KEY HIGHLIGHTS
FPIs Stay Net Buyers For Fifth Day
Overseas investors in Indian equities remained net buyers for the fifth day in a row on Tuesday.
Foreign portfolio investors mopped up stocks worth Rs 2,134.33 crore, according to data from the National Stock Exchange.
Domestic institutional investors remained net sellers and offloaded equities worth Rs 785.48 crore, the NSE data showed.
Foreign institutions have net bought Rs 14,306 crore worth of equities in July. They have been net buyers of Rs 90,713 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.12% on Tuesday. It closed at 7.12% on Monday as well.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 6 paise to close at 82.02 against the U.S dollar on Tuesday.
The local currency closed at 81.96 on Monday.
Source: Bloomberg
Sensex, Nifty Scale Fresh Records For Fifth Day As Bajaj Twins Lead: Market Wrap
India's benchmark stock indices were largely steady and ended at a fresh closing highs on Tuesday. Intraday, Sensex jumped 0.72% to a record high of 65,672.97 points. Nifty 50, on the other hand, rose 0.58% to 19,434.15 points.
While, PSU banks, media and non-banking financial companies advanced, energy and auto sectors were under pressure. Bajaj twins, Infosys Ltd., and TCS Ltd. led the positive change on the indices, whereas RIL Ltd., and Axis Bank Ltd. dragged.
Global rally paused as investors turned their attention to risks for the economy and the prospects of further restrictive central bank policy moves. Japan’s Topix fell, while Hong Kong’s Hang Seng Index rose and shares in South Korea fluctuated.
The Australian dollar declined after the central bank kept interest rates unchanged while the yield on the nation’s policy-sensitive three-year bond reversed an earlier gain. Australian equities rose.
With no cash trading in US equities Tuesday due to the Independence Day holiday, futures contracts on the S&P 500 and the Nasdaq 100 were little changed.
The S&P BSE Sensex Index closed up 274 points or 0.42% at 65,479.05 while the NSE Nifty 50 Index was 67 points or 0.34% higher at 19,389.
Bajaj Finance Ltd., Bajaj Finserv Ltd., TCS Ltd., Infosys Ltd., and Kotak Mahindra Bank Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., Bahrti Airtel Ltd., Axis Bank Ltd., Eicher Motors Ltd., and IndusInd Bank Ltd., and were negatively adding to the change.
The broader market indices ended mixed; the S&P BSE MidCap Index was down 0.22%, whereas S&P BSE SmallCap Index was 0.05% higher.
Ten out of the 19 sectors compiled by BSE declined with S&P BSE Telecommunication falling the most. Nine sectors advanced.
The market breadth was skewed in the favour of the sellers. About 1,636 stocks rose, 1,861 declined, while 126 remained unchanged on the BSE.
Hero MotoCorp Shares Hit 52-Week High On Harley-Davidson X440 Launch
Shares of Hero MotoCorp Ltd. rose 4.49% to Rs 3,029 apiece as per 2:48 p.m., as day compared to 0.30% advance in the benchmark, NSE Nifty 50 Index.
The scrip hit a 52-week high at Rs 3,032.25 apiece on Tuesday as the pre-booking for Harley-Davidson X440 begins in India, an affordable variant of the brand, priced around Rs 2.29 lakh.
EAM Sanctions Rs 262 Crore To NBCC For Redevelopment
The Ministry of External Affairs has sanctioned Rs 261.71 crore for the NBCC for the redevelopment of MEA housing complex at Kasturba Gandhi Marg in New Delhi.
In August 2022, MEA set the tentative cost of redevelopment at Rs 175 crore.
Source: Exchange filing
Rama Steel Tubes Records 62% YoY Growth In Q1 Sales Volume
Rama Steel Tubes has recorded a 62.35% YoY growth in Q1 sales volume.
The company registered sales volume of 48,437.69 ton in the first quarter of fiscal 2024, compared to 29,833.96 ton in Q1 of fiscal 2023.
Source: Exchange filing
G R Infraprojects Bags Rs 588 Crore Contract From East Coast Railway
G R Infraprojects has won a contract for the construction of a tunnel and other allied work from East Coast Railway for Rs 587.59 crore.
