PremiumAsian markets had a positive start on Thursday, tracking US peers where markets rebounded amid news of an economic revival. Both the S&P 500 and Dow hit all-time highs.
The Sensex opened at 47,382.55, down 323.25 points or 0.68%, while the Nifty was at 14,219.15, down 77.25 points, or 0.54% on Thursday. Most sectors, except metals and pharma, opened in red. Sun Pharma, Power Grid, Dr Reddy, and five other stocks open in green on the 30 share Sensex , while the other stocks opened in red.
The Sensex was at 47,690.25, down 15.55 points, or 0.03% at markets pre-open, while the Nifty was at 14,296.40, down 63.05 points, or 0.44%. The markets were closed on Wednesday.
A slide in the rupee is exacerbating a slump in Indian corporate dollar notes that are now among the worst performers in Asia, just as concerns mount that companies are hedging less. The securities have lost about 0.1% in April, worse than a 0.4% gain for a broader Asian dollar bond gauge, according to a Bloomberg Barclays indexes. All the other countries in Asia have posted positive returns, except China which lost about 0.4% after the stumble by China Huarong Asset Management Co. (Bloomberg)
Music-streaming service Spotify Technology SA and Match Group Inc., which operates online dating apps, accused Apple Inc. of squeezing software developers that depend on its App Store to reach customers by extracting monopoly profits and squashing competition.
Executives from the two companies, along with Tile Inc., which makes a tracking device for consumers, urged lawmakers at a Senate hearing to tackle the dominance of Apple and Google over the digital marketplaces where users download apps. (Bloomberg)
Revolut will hire 300 staff for its subsidiary in India and make a multi-million pound investment there as part of its global expansion, the British-based digital bank app said on Thursday.
The company also appointed Paroma Chatterjee, a former executive at Lendingkart and Via.com among other companies, as its chief executive in India, Revolut said.
Revolut is hiring in human resources, finance, growth, marketing and other functions as it bases support for its global operations from its Indian subsidiary, it said. (Reuters)
DCB Bank, Nestlé, Future Retail, KEC International, SBI, among other stocks, will be in the news today. (Read here)
Markets are likely to be rangebound on Thursday following global cues while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. However, tight restrictions in mobility in many states amid escalating covid cases may keep investors cautious. Markets were shut for trading on Wednesday. (Read here)
Oil prices fell for a third day on Thursday as a surprise build in US crude inventories and a resurgence of covid-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow.
Brent crude futures fell 57 cents, or 0.9%, to $64.75 a barrel by 0157 GMT, following a drop of $1.25 on Wednesday. US West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.0%, at $60.77 a barrel, after losing $1.32 on Wednesday.
Both contracts dropped more than 2% on Wednesday. (Reuters)
Asia stocks bounced after US equities snapped a two-day drop on a rally in companies that stand to benefit the most from an economic revival. The dollar stabilized. Japan outperformed, while Australia, South Korea and China had more modest gains. US futures edged lower. Earlier, most major groups in the S&P 500 rose, with raw-material, energy and financial shares leading the charge. The Russell 2000 Index, a gauge of small caps, climbed more than 2%, outperforming major benchmarks.
SGX Nifty was at 14,188.80, up 37.25 points or 0.26% at 7:21 am on Thursday.
S&P 500 futures fell 0.2% as of 10:34 a.m. in Tokyo. The S&P 500 climbed 0.9%.
Topix index rose 1.4%.
Australia’s S&P/ASX 200 Index added 0.1%.
Kospi index rose 0.5%.
Shanghai Composite rose 0.1%.
Stocks snapped a two-day drop as dip buyers emerged, fueling a rally in companies that stand to benefit the most from an economic revival.
The S&P 500 rose 38.48 points to 4,173.42. The Dow Jones Industrial Average gained 316.01 points, or 0.9%, to 34,137.31. Both the S&P 500 and Dow hit all-time highs. The technology-heavy Nasdaq added 163.95 points, or 1.2%, to 13,950.22.
The Russell 2000 index of smaller company stocks, which has been outpacing the broader market all year, led the way higher, climbing 51.42 points, or 2.3%, to 2,239.63.
The yield on the 10-year Treasury held steady at 1.56%.
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