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Shares of the technology firm dropped as much as 4 percent after its third quarter earnings that matched street expectations.
The midcap company clocked net sales of Rs 694 crore for the three-month period ending December, compared to Rs 693 crore anticipated by analysts polled by Bloomberg. It made a profit of Rs 62.4 crore for the period versus an estimate of Rs 63.2 crore.
Bullion for immediate delivery rose as much as 0.9 percent to $1,212.99 an ounce, the highest level since Nov. 23, and traded at $1,211.32 at 2:59 p.m. in Singapore, according to Bloomberg generic pricing. The metal is up for a seventh straight day.
Gold has rallied 5.6 percent this year as investors moved toward safer assets amid concern over Trump’s policies and the U.K.’s impending break from the European Union.
Prime Minister Theresa May is due to deliver a major speech on Tuesday in which she may say that the U.K. is likely to pull out of the single market for goods and services and seek a completely new trading relationship with the bloc. Trump will be sworn in as U.S. president on Friday.
Exchange traded fund of the top 10 state-owned firms has returned 31 percent in the past year, more than double the gains in the benchmark stock index, data compiled by Bloomberg show. Investors who missed buying the fund three years ago will get an opportunity on Wednesday as Modi seeks to raise Rs 4,500 crore ($660 million) selling new units.
Read the full report HERE
Chinese stocks fell for a sixth day, with the benchmark gauge poised for its longest losing streak since December 2013, as tightening liquidity sends tremors through the nation’s financial markets.
Shares have slumped since the start of December along with the nation’s bonds as monetary conditions tightened. The Chinese central bank has been driving up funding costs in order to avert asset bubbles. At the same time, a weakening yuan may also be prompting policy makers to keep rates elevated in order to support the exchange rate.
Read more about the Chinese markets HERE
Read the full report HERE
Raghuram Rajan says there’s no reason why India won’t be a global growth engine in the future. pic.twitter.com/k0Dcd7ZKJg
— BloombergQuint (@BloombergQuint) January 17, 2017
Movers & Shakers: TCS, Asian Paints, Delta Corp And More
Earnings To Watch
Indian rupee closed higher on Monday and trading may be ranged today after the IMF cut the nation’s growth forecast by 0.4 percentage point to 7.2 percent in 2017. That's mainly because of the demonetisation effect.
Investors will also be cautious ahead of U.K. Prime Minister Theresa May's speech later today, in which she will propose her Brexit plans.
In Bonds, India's three-year bond rally may fizzle out as RBI ends monetary easing, amid rising U.S. yields and a drawdown of bank deposits, according to Citigroup and Standard Chartered.
The bond market will be closely watching how much liquidity remains in the system as the central bank yesterday raised the limit on withdrawals from ATMs and current accounts.
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The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, climbed 0.1 percent to to 8,441.
Asian stocks extended losses this morning, as trepidation over Donald Trump’s polices and the U.K.’s position in the European Union triggered a move toward safer assets. Gold climbed 0.2 percent, extending last week’s surge to trade at $1,205.15 an ounce.
The yen climbed for a seventh day, the longest streak since the run-up to the U.K.’s Brexit vote in June. The pound maintained losses before a speech by the U.K. Prime Minister Theresa May in London on Tuesday where she will say that the country is likely to pull out of the EU’s single market for goods and services and seek a completely new trading relation with the bloc.
U.S. stock markets were shut on Monday on account of a holiday. Stock investors are assessing whether the market has run too far during its two-month rally leading up to Donald Trump’s inauguration as U.S. president on Friday.
The International Monetary Fund is taking a cautious stance toward Trump’s polices, assuming a modest boost to the American economy from his promise of fiscal stimulus. It upgraded its growth forecast for China’s economy in 2017 to 6.5 percent.
Brent crude pared some of its gained but continued to trade above $55.70 a barrel after Saudi Arabia’s energy minister said that the cuts initiated by members of the OPEC (Organization of Petroleum Exporting Countries) are likely to help balance the over-supplied market by June, implying that the deal may not have to be extended.
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