Market LIVE Updates: Sensex up 300 pts, Nifty near 16,700; IT, financials gain

Stock Market LIVE Updates: Sensex was at 56,097.74, up 305.47 points, or 0.55%, while Nifty was at 16,694.55, up 79.95 points, or 0.48% at 10:48 am. Metals, realty drag?

Indian indices climbed over 0.50% on Wednesday. Asian stocks and U.S. equity futures wavered Wednesday and the dollar held a rally as investors assessed risks to the economic recovery from the resurgent coronavirus. New Zealand entered a lockdown after reporting its first community transmission since February.

Crude Oil Steadies After Four-Day Slump

Oil held a four-day drop driven by escalating concern that the spread of delta coronavirus variant is setting back the recovery in key economies, potentially jeopardizing a revival in energy consumption. West Texas Intermediate traded near $67 a barrel after retreating almost 4% in the longest losing run since March. Among recent data, U.S. retail sales fell in July by more than forecast and Chinese economic activity slowed last month. That’s spurred aversion to risk, hurting commodities, while aiding the dollar. U.S. crude stockpiles still seem to be dropping, however. The industry-funded American Petroleum Institute reported inventories fell 1.16 million barrels last week, including a draw at the key storage hub in Cushing, Oklahoma, according to people familiar with the data. Gasoline supplies shrunk by almost 2 million barrels. The U.S. government will follow with official data later on Wednesday.

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The index is trading above the resistance level of 16,600. This should allow the Nifty to achieve it's next target of 16,800-16,850. A good support lies at 16,400 and hence any dip can be utilized to accumulate long positions."

Petrol prices unchanged for over 30 days; diesel rates cut by 22 paise per litre. Check latest fuel rates

Diesel saw a price cut after being unchanged for 31 days. According to Indian Oil Corporation data, the price of diesel was slashed by 20 paise per litre. However, petrol prices have continued to remain unchanged for almost a month. A litre of diesel in Delhi is priced at ?89.67 per litre on Wednesday.

Canara Bank trades lower

Canara Bank's stock was trading at ?152.10, down 0.36% at 9:42 am. The bank approved opening of Qualified Institutions Placement (QIP) of equity shares of face value ?10 each on Tuesday. The floor price for the QIP has been set at ?155.58 per equity share. The bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the QIP, the public sector lender said in a regulatory filing today.

HDFC Bank surges on RBI breather

HDFC Bank's shares were trading at ?1,550.90 each, up 2.38% at 9:24 am. The Reserve Bank of India (RBI) has partially lifted restrictions imposed last December on HDFC Bank, allowing it to resume issuing credit cards, a person aware of the development said. However, restrictions on new digital launches remain.

India reports 35,178 new covid-19 cases

India reported on Wednesday 35,178 new covid-19 cases in the last 24 hours, a government statement said.

Market opening

Sensex opened at 56,073.31, up 281.04 points, or 0.50%, while Nifty was at 16,691.95, up 77.35 points, or 0.47%. Banks, financials drive gains. On the 30-share Sensex, HDFC bank, UltraTech cement, and 18 other stocks opened in green, while ICICI Bank, Tata Steel, Infosys, and 6 other stocks opened in red.

Gold prices recover from 4-month lows but still down ?9,000 from record highs

Gold and silver prices today edged higher in Indian markets but gains were muted due to flat global rates. On MCX, gold futures were up 0.2% to ?47,374 per 10 gram while silver rates rose 0.37% to ?63,462 per kg. In the previous session, gold had ended flat while silver had dipped 0.5%. Despite worries about global economic growth amid the surge in Delta variant of covid cases, gold struggled as the dollar strengthened. After hitting a nine-month high against the euro in the previous session, the dollar held on to recent highs against other major currencies.

Market pre-opening quote: Gaurav Udani, founder and CEO, ThincRedBlu Securities

"Nifty is expected to open positive at 16,650, up by 50 points since yesterday's close. Nitty has strong support at 16,480 and 16,450 levels. It may face some minor resistance at 16,680 and 16,720 levels. Buying on dips with strict stop-loss can be a good strategy."?

Market pre-opening

The Sensex was at 56,051.06, up 258.79 points or 0.46%, while the Nifty was at 16,614.60, up 51.55 points or 0.31% at market pre opening.

