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Home / Markets / Stock Markets /  Markets may consolidate; HPCL, Infosys, DHFL, Axis Bank in focus

Mumbai: Indian stock markets are likely to consolidate on Thursday, while trends in SGX Nifty suggest a soft opening for domestic benchmark indices. On Wednesday, the BSE Sensex slipped 290.69 points or 0.58%, closing at 49,902.64. The Nifty was down 77.95 points or 0.52% at15,030.15.

Asian markets struggled for traction on Thursday after a jittery session on Wall Street where cryptocurrencies crashed and a hint of tapering talk from the US Federal Reserve drove selling in the bond market and lifted the safe-haven dollar.

Benchmarks in South Korea and Japan were either side of flat in morning trade and Hong Kong's Hang Seng fell about 0.8% to pull MSCI's broadest index of Asia-Pacific shares outside Japan down by 0.2%.

Key companies that will announce March quarter results today are Bosch, HPCL, Relaxo Footwears, Torrent Power, and Zee Entertainment.

The Centre’s bid to sell a majority part of its residual stake in Axis Bank got to a good start with the issue opening for non-retail investors on Wednesday getting over-subscribed four times of base size. Retail investors will get chance to bid today.

The National Company Law Tribunal (NCLT) on Wednesday directed lenders of bankrupt Dewan Housing Finance Corp Ltd (DHFL) to consider the offer made by former promoter Kapil Wadhawan, who has proposed to fully settle the mortgage lender’s 91,000 crore dues, including 43,000 crore in the initial few years.

Infosys co-founder S D Shibulal on Wednesday purchased shares worth 100 crore of the IT major through an open market transaction. Shibulal bought over 7.53 lakh shares at an average price of 1,327 per share, valuing the transaction at 100 crore, BSE block deal data showed.

Commodities also fell, Treasuries nursed losses, while the dollar held overnight gains.

Fed minutes published on Wednesday said "a number" of officials thought that if the recovery holds up, it might be appropriate to "begin discussing a plan for adjusting the pace of asset purchases".

The yield on benchmark 10-year U.S. Treasuries rose 4.1 basis points overnight to 1.6830% and dipped to 1.6676% early in Tokyo trade. The dollar scraped itself off a four-month low to hover around $1.2183 per euro.

The dollar also rose through its 20-day moving average against the yen, Aussie and kiwi. It last bought 109.17 yen and the dollar index was last at 90.149.

Elsewhere industrial commodities fell sharply on Thursday after China said it would strengthen its management of supply and demand to curb unreasonable rises.

Crude oil came off overnight lows but remained under pressure on worries about fresh covid curbs in Asia crimping demand and about the US rates outlook.

Brent crude was last steady at $66.70 a barrel and U.S. crude at $63.29.

(Reuters contributed to the story)

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