Equity Alert
Indices end down; most oil, gas cos fall on Trump tariff threat
This story was originally published at 16:11 IST on 5 August 2025
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Equity Alert: Indices end down; most oil, gas cos fall on Trump tariff threat
MUMBAI--1530 IST--Benchmark indices ended lower Tuesday with heavyweights Reliance Industries, ICICI Bank, HDFC Bank, and Infosys as the biggest drag on the Nifty 50 index. Most financial services and oil and gas stocks ended Tuesday's run in the negative territory. The Nifty 50 index ended 0.3% lower at 24649.55 points and the BSE Sensex index was down 0.4% at 80710.25 points. Indices came slightly off lows towards the end of Tuesday's session.
Weakness in the market was likely due to US President Trump's threats on imposing even higher tariffs on India over its purchases of crude oil from Russia. Trump said Monday that he would "substantially" raise tariffs on Indian goods being shipped to the US for the Asian country's continued energy procurement from Russia.
Adani Ports And Special Economic Zone declined nearly 3?spite the company reporting a higher-than-expected consolidated net profit for the June quarter. The stock was the biggest loser in the Nifty 50 index. Shares of Adani Enterprises, Infosys and Reliance Industries fell over 1% and were the worst hit in the 50-stock index. Among the top gainers in the index, Titan Co. rose nearly 2%. IndusInd Bank gained nearly 2% after the bank's board appointed Rajiv Anand as its new managing director and chief executive officer. Brokerages are optimistic on the stock after Anand's appointment.
Among the sectoral indices, the Nifty Oil & Gas index was the biggest laggard and it fell nearly 1%. This comes after Trump's scathing remarks on India's oil trade with Russia. India is currently the biggest buyer of seaborne crude from Russia, which is under West-led sanctions over its protracted war with Ukraine, Reuters reported. The Nifty Pharma index and the Nifty FMCG index fell nearly 1?ch. Nifty Auto and Nifty Consumer Durables fared better than other sectoral indices and ended marginally higher.
All broader market indices ended in the red. The Nifty Midcap 50 was the biggest loser and it fell 0.6%. The Nifty Midcap 100 and Nifty Smallcap 250 delined 0.4% and 0.3%, respectively. (P. Madhu Kumar)
Equity Alert: Adani Ports falls further despite earnings beating Street views
MUMBAI--1456 IST--Shares of Adani Ports and Special Economic Zone fell further despite the company reporting higher-than-expected results for the June quarter. The board of Adani Ports also approved redesignating Gautam Adani as non-executive chairman from Tuesday and he will cease to be a key managerial personnel of the company. The company also reaffirmed its 2025-26 (Apr-Mar) guidance for revenue, operating profit, and capital expenditure.
At 1433, the stock was down over 2% at INR 1,356.20 on the National Stock Exchange after being down merely 0.2% in early trade. More than 2 million shares of the company changed hands on the bourse so far Tuesday, two times the 1 million shares traded during the same period Monday.
For the quarter ended June, Adani Ports posted a 6% on-year growth in its consolidated net profit to INR 33.15 billion, also beating the Street's view of INR 29.66 billion. Its revenue rose more than 31% to INR 91.26 billion, also higher than the expectation of INR 86.9 billion. The company retained its FY26 guidance for revenue at INR 360 bln-INR 380 bln and for earnings before interest, tax, depreciation, and amortisation at INR 210 bln-INR 220 bln. It also retained the FY26 capital expenditure guidance of INR 110 bln-INR 120 bln.
Of the eight research reports available about the company with Informist, seven brokerages have a 'buy' or equivalent rating on the stock with an average target price of INR 1,731 which is almost 27% higher than the current market price. The remaining one brokerage has a 'hol' view on the stock. (Anjana Therese Antony)
Equity Alert: European indices rise buoyed by earnings, US rate-cut hopes
MUMBAI--1445 IST--European indices were up in early trade Tuesday as investors assessed a host of corporate earnings and economic data. Indices in the region were boosted on hopes of a rate cut in the US amid fears of a slowdown in the world's largest economy. The pan-European STOXX 600 was up 0.4?rly in the session.
