Slightly higher SGX Nifty futures indicate Indian shares may start with a positive bias Friday morning, but investors are seen making cautious moves, looking for fresh triggers after the splendid surge in the previous session.
Asian markets are turning in a mixed performance, continuing to closely follow the developments surrounding Chinese real estate major Evergrande Group.
Coal India said on Thursday that its subsidiary Northern Coalfields Ltd has joined hands with NTPC to install a 50 MW solar power project in Madhya Pradesh.
The Indian market ended on an upbeat note on Thursday with the benchmark indices Sensex and the Nifty climbing to fresh record highs as optimism about the progress of the monsoon and strong economic recovery triggered a buying spree.
Expectations about the vaccination drive gathering greater momentum contributed as well to the rally in the market. Investors shrugged off concerns about Chinese real estate major Evergrande's woes, and the Fed's hint that a tapering of its bond-buying program might start "soon."
The benchmark 30-share BSE Sensex, which hit a fresh high at 59,957.25, ended the session with a gain of 958.03 points or 1.63% at 59,885.36, a new closing high.
The broader 50-stock Nifty index of the National Stock Exchange scaled a fresh high as well, racing to 17,843.90, before settling at 17,822.95 with a gain of 276.30 points or 1.57%.
U.S. stocks closed sharply higher overnight as easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders. The People's Bank of China's infusion of massive capital into the country's banking system also eased concerns about a potential default by Evergrande.
Investors shrugged off a report showing an unexpected increase in first-time claims for U.S. employment benefits in the week ended September 18th. The Dow gained 1.5 percent, while the Nasdaq and the S&P 500 moved up 1 percent and 1.2 percent, respectively.
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