Mumbai: Indian equity markets are likely to be steady on Thursday following global peers, while SGX Nifty suggests a positive opening for Indian benchmark indices. On Wednesday, BSE Sensex ended at 48,677.55, up 424.04 points or 0.88%. The Nifty closed at 14,617.85, up 121.35 points or 0.84%.
Stock indices rose globally, with the Nasdaq leading gains on Wall Street, while the U.S. dollar eased off its more than two-week high hit earlier. Asia Pacific markets were mostly higher.
Investors across markets were also trying to position ahead of Friday’s U.S. monthly jobs report.
In India, key companies that will announce March quarter results today are Hero MotoCorp, Tata Consumer, Adani Transmission, Adani Power, Proctor and Gamble Health and Blue Star.
Tata Steel on Wednesday posted a consolidated net profit of ₹7162 crore for the quarter ended March 2021, on account of higher income. This is against a loss of ₹1615 crore during the quarter ended March 2020.
Meanwhile, the Competition Commission of India has ordered a probe into allegations of anti-competitive practices against Tata Motors Ltd on behalf of two auto dealers.
Union finance minister Nirmala Sitharaman on Wednesday said the resurgence of the pandemic has adversely impacted the nascent recovery process in India, but maintained that the country will sail through the storm with the focus of the government on robust public health measures, timely treatment of infected persons, sound macro-economic management, and strong macro fundamentals.
The dollar was near flat after moving off more than two-week highs followed some softer-than-expected U.S. economic data.
In the US Treasury market, yields backpedaled from earlier highs. An announcement of second quarter auction sizes and economic data did not move the market out of its holding pattern.
The benchmark 10-year yield, which hit a session high of 1.626%, was last up less than a basis point at 1.5996%, holding below a 14-month high of 1.776% reached on March 30.
Oil prices rose for a third day. Brent crude was up 59 cents at $69.47 a barrel.
Spot gold added 0.2% to $1,782.76 an ounce. U.S. gold futures gained 0.29% to $1,780.90 an ounce.
(Reuters contributed to the story)
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