Indian shares look set to open higher on Thursday amid a global rally and on hopes for improvement in economic growth and corporate earnings.
Realty stocks could be in focus after industry data showed housing sales in India's key markets bounced back in the fourth quarter of 2020 due to pent-up demand and increased sales during the festive season.
On the earnings front, Asian Paints, Bajaj Auto, Bandhan Bank, Biocon, Jindal Steel & Power, Reliance Power and South Indian Bank are among the prominent companies that will unveil their quarterly earnings today.
Benchmark indexes Sensex and the Nifty jumped around 0.8 percent on Wednesday, while the rupee settled 12 paise higher at 73.05 against the U.S. dollar, extending gains for the second day running.
Asian markets are climbing this morning and the dollar weakened on hopes that newly inaugurated U.S. President Joe Biden would act on the economy to offset damage wreaked by the Covid-19 pandemic.
After the inauguration, Biden signed 15 executive actions, covering Covid-19, climate change, and immigration among other issues, stating "these are just all starting points."
Meanwhile, China imposed sanctions on officials in the Trump administration, including former Secretary of State Michael Pompeo.
The United States has officially determined that China is carrying out genocide against the Uighurs and other mostly Muslim people.
U.S. stocks rallied overnight to hit new record closing highs as Netflix reported strong fourth quarter subscriber growth and Joe Biden called for additional stimulus and an accelerated coronavirus vaccine rollout after being sworn in as the 46th president of the United States.
The Dow Jones Industrial Average rose 0.8 percent, the S&P 500 climbed 1.4 percent and the tech-heavy Nasdaq Composite jumped 2 percent.
European markets closed higher on Wednesday boosted by positive earnings reports and stimulus hopes.
The pan European Stoxx 600 added 0.7 percent. The German DAX gained 0.8 percent, France's CAC 40 index rose half a percent and the U.K.'s FTSE 100 inched up 0.4 percent.
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