Home / Markets / Stock Markets /  Markets likely to be volatile; SBI Card, Coal India in focus

MUMBAI: Markets are likely to be volatile on Friday while trends in SGX Nifty suggest a mildly positive opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 52,323.33, down 178.65 points or 0.34% and the Nifty was at 15,691.40 down 76.15 points or 0.48%.

Asian stocks drifted Friday after a rally in US technology shares and Treasuries Thursday, as investors unwound some of this year’s dominant reflation trades. The dollar pared gains and commodities steadied after overnight losses.

Equities climbed in Hong Kong and Australia, and were little changed in Japan and South Korea. In China, shares fluctuated after US regulators proposed a ban on products from Huawei Technologies Co. and four other Chinese electronics companies.

Among companies, The Fertilizers and Chemicals Travancore, Hinduja Global Solutions, Ashoka Buildcon and Eveready Industries will announce their March quarter results today.

According to media reports, US private equity fund CA Rover Holdings, an affiliate of Carlyle Asia Partners, is looking to sell 5.1% stake in SBI Cards and Payment Services worth $682 million ( 5,000 crore) through a block deal on Friday.

State-owned Coal India Ltd has given a go-ahead to a domestic firm for a 1,880-crore coal bed methane (CBM) extraction project.

A section of retail investors of Dewan Housing Finance Corp. Ltd (DHFL) plan to approach the Supreme Court against a move by the National Company Law Tribunal (NCLT) to allow delisting of the mortgage lender’s shares as part of its resolution plan. In their plea, investors are set to accuse NCLT and the Securities and Exchange Board of India (Sebi) of failing to adequately inform them about the impending delisting, which is part of the Piramal group’s approved resolution plan under the Insolvency and Bankruptcy Code.

Treasury yields steadied a tumble amid speculation investors were unwinding bets on a steeper curve, after Federal Reserve officials signaled monetary-policy tightening could start sooner than previously thought, helping to rein in the risk that inflation might get out of hand. Australian 10-year yields retreated

The Bloomberg Dollar Spot Index dipped after a fifth day of gains, its longest winning streak since March 2020. Its advance has made commodities that are priced in greenback more expensive, driving declines across the complex. Copper is headed for its worst week since the start of the pandemic and oil slipped Friday.

Investors are now debating when the Federal Reserve is likely to start trimming its monthly bond purchases, after Chairman Jerome Powell flagged in his post-meeting press conference that policy makers are ready to discuss the prospect. The meeting also showed the central bank is likely to start raising interest rates sooner than its prior guidance suggested, with two hikes penciled in by the end of 2023.

(Bloomberg contributed to the story)

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