UK-based mining company Fresnillo surged 6?ter reporting upbeat earnings for the first half of 2025. Smith+Nephew soared 12% after the British medical products maker posted a 11.2% jump in first-half profit and announced a new $500 million share buyback for the remainder of the year, Reuters reported. Spirits-maker Diageo rose 6?ter the company forecast 2026 sales growth to be similar to the current year and increased its cost-savings target. German fashion brand Hugo Boss rose 3?ter cost-cutting measures led the company to report better-than-expected operating profit for the quarter.
These financial results helped to boost the mood of investors in the region. Germany's DAX Performance-Index and the UK's FTSE 100 were up 0.5% and 0.3%, respectively. Indices in France, Italy, and Switzerland were also higher.
Following were the levels of major European indices at 1442 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
FTSE 100 Index |
9158.95 | 0.34 |
|
CAC 40 |
7645.56 | 0.18 |
|
MIB INDEX |
40724.28 | 0.07 |
|
DAX PERFORMANCE-INDEX |
23863.53 | 0.45 |
| SLI | 1971.59 | 0.36 |
(Akash Mandal)
Equity Alert: Asian indices end higher buoyed by US rate cut hopes in Sept
MUMBAI--1300 IST--Indices across Asia ended higher Tuesday, with some bouncing back from a sharp fall Monday due to concerns of an economic slowdown in the US. Sentiment in the region was buoyed by hopes of a rate cut by the US Federal Reserve in its September meeting.
"There are signs of weakness in parts of the US economy, that plays to the view that maybe not in September, but certainly this year that the Fed's still on course to ease potentially twice," Rodrigo Catril, senior currency strategist at National Australia Bank, was quoted as saying by Reuters.
South Korea's Kospi ended the session 1.6% higher and was the top gainer in the region. Australia's S&P/ASX 200 closed 1.2% higher. Wesfarmers, QBE Insurance Group, and National Australia Bank ended 2-3% higher. China's CSI 300 ended 0.8% higher.
Japan's Nikkei 225 and Topix closed the session 0.6% and 0.7% higher, respectively. A few Bank of Japan board members said the central bank would consider resuming interest rate increases if trade friction de-escalates, minutes of its June policy meeting showed Tuesday. In its June meeting, the central bank kept rates steady at 0.5% and decided to decelerate the pace of its balance sheet drawdown next year.
At 1250 IST, Hong Kong's Hang Seng and the FTSE Singapore Straits Times were up 0.6% and 0.3%, respectively.
Following are the levels of key Asian indices at 1250 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4103.45 |
0.80 |
|
Hang Seng Index |
24880.81 |
0.60 |
|
Nikkei 225 Day |
40549.54 |
0.64 |
|
TOPIX FIRST SECTION |
2936.54 |
0.70 |
|
KOSPI |
3198.00 |
1.60 |
|
FTSE Singapore Straits Times |
4209.50 |
0.29 |
|
S&P/ASX 200 Index |
8770.40 |
1.23 |
(Akash Mandal)
Equity Alert: Oil, gas cos dn post US tariff threat over Russian oil imports
MUMBAI--1255 IST--Most oil and gas stocks traded in the red Tuesday after US President Donald Trump threatened to raise import tariffs on Indian goods even higher than the currently announced rate of 25%, over India's oil purchases from Russia. The Nifty oil and gas index fell 1.3% to its near-three month low of 11001.25 Tuesday, with 10 out of the 15 constituents trading lower, two trading largely flat, and the rest three in the positive zone.
Shares of major Indian refiners--Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp.--declined as low as 2.0-3.5% intraday to their respective one-month lows. India is currently the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine, according to a Reuters report Monday. Among other energy stocks, shares of Mahanagar Gas fell as low as 3% intraday to its lowest price in over three months at INR 1,289.70. This was followed by Petronet LNG and Reliance Industries, which fell as low as nearly 2% and 1.3%, respectively.
