The Indian equity benchmarks are set to open lower as indicates by the Nifty futures traded on the Singapore Exchange. Singapore Nifty futures also known as SGX Nify fell 67 points to 14,335. Meanwhile, most of the Asian markets were trading higher with Hong Kong’s Hang Seng up 0.95 per cent, South Korea’s KOSPI up 0.2 per cent and Japan’s Nikkei down 0.8 per cent.
Global stocks ground higher while oil ebbed on Thursday as investors diverged over whether to bet on economic recovery in the United States and other developed markets or worry about a surge in COVID-19 cases in India and elsewhere.
With vaccination rates rising and pandemic-weary citizens embracing more freedoms to drive growth in some major economies, MSCI’s broadest global gauge of stocks was up 0.3%, trading within 1% of its all-time closing high after a recent mini sell-off.
“The summer earnings season will further test the trajectory of the recovery, but until then, vaccines rollout and economic reopening will be the main triggers for a further upside leg in this bull run,” Amundi Chief Investment Officer Pascal Blanque said in a note to clients.
With the European Central Bank holding a policy meeting, Europe’s top indexes posted stronger gains. The broad STOXX Europe 600 was up 0.5%, also bolstered by upbeat earnings from Nestle and Volvo.
Back home, Tata Motors will be in focus after the company informed exchanges that Jaguar Land Rover is currently experiencing some Covid-19 supply chain disruption, including the global availability of semi-conductors, which is having an impact on its production schedules and ability to meet global demand for some of their vehicles.
(With inputs from Reuters)