Asian stocks were mixed on Thursday tracking an upbeat Wall Street session overnight after the Federal Reserve kept interest rates at ultra-low levels, while the US dollar fell to a two-year low.
The Fed, on Wednesday, repeated a pledge to use its "full range of tools" to support the economy but cautioned that the outlook "will depend significantly on the course of the virus."
Back home, Reliance Industries will be in focus today as it announces its June quarter results. Analysts will watch out for gross refining margins in its oil business, average revenue per user in Jio, and growth in retail business for the quarter.
Other major companies which will announce their June quarter results are HDFC, Dabur India, Piramal Enterprises, Indian Overseas Bank, GMR Infrastructure and Mahindra Logistics among others.
IndiGo, India's largest airline, said on Wednesday it planned to raise at least ₹20 billion through the sale and leaseback of planes and other assets, after reporting its steepest quarterly loss in at least five years.
Bharti Airtel Ltd on Wednesday reported a consolidated net loss of ₹15,933 crore in the April-June quarter as the company undertook a massive ₹11,746 crore charge, primarily for incremental provision and interest related to Supreme Court’s order on adjusted gross revenue definition last year.
Maruti Suzuki India Ltd on Wednesday reported a net loss of ₹249.9 crore for quarter ending 30 June, as a result of significant decline in vehicle sales due to covid-19 related disruptions. Higher other income and lower taxes paid during the quarter helped reduce the losses incurred during the period.
The dollar index against a basket of currencies fell 0.44% to 93.42 on Wednesday after getting as low as 93.17, the weakest since June 2018.
The greenback tumbled on expectations that the Fed will continue its ultra loose monetary policy for years to come and on speculation that it will allow inflation to run higher than it has previously indicated before raising interest rates.
In commodity markets, oil prices rose after a steep drop in US crude inventories, but another record day for coronavirus cases worldwide kept gains in check.
Brent crude futures settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures settled at $41.27 a barrel, gaining 23 cents, or 0.6%.