Indian shares look set to open on a subdued note Thursday as the U.S. dollar and Treasury yields rebounded ahead of the second release of the first quarter U.S. gross domestic product data due later in the day and Friday’s closely-watched inflation reading.
BPCL shares could be in focus after the state-run oil marketing company reported an over four-fold rise in standalone profit for the March quarter and approved a final dividend of Rs 58 per share, which includes a one-time special dividend of Rs 35 per equity share.
Cadila Healthcare, Eicher Motors and Sun Pharma are among the prominent companies that will unveil their quarterly results later today.
Benchmark indexes Sensex and the Nifty climbed 0.8 percent and 0.6 percent, respectively on Wednesday, while the currency market was shut on account of Buddha Purnima.
Asian markets dipped along with U.S. stock futures as investors weighed the possibility of a reduction in global stimulus.
Chinese shares were rising after data showed profits at industrial firms grew 57 percent year-on-year in April.
Federal Reserve Vice Chairman for Supervision Randal Quarles said Wednesday that he was prepared to open talks on reducing the emergency support measures if the economy continues to power out of the health crisis.
On Wednesday, the Reserve Bank of New Zealand (RBNZ) surprised many by projecting that it might hike interest rates as early as September next year.
Gold dipped from a 4-1/2-month high on dollar strength while oil traded around $66 a barrel amid shrinking crude inventories and further signs of a demand pick-up in the U.S. Bitcoin retreated back below $40,000.
U.S. stocks rose overnight after comments from central bank officials suggested that the Fed and the ECB won’t rush to tighten policy despite recent signs of a surge in inflation. Upbeat earnings news from retailers added to the positive sentiment.
The Dow finished marginally higher, the S&P 500 inched up 0.2 percent and the tech-heavy Nasdaq Composite gained 0.6 percent.
European stocks ended narrowly mixed on Wednesday, with renewed optimism about business reopening and global economic recovery helping underpin sentiment.
The pan European Stoxx 600 ended flat with a positive bias. The German DAX slipped 0.1 percent and the U.K.’s FTSE 100 ended flat with a negative bias, while France’s CAC 40 index ended marginally higher.
Market Analysis
Sensex, Nifty Seen Lower On Muted Global Cues
2021-05-27 02:59:42