On Monday, Trump said on Truth Social he would substantially raise the import levy on Indian goods, accusing the country of not only buying massive amounts of Russian oil but "they are then, for much of the oil purchased, selling it on the open market for big profits". Trump has said starting Friday he will impose new sanctions on Russia as well as on countries that buy its energy, unless Moscow takes steps to end its year war with Ukraine, Reuters reported. (Arya S. Biju)
Equity Alert: Benchmark indices down as heavyweights fall; mkt breadth negative
MUMBAI--1145 IST--Benchmark indices remained lower Tuesday, with heavyweights such as HDFC Bank, ICICI Bank, Reliance Industries, and Infosys falling 1-2%. On the other hand, Bharti Airtel was up 1% ahead of its June quarter earnings later in the day.
At 1141 IST, the Nifty 50 was at 24634.45 points, down 88.30 points or 0.4%, and the BSE Sensex was at 80696.98 points, down 321.74 points or 0.4%. IndusInd Bank pared most of its gains but was still up 1.4% and the top gainer in the Nifty 50. Grasim Industries, Maruti Suzuki India, and Axis Bank were some of the other gainers in the index.
Broader indices were all down and the overall market breadth was negative, with over 54% of the stocks trading on the NSE being in the red. On the sectoral front, most indices were lower barring Nifty PSU Bank, Nifty Metal, and Nifty Auto.
Godfrey Phillips India hit a 10% upper band at an all-time high of INR 9,881.50. The stock was the top gainer in the Nifty 500.
Newgen Software Technologies, The New India Assurance Co., and Tata Investment Corp. were up 5-10%. Tata Investment was up for the second straight session after Tata Capital, in which the former holds a 2.15% stake, filed a draft red herring prospectus for an initial public offering comprising fresh issue of up to 210 million shares and an offer for sale of up to 265.82 million shares. (Akash Mandal)
Equity Alert: Nuvama cuts Escorts Kubota to 'hold'; upside potential limited
MUMBAI--1134 IST--Nuvama Institutional Equities downgraded Escorts Kubota to 'hold' due to limited upside potential of the stock and retained the INR 3,600 target price after the company reported its quarterly financial results. The broking firm expects the company's domestic tractor market share to decline to 11% in 2027-28 (Apr-Mar) from 12% in FY25.
The broking firm also said the company's revenue of INR 24.83 billion was below its estimate of INR 25.50 billion due to lower realisation. However, its earnings before interest, tax, depreciation, and amortisation of INR 3.25 billion was above the estimate of INR 3.17 billion on better agri margin. For the quarter ended June, Escorts Kubota reported a sharp 361% on-year jump in net profit to INR 14 billion, which includes INR 10.28 billion profit from discontinued operations.
The management indicated a six-month delay in receiving land for the planned greenfield plant in Uttar Pradesh. The commencement of this plant would have led to localisation of the company's branded tractors and engines and increased exports to markets such as North America and Japan, Nuvama said. "Hence, these benefits have been postponed to end-FY28 or FY29."
At 1131 IST, shares of Escorts Kubota were up 0.2% at INR 3,399.40. Over 924,000 shares of the company changed hands on the bourse so far Tuesday, almost seven times the 133,000 shares traded during the same period Monday. Of the 11 research reports available about the company with Informist, three broking firms have a 'sell' rating on the stock, another three have a 'buy' view, and the remaining five have a 'hold' rating. (Anjana Therese Antony)
Equity Alert: Reliance Infra, Reliance Power hit 5% lower circuit amid probe
MUMBAI--1100 IST--Shares of Reliance Power and Reliance Infrastructure hit the 5% lower circuit of INR 45.20 and INR 281.35, respectively, after media reports said Reliance group Chairman Anil Ambani will appear before the Enforcement Directorate Tuesday with respect to a money laundering case. Reliance Power and Reliance Infrastructure are part of the Reliance group and Anil Ambani is allegedly involved in INR-170-billion bank loan fraud involving several of his group companies.
Reliance Power is down for the fifth straight session, having fallen almost 20% in this period. Reliance Infrastructure is down for the third straight session, losing more than 14%.