Source: Exchange filing
Most European Markets Open Higher
Ask BQ: All You Need To Know About HDFC-HDFC Bank Merger
Stocks In Focus: IDFC, Bajaj Finance, L&T, Auto Stocks And More
Talking Point: Markets At Fresh Highs: Will The Bull Run Continue?
Sensex, Nifty At New Record Highs
As of 1:54 p.m., Sensex jumped 0.72% to a record high of 65,672.97 points. Nifty 50, on the other hand, rose 0.58% to 19,434.15 points.
Source: Bloomberg
Eicher Motors Shares Fall Over 6% After Hero Moto-Harley Davidson Launch X440 In India
Shares of Eicher Motors Ltd. fell the most in 16 months after Hero MotoCorp, along with Harley-Davidson launched X440 in India, an affordable variant of the brand price around Rs 2.29 lakh.
The new bike launched by Hero and Harley, compares with Royal Enfield Classic 350's starting price of Rs 1.93 lakh and the Hunter 350's Rs 1.5 lakh.
Shares of Eicher Motors Ltd. fell 6.04% to Rs 3,411.5 apiece as of 1:37 p.m., compared to a 0.52% advance in the NSE Nifty 50. The scrip fell as much as 6.25% intraday, the most in nearly 16 months since March 7, 2022.
Total traded volume stood at 9.6 times its 30-day average. The relative strength index was at 37.
Out of the 45 analysts tracking the company, 30 maintain a 'buy' rating, 11 recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 11.5%.
Source: Bloomberg, Exchange filing
HPL Electric & Power Shares Surge To A Five Year High After Bagging Large Smart Meter Order
Shares of HPL Electric & Power Ltd. rose to a five year high on Tuesday after it received a Rs 903 crore order for smart meters. The scrip jumped to Rs 153.45 apiece intraday, the most since Feb. 15, 2018. These orders have bolstered HPL's total pending order book to over Rs 2,250 crore.
Shares of HPL Electric & Power Ltd. advanced 14.83% to Rs 148.65 apiece as of 12:58 p.m., compared to a 0.4% advance in the NSE Nifty 50. The scrip rose as much as 18.54% intraday, the most in over eight months since Oct. 20, 2022.
Total traded volume stood at 5.3 times its 30-day average. The relative strength index was at 82, implying that the stock maybe overbought.
Source: Bloomberg, Exchange filing
Sensex, Nifty Up After Hitting Fresh Highs As Bajaj, HDFC Twins Lead: Midday Market Wrap
India's benchmark stock indices hit fresh highs in early trade and slipped before rising again through midday on Tuesday. At the opening bell, Sensex had jumped 0.59% to a record high of 65,586.60 points, Nifty 50, on the other hand, rose 0.47% to 19,413.50 points.
While, PSU banks, media and non-banking financial companies advanced, energy and healthcare sectors were under pressure.
Global rally paused amid lackluster trading as U.S. futures fluctuated and Japanese equities weighed down a gauge of Asia stocks. Japan’s Topix fell about 0.6%, while Hong Kong’s Hang Seng Index rose by around the same amount and shares in Shanghai fluctuated.
The Australian dollar declined after the central bank kept interest rates unchanged while the yield on the nation’s policy-sensitive three-year bond reversed an earlier gain. Australian equities rose.
On Monday, S&P 500 advanced 0.1% in a shortened session that ended at lunchtime. The Nasdaq 100 added 0.2% on a day that brought data showing a slowdown in manufacturing.
As of 12:29 p.m., the S&P BSE Sensex Index was up 298 points or 0.46% at 65,502.369 while the NSE Nifty 50 Index was 62 points or 0.32% higher at 19,384.85.
Bajaj Finance Ltd., HDFC Bank Ltd., Bajaj Finserv Ltd., HDFC Ltd., and State Bank of India were the positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., Bahrti Airtel Ltd., Eicher Motors Ltd., Axis Bank Ltd., and ITC Ltd., and were negatively adding to the change.
The broader market indices were trading higher; the S&P BSE MidCap Index was up 0.19%, whereas S&P BSE SmallCap Index was 0.41% higher.
Thirteen out of the 20 sectors compiled by BSE advanced with S&P Financial Services gaining the most. Seven sectors declined.
The market breadth was skewed in the favour of the buyers. About 1,727 stocks rose, 1,621 declined, while 138 remained unchanged on the BSE.
