PremiumMUMBAI: Markets are likely to consolidate on Thursday while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. On Wednesday the BSE Sensex climbed 379.99 points or 0.75% at 51,017.52.
The Nifty is away from its record high just by a hairline, ending at 15,301.45, up 93 points or 0.61%. It had previously hit its life high at 15,431.75 on 16 February.
Asian shares retreated from two-week highs on Thursday and China started on the backfoot on fears central banks were closer to considering winding back their emergency stimulus while the dollar held at a one-week top.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5% at 691.76, still not too far from Wednesday's high of 696.76, a level last seen on May 10.
Chinese shares started weaker with the blue-chip index off 0.2%.
Global equities markets have been supported by a concerted effort from major central banks who have pumped trillions of dollars in financial markets since last year while reiterating their lower-for-longer interest rate stance as they seek to cast any inflation rise as temporary.
On Wall Street, all three main indexes closed higher driven by consumer discretionary, communication services and financial sectors.
Major companies that will announce March quarter results today are Sun Pharma, Eicher Motors, Cadila Healthcare, Page Industries, UCO Bank, India Grid and Wockhardt.
Bharat Petroleum Corporation Ltd (BPCL) on Wednesday declared a record ₹12,581 crore dividend, more than half of which will go to the government, ahead of the privatisation of the company. In a regulatory filing, BPCL said its "board of directors has recommended a final dividend of ₹58 per equity share (including one-time special dividend of ₹35 per equity share of ₹10 each) for the financial year ended 31 March 2021 subject to the approval of the shareholders."
The opening-up of the economy will depend on the progress of vaccination, peak capacity of supplies, and the ability to make Indians understand that precaution is essential, the outgoing president of the Confederation of Indian Industry (CII), Uday Kotak, said in an interview with Mint. July-September will be the most challenging period for India, he said.
The dollar index was at a one-week top of 90.152.
In commodities, gold prices fell below $1,900 per ounce, its appeal dimmed by a rebounding dollar and US Treasury yields. Spot gold shed 0.2% to $1,892.06 per ounce after hitting its highest since 8 January at $1,912.50.
Oil prices were weaker too with Brent off 20 cents at $68.76 a barrel and US crude down 19 cents at $66.02 a barrel.
(Reuters contributed to the story)
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