MUMBAI: Markets are likely to consolidate on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 54,843.98, up 318.05 points or 0.58% and the Nifty was at 16,364.40, up 82.15 points or 0.50%.
Most Asian equity markets continued to ignore record highs hit elsewhere in the world and fell in early trading on Friday, though Australia bucked the trend.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.59%, having closed lower on each of the past three days.
Traders have been pointing to continued worries about the potential for new regulatory crackdowns in China and the fallout from the surging Delta variant of the new coronavirus in several countries in the region.
Japan’s Nikkei dropped 0.6%. Korea’s Kospi dropped 1.45%. Hong Kong fell 0.45%.
Overnight, MSCI’s gauge of stocks across the globe hit a new record high, and the Dow Jones Industrial Average and S&P 500 also closed at record highs for the third consecutive day.
Earlier, European stocks had equalled their longest winning streak since 2017, closing up 0.1% and extending gains for a ninth consecutive session.
Among key stocks Oil and Natural Gas Corporation, Grasim Industries, Apollo Hospitals, Indraprastha Gas, Hindustan Aeronautics, Petronet LNG, Indian Railway Finance Corporation, General Insurance Corporation of India, Godrej Industries and Sun TV Network, will announce June quarter earnings today.
Future group promoters, including Kishore Biyani and several group holding companies, have approached the Supreme Court against an order passed by the Delhi High Court directing to enforce the order of the Singapore-based Emergency Arbitrator.
Indian capital markets, both equity and debt, have shown a strong ability to provide financing and capital for businesses, and it is important for India to ensure the “sustained growth” of capital markets, said Uday Kotak, chairman of Kotak Mahindra Bank, at the Confederation of Indian Industry (CII) Annual Meeting 2021.
Data released by the National Statistical Office showed retail inflation eased to 5.59% in July from 6.26% in June while the Index of Industrial Production (IIP) grew at 5.7% month-on-month and 13.6% year-on-year.
The dollar held firm on Friday, staying near its highest level in four months against a basket of currencies as investors looked for more hints from the Federal Reserve on its plans to reduce monetary stimulus.
The dollar index firmed to 92.976, near Wednesday’s four-month high of 93.195.
The yield on benchmark 10-year Treasury notes was last 1.3506%, little changed from its U.S. close of 1.367% on Thursday.
Oil prices fell for a second straight day after the International Energy Agency warned that demand growth for crude and its products had slowed sharply.
(Reuters contributed to the story)
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