Trends on SGX Nifty indicate a cautious opening for the index in India with a 16 points gains. The Nifty futures were trading at 15,879 on the Singaporean Exchange.
Global stocks pricec closed flat and bond yields edged lower on Wednesday afther US Federal Reserve Chairman Jerome Powell soothed investor angst by saying a recent inflation spike will fade, helping lift the S&P 5000 to a fresh intraday record.
US markets were mixed yesterday with Dow Jones and S&P 500 closing marginally higher while Nasdaq closing marginally lower after Jerome Powell signalled that stimulus will continue until the economy makes “substantial economic progress”.
European markets closed slightly lower after higher than expected inflation numbers posted by the UK. Asian markets were also mixed with Nikkei trading 1% lower while Hang Seng trading +1.44 percent in early Thursday trade.
According to Mohit Nigam, Head-PMS, Hem Securities, "Stock specific actions may be witnessed in stocks such as TCS (announced plans to expand its operations in Arizona), Sequent Scientific (received EU’s good manufacturing practices approval for its tablets dosage manufacturing line in Turkey), Marico (announced a strategic investment in Apcos Naturals Private Limited). "
Earnings to watch today include Tata Elxsi, Wipro, Angel Broking, Cyient, L&T Infotech. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively.
The Dow Jones Industrial Average rose 0.13 percent, the S&P 500 added 0.12 percent and the Nasdaq Composite slipped 0.22 percent.
Asian shares firm
Asian shares held firm on Thursday after Federal Reserve Chair Jerome Powell said the US economy was 'still a way off' from levels the central bank wanted to see before tapering its monetary support.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade while Japan's Nikkei dropped 0.4 percent.
Oil prices drop
Oil prices dropped on Wednesday after sources told Reuters that Saudi Arabia and the United Arab Emirates had reached a compromise that should unlock an OPEC+ deal to boost global oil supplies as the world recovers from the pandemic.
Wipro, Angel Broking, Avantel, Aditya Birla Money, Cyient, Ganesh Housing Corporation, Larsen & Toubro Infotech, Onward Technologies, Rama Paper Mills, Rollatainers, Tata Elxsi, and Tata Steel Long Products will release quarterly earnings on July 15.
Eight stocks: Granules India, Indiabulls Housing Finance, Vodafone Idea, NALCO, NMDC, Punjab National Bank, SAIL, and Sun TV Network are under the F&O ban for July 15.