You are here: Home » Markets » News » Market Update
Business Standard

Markets are likely to see a weak opening as global stocks tumble

Here are a few stocks you need to keep a tab on for today

SI Reporter  |  Mumbai 

Markets are likely to see a weak opening as global stocks tumble

are likely to open on a weaker note mirroring losses in the global peers over persistent China woes and prospects of a rate hike by the US fed. Meanwhile, China's official Purchasing Managers' Index (PMI) stood at 3-year low at 49.7 raising fears of the health of the world’s second largest economy.

Back home, India's economy grew 7% during the first quarter of the current financial year, slower than 7.5% in the previous quarter but faster than 6.7% in the year-ago quarter.

STOCKS IN LIMELIGHT

The auto stocks are likely to remain in focus as August auto sales data will be released today.

HDFC Bank has cut its base rate or minimum lending rate by 35 basis points to 9.35% effective September 1.

The government permitted Reliance Industries to sell up to 1.2 lakh tonnes of LPG produced at its plants to private cooking gas marketers.

IOC, HPCL and BPCL are likely to remain in focus after Fuel retailers have cut petrol and diesel prices by Rs 2.00 a litre and Rs 0.50 a litre respectively after aligning them with international prices and adjusting for foreign exchange rates.

Metal stocks are likely to remain in focus on China worries after China's official Purchasing Managers' Index (PMI) stood at 3-year low.

Canara Bank lowered its minimum lending rate by 0.10 per cent to 9.90 percent. The board has approved reduction in the base rate by 10 basis points from 10 per cent to 9.90 per cent for loans or advances effective from September 3, 2015.

GLOBAL MARKET

Asian shares fell on Tuesday and the dollar struggled after twin surveys showed China's manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy.

China's official Purchasing Managers' Index (PMI) fell to 49.7 in August from the previous month's reading of 50.0, the weakest showing in three years.

Japan’s Nikkei, Straits Times, China’s Shanghai Composite and Hong Kong’s Hang Seng are down between 1-3%.

The early indicator SGX Nifty has slumped 1% at 7,914 levels.

Losses on Wall Street also soured Asian sentiment after comments from Federal Reserve Vice Chairman Stanley Fischer heightened fears among investors of a potential US interest hike in September. US stock futures in Asia were down 1.5%.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 01 2015. 08:30 IST
RECOMMENDED FOR YOU
.