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Indian stock markets are expected to remain volatile on Friday while trends in SGX Nifty indicate a tepid opening of domestic benchmark indices. On Thursday, the BSE Sensex ended at 60,923.50, down 336.46 points or 0.55% and the Nifty was at 18,178.10, down 88.50 points or 0.48%.

Asian stocks were steady Friday, bolstered by reports indicating that indebted developer China Evergrande Group may meet a key payment deadline. Treasuries trimmed a drop spurred by inflation worries.

Equities advanced in China, Hong Kong and Japan. Local media said Evergrande transferred interest on a dollar bond before the end of a closely watched grace period. The yen weakened, the offshore yuan climbed and Australia’s dollar strengthened on the report. Concerns have been swirling about possible contagion from any default by the firm.

Among key companies Reliance Industries, Hindustan Zinc, HDFC Life Insurance, Tata Consumer Products, and Yes Bank will release their September quarter results.

Zee Entertainment Enterprises Ltd agreed, after a nudge from the Bombay high court, on Thursday to consider Invesco’s demand to convene a special shareholders’ meeting after the court assured that the outcome would be kept on hold for a week during which it could review the legality of the resolutions recommended by the US fund manager.

Indian Hotels Co. Ltd (IHCL) on Thursday said it plans to buy the 40% stake it doesn’t own in-unit Roots Corp. Ltd, which runs the Ginger brand of economy hotels, for 500 crore.

The initial public offering (IPO) of FSN E-Commerce Ventures Ltd’s, which owns Nykaa, will open on 28 October for subscription and close on 1 November.

The 10-year US Treasury yield pared a climb but remains higher for the week. The Federal Reserve is nearing a reduction in bond purchases and traders are ramping up bets on rate hikes to quell price pressures. Market-implied expectations for inflation have hit multiyear highs. The dollar ticked lower.

Global stocks are set for a third weekly advance, helped by the ongoing global recovery from the health crisis. The rally is being shadowed by the prospect of a faster-than-expected tightening of monetary policy to curb inflation, which is being stoked by an energy crunch and creaking supply chains.

(Bloomberg contributed to the story)

 

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