Indian shares are likely to open a tad lower on Thursday, as investors react to mixed global cues, the alarming surge in coronavirus infections in the country and an overnight rally in crude oil prices.
The Union finance ministry, the Reserve Bank of India (RBI) and other key departments are in touch with stakeholders over possible economic relief to ensure that the resurgence of Covid-19 does not derail the economic recovery, media reports said, citing sources.
India reported nearly 2 lakh fresh Covid-19 cases on Wednesday, with daily case count almost doubling in 10 days.
Wall Street brokerage Goldman Sachs lowered India growth forecast for 2021, citing the risks to macro and earnings recovery.
Indian markets were closed on Wednesday on account of Dr. Baba Saheb Ambedkar Jayanti.
Asian markets remain broadly lower this morning and the dollar index struggled near one-month low while gold rose on dollar weakness. Oil fell slightly after climbing nearly 5 percent overnight on signs on increasing crude demand.
U.S. stocks ended mixed overnight as a sharp sell-off in the largest bitcoin exchange Coinbase offset mostly positive earnings from the likes of Goldman Sachs, Wells Fargo and JPMorgan Chase on the first day of the earnings season.
Meanwhile, Fed Chair Jerome Powell said the central bank would likely taper asset purchases well before raising interest rates.
The tech-heavy Nasdaq Composite fell 1 percent and the S&P 500 shed 0.4 percent while the Dow edged up 0.2 percent.
European stocks ended Wednesday’s session in positive territory after data showed U.S. inflation was not rising as fast as had been feared.
Investors also reacted to corporate earnings, the latest batch of economic data from euro area and the U.S., and updates on the vaccine front.
The pan European Stoxx 600 edged up 0.2 percent. France’s CAC 40 index rose 0.4 percent and the U.K.’s FTSE 100 climbed 0.7 percent while the German DAX dipped 0.2 percent.
Indian Shares Set To Fall On Covid Concerns
2021-04-15 02:44:18
