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Markets likely to be subdued amid geopolitical tension; ONGC in focus

27 Aug , 2021   By : Kanchan Joshi


Markets likely to be subdued amid geopolitical tension; ONGC in focus

MUMBAI: Markets are likely to be muted on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 55,949.10, up 4.89 points or 0.01%.The Nifty closed at 16,636.90, up 2.25 points or 0.01%.


Most Asian stocks dipped Friday amid hawkish comments from some Federal Reserve officials ahead of the Jackson Hole symposium and as traders assessed geopolitical tension stemming from Afghanistan.


Shares retreated in Japan and Hong Kong and were steady in China. Chinese technology stocks wavered following a week of big swings as Beijing pursues its regulatory crackdown on private industries.


US futures fluctuated after the S&P 500 fell from a record, in part as some Fed officials said the time to start tapering stimulus is near. Meanwhile, US President Joe Biden vowed retaliation for deadly blasts outside Kabul airport that stoked tension as the US evacuates the area. The dollar held a climb.


Infrastructure company MEIL on Thursday said it has delivered the second oil rig to ONGC, and another 21 rigs will be supplied to the state-owned firm by 2022. The delivery is a part of the Rs6,000 crore order Megha Engineering and Infrastructures Ltd (MEIL) had won from ONGC for the supply of 47 rigs. MEIL is the first private company in India to manufacture oil and gas extraction rigs with indigenous technology, a company statement said.


Steel Authority of India Ltd is aiming at reducing its net debt to a range of Rs15,000-20,000 crore in the current fiscal if the prices and demand for the commodity remain stable, a top company official said on Thursday. The Maharatna PSU has around Rs30,000 crore net debt as of 30 June 2021, down from Rs35,350 crore by end of the previous fiscal.


During a meeting with finance ministers of BRICS nations on Thursday, Union minister Nirmala Sitharaman discussed key areas of cooperation to support post-pandemic recovery, and maintain macroeconomic stability, while protecting the interests of member countries against future risks and uncertainties.


Treasury yields edged lower. Traders are awaiting chair Jerome Powell’s speech at the symposium for clues on how the Fed might pare bond purchases. A flood of Treasury options set to expire Friday raise the prospect for volatility. Separately, Biden’s advisers are considering recommending Powell for a second term, reported Bloomberg.


The recovery from the pandemic and elevated inflation are supporting calls for monetary policy normalization. But the recent spread of the delta virus strain has complicated economic reopening. Markets are waiting to see how Powell balances these competing factors in his comments, in part as investors grapple with whether to embrace reflation themes or more defensive assets.


Elsewhere, oil advanced as it headed toward its strongest week since February. Gold held below $1,800 an ounce. Bitcoin was trading around $47,500.


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