Asian markets have opened with a negative bias in mid-week trade after benchmarks on Wall Street retreated. Concerns are emerging over whether the recent equity rally has gone ahead of fundamentals.
The S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time. All eyes are on Fed meeting outcome whether it will cut the rates or not which will be declared today midnight IST.
The Dow Jones Industrial Average fell 300.14 points, or 1.09%, to 27,272.3, the S&P 500 lost 25.21 points, or 0.78%, to 3,207.18 and the Nasdaq Composite added 29.01 points, or 0.29%, to 9,953.75.
🎯 NEWS & IMPACT 🎯
Genral Insurance, Auto Stocks: The Insurance Regulatory and Development Authority of India (IRDAI) has withdrawn the long-term package cover of three to five years for Motor Own Damage for new cars and new two-wheelers from August 1.
Required average market capitalisation of public shareholding of the company concerned has been reduced to Rs 500 crore from Rs 1,000 crore by SEBI.
🎯 Hero MotoCorp Q4FY20 : Revenue down 20.8% to Rs 6,238.9 crore. Net profit down 15% to Rs 620.7 crore. Ebitda down 38% to Rs 659.9 crore. Ebitda margin narrows to 10.6% from 13.6%.
🎯 Yes Bank : Madhu Kapur withdraws suit against the lender.
🎯 Bharti Airtel: Singapore arm increased its stake in Bangladesh-based Robi Axiata to 31.3% from 25%.
🎯 Minda Corp: German arm has filed for insolvency due to liquidity crisis. The move is expected to enhance company’s Ebidta by 2% and RoCE by 5%.
🎯 Equitas Holdings: Equitas Small Finance Bank is offering interest rate of 7% per annum on savings account having deposit between Rs 1 lakh to Rs 5 crore.
🎯 Adani Green Energy: Gautam Adani stated in a conference call that there is room to dilute 10-15% stake in the company and that some companies are in talks to buy stake in Adani Green Energy.
🎯 Wipro: Announced the expansion of its global strategic relationship with Amazon Web Services in the area of DevOps.
🎯 Varun Beverages : Promoter Ravi Kant Jaipuria and Sons sold 21 lakh shares (0.73%) at Rs 615 per share. Negative for the stock.
🎯 Forbes & Company : Promoter Shapoorji Pallonji created pledge of 54.89 lakh shares on June 1. Negative for the stock.
🎯 GMR Infra : Promoter GMR Enterprises released pledge of 1.24 crore shares on June 9. Positive for the stock. 👍
🎯 Adani Ports and SEZ : Promoters revoked pledge of 28.25 lakh shares between June 4-8. Positive for the stock. 👍
🎯 Adani Transmission : Promoter SB Adani Family Trust revoked pledge of 9 lakh shares on June 8. Positive for the stock.
🎯 Adani Green Energy : Promoter Adani Trading Services revoked pledge of 1.6 crore shares on June 8. Positive for the stock.
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Edited by Sharp.
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