Last month, the Enforcement Directorate had searched 35 premises linked to nearly 50 companies and 25 individuals, media reports had said. The government body had alleged that Reliance Infrastructure diverted funds to other Reliance group entities under the guise of inter-corporate deposits. The agency has also raised questions about several banks remaining silent about loan defaults by the group companies.
Almost 3 million shares of Reliance Power have changed hands on NSE so far Tuesday, similar to the number of shares traded around the same period Monday. More than 390,000 shares of Reliance Infrastructure have been traded so far Tuesday, three times the 129,000 shares traded Monday. (Anjana Therese Antony)
Equity Alert: Laxmi India Finance lists at 13% discount at INR 137.52
MUMBAI--1055 IST--Laxmi India Finance listed at INR 137.52 on the NSE, a discount of 13% to its issue price of INR 158. At 1052 IST, the stock traded 11.3% lower from the issue price of INR 158. Over 4 million shares of the company have so far changed hands on the exchange.
The company's initial public offering was subscribed 1.87 times. Overall, investors bid for 21.17 million shares compared with 11.31 million shares on offer. The strongest demand was seen from retail investors, while demand from qualified institutional buyers was seen the weakest.
Laxmi India Finance is a non-deposit-taking non-banking finance company operating primarily in the micro, small, and medium enterprises and vehicle financing verticals. For the financial year 2023-24 (Apr-Mar), the company had recorded a net profit of INR 224.69 million on a revenue of INR 1.73 billion. (Akash Mandal)
Equity Alert: Aditya Infotech lists at 50% premium at INR 1,015
MUMBAI--1047 IST--Aditya Infotech listed at INR 1,015 on the NSE, a premium of 50% to its issue price of INR 675. At 1043 IST, the stock traded 56% higher from the issue price at INR 1,053.10. Nearly 11 million shares of the company have so far changed hands on the exchange.
The company's initial public offering, which ended Thursday, was subscribed over 100 times, with the company receiving bids for 1.13 billion shares, against the 11.22 million on offer. It had set the price band for the IPO at INR 640-INR 675 per share.
The company is in the business of making video security and surveillance products, technologies, and solutions for enterprise and consumer segments under the "CP PLUS" brand. For the financial year 2024-25 (Apr-Mar), the company reported a consolidated net profit of INR 3.51 billion on a revenue of INR 31.12 billion. (Akash Mandal)
Equity Alert: Godfrey Phillips rises 10% to record high; Q1 PAT, sales up YoY
MUMBAI--1035 IST--Shares of Godfrey Phillips India rose 10% to an all-time high of INR 9,881.50 on robust on-year growth in its net profit and revenue for the June quarter. At 1032 IST, the stock traded 9.5% higher at INR 9,839.50 and was the top gainer in the Nifty 500.
The cigarette-maker's net profit rose over 63% on year to INR 3.65 billion in the June quarter. Its revenue for the quarter rose 34% on year to INR 18.07 billion. The company board approved a bonus share issue of two shares for every existing share held. The record date for the bonus issue is Sept. 16.
At 1032 IST, 601,418 shares of the company were traded on the NSE, sharply higher than 64,901 shares traded till the same time Monday. (Akash Mandal)
Equity Alert: Bharti Hexacom falls 1.3% ahead of Apr-Jun earnings
NEW DELHI--1020 IST--Shares of Bharti Hexacom fell 1.3% to an intraday low of INR 1,834.70 ahead of the company announcing its June quarter earnings Tuesday. While its top line is seen growing in a low single digit over the trailing quarter, like its parent Bharti Airtel, the net profit is expected to register a decline.
The company, in which Bharti Airtel holds a 70% promoter stake, provides consumer mobile services, fixed-line telephone, and broadband services in Rajasthan and north-eastern states including Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Arunachal Pradesh. Bharti Hexacom is estimated to report the net profit of INR 4.14 billion in the June quarter, down 12% on quarter and 19% on year, according to both JM Financial Institutional Securities and Motilal Oswal Financial Services.
The company's top line, according to JM Financial, will increase 2.8% sequentially and 23% on year to INR 23.54 billion. Motilal estimates Bharti Hexacom's revenue for the June quarter at INR 23.44 billion, up 2.8% on quarter and 23% on year.
