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On Wednesday, the BSE Sensex ended at 38,193.92, losing 171.43 points or 0.45%. The 50-share index Nifty was at 11,278, down 39.35 points or 0.35%. (Photo: Mint)
On Wednesday, the BSE Sensex ended at 38,193.92, losing 171.43 points or 0.45%. The 50-share index Nifty was at 11,278, down 39.35 points or 0.35%. (Photo: Mint)

Markets may continue to consolidate; Reliance, pharma stocks in focus

  • Reliance Retail Ventures Ltd, which raised $1 billion from Silver Lake Partners on Wednesday, is set to draw additional investments worth $5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority

MUMBAI: India stock markets will likely look at consolidation Thursday, after two days of losses, with the SGX Nifty futures indicating a flat opening of domestic benchmark indices.

On Wednesday, the BSE Sensex ended at 38,193.92, losing 171.43 points or 0.45%. The 50-share index Nifty was at 11,278, down 39.35 points or 0.35%.

Asian markets bounced higher on Thursday, after US stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.

Wall Street had ended higher on Wednesday after investors ploughed into technology stocks, taking advantage of the recent dip.

Back home, Reliance Retail Ventures Ltd, which raised $1 billion from Silver Lake Partners on Wednesday, is set to draw additional investments worth $5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority (ADIA), according to a Mint report.

Mortgage financier Indiabulls Housing Finance Ltd has launched a qualified institutional placement (QIP) offering, to raise funds from institutional investors, the company said in a stock exchange filing on Wednesday. Indiabulls aims to raise around 735 crore through the QIP, according to a Mint report.

Serum Institute of India will begin the next phase of trial for Covishield vaccine after the Data Safety Monitoring Board completes review of the covid-19 vaccine, while AstraZeneca plc also temporarily halted the phase 3 clinical trial of its vaccine after observing an ‘unexplained illness’ in a patient who was given the dose.

Prime Minister Narendra Modi will preside over the digital launch of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) on Thursday. The 20,050 crore scheme of the Centre, approved by the cabinet in May, is part of the 20 trillion stimulus package to revive the struggling economy and aims to achieve sustainable and responsible development of fisheries.

Oil prices recovered some of the losses they saw in the prior trading session when they hovered near three-month lows.

U.S. crude CLc1 rose 3.5% and Brent LCOc1 added 2.5%, although covid-19 outbreaks still threaten to slow a global economic recovery. US crude eased 0.5% in early Asian trade on Thursday to $37.88 a barrel.

The US dollar slid from a four-week high on Wednesday, led by losses against the euro after a report about European Central Bank officials becoming more confident in their outlook for the region's recovery.

The dollar index fell 0.325%, with the euro up 0.03% to $1.1806. The safe-haven greenback was also hit by investors' growing appetite for risk as US stocks rebounded.

US Treasury yields rose on Wednesday after the government sold $35 billion in 10-year notes to slightly soft demand.

Reuters contributed to the story.

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