Indian stock markets were fluctuating between losses and gains on Thursday. Sensex was below 50,000 level and Nifty sub 15,000 mark. Nifty Metal fell 3%. Asian markets were weak on Thursday after a jittery session on Wall Street overnight.
Covid update: Fatalities record significant decline but new cases over 2.76 lakh
On Thursday, 2,76,070 more people tested covid positive, according to data released by the Union health ministry. The number stood at 2,67,334 on Wednesday morning. The cumulative tally in the country has reached 2,57,72,400.
The death toll saw a significant decline on Thursday after going over 4,500 on Wednesday. As many as 3,874 more people succumbed to the disease to the disease in the last 24 hours, taking the total toll to 2,87,122.
JK Tyre & Industries up 3%
The country’s largest tyre manufacturers reported a consolidated net profit of ₹196.02 crore for the quarter ended 31 March, compared to a ₹46.85 crore loss in the year ago period, as vehicle production returned to pre-covid levels in India and foreign markets. The bottom line was hurt by a jump in input costs.
Nifty Metal slips 3%
Nifty at open: Titan, ICICI Bank top charts; Hindalco, Tata Steel down
Sensex at open: Titan, L&T top gainers; ONGC, Sun Pharma lag
Markets open flat, but in the green
RBI governor tells state-led banks to implement covid relief steps
RBI governor Shaktikanta Das on Wednesday told heads of public sector banks to ensure that its recent measures to reduce the pain from the covid-19 pandemic are implemented in the right earnest.
Das met chief executives of state-owned lenders through video conference, and the meeting was also attended by deputy governors M.K. Jain, M. Rajeswar Rao, Michael D. Patra and T. Rabi Sankar, the central bank said in a statement.
Sensex, Nifty mixed at pre-open
Govt hikes subsidy on DAP fertiliser by 140%
The Centre on Wednesday hiked the subsidy on DAP fertiliser by 140%, costing the exchequer an additional ₹14,775 crore, in a bid to ensure the soil nutrient is available to farmers at old rates despite a sharp rise in global prices.
The decision was taken at a high-level meeting chaired by Prime Minister Narendra Modi.
Stocks to Watch: Axis Bank, JK Tyre, Coforge, HPCL
Besides Axis Bank, JK Tyre, Coforge and Infosys that will be in focus on Thursday, HPCL, Bosch, JK Lakshmi Cement, Torrent Power and Zee Entertainment are other key companies that will be in news as they announce their March quarter results today.
Markets are likely to consolidate
Indian stock markets are likely to consolidate on Thursday, while trends in SGX Nifty suggest a flat opening for domestic benchmark indices. On Wednesday, the BSE Sensex slipped 290.69 points or 0.58%, closing at 49,902.64. The Nifty was was down 77.95 points or 0.52% at 15,030.15.
Oil prices fall
Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes.
Brent crude was down 6 cents, or 0.1%, at $66.60 a barrel, having fallen 3% on Wednesday. U.S. oil fell 7 cents, or 0.1%, to $63.29 a barrel, after a 3.3% drop in the previous session.
Asia markets weak
Asian markets struggled for traction on Thursday after a jittery session on Wall Street amid a hint of tapering talk from the U.S. Federal Reserve.
Benchmarks in South Korea and Japan were either side of flat in morning trade and Hong Kong’s Hang Seng fell about 0.8% to pull MSCI’s broadest index of Asia-Pacific shares outside Japan down by 0.2%.
US markets end lower on Wednesday
Wall Street’s main indexes remained lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank’s goals, with some eyeing a future discussion of tapering its bond buying program.
The S&P 500 lost 12.15 points to 4,115.68. The Dow Jones Industrial Average fell 164.62 points, or 0.5%. The Nasdaq fared better than the rest of the market, shedding only 3.90 points, or less than 0.1%.
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