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Markets may stay firm ahead of RBI policy; Vodafone, SBI Life, Cipla in focus

On Wednesday, the Sensex hit the 54,000-mark for the first time, with the 30-share index rising 546.41 points or 1.02% to 54,369.77. The Nifty closed 128.05 points or 0.79% higher at 16,258.80. (REUTERS)Premium
On Wednesday, the Sensex hit the 54,000-mark for the first time, with the 30-share index rising 546.41 points or 1.02% to 54,369.77. The Nifty closed 128.05 points or 0.79% higher at 16,258.80. (REUTERS)

  • Some of the key companies which will announce June quarter results today are Adani Transmission, Cipla, GAIL (India), Adani Power, REC, Tata Chemicals, Thermax and Indiabulls Housing Finance.

MUMBAI: Markets are likely to stay firm on Thursday while trends in SGX Nifty indicate a positive opening of Indian benchmark indices. On Wednesday, the Sensex hit the 54,000-mark for the first time, with the 30-share index rising 546.41 points or 1.02% to 54,369.77. The Nifty closed 128.05 points or 0.79% higher at 16,258.80. Investors will be watching out RBI monetary policy review tomorrow.

Asian shares held on to recent gains in morning trading on Thursday, despite hawkish remarks from a senior official at the US Federal Reserve, that boosted the dollar while weighing on risk appetite, and uncertainty about Chinese policy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.22%, and Japan's Nikkei climbed 0.32%.

This week the MSCI Asian regional benchmark has walked back most of the ground lost a week earlier, when a series of Chinese regulatory crackdowns in sectors from property to education squeezed Chinese stocks and overshadowed the region as a whole.

Chinese equities have been calmer this week, barring sharp swings in tech giant Tencent after state media criticised the gaming industry.

US stocks closed mostly lower on Wednesday, with the S&P 500 receding 0.46% from a record high. The blue-chip Dow slid 0.92%, though the tech heavy Nasdaq eked out small gains with investors there attaching greater weight to positive data from the services sector than to negative jobs figures.

Some of the key companies which will announce June quarter results today are Adani Transmission, Cipla, GAIL (India), Adani Power, REC, Tata Chemicals, Thermax and Indiabulls Housing Finance.

Vodafone Idea Ltd’s board on Wednesday accepted chairman Kumar Mangalam Birla’s request to step down, as he distanced himself from the beleaguered telecom operator, underscoring the gravity of the crisis that has engulfed the once-booming strategic sector. Birla will be replaced by Aditya Birla Group and telecom industry veteran Himanshu Kapania, Vodafone Idea said in a stock exchange filing.

US private equity major the Carlyle Group is selling its remaining 1.9% stake in life insurer SBI Life Insurance Co. Ltd through block trades on the stock exchanges for around $289 million, according to a Mint exclusive.

The benchmark 10-year yield was last at 1.199% up from a U.S. close of 1.184%, having touched 1.127% - its lowest level since February - earlier in the day.

This helped the dollar, which bought 109.63 yen, compared with a low of 108.71 on Wednesday. The firmer dollar in turn weighed a little on gold, with the spot price falling 0.1%.

US crude rose 0.37% to $68.4 a barrel while Brent crude climbed to $70.61 per barrel, regaining a little ground after three days in a row of declines.

(Reuters contributed to the story)

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