MUMBAI: Indian equities are likely to tick higher on Thursday in line with the global trend. The SGX Nifty was up 0.2% in Asian deals, indicating a positive start to Indian benchmark indices.
On Wednesday, the BSE Sensex had ended at 36,329.01, down 345.51 points or 0.94%. and the Nifty closed at 10,705.75, down 93.90 points or 0.87%.
Asian stocks were up Thursday as hopes of robust economic recovery offset concerns over flare-ups in coronavirus cases, and as investors looked forward to the earnings season.
Demand for tech stocks boosted US equities and helped the Nasdaq add 1.44% to 10,492.50, its fourth record closing high in five days. The Dow Jones Industrial Average rose 0.68% and the S&P 500 gained 0.78%.
MSCI's broadest index of Asia-Pacific shares outside Japan were 1.29% higher, helped by Chinese stocks, which have rallied for seven-straight days. Emerging market stocks rose 1.67%.
Back home, Tata Consultancy Services (TCS) will flag off FY21 Q1 results season by announcing its earnings later today. The company is expected to report a 5% sequential dip in profits due to pressure across verticals like travel, transportation, energy, retail, and manufacturing segments where clients have faced loss of business.
India’s largest lender State Bank of India on Wednesday said its board has approved an investment of up to ₹1,760 crore for the upcoming follow-on public offer (FPO) of Yes Bank.
ICICI Bank Ltd on Wednesday said it will raise up to Rs. 15,000 crore via share sale as it looks to strengthen its balance sheet in an increasingly uncertain pandemic induced economic environment.
Pharma major Cipla on Wednesday said it has launched the generic version of antiviral drug remdesivir at a price which is among the lowest globally and is looking to supply over 80,000 vials within the first month.
Among commodities, gold prices gained as concerns over the pandemic and the extraordinary amounts of fiscal and monetary stimulus unleashed around the world to counteract its economic impact led some investors to seek safety in the yellow metal, which soared past the $1,800 - the highest since September 2011.
The passing of the key technical threshold for gold came as coronavirus cases in the US crossed over 3 million, and as seven states reported record numbers of new infections.
Reuters contributed to the story.