Asian markets were higher on Thursday after US stocks closed at record highs on hopes that newly inaugurated US President Joe Biden would put in place further economic stimulus to offset damage wreaked by the covid-19 pandemic
Indian stock markets are likely to surge on Thursday following optimism in global peers. Trends in SGX Nifty suggest a positive opening for domestic benchmark indices. On Wednesday, the BSE Sensex ended at 49,792.12, up 393.83 points or 0.80%. The Nifty closed at 14,644.70, up 123.55 points or 0.85%.
Asian markets were higher on Thursday after US stocks closed at record highs on hopes that newly inaugurated US President Joe Biden would put in place further economic stimulus to offset damage wreaked by the covid-19 pandemic.
Democrat Joe Biden was sworn in as the 46th president of the United States on Wednesday during a ceremony at a heavily protected US Capitol, ending the tumultuous four-year presidency of his Republican predecessor Donald Trump. The Biden administration is expected to push through a nearly $2 trillion U.S. fiscal stimulus plan.
Biden is expected to sign 15 executive actions after he is sworn in as US president on Wednesday, aides said, undoing policies put in place by outgoing President Donald Trump and making his first moves on the pandemic and climate change.
Top Indian companies which will announce December quarter earnings today are Asian Paints, Bajaj Auto, SBI Card, Bandhan Bank, Biocon and Mphasis.
In a setback to Amazon Inc, the Securities and Exchange Board of India (SEBI) on Wednesday granted approval to the Future Group and Reliance Retail deal. In August last year, Kishore Biyani led-Future Group had entered into a ₹24,713 crore agreement with Mukesh Ambani's Reliance Retail. As part of the deal, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures (RRVL).
Axis Bank will be in focus as fair trade regulator Competition Commission of India (CCI) has approved the stake acquisition in Max Life Insurance Company by the bank, Axis Capital and Axis Securities. As per the combination notice filed with CCI, the shareholding of Axis Bank in Max Life will increase to approximately 9.9%.
Meanwhile, the dollar fell against most currencies on Wednesday, as investors' risk appetite held up.