.37

(Source: BSE)
Coal India regaining investor confidence; delay in stake sale plan may help

Coal India (CIL) shares have risen about 11 per cent in a month, outperforming the 2.5 per cent rise by the S&P BSE Sensex. Given the improving outlook on the business front and reasonable stock valuations, analysts believe there are more gains ahead. READ MORE

Aston Martin sets out plans to float on London Stock Exchange

Luxury carmaker Aston Martin intends to float on the London Stock Exchange, completing a turnaround after new models and a surge in volumes helped the iconic brand return to profitability following years of losses.
 
If successful it would become the first British-based carmaker to be listed in London for years, following the sale of such names as Jaguar, Bentley and Rolls-Royce to foreign owners. READ MORE
Aston Martin Volante

Vedanta bags 41 oil, gas blocks in open acreage auction; stock up over 3%

Shares of Vedanta rose 3.45% to Rs 238.25 per share on the National Stock Exchange (NSE) in intra-day trade after the company got 41 blocks, out of the total 55 on offer, under the country's first round of oil and gas auctions under the Open Acreage Licensing Policy (OALP-I). READ MORE

JSW Steel hits 52-week high after being included in the Nifty 50 index

Shares of JSW Steel jumped nearly 8% to hit a 52-week high of Rs 395.40 per share in intra-day trade on Wednesday in the National Stock Exchange (NSE) in an otherwise flat market, as the company was included in the benchmark Nifty 50 index. It will be replacing pharma company Lupin on September 28, 2018. READ MORE

India's economy seen growing at steady 7.6 per cent pace in April-June: poll

India likely grew 7.6 per cent in the April-June quarter, propelled in part by an improvement in manufacturing and exports, a Reuters poll showed.

The median consensus in a poll of 50 economists put annual economic growth just a touch lower than the near two-year high of 7.7 percent in the January-March quarter. READ MORE
Here's why stressed power accounts are unlikely to impact SBI numbers
 
With the Allahabad High Court not providing any relief on stressed power loans that are impacted by the Reserve Bank of India's (RBI's) February 12 order, one might have expected it would impact the share price of public sector banks (PSBs). On Monday, the Bank Nifty had risen 1.5 per cent on hope that the court would provide relief.
 
However, despite the lack of interim relief, the index fell only 0.3 per cent in Tuesday's trade. There are concerns that most PSBs and corporate-focused private banks would need to make additional provision for these loans. READ MORE
Rollover data

·      Fertilisers, Cement, Automobile, Oil_Gas and Capital_Goods sectors witnessed higher rollovers compared to same day of previous expiry.
 
·      Telecom, Power, Realty, Media and Finance sectors witnessed lower rollovers compared to same day of previous expiry.
 
·      Highest rollover in current expiry: Fertilisers, Media, Power, Textile and Technology.
 
·      Lowest rollover in current expiry: Capital_Goods, Cement, Automobile, Infrastructure and FMCG.

(Source: Nirmal Bang report)
WEB EXCLUSIVE How will the US-China trade war affect global markets and Indian equities
 
China and the US are engaged in a full-scale trade war as both sides lob threats of new trade tariffs at each other and implement them. The latest round of tit-for-tat tariffs by the United States and China has intensified the global debate about whether the world is facing a mere trade skirmish or heading rapidly toward a full-blown trade war. 
 
But what is really at stake may be even more fundamental. Either accidentally or by design, Donald Trump’s administration may have paved the way for a “Reagan moment” for the international trade regime. In the 1980s, US President Ronald Reagan initiated a military spending race with the Soviet Union that ended up altering the global balance of power in ways that affected many countries worldwide. READ MORE
Markets at noon

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,876.00 -20.63 -0.05
 
S&P BSE SENSEX 50 12,283.53 -8.67 -0.07
 
S&P BSE SENSEX Next 50 35,276.28 +246.99 +0.71
 
S&P BSE 100 12,041.20 +5.50 +0.05
 
S&P BSE Bharat 22 Index 3,723.52 +11.96 +0.32

BREAKING NEWS NCLAT admits Cyrus Mistry's plea against Tata Sons: Agencies

NCLAT issues notice to Tata Sons on Mistry's plea
Equinomics Research on HCL Technologies (HCL Tech)
 