In the March quarter, Bharti Hexacom had reported an 80% on-quarter rise in net profit to INR 4.68 billion and a 1.7% on-quarter increase in revenue to INR 22.89 billion. Shares of the company have risen almost 8% since the March quarter earnings was announced on May 13.
According to Motilal Oswal, Bharti Hexacom's wireless average revenue per user is expected to inch up 1% on quarter to INR 245 and the number of paying wireless net subscriber additions to be 265,000 in the June quarter. The brokerage expects the company's consolidated earnings before interest, tax, deprecation, and amortisation to record a 3% on-quarter increase in the reporting quarter.
At 1017 IST, the company shares were 1% down at INR 1,840. Over 22,000 shares of Bharti Hexacom changed hands on the bourse so far Tuesday, lower than the 41,000 shares traded during the same period Monday. As per research reports available about the company with Informist, Bharti Hexacom stock has two 'buy' calls and two 'hold' recommendations. (Rajesh Gajra)
Equity Alert: IndusInd Bank up 6?ter Rajiv Anand appointed new MD, CEO
MUMBAI--1020 IST--IndusInd Bank rose nearly 6% to a high of INR 848.70 Tuesday after the bank appointed Rajiv Anand as its new managing director and chief executive officer. Many brokerages are positive on the appointment. At 1015 IST, the stock gave up some gains and was at INR 824.70, up 2.6% from Monday. It was the top Nifty 50 gainer.
"We view the appointment of a seasoned private banker--versus rumors about the risk of hiring a PSB (public sector bank) banker--as a positive development for the bank in the long run...however, we believe that the new MD & CEO will have a tough task rebuilding the leadership team, reorienting the bank's asset/liability mix, reinforcing governance standards, and restoring stakeholders' confidence, before setting off a turnaround for the bank once again," Emkay Global Financial Services said in a report.
The brokerage said while clarity on the long-term strategy will take time, the stock's performance in the immediate term is likely to be driven by near-term outcome on margin and asset quality "with the risk of kitchen sinking remaining a niggling concern." The brokerage has maintained a 'reduce' rating on the stock with a target price of INR 700.
ICICI Direct Research also has similar views on the appointment. "The leadership overhang at IndusInd Bank comes to an end with the appointment of Rajiv Anand as MD & CEO, bringing much-needed clarity at the top...his proven track record in wholesale banking and digital strategy boosts confidence in the bank's revival," the brokerage said. However, the firm warned that further upside in the stock hinges on consistent performance and a rebuild of the franchise.
The private lender announced the appointment to the exchanges late Monday. The appointment is effective from Aug. 25 up to Aug. 24, 2028. Before this role, Anand was deputy managing director at Axis Bank. IndusInd Bank has faced several exits at senior management level since late April, including former CEO Sumant Kathpalia and deputy CEO Arun Khurana, after the lender reported discrepancies in its derivatives accounting and microfinance loan portfolio in 2024-25 (Apr-Mar).
At 1015 IST, 11.69 million shares of the bank were traded on NSE, sharply higher than the 1.02 million shares traded till the same time Monday. (Akash Mandal)
Equity Alert: Torrent power rises 1% ahead of likely muted Apr-Jun earnings
New Delhi--0954 IST--Shares of Torrent Power rose 1% to a high of INR 1,321.30 ahead of its earnings outcome for the June quarter. The company's top as well as bottom lines are likely to take a hit for the reporting quarter, JM Financial said in an earnings preview. At 0952 IST, shares of the company traded at INR 1,314.10 on the NSE, up 0.2%.
The energy and power company's consolidated revenue is likely to fall 23% on year to INR 70 billion due to lower generation from its gas-fired plants, as early monsoons hit power demand, JM Financial said. The brokerage said the company's revenue is likely to decline due to estimated lower power generation in the quarter by 36% on year.
JM Financial shared similar views on the company's bottom line. The brokerage expects Torrent Power's net profit to fall 38% on year to INR 6.1 billion due to fall in earnings before interest, tax, depreciation, and amortisation. It expects an increase in the power generator's depreciation expenses by 11% on year and in finance cost by 5% on year.