Zydus Lifesciences Gets Final U.S. FDA Approval For Epilepsy Treatment Tablets
Zydus has received final approval from the U.S. FDA for Oxcarbazepine tablets
Oxcarbazepine tablets are used alone or with other medications to treat epilepsy
Source: Exchange filing
Tanla Platforms Shares Hit 52-Week High After ValueFirst Digital Acquisition
Shares of Tanla Platforms surged over 6% and hit a 52-week high after it acquired ValueFirst Digital Media Pvt Ltd from U.S.-based communications technology company Twilio.
It had earlier announced that it had entered into a definitive agreement with Twilio to acquire 100% equity of ValueFirst Digital Media for $42 million or approximately Rs 344.19 crore. The company had also signed a separate binding agreement to acquire 100% of ValueFirst Middle East FZC, the Middle Eastern arm of ValueFirst Digital Media, for Rs 20 crore.
Shares of Tanla Platforms Ltd. advanced 3.34% to Rs 1,054.05 apiece as of 11:34 a.m., compared to a 0.07% advance in the NSE Nifty 50. The scrip rose as much as 6.35% intraday, the most in over two weeks since June 19, 2023.
Total traded volume stood at 2.3 times its 30-day average. The relative strength index was at 74.5, implying that the stock maybe overbought.
Three analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 4.1%.
Source: Bloomberg, Exchange filing
Bajaj Finance Shares Gain On New Loans Growth In Q1
Shares of Bajaj Finance Ltd. gained on Tuesday, after the company reported 34% growth in new loans booked during the first quarter of FY24.
The non-banking financial company's new loans stood at 99.4 lakh for the quarter. Its deposit book saw a 46% jump to Rs 50,000 crore, compared to the previous year.
Assets under management grew by 32% year-on-year to Rs 27,000 crore, while customer franchise grew by 1 crore to 7.3 crores as of June 30, compared to previous year.
Jefferies continues to maintain a 'buy' rating on the stock, with a target price of Rs 8,310, suggesting a 16% upside.
Shares of Bajaj Finance rose 7.31%, compared to a 0.13% rise in the NSE Nifty 50 as of 10:46 a.m. The stock rose 7.98% intraday.
Total traded volume so far in the day stood at 12.3 times its 30-day average. The relative strength index was at 78.93, implying that the stock may be overbought.
Of the 30 analysts tracking the company, 20 maintain a 'buy' rating, four recommend a ‘hold’, and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.1%.
Genus Power Shares Gain 15% On Rs 2,207-Crore Order Win
Shares of Genus Power Infrastructure Ltd. advanced on Tuesday and hit a 52-week high as the company bagged a new order.
A letter of award for Rs 2,207.5 crore was given to the company, as an Advanced Metering Infrastructure Service Provider. The order will entail the design of the Advanced Metering Infrastructure System, as well as the supply, installation, and commissioning of 27.69 lakh smart prepaid meters, feeder meters, distribution transformer meters with energy accounting, and flow metering skid.
Shares of the company rose as much as 15.78% intraday, before paring gains to trade 8.66% high as of 10:01 a.m., compared to a 0.097% decline in the Nifty 50.
The total traded quantity so far in the day stood at 13.3 times the 30-day average volume. The stock's relative strength index stands at 86, indicating that it may be overbought.
The two analysts tracking the stock maintain a 'buy' rating, according to Bloomberg data. The consensus price estimate indicates a 28.7% downside over the next 12 months.
IDFC Shares Jump To A Record High On Merger Update With IDFC First Bank
Shares of IDFC Ltd. hit a life time high after the board of IDFC First Bank Ltd. approved a proposal to merge the former and IDFC Financial Holding Co. with the bank. Additionally, IDFC Ltd. had 0.4% equity or 65.8 lakh shares change hands in three large trades and IDFC First Bank Ltd., on the other hand, has 20.3 lakh shares change hands in a bunch, as per Bloomberg data.
While IDFC Ltd. rose over 5%, shares of IDFC First Bank Ltd. declined nearly 6% intraday, as the merger stands in favour of the IDFC shareholders by over 16%, as per the last closing price of both companies.
Shareholders will receive 155 IDFC First Bank shares for every 100 IDFC shares held. Due to the merger, the standalone book value per share of the bank would increase by 4.9%, as calculated on the March 31 financials.
