PremiumIndian benchmark indices opened strong on Friday on positive global cues. Sensex surged 450 points to 49,400 and Nifty was above 14,860, up 0.9%. Asian stocks were higher after US indexes gained on positive economic data. Banks and metal stocks were the best gainers
As many as 4,14,188 people tested positive for Covid-19 across the country in the last 24 hours, taking the cumulative caseload to 2,14,91,598, said the Union health ministry on Friday morning.
This is the biggest one-day spike in cases the country has seen so far and the most number of infections reported across the world.
Stung by the severity of the second wave of the pandemic, India is considering setting up a covid-19 pandemic pool worth at least ₹1 trillion to financially help uninsured citizens whose incomes or health get hit by covid or any other pandemic in future, said three people with direct knowledge of the matter.
This is aimed at helping the country’s large population of uninsured people handle losses in incomes and offer them financial support to handle hospitalization costs. Just 4-5% of India’s population is covered under health insurance.
Oil prices edged up in early Asian trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook while the surging pandemic in India capped prices.
Brent crude futures for July were at $68.17 a barrel by 0052 GMT, up 8 cents, while U.S. West Texas Intermediate (WTI) crude for June rose 9 cents to $64.80.
Hero Moto, Tata Consumer, and M&M are among stocks that will be watched today. HDFC and Ultratech Cement are the Nifty companies that will report their earnings on Friday. Dabur India, EIH, Kansai Nerolac Paints, and Steel Strips Wheels are among other companies that will also declare their results today
The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund's April forecast for 12.5% growth in India's economic output in fiscal years 2021 and 2022.
IMF spokesman Gerry Rice said the developments in India, the world's second most populous nation, would have spillover effects for the region and the global economy, depending on how long the crisis lasted, but it was too soon to give specifics.
Markets are likely to stay firm on Friday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 48,949.76, up 272.21 points or 0.56%. The Nifty was at 14,724.80 , up 106.95 points or 0.73%.
Asian stocks were higher tracking US indexes that rose overnight on positive economic data. Hong Kong’s Hang Seng Index climbed 0.7%, Japan's Nikkei rose 0.2%, and Shanghai Composite was up 0.1%. South Korea’s Kospi was up 0.7%
Australia’s S&P/ASX 200 Index rose 0.5%.
The Dow Jones Industrial Average closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report. The index rose 0.93% to end at 34,548.53 points
The S&P 500 gained 0.82% to 4,201.62. The Nasdaq Composite climbed 0.37% to 13,632.84.
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