BackIndian stock markets seen steady on global cues; Bharti, HDFC Bank in focus
Asian stocks surged as investors clung to the hope that super-cheap liquidity and fiscal stimulus will sustain global economic recovery even as surging coronavirus cases have delayed re-openings across the US
PremiumMUMBAI: Indian equities are expected to trade steady on Monday tracking global peers. The SGX Nifty was up over 1% in Asian deals indicating a strong start to domestic trade.
On Friday, the BSE Sensex had ended at 36,021.42, up 177.72 points or 0.50% and the Nifty closed at 10,607.35, up 55.65 or 0.53%.
In early deals today, Asian stocks scaled four-month peaks as investors clung to the hope that super-cheap liquidity and fiscal stimulus will sustain global economic recovery even as surging coronavirus cases have delayed re-openings across the United States.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1% to its highest since February.
Most stock markets had gained ground last week as a raft of economic data for the month of June beat expectations despite the resurgence of coronavirus cases in the United States clouding the future.
Back home, telecom major Bharti Airtel plans to launch its own unified video conferencing service to tap the growing virtual conferencing market, which already has players such as Microsoft Teams, Zoom and Google Hangouts.
HDFC Bank reported 21% growth in its advances to Rs10.04 lakh crore as of end June compared with ₹8.29 lakh crore a year ago and ₹9.93 lakh crore as on 31 March.
Billionaire Gautam Adani-owned Adani Ports & SEZ Ltd, in an exchange filing on Saturday, said the company's board will meet on 7 July to consider raising up to $1.25 billion through dollar bonds.
American private equity firm The Carlyle group on Friday made a complete exit from diagnostic chain Metropolis Healthcare Ltd, selling its residual stake in the company for around ₹84 crore through block deals on the stock exchanges.
Meanwhile, the risks combined with unceasing stimulus from central banks, have kept sovereign bonds supported in the face of better economic data, with the US 10-year yields holding at 0.67% and well off the June top of 0.959%.
Major currencies have been largely rangebound, with the dollar index at 97.189 having spent an entire month in a snug band of 95.714 to 97.808.
The dollar was a shade firmer on the yen at 107.72 on Monday, while the euro edged up to $1.1271.
In commodity markets, gold has benefited from super-low interest rates across economies as negative real yields for many bonds make the non-interest paying metal more attractive.
Spot gold traded at $1,772 per ounce just off last week's peak of $1,788.96.
Oil prices were mixed in early trade with Brent futures up 19 cents at $42.99 a barrel, while U.S. crude eased 23 cents to $40.42 amid worries amid demand concerns following a resurgence of coronavirus cases
PTI contributed to the story.
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