Shares of IDFC Ltd. advanced 1.05% to Rs 110.35 apiece as of 10:11 a.m., compared to a 0.04% decline in the NSE Nifty 50. The scrip rose as much as 5.95%, intraday, hitting an all time high at Rs 115.7 apiece.
Total traded volume stood at 27.3times its 30-day average. The relative strength index was at 70, implying that the stock maybe overbought.
Shares of IDFC First Bank Ltd. fell 5% to Rs 77.85 apiece as of 10:11 a.m., compared to a 0.04% decline in the NSE Nifty 50. The stock dropped as much as 5.98% intraday, the most in over six months since Dec. 23, 2022.
Total traded volume stood at 5 times its 30-day average. The relative strength index was at 56.6.
Out of the 15 analysts tracking the company, eight maintain a 'buy' rating, three recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 4.9%
Source: Bloomberg, Exchange filing
Nifty Bank, Nifty FMCG, Nifty Smallcap 100 At New Record Highs
As of 9:42 a.m., Nifty Bank jumped 0.45% to a record high 45,362.80 points.
Nifty FMCG, on the other hand, declined after gaining 0.27% in early trade to hit a record high of 52,882.40 points.
Nifty Smallcap 100 index also hit a life high after gaining 0.77% at 11,054.20 points.
Source: Bloomberg
Sensex, Nifty At New Record Highs
As of 9:32 a.m., Sensex jumped 0.59% to a record high of 65,586.60 points. Nifty 50, on the other hand, rose 0.47% to 19,423.50 points.
Source: Bloomberg
Broader Markets Open Higher
The broader market indices opened higher; the S&P BSE MidCap Index was up 0.18%, whereas S&P BSE SmallCap Index was 0.35% higher.
Fifteen out of the 19 sectors compiled by BSE advanced with S&P Capital Goods gaining the most. Four sectors declined.
The market breadth was skewed in the favour of the buyers. About 1,661 stocks rose, 877 declined, while 113 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Bajaj Finance Ltd., Bajaj Finserv Ltd., L&T Ltd., TCS Ltd., and Titan Co. were the positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., Bahrti Airtel Ltd., Axis Bank Ltd., Eicher Motors Ltd., and Kotak Mahindra Bank Ltd., and were negatively adding to the change.
Sensex, Nifty Scale New Records: Opening Bell
India's benchmark stock indices opened at record highs Tuesday. Ahead of ending at fresh record closing levels on Monday, Sensex jumped 0.90% to an intraday life-time high of 65,300.35 points. Nifty 50, on the other hand, rose 0.81% to 19,345.10 points.
Asian stocks were under pressure on Tuesday after equities on Wall Street scratched out marginal gains ahead of the Independence Day holiday. Japan’s benchmark indexes fell, as did those those for Hong Kong and South Korea. Australian equities were flat ahead of an interest-rate decision.
This follows an advance of just 0.1% for the S&P 500 in a shortened session on Monday that ended at lunchtime. The Nasdaq 100 added 0.2% on a day that brought data showing a slowdown in manufacturing. U.S. equity futures were marginally lower in Asian trading while currencies steadied.
At pre-open, the S&P BSE Sensex Index was up 297 points or 0.46% at 65,502.38 while the NSE Nifty 50 Index was 84 points or 0.43% higher at 19,406.60.
Sensex, Nifty Hit Fresh Record Highs In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was up 297 points or 0.46% at 65,502.38 while the NSE Nifty 50 Index was 84 points or 0.43% higher at 19,406.60.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.12% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 4 paise to open at 81.92 against the U.S dollar on Tuesday.
The local currency closed at 81.96 on Monday.
Source: Bloomberg
Trade Talk: Another Big Merger On Cards, IDFC Firms Approve Merger
Trade Setup: Bulls On Rampage In Dalal Street; Strong FII Flows Aid Sentiments
Global Cues
U.S. Dollar Index at 103
U.S. 10-year bond yield at 3.85%
Brent crude up 0.24% at $74.83 per barrel
Nymex crude up 0.33% at $70.02 per barrel
GIFT Nifty up 0.09% or 17 points at 19,456 as of 8:15 a.m.
Bitcoin up 0.57% at $31,307.39
Insider Trades
Godfrey Phillips India: Promoter Motto Investment sold 45,000 shares, and promoter HMA Udyog bought 45,000 shares on June 30.