HCL Technologies (HCL Tech) in yesterday’s trade closed at Rs.1,041 levels, which is close to our target price of Rs.1,050 and has gained 15% from our initiation price of Rs.906. We continue to recommend a HOLD on the stock with a revised target price of Rs.1,150 (which is 15.5x its FY2020E EPS of Rs.74) as the recent depreciation of rupee is a positive development for IT stocks like HCL Technologies
NEWS UPDATE Principal Financial Group has announced the completion of a full share buy-back of PNB’s shares giving Principal full ownership of the Principal PNB Asset Management Company Private Limited
Artson Engineering hits upper circuit on purchase order from Thyssenkrupp
 
Shares of Artson Engineering hit its upper circuit at Rs 73 per share on BSE in early trade on Wednesday in an otherwise flat market.
 
The company said that it has received a purchase order from Thyssenkrupp Industries India of approximately Rs 150 million. The announcement was made after market hours Tuesday, August 28, 2018. READ MORE
RUPEE ALERT The Rupee has fallen 9.3 per cent year-to-date, making it the worst performing Asian currency. 
RUPEE ALERT Rupee hits record low of Rs 70.45/$
Top BSE500 gainers

COMPANY PRICE() CHG() CHG(%) VOLUME
INDBULL.REALEST. 153.60 10.95 7.68 977564
JSW STEEL 392.50 26.35 7.20 2507173
H D I L 30.80 2.05 7.13 1509803
FUTURE CONSUMER 52.30 3.45 7.06 2118165
COFFEE DAY ENTER 271.15 16.30 6.40 38647
» More on Top Gainers
UTI MD Leo Puri's extension case: T Rowe Price takes petition back
 
US-based T Rowe Price on Tuesday withdrew its case filed in the Bombay High Court, seeking extension in tenure of former UTI Asset Management Company’s (AMC) managing director Leo Puri, and compliance with crossholding norms.
 
People in the know said the move came after the Finance Ministry and Securities and Exchange Board of India (Sebi) discussed various possibilities for out-of-court settlement with the involved parties. READ MORE
Buzzing Stock

State Bank of India (SBI) gained 1 per cent after it said that the appropriate authority has accorded approval to explore and initiate the process of divestment upto 3.8958% of stake of SBI in National Stock Exchange of India (NSE) through secondary sale. 
JSW Steel to replace pharma firm Lupin in Nifty 50 from September 28
 
NSE Indices, index provider for the National Stock Exchange (NSE), has included JSW Steel in the benchmark Nifty index. According to a press release on Tuesday, the steelmaker will replace pharma firm Lupin in the benchmark Nifty, with effect from September 28.
 
The inclusion of JSW Steel is expected to boost the steelmaker’s stock, given that several exchange-traded funds (ETFs) track the Nifty index. Shares of JSW Steel have already climbed 40 per cent in 2018 so far. READ MORE
Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,935.95 +39.32 +0.10
 
S&P BSE SENSEX 50 12,300.78 +8.58 +0.07
 
S&P BSE SENSEX Next 50 35,296.12 +266.83 +0.76
 
S&P BSE 100 12,056.65 +20.95 +0.17
 
S&P BSE Bharat 22 Index 3,725.63 +14.07 +0.38

F&O watch: Rollover stats

Nifty also saw higher than the average rollovers of 37% (average rollovers of 31% in the last three series). Nifty future holds an OI of 34.65mn shares (INR 407bn) as compared to 29.3mn shares (INR 326bn) on D-2 of June expiry. Nifty futures roll levels went further up to 36-38bps (cost to long roller adjusted to dividend of 7 points).

Around 61.8k Nifty contracts were rolled while ~9k contracts were unwound in the near month. Rollover activity saw pick up in FMCG (24%/45%), Metals (53%/33%) and IT (48%/29% on the D-2. Counters where rolls have picked up are ONGC (58%/15%), HNDL (49%/14%) and Z (49%/16%)

(Source: Edelweiss report)
Mid-cap stocks gain ground

COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR)
WEIGHT IN
INDEX (%)
APOLLO HOSPITALS 1220.00 46.15 3.93 11201.94 1.20
GRUH FINANCE 341.80 12.05 3.65 10511.89 1.13
GLAXOSMITH C H L 7682.95 238.55 3.20 9048.06 0.97
BHARAT FORGE 674.55 18.25 2.78 16959.81 1.83
CRISIL 1807.25 47.30 2.69 4163.90 0.45

Click here for the full list
Q1 results: Jet Airways faces headwinds, struggles to control the flight
 
Jet Airways, which reported a muted June quarter performance, faces further headwinds given a seasonally weak September quarter, pricing pressures, and a weak balance sheet. On the operational front, the airline is trailing peers on both the passenger load factor (PLF) as well as profitability given costs are at least 25 per cent higher than low-cost competitors.
 
