Indian stocks are likely to rise on Monday tracking advances in global peers. Trends in SGX Nifty suggest a positive opening for benchmark equity indices. On Friday, the BSE Sensex closed at 51,544.30, up 12.78 points. The 50-share index Nifty ended at 15,163.30, down 10.00 points.
Asian shares advanced to record highs as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington, while oil prices rose on heightened tensions in the Middle East.
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MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4% to 736.4.
China and Hong Kong markets are shut for the Lunar New Year holiday. US stock markets will be closed on Monday for the Presidents Day holiday.
The highlight of the week will probably be minutes of the US Federal Reserve’s January meeting, where policymakers decided to leave rates unchanged.
Vodafone Idea Ltd (Vi) reported a net loss of ₹4,532 crore for the December quarter, lower than the ₹6,439 crore a year ago, driven by higher 4G wireless customer additions, improved service quality and cost optimization. India’s third-largest telecom operator by market share had posted a net loss of ₹7,218 crore in the September quarter.
Tata Motors’ new chief executive and managing director Marc Llistosella will take over the company’s India business at a time that its commercial vehicle sales have been hit hard by the economic slowdown that has come as a fallout of the covid-19 pandemic and the management is scouting for a strategic investor for its passenger vehicle business unit. The Mumbai-based company has also embarked on a stringent cost-cutting programme to turn profitable in the next few years and reduce debt.
Mortgage lender Indiabulls Housing Finance is looking to raise ₹5,000 crore through the securitisation route in fourth quarter of the current financial year, according to a senior company official.
Oil prices climbed to the highest since January 2020 on hopes U.S. stimulus will boost the economy and fuel demand.
Prices were also buoyant after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.
Brent crude rose $1 to $63.43 a barrel. U.S. crude oil gained $1.2 to $60.7.
The dollar was slightly higher against the Japanese yen at 105.01 while the euro rose to $1.2125 and the British pound was up 0.3% at $1.3886. The risk sensitive Australian and New Zealand dollars climbed 0.1% each.
That left the dollar index steady at 90.426.
Bitcoin was barely changed in early Asian trading at $47,994, below a record high of $49,714.66. It posted gains of roughly 20% in a milestone week marked by the endorsement of major firms such as Elon Musk’s Tesla.
(Reuters contributed to the story)