GNA Axles: Promoter GNA Gears bought 400 shares between June 23 and 27.
JK Cement: Promoter Kalpana Singhania sold 112 shares on June 30.
Pledge Share Details
Emami: Promoter Diwaker Finvest revoked a pledge of 74.47 lakh shares between June 27 and 28, and promoter Suraj Finvest revoked a pledge of 1.75 crore shares between June 27 and 28.
Steel Exchange of India: Promoter Vizag Profiles created a pledge of one crore shares on June 28.
Trading Tweaks:
Price Band Revised From 10% To 5%: Jay Bharat Maruti
Price Band Revised From 20% To 10%: 63 Moons Technologies
Ex-Date Dividend: Nath Bio-Genes, Alkyl Amines Chemicals, Punjab & Sind Bank, Motilal Oswal Financial Services, Agro Tech Foods, Tide Water Oil (India)
Ex-Date Annual General Meeting: PBCL, Nath Bio-Genes, Alkyl Amines Chemicals, Punjab & Sind Bank, Agro Tech Foods
Ex-Date Bonus: Kansai Nerolac Paints
Record-Date Dividend: Motilal Oswal Financial Services
Record-Date Bonus: Kansai Nerolac Paints
Move Into Short-Term ASM Framework: Parag Milk Foods
Move Out Of Short-Term ASM Framework: Saregama India, Alok Industries, PTC Industries, Subros
Block Deals
Bharti Airtel: Lion Meadow sold 1.9 crore shares (0.3%) while Capital Group bought 1.9 crore (0.3%) at Rs 868 apiece.
Aditya Vision: Sunita Sinha sold one lakh shares (0.8%) and East Lane Capital bought one lakh shares (0.8%) at Rs 1,655 apiece.
Also Read: IDFC Set To Merge With IDFC First Bank
Offerings: PKH Ventures, Senco Gold IPO
Senco Gold: The company will launch its initial public offering on July 4. The jewellery retailer is looking to raise a total of Rs 405 crore, out of which Rs 270 crore will be raised through a fresh issue. The IPO also includes an offer for sale of 42.58 lakh shares at Rs 317 each, aggregating to Rs 135 crore. It has raised Rs 121.50 crore from 21 anchor investors at Rs 317 per share, which is the upper end of the price band ranging from Rs 301 per share.
PKH Ventures: The company launched its Rs 379.4-crore initial public offering on June 30. The IPO was subscribed 0.06 times, or 6%, as of 5 p.m. on day 1. It was subscribed at 0.3%, or 30%, on day 2. The portion of retail investors subscribed 0.45 times, or 45%, while non-institutional investors lapped 63%, or subscribed 0.63 times. The portion of institutional investors was subscribed 0.11 times, or 11%, on day 2. The issue will close for subscription on July 4.
Stocks To Watch: Adani Transmission, IDFC, IDFC First Bank, Oil India, Tube Investments In Focus
Adani Transmission: GQG Partners bought an additional 3% stake worth Rs 2,633 crore in Adani Transmission. Its shareholding in the company increased to 6.54% from 3.54% earlier. The securities were acquired through the stock exchange settlement process by way of a bulk deal.
Adani Green Energy: The board will consider approving fundraising via issue of equity shares or any other mode including private placement, QIP and preferential issues on July 6. Adani Green Energy had cancelled the meeting in May on account of the non-availability of directors.
IDFC, IDFC First Bank: IDFC is set to merge with IDFC First Bank. Shareholders will receive 155 IDFC First Bank shares for every 100 IDFC shares held. Due to the merger, the standalone book value per share of the bank would increase by 4.9%, as calculated on the March 31 financials. The merger stands in favour of the IDFC shareholders by over 16% as per the last closing price of both companies.
IndusInd Bank: IndusInd Bank promoter IndusInd International Holdings Ltd. approved a fundraise of $1.5 billion. These funds are to be used to fund Reliance Capital’s Rs 9,650 crore buyout. IIHL also agreed to raise its stake in IndusInd Bank from 15% to 26%.
Reliance Industries: Reliance Jio launched an internet-enabled phone at Rs 999. The beta trial for the first 1 million Jio Bharat phones will begin on July 7. It includes unlimited voice calls and 14 GB of data for Rs 123 per month. Other phone brands, including Karbonn, will adopt the Jio Bharat platform to build Jio Bharat phones.
