Indian shares look set to open lower on Friday as investors react to the latest earnings results from prominent companies including Asian Paints, Hindalco, Lupin and UPL.
India’s COVID-19 situation is still extremely precarious, with daily virus cases falling for the fifth consecutive day while the country recorded more than 4,000 deaths for a second straight day.
The Centre on Thursday said that over two billion doses of COVID vaccines will be available in India between August and December this year which will be sufficient to vaccinate the entire population.
Meanwhile, retail inflation and IIP data released on Wednesday provided strong positive signals for the economy.
India’s consumer price inflation slowed in April, after accelerating in the previous month, preliminary data from the statistical office showed.
The consumer price index rose 4.29 percent year-on-year after a 5.52 percent jump in March. Economists had forecast an inflation rate of 4.20 percent.
India’s industrial production grew strongly in March, after a sharp fall in the previous month, separate data showed.
The industrial production index climbed 22.4 percent year-on-year, which was faster than the 17.6 percent growth economists had forecast.
Indian markets were closed on Thursday on account of Id-Ul-Fitr or Ramzan Eid.
Benchmark indexes Sensex and the Nifty fell about 1 percent on Wednesday to extend losses from the previous session, while the rupee depreciated by eight paise to settle at 73.42 against the U.S. dollar.
Asian markets are trading mostly higher this morning as benchmark U.S. 10-year Treasury yields slipped from a more than one-month high hit on Thursday.
Gold dipped on a firmer dollar while oil extended losses after falling more than 3 percent overnight.
U.S. stocks rose sharply overnight to snap a three-session losing streak after data showed fewer Americans filed new claims for unemployment benefits last week and producer prices surged last month.
The Dow climbed 1.3 percent, the S&P 500 rallied 1.2 percent and the tech-heavy Nasdaq Composite added 0.7 percent after a Fed official said policymakers need to see several months of data before determining when to adjust policy.
European stocks ended Thursday’s session on a mixed note amid inflation jitters.
The pan European Stoxx 600 edged down 0.1 percent. The German DAX gained 0.3 percent and France’s CAC 40 index inched up 0.1 percent while the U.K.’s FTSE 100 shed 0.6 percent.
Market Analysis
Indian Shares Seen Tad Lower At Open
2021-05-14 02:59:13