While its PLF is close to 80.4 per cent, peers IndiGo and SpiceJet have reported PLF higher by at least 10 percentage points. READ MORE
Stocks in news

·         LIC will meet on Sept. 04 to consider acquiring 36 percent stake in IDBI Bank
 
·         Bharti Airtel plans to roll out 9,000 new sites and 4,150 kilometres of optic fiber for financial year 2018-19 in Rajasthan. 
 
·         Tech Mahindra’s certificate of authorisation for pre-paid card issuance gets cancelled by RBI. 
 
·         State Bank of India said that the appropriate authority has accorded approval to explore and initiate the process of divestment of its 3.9% stake in National Stock Exchange of India through secondary sale.
 
·         Tata Motors to showcase five new public transport vehicles at the bus and coach exhibition, Busworld India starting from Aug. 29. 
 
·         Lakshmi Vilas Bank received approval from IRDA to offer general insurance products. 
 
·         Vedanta awarded 41 out if the 55 oil and gas blocks which were auctioned by the government-under Open Acreage Licensing Policy, according to notice on Directorate General of Hydrocarbons’ website. 


(Source: IIFL report)
ICICI Securities on Ambuja Cements

We maintain our CY18-CY19E estimates and introduce our CY20E numbers with 4% volume growth and EBITDA/te increase of 6% YoY to Rs1,000/te. We raise our target price to Rs270/share (earlier: Rs250/share) based on 12x Sep’20 EV/E (on half-yearly rollover). Maintain BUY.
WEB EXCLUSIVE Buyback offers touch Rs 300 billion in three months
 
Buyback of equity shares has gathered pace with over a dozen firms approving proposals in the past three months. Including three Nifty 50 companies – Tata Consultancy Services (TCS), Larsen & Toubro (L&T) and HCL Technologies – the boards of total 13 firms have approved share buyback proposal worth of Rs 309 billion since June 2018. MphasiS, DCM Shriram, Just Dial, ICRA, Navneet Education and Mcleod Russel, too, approved buyback proposal, the CapitalinePlus data shows. READ MORE
Nifty sectoral trend


BSE Sensex gainers and losers in opening trade


Market at open
 
At 9:15 AM, the S&P BSE Sensex was trading at 38,916, up 19 points while the broader Nifty50 was ruling at 11,740, up 1 point.
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 39,080.98 +184.35 +0.47
 
S&P BSE SENSEX 50 12,350.98 +58.78 +0.48
 
S&P BSE SENSEX Next 50 35,144.21 +114.92 +0.33
 
S&P BSE 100 12,089.32 +53.62 +0.45
 
S&P BSE Bharat 22 Index 3,729.48 +17.92 +0.48

Technical calls by HDFC Securities:
 
Buy FSL
CMP: Rs 72.60
Target: Rs 69
Stop loss: Rs 78
 
Stock price has broken out from the downward sloping trend line, adjoining previous two tops on the daily charts. Indicators like RSI and ADX have turned bullish on the daily and weekly charts. Flag Pattern breakout is observed on the weekly charts, indicating continuation of an uptrend. We recommend buying FSL for the upside target of 78, keeping SL at 69.
 
Nifty outlook by HDFC Securities
 
Nifty continued its upward move with new all-time high of 11,760 and closed at 11,738. We believe that 11,768 is a crucial resistance to watch out for Nifty. Any level above 11,768 could extend the rally towards 11,999. As far as support is concerned 11,620 should be kept a stop loss in trading long positions. Nifty midcap and smallcap indices have not been able find their feet and therefore it is advisable to remain focused on Largecaps. BankNifty could see fresh momentum buying above 28,400.
HSBC on Ujjivan

Our target price of Rs 370 (earlier Rs 329), implies downside of 1.5%; we upgrade the stock to Hold from Reduce. Key risks are (1) event risk in the microfinance segment, (2) a worse-than-expected impact from the transition to Ind-AS reporting from FY20e, (3) worse-than-expected pressure on margins due to rising rates, (4) worse-than-expected asset quality, (5) loss of key personnel, and (6) an inability to grow deposits.
Edelweiss downgrades Jet Airways

