MUMBAI: Indian stock markets are likely to remain stable on Thursday, while SGX Nifty futures suggest a positive opening for the domestic benchmark indices. On Wednesday, the BSE Sensex was up 1016.03 points or 1.76% at 58,649.68 and the Nifty was up 293.05 points or 1.71% at 17,469.75.
Most Asian stocks rose on Thursday as traders bet that a global recovery will be resilient to new virus stress. Treasuries were stagnant after the fall.
MSCI Inc. The gauge of Asia Pacific equities advanced for the third day, with Hong Kong leading. US contracts were stable after the S&P 500 and the technology-heavy Nasdaq 100 extended a rally.
Back home, Reliance BP Mobility Limited, a joint venture of Reliance Industries Limited and BP plc operating under the Jio-BP brand name, entered into a non-binding partnership with Mahindra Group to explore manufacturing of EV products. Memorandum of Understanding has been signed. As well as identifying synergies in services, low carbon and conventional fuels.
The one-month lock-in period of anchor investors of Nykaa’s parent company FSN Commerce Ventures ended on Wednesday. Anchor investors are free to sell their shares in Nykaa from today. The only profitable listed unicorn 5,350 crore IPO was subscribed 82 times, while Anchor was allotted 4.5% or 21.30 million shares. Shares of Nykaa nearly doubled in its trading debut. it was listed 2018, 79% premium over the issue price 1125, raised its market value to more than 1 trillion.
India’s market regulator on Wednesday sent another show cause notice to Coffee Day Enterprises Ltd (CDEL), the parent company of Cafe Coffee Day.
China’s central bank has set its reference rate for the yuan at weaker-than-expected levels against the dollar, as the currency rose to its highest level since 2018. The British pound fell to its lowest level this year as fresh sanctions ease Omicron tensions. The dollar and crude rose, while the 10-year Treasury yield was above 1.50%.
The global equities rally will be tested as traders expect more volatility until there is more clarity on the dangers of the Omicron variant to the economy, and ahead of US consumer inflation numbers this week and the Federal Reserve meeting next week which momentum. may provide clues. decreases and the interest rate increases.
On the virus front, the UK tightened rules advising people to work from home and mandated the use of so-called vaccine passports in large venues. Denmark introduced a mild version of the lockdown last winter.
(Bloomberg contributed to the story)
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