PremiumIndian benchmark indices were higher in pre-opening trade amid positive global cues. Asian stocks rose as risk appetite was aided by recent data showing the world economic recovery from the coronavirus pandemic was well on track.
At 0905 am, Sensex was at 48,080.37, up 201 points while Nifty was up 48 points at 14390
Shapoorji Pallonji Group filed a review petition in the Supreme Court on Sunday, challenging the top court's March 26 judgement in which it had ruled in favour of the Tata Group.
The SC on March 26 had upheld the decision of the Tata Sons board to remove Cyrus Mistry -- its then chairman -- from office and later the company's board.
RIL and BP on Monday announced the start of production from the Satellite Cluster gas field in block KG D6 off the east coast of India. RIL and BP have been developing three deep-water gas developments in block KG D6 –R Cluster, Satellite Cluster and MJ – which together are expected to produce around 30 mmscmd of natural gas by 2023, meeting up to 15% of India’s gas demand. The developments will each utilize the existing hub infrastructure in the KG D6 block.
The US on Sunday said it would remove bottlenecks in the export of raw materials essential for the production of vaccines in India on a day the UK announced that it was rushing ventilators and other critical equipment to help cope with an unprecedented surge in covid-19 infections in the country.
Other countries too mobilized support to help a beleaguered India fight a ferocious second wave of covid-19 infections that has brought the health infrastructure to breaking point in many parts of the country. (Read here)
Indian equity markets are likely to consolidate on Monday, while SGX Nifty suggests a flat opening for domestic benchmark indices. On Friday, the BSE Sensex slipped 202.22 points or 0.42% to end at 47,878.45. The Nifty dropped 64.80 points or 0.45% before closing at 14,341.35.
Shares of HCL Tech, ICICI Bank, ONGC will be in focus today. Major companies which will announce their March quarter results today are HDFC Life, SBI Card, Tech Mahindra, Castrol India ans Alok Industries.
Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.
Brent crude futures fell 8 cents, or 0.1%, to $66.03 a barrel, following a 1.1% rise on Friday. US West Texas Intermediate crude futures were down 4 cents, or 0.1%, at $62.10 a barrel, after rising 1.2% on Friday.
Asian stocks rose on Monday with Chinese shares near three-week highs as signs the world economic recovery was well on track bolstered risk appetite, while the U.S. dollar slipped to a two-month low. South Korea's KOSPI index rose 0.4%. Japan's Nikkei reversed early losses to rise 0.1%.
Stocks rallied on Wall Street on Friday, with the S&P 500 hitting an intraday record high. The Dow Jones Industrial Average rose 227.59 points, or 0.67%, to 34,043.49; the S&P 500 gained 45.19 points, or 1.09%, at 4,180.17; and the Nasdaq Composite added 198.40 points, or 1.44%, at 14,016.81.
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