PremiumMUMBAI: The markets are likely to be rangebound on Monday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Friday, the BSE Sensex ended at 52,474.76, up 174.29 points or 0.33% and the Nifty closed 15,799.35, up 61.60 points or 0.39%.
Asian stocks were mixed Monday in holiday-thinned trading as investors prepared for a key Federal Reserve meeting later in the week. Shares saw modest gains in Japan and slipped in South Korea. Trading volumes are expected to be light with a number of holidays in the region including in Australia, China and Hong Kong.
US futures were little changed after stocks staged a late rally Friday, closing another record after a choppy day of trading. Ten-year Treasury yields inched up to around 1.46% after hitting three-month lows on Thursday and notching their biggest weekly slide since December last week.
Key companies that will announce their March quarter results today are Coal India, Indian Overseas Bank, IDFC, Arti Industries, Kajaria Ceramics, JB Chemicals and Pharmaceuticals, IFB Industries and Globus Spirits.
According to reports, National Securities Depository Ltd (NSDL) has frozen the accounts of three foreign funds — Albula Investment Fund, Cresta Fund and APMS Investment Fund — which hold stakes in four Adani Group companies. These accounts were frozen on or before May 31, as per the depository’s website.
Reliance Power's board on Sunday approved a preferential issue of 59.5 crore equity shares and 73 crore warrants worth ₹1,325 crore to its promoter firm Reliance Infrastructure.
Leading exchanges BSE and NSE will suspend trading in the shares of Dewan Housing Finance Corporation Ltd (DHFL) with effect from Monday. The move, aimed at avoiding “market complications", comes against the backdrop of the National Company Law Tribunal (NCLT) approving Piramal Group’s resolution plan for the bankrupt-DHFL.
Meanwhile, the dollar was steady against Group-of-10 peers during early Asia trading in the wake of a Group-of-Seven leadership meeting that emphasized unity.
With Treasury yields trending downward, investors are anticipating the Fed will reaffirm that its ultra-loose policy remains appropriate, and that it’s too soon to start even contemplating tapering bond purchases. Still, officials could project interest-rate liftoff in 2023 amid faster economic growth and inflation, according to economists surveyed by Bloomberg.
(Bloomberg contributed to the story)
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