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Volume IconQ3 results, Fed meet outcome, crude to steer indices; DHFL eyed

A host of global factors such as US-China trade negotiations, US Federal monetary policy meeting, developments around Brexit deal and other global trends are likely to steer the indices on Wednesday.

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Sebi may soon issue norms mandating foreign brokers to store data locall

A host of global factors such as US-China trade negotiations, US Federal monetary policy meeting, developments around Brexit deal and other global trends are likely to steer the indices on Wednesday. Apsrt from this, investors will also keep a tab on December quarter results, movement in rupee and crude oil. 

Among stocks,  Dewan Housing Finance Corporation (DHFL) will be in focus today as media outlet Cobrapost on Tuesday alleged that the firm has siphoned off Rs 31,000 crore into promoter companies to create private wealth through a network of shell companies. 

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The rupee on Tuesday ended flat at 71.11 against the US dollar, with focus shifting to the Fed policy meet and US China trade talks.

Nearly 125 companies including Ashoka Buildcon, Bajaj Auto, Dhampur Sugar Mills, ICICI Bank, IOC, Jubilant FoodWorks, LIC Housing Finance, NTPC, Tata Communications are slated to announce their December quarter earnings later in the day. 

SGX Nifty

Nifty futures on Singapore Exchange (SGX) were trading at 10,686, down 8 points or 0.07 per cent in early trade.

Global Markets

US stock futures and Asian equities eked out modest gains on Wednesday as investors seized on Apple Inc’s earnings and comments from its chief that US-China trade tensions were easing, sending the iPhone maker’s shares soaring in after-hours trade.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.05 per cent. Japan’s Nikkei rose 0.2 per cent before erasing gains.

The Dow Jones Industrial Average climbed 0.21 percent to end at 24,579.96 points, while the S&P 500 lost 0.15 percent to 2,640, dragged down by technology and communications stocks. The Nasdaq Composite dropped 0.81 percent to 7,028.29.

Oil Prices

International Brent crude oil futures were up $1.39 to settle at $61.32 a barrel, a 2.32 per cent rise, while US West Texas Intermediate (WTI) crude futures increased $1.32, or 2.54 per cent, to settle at $53.31 a barrel.

Promoters of BSE 500 firms raise number of pledged shares by 23% in 2018

Promoters have raised the number of shares pledged with their lenders as collateral for borrowing by 23 per cent on a year-on-year (YoY) basis.

At the end of the December 2018 quarter, promoters of BSE 500 companies had pledged 15.7 billion equity shares, against around 12.8 billion equity shares at the end of the December 2017 quarter.
In rupee terms, promoter-owned shares worth nearly Rs 2 trillion were pledged at the end of the December 2018 quarter, up 2.6 per cent on a YOY basis.

The pledged shares represented around 15.2 per cent of the promoters’ stake in the 111 BSE 500 companies, where promoters have pledged their shares, up from 14.3 per cent a year ago.

State Bank of India poised to control 15% in debt-laden Jet Airways
Jet Airways, the carrier that is struggling under a pile of debt, may get some respite.

India’s largest lender State Bank of India (SBI) is set to swap part of its loans into a stake of at least 15 per cent in Jet, people with knowledge of the matter said. Other creditors to the carrier also plan similar conversions of some debt into equity to help keep the carrier alive, they said.

Under a new rescue proposal for India’s biggest full-service airline, founder Chairman Naresh Goyal’s stake would fall below 20 per cent from 51 per cent currently, the people said, asking not to be identified, as the information isn’t public. Etihad Airways PJSC, the foreign partner with a 24 per cent stake, is expected to infuse additional funds to take its holding to more than 40 per cent, they said.

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First Published: Jan 30 2019 | 7:38 AM IST

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