09 Jul , 2021 By : Kanchan Joshi
MUMBAI: Markets are likely to remain under pressure on Friday following weakness in global peers. Trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 52,568.94, down 485.82 points or 0.92%. The Nifty ended at 15,727.90 , down 151.75 points or 0.96%.
Asian shares followed U.S. equities lower Friday on growing anxiety that the spread of Covid-19 variants could hamper the global economic recovery. Treasuries trimmed a rally and the dollar edged up.
MSCI Inc.’s gauge of Asia-Pacific stocks tumbled to the lowest since mid-May with equities retreating from Japan and China to Australia. A key Hong Kong gauge of Chinese stocks fell into a bear market. US contracts slipped after the S&P 500 and Nasdaq 100 pulled back from records. Economically sensitive sectors such as industrials and materials led Wall Street lower.
On the virus front, Pfizer Inc. plans to request US emergency authorization in August for a third booster dose of its Covid-19 vaccine and said it’s confident it will be effective against the more-virulent delta variant.
Tata Consultancy Services (TCS) reported revenue growth of 2.4% quarter on quarter in constant currency terms in Q1FY22 primarily due to sharp de-growth in its India business on account of the second covid wave. The EBIT margin at 25.5?clined 130 basis points QoQ, due to annual wage hikes.
British oil explorer Cairn Energy Plc said a French court ordered the seizing of 20 Indian government residential assets in Paris in its ongoing tax battle with the country, prompting the government to vow a vigorous legal defence of its case.
The Reserve Bank of India (RBI) on Thursday issued an advisory to banks and other financial institutions, asking them to be prepared for the year-end transition from the London Interbank Offered Rate (Libor).
The cabinet on Thursday approved a Rs23,123 crore package to prevent a repeat of the disastrous events surrounding the second wave of the covid pandemic in case a third wave strikes. Patients struggled to find hospitals beds, oxygen and medicines during the deadly second wave.
US government bonds pared an overnight advance but the benchmark 10-year yield remains on course for the biggest weekly slide since June last year. At one point in U.S. hours the 30-year Treasury yield dipped below 1.90% for the first time since February. Oil traded around $73 a barrel, paring a weekly loss, after data showed a slump in US stockpiles and record fuel demand.
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