The US stock ended mixed in the overnight session as a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction and offset stocks that rose on hopes the $1.9 trillion Covid-19 relief bill will spur the US economic recovery.
The Nasdaq Composite dropped 2.41% to its lowest close since November and is now down 11% from an all-time high in February. The S&P 500 lost 0.54% while the Dow hit a record high and rose 0.97%.
Asian stocks mirrored the sentiment in US stocks and were trading mixed. Japan’s Topix index rose 0.4%, Australia’s S&P/ASX 200 Index added 0.7% while Kospi index fell 0.7%.
Back home, early indications suggest a positive start for benchmark indices as SGX Nifty was trading 62 points higher at 15,044. Besides global market mood, stock-specific are likely to influence sentiment on the Street as the session unfolds.
Meanwhile, in other news, India is likely to appeal Cairn’s $1.2 billion arbitration award this week, a BS report stated quoted finance ministry officials. The Union government has finalised the grounds for appeal against the award and is in the final leg of discussions with the Dutch counsels, according to officials.
Now, a look at the stock-specific developments that are likely to sway the market today:
Jet Airways cannot claim historical precedence over airport slots, civil aviation ministry and the DGCA have said in an affidavit before the National Company Law Tribunal (NCLT). The ministry and the civil aviation regulator have said the government will consider the airline’s request for slots as per existing policy.
Coal India said it has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of Rs 47,000 crore. Of the 32, twenty-four are expansion of existing projects and the remaining eight are greenfield.
Mindspace Business Parks REIT said its arm Gigaplex Estate has entered into an agreement to sub-lease about 6.3 lakh sq ft space in Mumbai to a data centre operator.
Godrej Properties said the company’s shareholders have approved the company’s proposal to raise up to Rs 3,750 crore through issue of securities.
Max Ventures Investment Holdings, a promoter of Max Financial Services on Monday offloaded shares worth Rs 85 crore through an open market transaction.
Lastly, an update on IPO market. The Rs 510-crore initial public offering of Easy Trip Planners was subscribed 2.34 times on Monday, the first day of the bidding process, on strong support from retail investors.