01 Jun , 2021 By : Kanchan Joshi
MUMBAI: Markets are likely to extend rally on Tuesday while SGX Nifty trends suggest a steady opening of Indian benchmark indices. On Monday, the Nifty was at 15,582.80, up 147.15 points or 0.95%. The BSE Sensex closed at 51,937.44, up 514.56 points or 1%.
Data released by the Central Statistics Office on Monday showed gross domestic product (GDP) grew 1.6% in the March quarter compared with 0.5% in the preceding three months. For the year ended 31 March, GDP shrank 7.3% due to the impact of the first wave of the pandemic as against 8% contraction estimated earlier. Fiscal deficit for FY21 was at 9.3% of the GDP, lower than 9.5% estimated by the finance ministry.
ITC, Gujarat Gas, JM Financial, Radico Khaitan, Balrampur Chini Mills and Tata Coffee among key companies which will announce March quarter results today.
Auto companies will release their monthly sales date for May.
In global markets, Asian stocks and US equity futures were steady Tuesday as reports signalled an ongoing expansion in regional manufacturing despite Covid-19 flareups. The dollar dipped and Treasury yields rose.
Japanese shares fluctuated amid lower-than-average volumes, while export growth bolstered South Korean stocks. China dipped at the open while Hong Kong equities drifted. S&P 500 and Nasdaq 100 futures were little changed following a US holiday.
The offshore yuan advanced, paring a retreat sparked by China forcing banks to keep more foreign currencies in reserve for the first time in over a decade, its most substantial move yet to rein in a surging currency. The pound rallied to a three-year high on vaccine-led reopening optimism for the UK.
Oil climbed as Opec and its allies forecast that inventories will fall sharply this year if the group sticks to its current plan. Gold had its biggest monthly advance since July and most industrial metals gained.
Global stocks are starting the new month near record highs, underpinned by the economic recovery from the pandemic and ample liquidity from sustained stimulus. Still, concerns linger that rising price pressures could prompt central banks to withdraw support earlier than anticipated. Traders are awaiting key American jobs data later in the week to help assess the economic outlook
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