Mumbai: Indian stock markets may continue to rally on optimism post the reduction in corporate taxes. Foreign brokerage firms have upgraded their targets for India’s benchmark indices, expecting the government’s measures to have significant positive implications for corporates’ profitability, broader economy and market valuations. US stock futures gained 0.39% in early Asian trade on Tuesday after US Treasury Secretary Steven Mnuchin said US-China trade talks will resume in early October. He later clarified that the negotiations will take place in two weeks.
The euro struggled in the wake of dismal European manufacturing and services data. MSCI's broadest index of Asia-Pacific shares outside Japan barely budged, up just 0.03%. Japan's Nikkei ticked up 0.10% after a market holiday on Monday.
A slowing global economy remained front and centre in financial markets, as poor business activity readings from the euro zone deepened fears of a recession and suggested more stimulus was required. Back home, Reliance Industries Ltd (RIL) shares will be in focus as the company aims to become debt free by March 2021. RIL may start spending heavily again to upgrade its chemicals business once it repays its ?1.54 lakh crore of outstanding debt, according to a Mint report.
Lenders to the Essel group sold pledged promoters’ shares of Zee Entertainment Enterprises Ltd (ZEEL) for over ?200 crore on Monday. According to exchange data, a bulk sale of 7.25 million ZEEL shares was done on the NSE in a transaction executed by Catalyst Trusteeship Ltd. The number and identity of the sellers and buyers were not immediately known.
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