Indian shares are likely to open higher on Friday amid hopes that most states will start relaxing strict coronavirus restrictions next week if new cases continued to drop in the country.
A durable revival of private consumption and investment would be critical for sustaining economic growth post-pandemic, the Reserve Bank of India (RBI) said in its annual report for 2020-21.
All eyes will be glued to the 43rd Goods and Services Tax (GST) Council meeting later in the day, with issues such as compensation to states and GST on essential medical supplies expected to dominate discussion at the meeting.
On the earnings front, Sun Pharma reported an over two-fold jump in consolidated net profit for the March quarter while Eicher Motors posted a 73 percent jump in Q4 consolidated profit.
IPCA Laboratories, Mahindra & Mahindra and Glenmark Pharmaceuticals are among the prominent companies that will unveil their quarterly results later today.
Benchmark indexes Sensex and the Nifty ended a choppy session modestly higher on Thursday as the May series derivative contracts expired.
The rupee rose by 17 paise to close at over two-month high of 72.60 a dollar amid month-end adjustment and inflows from MSCI rebalancing.
Asian markets are trading mostly higher this morning after reports that U.S. President Joe Biden will announce later today a $6 trillion budget for 2022, the largest spending since the Second World War.
The dollar firmed up and yields rose on expectations of more debt supply to fund spending. Oil ticked higher, with Brent crude futures nudging towards $70 a barrel on expectations of a strong rebound in global fuel demand. Bitcoin continued to trade below the $40,000 level.
U.S. stocks ended mostly higher overnight as jobless claims fell to a new pandemic low in another sign of economic reopening and GDP growth in Q1 came in unrevised at 6.4 percent in the second estimate.
The Dow rose 0.4 percent and the S&P 500 inched up 0.1 percent while the tech-heavy Nasdaq Composite finished marginally lower.
European stocks ended mixed on Thursday amid apprehension over central bank policy tightening. The pan European Stoxx 600 gained 0.3 percent.
France’s CAC 40 index added 0.7 percent, while the German DAX dropped 0.3 percent and the U.K.’s FTSE 100 slid 0.1 percent.
Market Analysis
Sensex, Nifty Seen Up On Recovery Hopes
2021-05-28 03:06:35
