Sat. Nov 28th, 2020

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Markets may continue to consolidate; Hero MotoCorp, Tata Steel in focus

2 min read
BSE Sensex

Indian markets are likely to consolidate further on Thursday, while trends in the SGX Nifty indicate a flat opening for the benchmark indices. On Wednesday the BSE Sensex ended at 38,369.63, down 37.38 points or 0.10% and the 50-share index Nifty was at 11,308.40, down 14.10 points or 0.12%.

Asian stocks gained in the early trade after Wall Street’s S&P 500 index briefly touched record highs, as investors appeared to shrug off worries about stalled US stimulus talks and a shaky economic recovery.

Those gains came after the S&P 500 jumped on Wednesday, finishing just short of its February record closing high.

The gains on Wall Street came despite a continued impasse between lawmakers in Washington over the next economic relief package and a warning from Federal Reserve policymakers that the U.S. recovery will be gradual and slow until the coronavirus is under control.

Among major companies to announce their June quarter results are Hero MotoCorp, Eicher Motors, BPCL, Tata Steel and Godrej Industries.

IT stocks are likely to be in focus as Donald Trump administration has relaxed some rules for H-1B visas holders allowing them to enter the United States if they are returning to the same jobs they had prior to the proclamation of the visa ban.

Differences over the valuation of the refining and petrochemicals business of Reliance Industries Ltd (RIL) is likely to prolong a potential mega deal between India’s largest private sector company and the world’s top crude oil producer, Saudi Arabian Oil Co. (Aramco), according to a Mint report.

Private equity firm Westbridge Capital on Wednesday bought a 1.41% stake in InterGlobe Aviation Ltd, which runs India’s biggest airline IndiGo, for 559 crore through an open market transaction.

 

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