OPEN APP
Home >Markets >Stock Markets >Markets may continue to be in a range; Infosys, Thomas Cook in focus
On Wednesday, the BSE Sensex ended at 40,794.74, up 169.23 points
On Wednesday, the BSE Sensex ended at 40,794.74, up 169.23 points

Markets may continue to be in a range; Infosys, Thomas Cook in focus

  • Asian markets were off to a mixed start on Thursday as hopes of US fiscal stimulus before the presidential election faded and rise in coronavirus infections in parts of Europe propelled investors towards gold

MUMBAI: Indian equity markets are likely to stay range-bound on Thursday, while trends in SGX Nifty suggest a flat opening for Indian benchmark indices. On Wednesday, the BSE Sensex ended at 40,794.74, up 169.23 points or 0.42%. The Nifty closed at 11,971.05, up 36.55 points or 0.31%.

Asian markets were off to a mixed start on Thursday as hopes of US fiscal stimulus before the presidential election faded and a record number of new coronavirus infections in parts of Europe propelled investors towards safe-havens such as gold.

Downbeat comments from U.S. Treasury Secretary Steven Mnuchin that a stimulus deal was unlikely be made before the 3 November vote weighed on fragile investor sentiment.

With Covid-19 cases surging, some European nations are closing schools as authorities braced for a repeat of the nightmare scenario seen earlier this year.

Infosys will be in focus today as India’s second-largest software services company raised its revenue growth guidance to 2-3% for the year to 31 March from the earlier 0-2% in constant-currency terms. On Tuesday, rival Wipro Ltd, too, had forecast revenue to grow as much as 3.5% in the fiscal third quarter.

The Tata group is in talks to buy a stake in online grocer BigBasket as it plots to join Reliance Industries Ltd (RIL), Amazon and Walmart group in a market that is seeing explosive growth following the pandemic and lockdowns. According to a Mint report, the Mumbai-based conglomerate may in the first step join the ongoing fundraise of Alibaba-backed BigBasket, which is looking to raise around $200 million in primary equity infusion.

Meanwhile, Crisil has downgraded its ratings on the bank facilities and debt programmes of Thomas Cook India Limited to ‘Crisil A+/CCR A+/Negative/Crisil A1’ from ‘Crisil AA-/CCR AA-/Negative/Crisil A1+'.

In commodities, gold gained 1% on Wednesday, rebounding from a sharp decline in the previous session, boosted by a weaker US dollar and economic uncertainties.

Spot gold added 0.5% to $1,900.89 an ounce.

The Australian dollar slid to a one-week low of $0.7129 on Thursday morning after dovish comments from the central bank governor that suggest another rate cut is possible. The US dollar index, which measures the greenback against a basket of six major currencies, fell 0.15%, after pulling its best day in three weeks on Tuesday, with the euro unchanged at $1.1746.

In a sign that some investors preferred traditionally safer assets for now, the yen gained 0.4% to hit a near two-week high of 105.11 against the dollar.

A weaker dollar, which makes oil cheaper for holders of other currencies, supported oil prices.

Brent crude gained 92 cents, or 2.2%, to $43.37 a barrel, while U.S. West Texas Intermediate added 87 cents, or 2.2%, to $41.0.

(Reuters contributed to the story)

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My Reads Redeem a Gift Card Logout