A significant feature of the ongoing global stock market rally is that it has demonstrated great resilience even in the midst of the second wave of the pandemic. Good Q4 earnings along with falling covid cases have also helped the sentiments, said an analyst.
“Oil is trading at the range of $66 per barrel on back of shrinking crude inventories signalling the strong demand pick up after the pandemic linked lockdowns. Factors like these are benefiting the economy and the markets which may make the market see the all-time highs in the coming days,,” said Mohit Nigam, Head, PMS – Hem Securities.
How bluechips fare
After opening in the red, benchmark indices fell further. At 9.35 am, BSE flagship Sensex was down 63 points or 0.12 per cent to 50,955. NSE benchmark Nifty declined 15 points or 0.10 per cent to 15,287.
In the 50-share pack Nifty, Tata Motors was the biggest gainer, up 2.17 per cent. Tech Mahindra, Wipro, TCS, BPCL, UPL, Indian Oil, Titan, HCL Tech and Infosys were among other gainers.
was the top loser in the pack, down 1.20 per cent. , Asian Paints, HUL, IndusInd Bank, Maruti Suzuki, Grasim Industries, HDFC Bank and Coal India were other losers in the pack.
FACTORS DRIVING MARKETS
Covid cases fall: India registered 2.08 lakh fresh coronavirus infections and 4,157 deaths. So far, 3.11 lakh people have died of Covid in the country. The country also set a new record with the highest number of Covid tests conducted in the last 24 hours at 22.17 lakh.
Dollar gains: The dollar found support on Thursday from emerging views the Federal Reserve is slowly but surely edging towards a discussion about tightening monetary policy, and as traders await crucial US inflation data this week.
Broader markets
Broader market indices were trading higher, outperforming their headline peers in morning trade. Nifty Smallcap was up 0.08 per cent while Nifty Midcap rose 0.12 per cent. Broadest index on NSE, Nifty 500 declined 0.04 per cent.
V-Guard, Syngene, Mindtree, Birlasoft, Sterlite Tech and
were gainers from the space while FDC, Vakrangee, Lux Industries, Cummins India, and Container Corporation were under selling pressure.
Global markets
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 per cent at 691.76, still not too far from Wednesday’s high of 696.76, a level last seen on May 10. Chinese shares started weaker with the blue-chip index off 0.2 per cent.
Australian shares were flat while New Zealand’s benchmark index stumbled 0.9 per cent, extending losses for a second day in a row after the country’s central bank on Wednesday signalled rate rises from next year.
Japan’s Nikkei was down 0.8 per cent. E-Mini futures for the S&P 500 were down 0.2 per cent.
