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MUMBAI: Markets are likely to be volatile on Thursday while trends in SGX suggest a positive opening of Indian benchmark indices. Indian markets were shut for trading on Wednesday.

Asian stocks climbed Thursday after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups. The dollar held a decline.

Shares rose Hong Kong, South Korea and China. Japan is shut for a holiday. US futures edged up after the S&P 500’s biggest back-to-back advance in two months, led by cyclical stocks like energy and financials.

Among major markets Hindustan Unilever, Ultratech Cement, Bajaj Auto, Hindustan Zinc, ICICI Lombard General Insurance Co., Biocon, Mphasis, Bajaj Holdings, Persistent Systems and Bank of Maharashtra will announce quarterly earnings today.

The Reserve Bank of India has allowed IDFC Ltd to exit as the promoter of IDFC First Bank Ltd after the 5 year lock-in period, the bank said in a statement to exchanges on Wednesday. This could pave the way for a potential reverse merger between IDFC and IDFC First Bank.

Lenders to Videocon Industries Ltd are likely to seek higher upfront cash from the Vedanta group, which won the bid to acquire the bankrupt company, three people aware of the matter said, after an appeals court stayed the rescue plan on Monday. The National Company Law Appellate Tribunal (NCLAT) put the resolution plan on hold after creditors unhappy with the modest payout challenged the National Company Law Tribunal’s (NCLT) approval for the plan.

Ten-year Treasury yields headed toward 1.3% as the recent bond rally fizzled. A 20-year debt auction fared poorly. Cash Treasuries won’t trade in Asia due to the Japan holiday. Australia’s and New Zealand’s 10-year yields jumped.

Oil held a two-day gain to trade around $70 a barrel.

Corporate performance and ongoing central bank policy support are tempering some of the concerns over peaking global growth and the spread of delta virus variant that roiled markets at the start of the week. More than 85% of the S&P 500 firms reporting so far have beaten analysts predictions, according to data compiled by Bloomberg. US earnings calls have also underlined the pick up in inflation, with many executives highlighting greater pricing power.

(Bloomberg contributed to the story)

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