Sensex, Nifty Set To Open Higher; GAIL India Shares In Focus

Asian shares hit one-week lows on renewed virus scare, inflation worry

By Administrator_India

Capital Sands

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures traded on the Singapore Exchange. The Nifty futures on Singapore Exchange or SGX Nifty futures rose 22 points to 15,695. Meanwhile, analysts have warned of a volatile trading session for today ahead of weekly expiry of index futures and option contracts.

Asian shares edged higher but held their recent trading range on Thursday as investors focussed on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus.

MSCI’s broadest index of Asia-Pacific shares outside Japan were marginally higher at 700.6 points, but stayed in the 698-712 points range it has traded in since late May.

Japan’s Nikkei and Australia’s benchmark shares rose 0.4 per cent each. Chinese shares gained with the blue-chip index up 0.9 per cent.

Overnight, World stock markets closed near record highs and U.S. bond yields fell on Wednesday as some of U.S. President Joe Biden’s stimulus efforts appeared to be on the rocks, boosting the appeal of technology stocks as inflation pressures ease.

A little-noticed ruling by Senate parliamentarian Elizabeth MacDonough in May said Democrats can only use “reconciliation” once in a fiscal year to circumvent legislation that requires 60 votes. Democrats passed Biden’s $1.9 trillion COVID-19 relief package in March through reconciliation.

Back home, foreign institutional investors sold shares worth ₹ 846 crore on Wednesday and domestic institutional investors sold shares worth ₹ 272 crore.

GAIL India will be in focus after it reported 28 per cent jump in its profit after tax for the fourth quarter of 2020-21, as it stood at ₹ 1,908 crore. It was at ₹ 1,487 crore in December quarter.

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