That's where we start the day, ladies and gentlemen. This is Himani Sahni, your market jockey, with the breakfast briefing to ready you for the day on Dalal Street with all the news, views and cues.
Wall Street posted modest gains in overnight trade, with Dow Jones Industrial Average rising just over 50 points; while Asian shares had a steady start this morning.
But Nifty futures trading on the Singapore Stock Exchange are sending out weak signals, down some 17 points early this morning.
Red flags have gone up on domestic stock valuations, as Indian stocks are now trading at 22 times the projected earnings for FY18, which is at a 34% premium to their 10-year average of 16.5. Globally, PE multiples range from 13 in Hong Kong to 18.6 for the hallowed Dow Jones Industrial Average.
Elsewhere, the rupee closed at a six-week high against the US dollar on Wednesday, as the local equity market rallied. Oil prices held steady on Thursday as US crude inventories fell despite a rise in production. Brent futures traded flat at $60.49 a barrel.
In corporate news, Bharti Airtel said it was looking to spend Rs 25,000 crore this financial year on its networks to speed up the expansion of its 4G mobile broadband network in India.
On the earnings front, Power Grid, Andhra Bank, Dalmia Bharat Sugar, Sundram Fasteners, Ujjivan Financial Services and Vedanta will announce their financial results for the quarter ended September 30, 2017 on Thursday.
If you are looking for more stock-specific triggers, there are plenty of them and over a dozen stock recommendations from top brokerages on www.etmarkets.com. If you need them daily, simply download our app on your phone and keep getting them on the go. We now also offer them in many other languages besides English.
Before I go, let's have a look at some of the interesting headlines from ETMarkets print edition.
Hero MotoCorp may finally drive out of a narrow trading range on expectations of better rural sales and a raft of fresh launches in the second half of FY18.
Khadim's IPO, which opens today, is seen to be cheap in valuation but its high-cost business model and regional concentration makes the issue less attractive.
That's it from me for the day. Thank you for listening in. Do enjoy your trading day and make loads of money.
But don't forget to log on to www.etmarkets.com for continuous updates on every development in the financial markets. Have a good day!
Source : https://economictimes.indiatimes.com/markets/stocks/news/etmarkets-morning-podcast-your-daily-digest-of-market-news-views-and-cues/articleshow/61447439.cms