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Indian stock markets have remained stable on global indices; Bharti, the HDFC bank in perspective

 


MUMBAI: Indian stocks are expected to stabilize on Monday in pursuit of their global counterparts. The SGX Nifty rose by more than 1% in Asian transactions, which indicates a good start for domestic trade.

On Friday, the Sensex BSE finished 36,021.42, up 177.72 points or 0.50% and the Nifty closed at 10,607.35, up 55.65 or 0.53%.

In today’s early deals, Asian equities hit four-month highs, investors clinging to the hope that super cheap liquidity and fiscal stimulus would support the global economic recovery, even if the increase in coronavirus cases has delayed reopening in the United States.

The largest MSCI index of Asia-Pacific stocks outside Japan climbed 1% to its highest level since February.

Most stock markets gained ground last week as a series of economic data for the month of June exceeded expectations despite the resurgence of coronavirus cases in the United States clouding the future.

Back home, the major telecom operator Bharti Airtel plans to launch its own unified videoconferencing service to tap into the growing virtual conferencing market, which already includes players such as Microsoft Teams, Zoom and Google Hangouts.

HDFC Bank announced a 21% growth in its advances to Rs10.04 crore lakh at the end of June compared to 8.29 lakh crore a year ago and 9.93 lakh crore as of March 31.

Billionaire Gautam Adani, owned by Adani Ports & SEZ Ltd, said on Saturday that the company’s board of directors would meet on July 7 to consider raising up to $ 1.25 billion via dollar bonds.

On Friday, the American private equity group The Carlyle completely left the diagnostic chain Metropolis Healthcare Ltd, selling its residual stake in the company for approximately 84 crore per block of stock exchange transactions.

At the same time, risks, combined with the relentless revival of central banks, kept sovereign bonds supported despite better economic data, 10-year US rates now remaining at 0.67% and well above the June peak at 0.959 %.

The main currencies were largely limited, the dollar index at 97.189 having spent an entire month in an adjusted band from 95.714 to 97.808.

The dollar was slightly stronger on the yen at 107.72 on Monday, while the euro rose slightly to $ 1.1271.

In the commodities markets, gold benefited from extremely low interest rates in all economies, as the negative real yields on many bonds made the non-paying metal more attractive.

Spot gold was trading at $ 1,772 an ounce just next to last week’s high of $ 1,788.96.

Oil prices were mixed at the start of trade, as Brent futures rose 19 cents to $ 42.99 a barrel, while US crude fell 23 cents to $ 40.42 due to concern in response to demand following the resurgence of cases of coronavirus.

PTI contributed to the story.

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