The Reserve Bank of India’s monetary policy review is likely to drive the markets on Friday. Trends in SGX Nifty indicate a positive opening for the Indian benchmark indices. The BSE Sensex closed at 59,677.83, up 488.10 points or 0.82%. Nifty was up 144.35 points or 0.82% at 17,790.35.
The central bank is likely to signal a gradual unwinding of emergency liquidity measures introduced after the Covid-19 outbreak, but keep key interest rates unchanged in its bi-monthly monetary policy review this week, according to a Mint survey of economists. come to know.
Rate sensitive stocks like auto, banks and realty will remain in focus.
The September quarter earnings will also start tomorrow as IT major Tata Consultancy Services announces its results for Q2FY22.
The National Company Law Appellate Tribunal on Thursday directed the NCLT to provide a “reasonable and adequate opportunity” to Zee Entertainment Enterprises Ltd (ZEEL) to respond to Invesco’s plea seeking to convene a meeting of the shareholders of the company. In the 15-page order, the appellate tribunal said the National Company Law Tribunal (NCLT) committed an “error” by not giving ZEEL a reasonable time to respond to Invesco’s plea.
Asian stocks rose on Friday as Chinese stocks bounced back from a week-long holiday, tracking a global rally, while investors also looked to key US jobs data for any new insights into the timing of the Federal Reserve tapering. .
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, after gaining 2.1% a day earlier, its biggest daily gain since August. Japan’s Nikkei index rose 1.8%.
Chinese blue chips rose 0.56% as they resumed trading after being closed for the National Day holiday, while Hong Kong which remained open throughout the week rose 1%.
Elsewhere, Australian shares rose 0.84%, helped by mining stocks amid a surge in commodity prices.
Over the past three months, Chinese stocks have been battered by regulatory changes, turmoil in the property sector and the recent power outage, but some investors are now seeing a buying opportunity.
The focus remains on the property market as investors wait to see whether regulators take action to stem the transition from the debt problems of cash-strapped China Evergrande Group.
US futures rose 0.16% after the US Senate approved legislation to temporarily increase the federal government’s $28.4 trillion debt limit and avoid the risk of a historic default later this month.
Overnight on Wall Street, the Dow Jones Industrial Average was up 0.98%, the S&P 500 0.83% and the Nasdaq Composite up 1.05%.
Investors are also eyeing US employment data for September due later on Friday. They expect employment figures that are closer to consensus will lead the Federal Reserve to indicate at its November meeting when it will begin to ease its massive stimulus program.
US Treasury yields rose ahead of those figures, with volatility at the shortest end of the curve, emerging as a plan to avoid a default on government debt.
In Asian hours, the benchmark 10-year US Treasury yield rose 1.6 basis points to 1.58887%, the highest since June when it touched 1.594%.
In currency markets, the dollar index, which measures the greenback against a basket of its peers, was little changed at 94.206, not far from the 12-month high of 94.504 hit at the end of September, as traders looked at jobs data. was waiting for
Oil prices continued to fluctuate. Brent crude rose 0.6% to $82.44 a barrel, while US crude rose 0.78% to $78.90 a barrel.
(Reuters contributed to the story)
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