24 May , 2021 By : Kanchan Joshi
MUMBAI: Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a weak opening. On Friday, the Sensex ended at 50,540.48, up 975.62 or 1.97%. The Nifty was at 15,175.30, up 269.25 points or 1.81%.
Asian shares got off to a cautious start on Monday as investors anxiously awaited a key read on US inflation this week for guidance on monetary policy.
MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed in slow trade. Japan's Nikkei added 0.1% and South Korea was flat.
After surveys of the global service sectors out on Friday showed spectacular growth, all eyes will be on US personal consumption and inflation figures this week. A high reading for the core inflation figures would ring alarms and could revive talk of an early tapering by the US Federal Reserve.
Drug major Dr Reddy’s Laboratories is working on the development of new treatment options for covid-19 patients which it aims to launch over the next few months while ensuring uninterrupted supplies of its existing range of products for the infectious disease in the market, according to a top company official.
Tata Steel is expected to receive an aggregate inflow of $126 million after the stock is included in BSE Sensex index after a gap of six months, according to estimates made by Abhilash Pagaria, analyst, Edelweiss Alternative Research. As part of a rejig, Tata Steel will be included in the 30-share index replacing Oil and Natural Gas Corporation (ONGC) from 21 June. ONGC may see outflow of $60 million.
FTSE has included newly listed stocks Gland Pharma and Indian Railway Finance Corporation (IRFC) in its All World index as part of its quarterly rebalancing review released on Saturday.
Key stocks that will announce March quarter earnings today are Grasim Industries, Ramco Cements, Mahanagar Gas, India Cements, JSW Holdings and Dalmia Bharat.
The major currencies were staid in comparison, with the euro holding at $1.2179 after repeatedly failing to clear chart resistance around $1.2244 last week.
The dollar was idling on the yen at 108.94, pinned between support at 108.56 and resistance around 109.33. Against a basket of currencies, the dollar had steadied at 90.073 after hitting its lowest since January at 89.646 on Friday.
Oil prices edged higher on Monday after taking a loss last week as investors braced for the return of Iranian crude supplies.
Brent was last up 6 cents to $66.50 a barrel, while U.S. crude added 11 cents to $63.69 per barrel.
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