The market is likely to be volatile on Friday, while the SGX Nifty trends suggest a flat opening for the Indian benchmark indices. On Thursday, the BSE Sensex was down 433.13 points or 0.72% at 59,919.69 and the Nifty was down 143.60 points or 0.80% at 17,873.60.
Asian share prices rose on Friday as a jolt from a surprisingly strong US inflation reading, with investors now hopeful that the worst price hikes may soon be over.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7% to its highest in two weeks, while Japan’s Nikkei rose 1.1%, triggering sharp gains. US stock futures were up about 0.3% after a mixed session on Thursday, when the S&P 500 was up 0.06%, while the tech-heavy Nasdaq gained 0.52%.
World stock prices posted their biggest fall in a month on Wednesday after surprisingly strong readings on US inflation.
The US Consumer Price Index rose 6.2% year-on-year in October, the strongest advance since November 1990.
Major companies ONGC, Coal India, Hindalco, Tata Steel, Hero MotoCorp, Ashok Leyland, Vodafone Idea will release their September quarter results today.
Billionaire Gautam Adani said on Thursday that his logistics-to-energy group will invest $70 billion over the next decade to become the world’s largest renewable energy company and produce the cheapest hydrogen on Earth.
Shares of Fino Payments Bank will hit the stock markets on Friday. NS 1200 crore issue was subscribed 2 times in the price range of 560-577 One Piece.
Bond yields rose on Friday, with the 10-year US Treasury yield rising 1.9 basis points after the market holiday on Thursday.
Money markets have already made two rate hikes next year.
In currency markets, the dollar strengthened on Wednesday after a strong US inflation reading, prompting the Fed to tighten monetary policy faster than previously thought. The dollar index rose to a 16-month high of 95.264 against six other currencies as the euro fell to its lowest level since July last year at $1.1449.
The yen softened to a near four-year low of 114.26 per dollar last month, while commodity currencies such as the Australian dollar and Canadian dollar were on the back foot. The Australian dollar fell to a five-week low of $0.7286, while the Canadian dollar fell to C$1.2588 per dollar, last seen in early October.
Oil prices fell slightly as markets battled a stronger US dollar along with concerns over rising US inflation, and after OPEC cut its 2021 oil demand forecast due to higher prices.
Brent crude futures were down 0.36% at $82.56 a barrel while US West Texas Intermediate (WTI) futures fell 0.33% to $81.32 a barrel.
Gold prices on Wednesday hit a five-month high as investors sought a hedge against inflation. They were last at $1,862 an ounce, close to Wednesday’s high of $1,868.5.
(Reuters contributed to the story)
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