PremiumMumbai: Indian equity markets are likely to be steady on Friday, while trends in SGX Nifty suggest a marginally higher opening for domestic benchmark indices. On Thursday, the BSE Sensex ended at 49,564.86, down 337.78 points or 0.68%. The Nifty closed at 14,906.05, down 124.10 points or 0.83%.
Most Asian stocks climbed on Friday after technology companies led a Wall Street rebound on economic optimism and easing concern about the possibility of reduced US stimulus. The dollar held a decline.
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Premium Premium MSCI Inc.’s gauge of Asia-Pacific shares posted a modest gain, led by Japan, with Hong Kong and China steady. Overnight, nearly all major industry groups in the S&P 500 pushed higher, while the Nasdaq 100 rallied past its 50-day moving average.
Among key companies, SBI, JSW Steel, Shree Cements, Hindalco Industries, United Spirits, Container Corporation of India, Crompton Greaves Consumer, Dr Lal Pathlabs and Godrej Industries will announce March quarter results today.
The Securities and Exchange Board of India (Sebi) is investigating suspected financial irregularities at Sterling and Wilson Solar Ltd (SW Solar), the solar power construction business of the Shapoorji Pallonji Group, according to a Mint report.
The Centre on Thursday slashed subsidy on sugar exports from ₹6,000 per tonne to ₹4,000 per tonne with immediate effect in view of firm global prices. For the ongoing 2020-21 marketing year (October-September), the government had fixed a subsidy of ₹6,000 per tonne to facilitate exports, thereby improving the liquidity of mills and enabling them to clear cane price dues to farmers.
Meanwhile, a drop in U.S. initial jobless claims put the focus back on the economic recovery and away from fears that price pressures imperil loose financial conditions.
Treasury yields maintained a retreat. Weaker-than-expected demand for an auction of 10-year inflation-protected debt suggested confidence in the Federal Reserve’s narrative that the recent acceleration in inflation is unlikely to be sustained. A pause in this year’s commodity boom continued.
Gold is around the highest price in more than four months. Its claimed virtual rival, Bitcoin, steadied after a volatile cryptocurrency slump this week.
The global economic revival, the risk of a significant pickup in inflation and covid flareups in some parts of the world continue to shape market moves. For now, growth optimism is overshadowing the latest Fed minutes, which flagged the possibility of a debate at some point on scaling back the exceptional stimulus that’s bolstered a variety of assets.
Brent oil was heading for the biggest weekly decline since March, with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal.
Elsewhere, U.S. President Joe Biden’s tax agenda was in the spotlight.
The Treasury Department detailed the administration’s proposed measures to raise $700 billion in additional revenue over a decade through Internal Revenue Service enforcement, including a requirement for cryptocurrency transfers worth $10,000 or more to be reported to tax authorities. Separately, the U.S. also called for a global minimum corporate tax of at least 15%.
(Bloomberg contributed to the story)
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