MARKETS: Gap-down start on cards; Bharti Airtel, Hero MotoCorp, NHPC eyed

Among stocks, Bharti Airtel may be in focus as the company’s subsidiary Airtel Africa Plc has received $159 million out of $176.1 million from the sale of its tower assets in Tanzania. The company will receive the remaining amount upon the completion of the transfer of towers to the purchaser, reports said.

Further, HeroMotoCorp may also be eyed as Naveen Munjal-led Hero Electric Vehicles has moved the Delhi High Court seeking an injunction against the company using the word ‘Hero’ for its upcoming electric vehicle in March 2021.That apart, stocks of a dozen firms that debuted recently may come under pressure as the mandatory one-month lock-in period for anchor investment expires from tomorrow. Five of these 12 companies — RateGain, Shriram Properties, Data Patterns, Supriya Lifesciences and CMS Info Systems – had allocated more than 10 per cent of outstanding shares to anchor investors.

Global cues

The US markets tanked sharply and Treasury yields jumped on Wednesday after minutes of the FOMC indicated that it may raise interest rates sooner than expected and also reduce its overall asset holdings to tame high inflation.

Meanwhile, Dow Jones slid 1 per cent, the S&P 500 index shed 2 per cent and the Nasdaq tumbled 3 per cent.

Similarly, there was a sea of red across Asia this morning. Japan’s Nikkei had plunged 1.5 per cent. Kospi and Taiwan had declined 0.8 per cent each, while Straits Times was down 0.5 per cent.

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