PremiumIndian indices are set for a strong start with the SGX Nifty up 0.27%. Asian markets opened higher on Thursday ahead of release of key US inflation data, which could shed light on the Fed Reserve's future course on liquidity. Earlier, Wall Street closed slightly lower than all time highs in the absence of rallying stocks and amid the continuing trend of 'meme' stock rallies.
There is a need to promote research and development led telecom equipment manufacturing instead of just assembly-based production, a senior official of the Department of Telecom said on Wednesday. DoT Member (Technology) T K Paul said as per a WTO report on global supply chain, India's contribution is only 0.15% in telecom equipment and 0.068% for integrated circuits and components. This calls for design-driven manufacturing for 'Aatmabnirbharta' (self-reliance) in the telecom sector, he noted. (PTI)
GST Council may meet in June 12, CNBCTV18 reported, citing people familiar with the matter.
US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale.
Both Flipkart and payment app PhonePe continue to do well, Walmart International President and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. (Read here)
Markets are likely to consolidate further on Thursday while trends in SGX Nifty suggest a positive opening. On Wednesday the BSE Sensex ended at 51,941.64, down 333.93 points or 0.64%. The Nifty closed at 15,635.35, down 104.75 points or 0.67%. (Read here)
Hours after passing a resolution that made it the first country in the world to recognize bitcoin as a legal tender, Latin American nation El Salvador has said that it will mine the cryptocurrency using geothermal energy from its volcanoes. In a tweet, president Nayib Bukele, said: “I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos."
El Salvador, in a historic move on Wednesday, became the first country in the world to officially adopt bitcoin as the legal tender. The nation’s Congress approved President Nayib Bukele's proposal to embrace the cryptocurrency with 62 out of 84 possible votes. (Read here)
Asian stocks rose Thursday after Treasuries rallied ahead of a U.S. inflation report that may provide clues on the monetary policy outlook. U.S.-China talks bolstered the offshore yuan. Japanese, Australian and Hong Kong shares advanced along with U.S. equity contracts. The S&P 500 again flirted with a record before slipping, continuing a pattern of range-bound trading also evident at a global level.
S&P 500 futures added 0.1% as of 10:35 a.m. in Tokyo. The index fell 0.2%
Nasdaq 100 futures increased 0.1%. The index was little changed
Japan’s Topix index added 0.2%
Australia’s S&P/ASX 200 Index climbed 0.4%
South Korea’s Kospi index rose 0.5%
Hang Seng Index rose 0.4%
Shanghai Composite Index gained 0.2%
SGX Nifty was up 0.27%
Wall Street ended a see-saw session lower as market participants awaited inflation data for clues as to when the US Federal Reserve might tighten its dovish monetary policy.
The retail "meme stock" craze continued unabated. All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts. The Dow Jones Industrial Average fell 152.68 points, or 0.44%, to 34,447.14; the S&P 500 lost 7.71 points, or 0.18%, at 4,219.55; and the Nasdaq Composite dropped 13.16 points, or 0.09%, to 13,911.75.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!