We expect dual pressure on earnings as: a) oil price has jumped further by 5.3% QTD and 42% YoY. According to Dr Fesharakhi (renowned oil expert), oil could touch $100/bbl, which we believe could take further toll on profitability; and b) the exchange rate (INR/USD) continues to depreciate (down 4.0% QoQ), which again impacts earnings—a 10% rise in ATF price or INR depreciation will impact FY20E EBITDAR 23% each. In light of the adverse competitive scenario and tightening macros, we downgrade to ‘HOLD’.
MARKET COMMENT Amar Ambani, head of research, IIFL

A surge in metals, energy, IT and positive global sentiment due to the US-Mexico trade agreement kept indices upbeat on Tuesday. The rupee recovered a bit from record lows against the dollar. The outlook is a cautious start ahead of the F&O expiry tomorrow. Foreign investors and domestic funds offloaded stocks on Tuesday.

The market-wide rollovers and Nifty rollovers are well above their three-month average which is a healthy sign. The US indices closed flat. Whatever improvement could come in sentiment because of US-Mexico trade deal was swapped by fears about tariff deadline with China. Asian markets too are struggling for direction. JSW Steel will see some added interest as it is set to replace Lupin in the Nifty50 stock index on September 28
Top trading ideas by Prabhudas Lilladher:
 
BUY STERLITE TECH
CMP: Rs 365.15
TARGET: Rs 410
STOP LOSS: Rs 342
 
The stock has made a series of higher bottom formation pattern in the daily chart and currently, also a similar pattern has been formed with a positive bullish candle moving above the significant 34WMA moving average and strength has been maintained for further upside momentum. The RSI has made a steep rise with a trend reversal and with the stock moving in an upward trend, we recommend a buy in this stock for an upside target of 410 keeping a stop loss of 342.
 
Nifty outlook by Prabhudas Lilladher:
 
Market is precariously overbought with few main frontline stocks supporting the index like RIL, Bank Nifty though succumbing to some selling, however, the trend remains intact. The support for the day is seen at 38,650/11,670 while resistance is seen at 39,120/11,800. Bank Nifty would have a range of 28,000-28,520. Pharma sector, though, positive has taken a breather while Metal & Auto look promising from here on along with HDFC Twins.  
Today's picks
 
Tata Steel 
Current price: Rs 590
Target price: Rs 598
Keep a stop at Rs 585 and go long. Add to the position between Rs 596 and Rs 597. Book profits at Rs 598.
 
YES Bank 
Current price: Rs 370
Target price: Rs 364
Keep a stop at Rs 374 and go short. Add to the position between Rs 365 and Rs 366. Book profits at Rs 364. Target prices, projected movements in terms of next session, unless otherwise stated 
Oil prices inch up on Iran sanctions, but rising global supply caps market
 
Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of US sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries.
 
International Brent crude oil futures were at $75.98 per barrel, up 3 cents from their last close. US West Texas Intermediate (WTI) crude futures were up 3 cents at $68.56 a barrel.
SGX Nifty
 
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 10 points or 0.09 per cent. Nifty futures were trading around 11,749-level on the Singaporean Exchange.
Asian markets trade flat, Nikkei marginally up
 
Asian share markets were left in limbo on Wednesday as optimism over the US-Mexico trade deal was quickly replaced by caution ahead of a looming deadline on tariffs with China. A flat finish on Wall Street and a dearth of major economic data across the region pointed to a quiet session ahead. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up just 0.02 per cent in early trade.
 
Japan's Nikkei rose 0.3 per cent, while EMini futures for the S&P 500 added 0.11 per cent.
Wall Street ekes out gains as Canada takes trade spotlight
 
The S&P 500 and the Nasdaq edged up to record closing highs for the third consecutive session as investors struggled over whether to take profits following a rally on positive developments in trade disputes which have vexed the markets. Technology companies led the advance, offset by declines in energy, telecom and materials sectors, among others.
 
The Dow Jones Industrial Average rose 14.38 points, or 0.06 per cent, to 26,064.02, the S&P 500 gained 0.78 points, or 0.03 per cent, to 2,897.52 and the Nasdaq Composite added 12.14 points, or 0.15 per cent, to 8,030.04.
Good Morning!

Welcome to markets live blog. Catch all live market action here