Markets may continue to rise on Tuesday on global support while trends in SGX Nifty suggest a positive opening for the Indian benchmark equity indices. On Monday, Indian stocks scaled record highs, with the BSE Sensex closing at 47,353.75, up 380.21 points or 0.81%, and the Nifty at 13,873.20, up 123.95 points or 0.90%.
Asian shares jumped in the early deals, with Japanese stocks hitting a 30-year high, as hopes that a long-awaited US pandemic relief package would be expanded and a Brexit trade deal supported investor risk appetite.
Also Read | How Indians lived online during 2020
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.46%. Australian stocks rose 0.55%. Japan’s Nikkei leapt 1.63% to its highest since August 1990, while shares in China rose 0.1%.
A tax tribunal on Monday quashed the income tax department’s orders seeking to revise its earlier assessments for the year ended 31 March 2014 granting tax exemption to three Tata trusts that collectively own two-thirds of Tata Sons Ltd, the holding company of the group.
Amazon.com Inc. has asked India’s markets regulator to wait for the final order of a Singapore court before clearing the merger of Future group companies, a move that is seen as a precursor to an eventual sale of its assets to Reliance Industries Ltd.
Air freight forwarder Skyways Air Services on Monday said it has joined hands with budget carrier SpiceJet for transporting covid-19 vaccine across India. Under the collaboration, Skyways will provide cold chain transportation and storage along with dedicated last-mile connectivity, while SpiceJet will provide connectivity across its pan-India network with full temperature mapping controls, a release said.
The dollar nursed losses against major currencies and Treasury yields rose after US President Donald Trump’s approval of a stimulus package related to the coronavirus outbreak increased risk appetite.
Firmer demand for riskier assets kept the U.S. dollar, which is often seen as a “safe-haven” asset, on the back foot. It was down 0.02% against a basket of major currencies.
The dollar index against a basket of six major currencies stood at 90.241, not far from the lowest in more than two years.
Sterling edged up to $1.3483 following the confirmation last week of a trade UK-EU trade deal that was widely expected.
A sluggish dollar bolstered gold prices, which rose 0.37% to $1,878.06 an ounce.
Oil prices recovered a touch after falling overnight on concerns that new travel restrictions on the back of the COVID-19 pandemic would weaken fuel demand, and as the prospect of increased supply dragged on prices.
Brent crude rose 0.69% to $51.21 per barrel. U.S. crude was up 0.71% at $47.96 a barrel.
More US fiscal stimulus has also eased concerns about the threat posed by new variants of the coronavirus identified in Britain and South Africa.
The yield on benchmark 10-year Treasury notes rose to 0.9414%, but the two-year eased to 0.1270%.
(Reuters contributed to the story)
Recent Comments