Indian shares may open on a firm note Friday after two days of losses. Positive global cues and falling oil prices may offer some support as investors await key earnings from the likes of State Bank of India, Hindalco Industries, JSW Steel and Shree Cement for directional cues.
Meanwhile, Zee Entertainment Enterprises reported consolidated profit at Rs 275.8 crore for the March 2021 quarter, compared with a loss of Rs 766.7 crore in the same quarter last year.
Hindustan Petroleum Corporation’s March quarter net profit surged multifold to Rs 3,018 crore on the back of inventory gains and rise in refining margins.
Benchmark indexes Sensex and the Nifty fell 0.7 percent and 0.8 percent, respectively on Thursday while the rupee rose by 6 paise to close at 73.12 against the U.S. dollar.
Asian stocks remain broadly higher this morning and the dollar headed for a weekly loss, as Treasury yields maintained a retreat after a weaker-than-expected U.S. business activity reading.
Gold edged lower on improved optimism around a swift economic recovery, while oil edged up after three days of losses.
U.S. stocks closed higher overnight to snap a three-day losing streak, as tech stocks rebounded, the prices of Bitcoin and other cryptocurrencies steadied and data showed a drop in jobless claims last week, in an indication of further progress in the labor market.
The Dow edged up 0.6 percent, the S&P 500 gained 1.1 percent and the tech-heavy Nasdaq Composite index climbed 1.8 percent.
European stocks advanced on Thursday as strong earnings and merger talks in the chip sector offset inflation worries and tapering fears.
The pan European Stoxx 600 rallied 1.3 percent. The German DAX jumped 1.7 percent, France’s CAC 40 index rose 1.3 percent and the U.K.’s FTSE 100 added 1 percent.
Market Analysis
Sensex, Nifty Set For Positive Start
2021-05-21 02:46:32
