MARKET LIVE: SGX Nifty indicates a gap-up start for indices; BHEL in focus

LIVE market updates: After four straight days of decline, the Indian are set to open gap-up on Thursday, amid firm global cues after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in US economic growth this year as the Covid-19 crisis eases. At 7:30 AM, the SGX Nifty traded 175 points higher at 14,947. 

That said, concern over rising domestic Covid-19 cases might cap the gains.  India reported 35,482 fresh Covid-19 cases on Wednesday, according to Worldometer. Meanwhile, volatility could remain high on account of weekly F&O expiry

Global cues

The S&P 500 closed at a record high and the Dow Jones Industrial Average closed above 33,000 points for the first time on Wednesday, bolstered by the Fed’s strong economic forecast and Chairman Jerome Powell’s comments that it is too early to discuss tapering-off measures. The Dow Jones Industrial Average rose 0.58 per cent, while the S&P 500 gained 0.29 per cent. The Nasdaq Composite climbed 0.4 per cent.

Asian stocks followed the lead of their Wall Street peers and were largely trading in the green. Japan’s Nikkei added 1.6 per cent, while Hong Kong’s Hang Seng index rose 1.4 per cent. Australia’s ASX 200 index, however, dipped 0.2 per cent.

In commodities, oil slipped for the fourth day on Wednesday. Brent crude settled 39 cents, or 0.6 per cent lower, at $68 a barrel.

(with inputs from Reuters)


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