Sat. Nov 28th, 2020

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Markets may extend consolidation; SBI, TCS, auto shares in focus

2 min read
bse exchange

Indian markets are expected to further consolidate on Wednesday, while trends in SGX Nifty indicate a flat opening for the benchmark indices. On Tuesday, the BSE Sensex ended at 38,843.88, adding 44.80 points or 0.12%. The 50-share index Nifty was at 11,472.25, up 5.80 points or 0.05%.

Asian stock were choppy in early deals, following a mixed Wall Street lead as markets cheered signs of progress in US- Sino trade negotiations but remained cautious about the broader economic outlook.

Top US and Chinese officials reaffirmed their commitment to a trade deal that had appeared on shaky ground because of worsening bilateral ties following weeks of escalating tensions between the world’s two largest economies.

Trading volume was typically low for late August and investors await a speech by Federal Reserve Chairman Jerome Powell on Thursday, when he is expected to address the US central bank’s view on inflation and monetary policy.

Powell may signal a shift in the Fed’s inflation target to an average, which would allow inflation to rise more quickly than in the past.

Auto shares are likely to be in focus. Two-wheelers are neither a luxury nor sin goods and so merit a GST rate revision, Finance Minister Nirmala Sitharaman said at an industry interaction on Tuesday. Sitharaman said a rate revision proposal would be taken up by the GST Council. Two-wheelers currently attract 28% GST.

Singapore based S&P Global Ratings on Tuesday revised its outlook on Mumbai-based IT services giant Tata Consultancy Services (TCS) to stable from positive given the subdued global IT spending estimates. It said that TCS’ revenue growth and profitability over the next 12-18 months will be weaker than we earlier anticipated.

Moody’s Investors Service on Tuesday downgraded State Bank of India’s (SBI’s) baseline credit assessment (BCA) by one notch from Ba1 to Ba2, citing an expected deterioration in asset quality and profitability. The downgrade of SBI’s BCA to Ba2 from Ba1 reflects Moody’s view that the bank’s asset quality and profitability will deteriorate.

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