Benchmark indices are expected to trade in a tight range tracking muted trend in external markets. The early indicator, SGX Nifty has inched up by 2 points at 8,887.
The Dow and S&P 500 ended barely lower on Wednesday after a drop in energy shares but declines were limited by minutes from the latest Federal Reserve meeting, which showed policymakers are concerned about raising interest rates too soon.
The S&P 500 was down 1.5%, with US crude oil falling 2.6% to settle at $ 52.14 a barrel.
The US dollar was nursing losses in Asia on Thursday while bonds held hefty gains as investors scaled back expectations on how fast, and how far, the Federal Reserve might raise interest rates in coming months and years.
Japan’s Nikkei rose 0.6% to heights last seen in 2000 helped by gains in financial and shipping companies.
MSCI’s broadest index of Asia-Pacific shares outside Japan was near flat with much of the region on holiday. Centres off include China, Indonesia, Malaysia, Philippines, Singapore, Taiwan and South Korea.
STOCKS TO WATCH
Tata Consultancy Services (TCS), India’s largest information technology services provider, announced on Wednesday it had partnered Startupbootcamp FinTech, an accelerator, to host Pitch Days in India.
The Munjal family, promoters of the world’s largest two-wheeler maker Hero MotoCorp, on Wednesday sold 3.3 per cent of their stake, worth $ 300 million (Rs 1,860 crore), in the company to help them diversify into new businesses such as defence, real estate and power. The promoters now have about 36 per cent stake in the company.
To increase its base of wealthy customers, Axis Bank, the third largest private sector lender, has launched a new service. Named Burgundy, it will offer services like no-limit credit cards and a multi currency foreign exchange card, among others.
Boosting the prospects of Uttar Pradesh Chief Minister Akhilesh Yadav’s promise of providing adequate power supply by 2016-17, NTPC Limited today said it would supply an additional 1,657 megawatts (Mw) to the state in another two years.
Multi Commodity Exchange of India Ltd (MCX), India’s leading commodity exchange, has signed a memorandum of understanding with the ICFAI Foundation for Higher Education (IFHE) for financial literacy and skill development through various joint educational initiatives.
State-run petroleum explorer Oil and Natural Gas Corporation (ONGC) said it has signed a Memorandum of Understanding with Super Wave Technology (SWTPL) for development of an alternative to hydraulic fracturing or fracking technology that is used to produce shale oil and gas.