JM Financial said that the company's EBITDA for the reporting quarter will likely fall 26% on year to INR 13.8 billion.
Power utility companies are expected to report a modest performance for the June quarter due to an on-year fall in subdued energy and peak demand. The demand for electricity in the latest quarter did not match the high demand seen in the year-ago quarter, courtesy early monsoon.
The company had reported an 88% increase in net profit for the year-ago quarter, reaching INR 9.72 billion, driven by increased power demand. Revenue from operations for the quarter had risen 23.3% to INR 90.34 billion during the same time.
Of the five brokerage reports available with Informist on the company, two have a 'buy' or equivalent rating, two have a 'sell' or equivalent rating, and one has 'hold' rating. The buy ratings have an average target price of INR 1,482. The stock has fallen nearly 9% since its March quarter earnings on May 14 after market hours. (Pallavi Singhal)
Equity Alert: Indices open down on likely profit booking after rebound Mon
MUMBAI--0942 IST--After bouncing back on Monday, benchmark indices opened lower Tuesday likely because of profit-booking. Some analysts have turned cautious after US President Donald Trump threatened India with higher import tariffs for buying crude oil from Russia. However, some others believe there will be a limited impact of US tariffs on India.
At 0940 IST, the Nifty 50 was at 24629.60 points, down 93.15 points, or 0.4%. The BSE Sensex was at 80674.92 points, down 343.80 points, or 0.4%. Fall in shares of most oil and gas, information technology, and financial services companies weighed on the market. Indian equity market sharply underperformed all its global peers. The fear gauge of the market, the India VIX, rose 1.2% to 12.1700 but came off it and was up 0.3% at 12.0075.
On the sectoral front, Nifty Media and Nifty PSU Bank indices were the top gainers, up around 0.4?ch. Nifty Oil & Gas index was down 0.7%. Nifty Financial Services was down 0.4%. The index was down for the fourth consecutive session. Broader market indices were mixed, with Nifty Midcap 50 down 0.4% and Nifty Smallcap 100 up 0.2%.
IndusInd Bank, up 3%, was the top gainer in the Nifty 50. The bank has appointed Rajiv Anand as the managing director and chief executive officer of the bank. Godfrey Phillips was the biggest gainer of the Nifty 500 stocks after its net profit for the June quarter rose nearly 64% on year. The stock hit a record high of INR 9,881.50.
Triveni Turbines was down more than 7?ter its June quarter net profit fell nearly 4% on year. It was the worst hit in the Nifty 500. Adani Ports and Special Economic Zone was down over 1% ahead of its Apr-Jun earnings. Bharti Airtel was slightly up ahead of its June quarter results.
Market participants are waiting for the outcome of the Reserve Bank of India's policy review on Wednesday. The rate-setting committee is expected to keep the repo rate steady at 5.50% after cutting it by 50 basis points in its meeting in June. (Simran Rede)
Equity Alert: US' new tariff threat to India likely to cap near-term gains
MUMBAI--0812 IST--US President Donald Trump's new tariff threats on India are likely to limit gains in the domestic equity market in the near term. This is likely to put pressure on corporate earnings and pose some impact on the country's economy, with the US increasingly putting pressure on India for importing crude oil from Russia. However, experts believe India is relatively insulated from the direct risk of US tariffs and may continue to perform better than most emerging markets in the long term.
"Indian corporates with significant exposure to the US will have to either re-orient to new markets or absorb some tariff increases in the short term to sustain volumes, given the relative disadvantage compared to other markets namely Vietnam, Indonesia, Thailand and Bangladesh", Rakesh Valecha, senior director of core analytical group at India Ratings & Research, said in a note.
Trump Monday threatened that he would "substantially" raise tariffs on Indian goods being shipped to the US due to its continued energy procurement from Russia. This will be in addition to the 25% tariff and an additional penalty Trump had announced last week. "India is not only buying massive amounts of Russian Oil, they are then, for much of the oil purchased, selling it on the open market for big profits."
