Home >Markets >Stock Markets >Markets likely to be rangebound; HDFC, Future group, Hero MotoCorp in focus

MUMBAI: Markets are likely to be rangebound on Thursday following global cues while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. However, tight restrictions in mobility in many states amid escalating covid cases may keep investors cautious. Markets were shut for trading on Wednesday.

Asian stocks rose on Thursday, extending a rebound in global markets following a sharp selloff earlier this week, while oil prices eased again on worries about rising covid-19 cases in some parts of the world.

Japan led gains, with the Nikkei 225 rallying 1.7%, after sliding 2% in each of the last two sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, following a 0.9% decline the previous day. Chinese blue chips rose 0.3%.

On Tuesday, the index had slumped 0.8%, the most in four weeks, as market sentiment soured amid concerns that record coronavirus infections in India, likely restrictions in Japan and rising cases in Latin America will hamper the global economic recovery.

On Wall Street, the S&P 500 rose 0.9%, reversing two days of declines, to finish Wednesday's session just 12 points below its record close.

Indiabulls said it will originate retail home loans as per the jointly-drawn up credit policy and retain 20% of the loan in its books, while the remaining 80% will be on HDFC Ltd’s books. It added that Indiabulls will service the loan account throughout the life cycle of the loan.

Future Retail Ltd’s lenders plan to withdraw easier payment options offered to the company under a debt recast plan cleared last week if its 24,713 crore asset sale to Reliance group goes through, a banker aware of the matter said.

Packaged foods company Nestlé India on Tuesday reported a 14.65% jump in March quarter net profit at 602 crore, slightly ahead of Street estimates, as the company reported double-digit growth in domestic sales and key brands reported strong growth helped by in-home consumption.

Hero MotoCorp said that it will halt all its operations due to the rising covid-19 cases in the country.

Oil prices slipped for a third day on concerns that surging covid-19 cases in India will drive down fuel demand in the world's third-biggest oil importer, while a surprise build in US stockpiles added to the negative tone.

US crude fell 10 cents on Thursday to $61.25 per barrel and Brent was down 10 cents to $65.22.

Spot gold edged higher to $1,794.32 an ounce.

US Treasury yields stayed depressed, with the yield on benchmark 10-year notes down 2 basis points at 1.5414% on Thursday, languishing near the lowest since March 12.

In currency markets, the dollar remained pinned near multi-week lows against major peers as U.S. yields stayed subdued.

The dollar stood at 108.04 yen, close to a seven-week low, while the euro was quoted at $1.2037, not far from its strongest since 3 March.

The European Central Bank decides policy later on Thursday, with no change expected.

(Reuters contributed to the story)

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