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A television monitor displays a news report on the Covid-19 vaccine as the DAX Index yield curve shows a drop at the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Monday, Dec. 7, 2020. Global stocks retreated from an all-time high and the pound weakened the most in three months on concern that Brexit talks could collapse. Photograph: Alex Kraus/Bloomberg (Bloomberg)
A television monitor displays a news report on the Covid-19 vaccine as the DAX Index yield curve shows a drop at the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Monday, Dec. 7, 2020. Global stocks retreated from an all-time high and the pound weakened the most in three months on concern that Brexit talks could collapse. Photograph: Alex Kraus/Bloomberg (Bloomberg)

Markets likely to be steady; Wipro, Infosys in focus ahead of Q3 results

  • Asian stocks opened mostly higher on Wednesday, tracking modest Wall Street gains, while trends on SGX Nifty suggest a positive opening for Indian benchmark indices

MUMBAI : Indian equity markets are likely to be steady on Wednesday. Trends on SGX Nifty suggest a positive opening for domestic benchmark indices. On Tuesday, the BSE Sensex ended at 49,517.11, up 247.79 points or 0.50%. The Nifty closed at 14,563.45, up 78.70 points or 0.54%.

Asian stocks opened mostly higher on Wednesday, tracking modest Wall Street gains as prospects of an eventual victory against coronavirus shored up recovery hopes, while tight supply expectations pushed oil prices to their highest in a year.

On Wall Street, stocks fluctuated near unchanged for the session, not far from record highs. The Dow rose 0.19%, the S&P 500 gained 0.04% and the Nasdaq Composite added 0.28%.

The 10-year U.S. yield touched its highest since March but tightened to near flat on the day after a Treasury auction was well-bid. The yield had risen sharply this year on expectations of a massive stimulus package from the incoming Democratic administration.

Democrats said they will give Republican President Donald Trump one last chance on Tuesday to leave office days before his term expires or face an unprecedented second impeachment over his supporters’ deadly 6 January assault on the US Capitol. An impeachment trial could proceed even after Trump leaves office on 20 January 20.

Indian markets will react to the macroeconomic data --IIP and CPI-- in early trade on Wednesday. The country’s retail inflation, which is measured by the Consumer Price Index (CPI), eased to 4.59% in the month of December. India’s factory output, measured in terms of Index of Industrial Production (IIP), saw a contraction of 1.9% in November.

IT majors Infosys and Wipro will be in focus as both the companies will release their December quarter results.

Meanwhile,Amazon.com has alleged that Kishore Biyani-promoted Future Group is misleading Indian regulators and the general public by “mischaracterizing" a Delhi high court order on their dispute over Future’s 25,000 crore deal with Reliance Industries Ltd.

In oil markets, Brent crude prices hit their highest since February as tighter supply and expectations of a drop in US. inventories offset concerns over rising covid-19 cases globally. Saudi Arabia said it plans to cut output by an extra 1 million barrels per day in February and March.

Brent was at $56.56, up 1.62% on the day, while U.S. crude recently rose 1.76% to $53.17 per barrel.

Benchmark U.S. government 10-year debt last rose 1/32 in price to yield 1.1325%, from 1.134% late on Monday. The yield hit 1.187% earlier in the session.

The U.S. dollar was down a day after hitting its highest since December, and the tighter Treasury yields pushed the greenback down further.

The dollar index fell 0.463%, with the euro up 0.45% to $1.2204. The Japanese yen strengthened 0.49% versus the greenback at 103.75 per dollar.

Safe-haven spot gold added 0.6% to $1,855.46 an ounce. Silver gained 2.49% to $25.54.

(Reuters contributed to the story)

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