MUMBAI: Markets are likely to be stable on Thursday, while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 52,904.05, up 134.32 points or 0.25%. The Nifty closed at 15,853.95, up 41.60 points or 0.26%.

Asian shares held firm on Thursday after Federal Reserve chair Jerome Powell said the US economy was “still a ways off" from levels the central bank wanted to see before tapering its monetary support.

A raft of Chinese economic data due later in the day, will be a major focus in Asia as will earnings from major companies.

MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade while Japan’s Nikkei dropped 0.4%.

Wall Street shares were mixed, with S&P ending 0.12% higher and Nasdaq down 0.22%.

In testimony to the US House of Representatives Financial Services Committee, Powell also said he is confident recent price hikes are associated with the country’s post-pandemic reopening and will fade.

His comments came after data published this week showed consumer prices increased by the most in 13 years in June while producer prices accelerated to the largest annual increase in more than a decade. Powell gave fresh assurance to the markets that the Fed is not too hawkish about taming inflation.

Among stocks Wipro, Larsen & Toubro Infotech, Tata Elxsi, Cyient, Angel Broking, and Aditya Birla Money, announce March quarter earnings today.

Infosys reported strong broad based growth of 4.8% QoQ in constant currency terms. The management increased its FY22 dollar revenue growth guidance to 14-16% YoY from 12-14%, indicating current demand environment to be one of the strongest in a while.

Home-grown FMCG firm Marico Ltd on Wednesday said it has acquired 60% stake in Apcos Naturals, the owner of Ayurvedic beauty brand Just Herbs.The stake will be acquired over a period of two years through primary infusion and secondary buy-outs, a joint statement said without disclosing the deal size.

Barely three months after cracking the whip on American Express and Diners Club for non-compliance with local data storage norms, the Reserve Bank of India (RBI) on Wednesday barred Mastercard Asia from signing up new card customers on similar grounds.

Ace investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala, and eight other individuals on Wednesday settled a case related to insider trading in the shares of Aptech Ltd after paying more than Rs37 crore. The amount included settlement charges, disgorgement of ill-gotten gains along with interest charges

Bond yields dipped globally, with the 10-year U.S. Treasuries yield slipping to 1.348%, having peaked out at 1.423% on Wednesday.

The yield on inflation-protected bonds, sometimes called the real yield, dropped below minus 1.0%, staying near its lowest levels since February.

In the currency market, Powell’s dovish stance put a dent on the US dollar.

The euro bounced back to $1.1835 from Wednesday’s three-month low of $1.1772. The dollar stood at 109.99 yen after 0.6?ll on Wednesday.

Gold jumped to a one-month high of $1,829.8 per ounce on Wednesday and last stood at $1,826.1.

Oil prices eased after major global oil producers came to a compromise about supply and after U.S. data showed demand slacked off a bit in the most recent week.

U.S. crude futures dropped 1.0% to $72.40 per barrel while Brent futures lost 0.8% to $74.18 per barrel.