Centre to ask states to offer up to 25% road tax rebate under new vehicle scrappage policy

The Centre will soon ask state governments to provide up to 25 per cent rebate on road tax for vehicles that are purchased after scrapping old vehicles under the new proposed scrappage policy, with Union minister Nitin Gadkari on Tuesday asserting that giving rebate is not a political but a public interest issue. While it was not immediately clear whether the quantum of road tax rebates would be made mandatory under the National Automobile Scrappage Policy, the Road Transport and Highways Minister said the issues related to the road tax rebate are a subject under the central government.

Tejas Networks clarifies on Afghan exposure

Tejas Networks has said that it has no customer orders from Afghanistan that are pending for execution. Moreover, the company does not have any receivables pending from customers in Afghanistan, it clarified.

Cryptocurrency prices today: Bitcoin, ether, dogecoin continue to fall. Check latest rates here

Cryptocurrency prices today continued to plunge with Bitcoin trading below the $46,000 level. Bitcoin prices declined over 2% to $45,114, as per CoinDesk. Bitcoin, the world's biggest and best-known cryptocurrency, is up over 54% this year (year-to-date). Ether, the coin linked to ethereum blockchain and the second largest crypto, was also trading with cuts of 4% at $3,038. Dogecoin, on the other hand, plunged nearly 10% to $0.29. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also fell over the last 24 hours.

Stocks to Watch

Canara Bank, Tata Steel, HAL, HDFC Bank, Future Retail, among other stocks may be in the news today.

Market outlook

Markets are likely to be cautious on Wednesday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 55,792.27, up 209.69 points or 0.38% and the Nifty was at 16,614.6, up 51.55 points or 0.31%

New Zealand imposes lockdown

New Zealand began a strict nationwide lockdown as it faces an outbreak of the delta variant, which on Wednesday was linked to the worsening Covid-19 crisis in neighboring Australia as cases in New South Wales rose to a record high of more than 600. A further six cases have been identified in New Zealand, all connected to the single delta infection discovered Tuesday, Prime Minister Jacinda Ardern told reporters in Wellington. That was the first community case detected in the nation since February, with genome testing of the original case showing a clear link to the outbreak in Australia’s New South Wales state.

Asian stocks fluctuate

Asian stocks and US equity futures wavered Wednesday and the dollar held a rally as investors assessed risks to the economic recovery from the resurgent coronavirus. MSCI Inc.’s gauge of Asia-Pacific shares fluctuated as it flirts with a fifth-straight daily drop. Equities made modest gains in Japan, China and Hong Kong. Overnight, U.S.-listed Chinese equities tumbled again on Beijing’s regulatory crackdown. U.S. equity contracts pared losses in the wake of the S&P 500’s largest decline in a month. Treasuries were little changed ahead of the release of the latest Federal Reserve minutes amid a highly uncertain outlook for yields. Traders are evaluating the spread of the delta virus variant, the prospect of reduced stimulus support and whether elevated inflation will prove transitory. New Zealand entered a lockdown after reporting its first community transmission since February. There are doubts now about whether the central bank will raise rates Wednesday, a hike earlier seen as a done deal. Investors are evaluating the outlook for global stocks after a 90% advance from last year’s pandemic lows, as the fast-spreading delta strain impedes reopening and fans worries that economic growth is peaking. Meanwhile, the Jackson Hole symposium next week -- the Fed’s most-prominent annual conference -- may offer clues about when and how the central bank will taper bond purchases.

S&P 500 futures were steady as of 10:48 a.m. in Tokyo. The S&P 500 fell 0.7%

Nasdaq 100 futures retreated 0.1%. The Nasdaq 100 fell 0.9%

Japan’s Topix index added 0.4%

Australia’s S&P/ASX 200 Index was steady

South Korea’s Kospi index increased 0.3%

Hong Kong’s Hang Seng Index rose 0.1%

China’s Shanghai Composite Index was little changed

US indices close lower

Stocks posted their biggest decline in a month amid concern that the global economic recovery will lose momentum with further shutdowns to contain a coronavirus resurgence. Traders watched closely Federal Reserve Chair Jerome Powell’s remarks during a town hall with educators and students, where he noted the central bank’s “powerful tools" have limitations. Powell also said that Covid-19 will likely stay “for a while," and we’re not going back to a pre-pandemic economy. Policy makers will gather next week for the Jackson Hole symposium, the Fed’s most-prominent annual conference. The S&P 500 snapped a five-day rally. Giants Tesla Inc. and Facebook Inc. slid at least 2.2%, while Home Depot Inc. tumbled after the retailer posted weaker-than-expected results.

The S&P 500 fell 0.7% as of 4 p.m. New York time

The Nasdaq 100 fell 0.9%

The Dow Jones Industrial Average fell 0.8%

The MSCI World index fell 0.8%

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