MAMBAY: Indian markets are likely to open slightly higher on Thursday, following the advance of SGX Nifty and global equities.
At 7.40 am the SGX Nifty traded at 14,911, up 0.21%.
Asian stocks were stable on Thursday, and US stock futures rallied after the S&P 500 climbed to a new record, boosted by the Federal Reserve’s commitment to support policy.
Japanese stocks tumbled amid concerns that Tokyo may take stricter measures to contain the rise in viral infections, while Australia did better. Hong Kong and China hesitated.
Fed officials were unanimous in the need to see more progress in the recovery before scaling back its massive bond buying program, according to last month’s meeting minutes released Wednesday.
On Wednesday, the Sensex and Nifty Index added 1% each following better-than-expected policy from the Reserve Bank of India.
The RBI kept interest rates unchanged and remained flexible to support growth given the rise in COVID-19 cases in the country.
“Going forward, Indian markets are likely to track global signals along with the reporting season starting next week and keeping the markets volatile,” Motilal Oswal said in a note to investors.
“Concerns about the rapid spread of the 2nd wave of Covid in India remain. Overall, the markets are likely to remain in consolidation mode for some time, awaiting new positive triggers, ”the report said.
In terms of stocks, Reliance Industries will be in the spotlight after Seby imposes ₹RIL 25 crore fine. The order is related to the issue of RIL shares under the exercise of warrants.
Hindustan Copper will be in the spotlight after its board of directors approves the opening of QIP common shares at par ₹5 pieces on April 7. Minimum price ₹125.79 per share is a 13.33% discount to Wednesday’s closing price.
Investors will focus on Hindustan Construction Company after the company announced that the default on the loan as of March 31st is ₹Rs.1959.41 and the total outstanding loans from creditors is ₹Rs.4,010.93
(Bloomberg contributed to this story)