May 15, 2021

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Indian Shares Set For Flat Opening

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Indian shares look set to open on a flat note Tuesday, tracking mixed global cues and amid renewed virus worries. India reported a slight dip in the number of fresh Covid infections and fatalities today with 319,435 cases and 2,764 deaths.

Economic activity in the country is holding up admirably against Covid-19’s renewed onslaught but the rise in infections risks protracted restrictions and inflationary pressures, the Reserve Bank of India (RBI) said in its monthly bulletin.

IT stocks could be in focus after Tech Mahindra reported a 17.4 percent sequential decline in consolidated profit for the quarter ended March 2021.

Benchmark indexes Sensex and the Nifty rose about 1 percent on Monday while the rupee gained 28 paise to close at 74.73 against the dollar, ending its four-day losing run.

Asian markets are moving lower this morning as caution crept in ahead of central bank meetings in Japan and the United States.

The dollar held near multi-week lows and gold trade flat, while oil prices rose after OPEC+ projected a strong global recovery this year.

U.S. stocks ended broadly higher overnight as investors braced for a deluge of earnings reports from big U.S. companies and the April FOMC meeting.

The tech-heavy Nasdaq Composite rose 0.9 percent and the S&P 500 added 0.2 percent to reach new record closing highs, while the Dow slipped 0.2 percent.

European stocks advanced on Monday as investors geared up for a busy week of earnings and economic data releases.

The pan European Stoxx 600 rose 0.3 percent. The German DAX inched up 0.1 percent, France’s CAC 40 index edged up 0.3 percent and the U.K.’s FTSE 100 gained 0.4 percent.

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2021-04-26 22:52:05

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