The domestic equity market partially recovered losses caused by Trump's tariff threats last week. On Monday, the Nifty 50 closed 0.6% higher at 24722.75 points and the BSE Sensex ended 0.5% higher at 81018.72 points. The near-term support for the 50-stock index is pegged at 24500-24450 points and resistance at 24850-24900 points, according to a senior technical and derivatives analyst at a domestic broking firm. At 0734 IST, the GIFT Nifty August futures contract was 0.2% higher at 24755 points, which is around 32 points higher than the Nifty 50's spot level. (Anjana Therese Antony)
Equity Alert: Asian mkts rise tracking overnight gains in US; Kospi up 1.5%
MUMBAI--0748 IST--All Asian indices rose in early trade Tuesday, tracking overnight gains in the US indices. Investors across the region assessed US President Donald Trump's threats of a higher tariff on India due to the latter buying "massive amount" of crude oil from Russia.
South Korea's Kospi was up 1.5%. The country's consumer prices rose 2.1% on year in July, slightly slower than the rise of 2.2% in June. On a month-on-month basis, the consumer price index rose 0.2%, the fastest in four months, after no change in the previous month. Samsung SDI, Samsung Heavy Industries, and EcoPro BM were up 5-11% in the early session.
Japan's Nikkei 225 and Topix were up 0.5% and 0.7%, respectively, after a sharp sell-off in the previous session. Mitsubishi Heavy Industries surged over 4?ter it won a A$10 billion ($6.5 billion) deal from the Australian Navy to build 11 new frigates.
Among others, Australia's S&P/ASX 200 was up 1.1%. Northern Star Resources, REA Group, and WiseTech Global rose around 2?ch.
Following are the levels of key Asian indices at 0742 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4081.2294 |
0.26 |
|
Hang Seng Index |
24727.09 |
(-)0.03 |
|
Nikkei 225 Day |
40505.48 |
0.53 |
|
TOPIX FIRST SECTION |
2935.94 |
0.68 |
|
KOSPI |
3194.28 |
1.48 |
|
FTSE Singapore Straits Times |
4216.24 |
0.45 |
|
S&P/ASX 200 Index |
8757.40 |
1.08 |
(Akash Mandal)
Equity Alert: US mkt surges; weak econ data reignites Sept rate cut hopes
MUMBAI--0727 IST--US indices surged Monday as investors looked for bargains after a sharp sell-off Friday. All three indices posted their biggest daily gain since May 27 as hope of a rate-cut in September were boosted amid weak economic data. The S&P 500 snapped a four-session losing run in the process and the Dow Jones Industrial Average ended a five-session losing streak. Both the indices ended over 1% higher. The Nasdaq Composite closed nearly 2% higher.
Shares of Tesla rose 2?ter the electric vehicle maker granted Chief Executive Officer Elon Musk 96 million shares worth about $29 billion in a new pay deal to keep him at the helm, Reuters reported. "Today is just a little bit of dip-buying...it does show a pretty healthy sign of folks out there looking for an opportunity to get in," Reuters reported Mike Dickson, head of research and quantitative strategies at Horizon Investments, as saying. Joby Aviation soared 19?ter the company said it will acquire helicopter ride-share company Blade Air Mobility's passenger business for up to $125 million. Blade Air shares rose 17.2%.
On the trade front, US President Donald Trump Monday said he will substantially raise tariffs on goods from India over its Russian oil purchases. Investors also still digested US President Donald Trump's firing of Bureau of Labor Statistics Commissioner Erika McEntarfer Friday after he accused her of faking the weak jobs numbers.
Post the weak jobs data Friday, which had triggered a sharp selloff in equities across the world, the CME Fedwatch tool now shows an over 90% probability of a 25-basis-point rate cut in the US Federal Reserve's September meeting, compared with a 64% probability a week ago and an 80% probability on Aug. 1.
Following are the closing levels of US indices Monday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 44173.64 | 1.34 |
| NASDAQ Composite | 21053.582 | 1.95 |
| S&P 500 | 6329.94 | 1.47 |
(Akash Mandal)
End
US$1 = INR 87.80
Edited by Akul Nishant Akhoury
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