09 Dec , 2021 By : Kanchan Joshi
MUMBAI: Indian stock markets are likely to remain steady on Thursday while SGX Nifty futures suggest a positive opening for domestic benchmark indices. On Wednesday, the BSE Sensex surged 1016.03 points or 1.76% at 58,649.68 and the Nifty was up 293.05 points or 1.71% closing at 17,469.75.
Most Asian stocks rose Thursday as traders bet the global recovery will be resilient to the new virus strain. Treasuries were stable after declining.
MSCI Inc.’s gauge of Asia Pacific equities advanced for a third day with Hong Kong leading the advance. U.S. contracts were steady after the S&P 500 and the technology-heavy Nasdaq 100 extended a rally.
Back home, Reliance BP Mobility Ltd, the joint venture of Reliance Industries Ltd and BP Plc, operating under the brand name Jio-bp, has signed a non-binding memorandum of understanding with The Mahindra Group, to explore the creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels.
The one-month lock-in period of Nykaa’s parent company FSN Commerce Ventures' anchor investors expired on Wednesday. Anchor investors are free to sell their shares in Nykaa from today. The only profitable listed unicorn’s Rs5,350 crore IPO was subscribed 82 times, while 4.5% or 21.30 million shares were allocated to anchor. Nykaa’s shares nearly doubled in their trading debut. It had listed at Rs2,018, a 79% premium over issue price of Rs1125, propelled its market value to more than Rs1 trillion.
India’s markets regulator sent another show-cause notice to Cafe Coffee Day’s parent Coffee Day Enterprises Ltd (CDEL)on Wednesday.
China’s central bank set its reference rate for the yuan at a weaker-than-expected level against the dollar after the currency’s advance to the highest since 2018. The British pound dropped to the lowest this year after fresh restrictions as the omicron strain spreads. The dollar and crude edged up, while the 10-year Treasury yield held above 1.50%.
The global equity rally will be tested as traders expect more volatility until there is more clarity on the omicron variant’s threat to the economy, and ahead of US consumer inflation numbers this week and a Federal Reserve meeting next week that may provide clues on the pace of tapering and interest rate increases.
On the virus front, the UK tightened rules advising people to work from home and mandating the use of so-called vaccine passports in large venues. Denmark introduced a light version of the lockdown it had last winter.
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