Oil India: The company revised the project capital cost of the Numaligarh Refinery to Rs 7,231 crore from Rs 6,555 crore.
Tube Investments: The company’s unit, TI Clean Mobility, signed an agreement with Jayem Automotives' promoter, Anand Jayachandran, to foray into the electric small commercial vehicle business. TI Clean Mobility will invest Rs 160 crore, and Anand Jayachandran will invest Rs 40 crore in the form of equity in a subsidiary under the former. It also inked a pact to acquire a 50% stake in Jayem Automotive. The acquisition will be done through a combination of equity buyouts from promoters and subscriptions to fresh equity shares aggregating up to Rs 206 crore. TI Clean Mobility will buy equity shares from promoters Anand Jayachandran and B. Jayachandran.
Torrent Power: The company is implementing the Green Hydrogen Pilot Project to blend CGD. The Gorakhpur-based project will be completed in eight months. It will mix 2.5% into the CGD network. Aims to become an end-to-end green hydrogen solutions provider to commercial and industrial consumers. Envisages a plan to develop green ammonia for export purposes.
Hindustan Zinc: Mined metal production in Q1 rose 2% year-on-year to 257 kilo tonne. Saleable steel production remained unchanged at 260 kilo tonne. Wind power generation was down 13% year-on-year to 130 million units.
Vedanta: Total aluminium production in Q1 of fiscal 2024 rose 2% year-on-year to 579 kilo tonne. Mined metal output gained 2% from last year to its highest-ever level of 257 kilo tonne.
Avenue Supermarts: Standalone revenue from operations for the quarter ended June 30, 2023, rose 18% year-on-year to Rs 11,584.44 crore. The total number of stores as of June 30 stood at 327.
Bajaj Finance: The company’s fresh loans grew 34% from the previous year to 99.4 lakh in Q1 FY23. Bajaj Finance’s assets under management grew 32% year-on-year to 2.7 lakh crore as of June 30, 2023. It recorded the highest ever quarterly increase in its AUM of Rs 22,700 crore in Q1 FY24. Deposits rose 46% YoY to Rs 49,900 crore in Q1. The consolidated net liquidity surplus stood at Rs 12,700 crore till June 30, 2023.
Sula Vineyards: The company appointed Karan Vasani as its chief operating officer. The appointment was followed by the resignation of the present COO, Chaitanya Rathi.
Genus Power Infrastructures: The company won an order worth Rs 2,207.53 crore for the installation and commissioning of 27.69 lakh smart prepaid metres.
GIFT Nifty Signals Cautious Open For Benchmarks
Asian stocks were under pressure on Tuesday after equities on Wall Street scratched out marginal gains ahead of the Independence Day holiday. Japan’s benchmark indexes fell, as did those for Hong Kong and South Korea. Australian equities were flat ahead of an interest-rate decision.
This follows an advance of just 0.1% for the S&P 500 in a shortened session on Monday that ended at lunchtime. The Nasdaq 100 added 0.2% on a day that brought data showing a slowdown in manufacturing. U.S. equity futures were marginally lower in Asian trading while currencies steadied.
Brent crude was trading below $75 a barrel and West Texas Intermediate was steady at $70 mark. The yield on the 10-year U.S. bond was trading at 3.85%, whereas Bitcoin was above the $31,000 level.
At 8:15 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.09% or 17 points at 19,456.
India's benchmark stock indices held on to their gains and clocked fresh lifetime highs on Monday. The headline indices carried their record moves from the previous week, after logging the best week in over 11 months.
Ahead of closing on Monday, the Sensex jumped 0.90% to a record high of 65,300.35 points. Nifty 50, on the other hand, rose 0.81% to 19,345.10 points. The S&P BSE Sensex Index closed 487 points, or 0.75%, higher at 65,205.05, while the NSE Nifty 50 Index was 134 points, or 0.70%, higher at 19,322.55. The local currency strengthened 8 paise to close at 81.96 against the U.S. dollar on Monday.
Foreign portfolio investors mopped up stocks worth Rs 1,995.92 crore, while domestic institutional investors turned net sellers and offloaded equities worth Rs 337.80 crore, the NSE data showed.
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