MARKET LIVE: Indices may open lower; Laxmi Organic, Craftsman to list today

LIVE market updates: Heading into the expiry of the March series derivative contracts, the Indian are likely to open lower on Thursday, amid mixed global cues. The sharp rise in Covid-19 cases remains a major concern for investors who will also track global cues, oil price movement, and stock-specific developments for market direction.

Market participants will also keep an eye on updates from today’s board meeting of the Securities and Exchange Board of India (Sebi). Meanwhile, Fitch Ratings has revised India’s GDP growth estimate to 12.8 per cent for the fiscal year beginning April 1 from its previous estimate of 11 per cent, saying its recovery from the depths of the lockdown-induced recession has been swifter than expected.

New listings

Shares of Laxmi Organic and Craftsman Automation will debut at the bourses today. The IPO of Mumbai-based specialty chemicals firm, Laxmi Organic, had garnered 107 times subscription while Craftsman Automation’s IPO witnessed 5.2 times subscription.

Global cues

On Wall Street, the Dow Jones fell 0.01 per cent, giving up early gains. The Nasdaq dropped 2 per cent, while the S&P 500 lost 0.55 per cent, unable to halt the prior day’s sell-off, as investors set aside economic optimism by Federal Reserve Chair Jerome Powell who said the most likely case is 2021 will be “a very, very strong year.”

Asian were mixed on Thursday. Hong Kong’s Hang Seng index fell 1 per cent, while Japan’s Nikkei and Australian ASX200 were up 0.2 per cent and 0.1 per cent, respectively.

In commodities, Brent was at $64.22, up 5.64 per cent on the day.


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