Markets can be volatile; Reliance, Yes Bank focuses on equities


MUMBAI: Indian markets could be volatile on Friday as trends from SGX Nifty suggest a soft opening in benchmarks. On Thursday, the BSE Sensex finished at 38,840.32, gaining 646.40 points or 1.69%. The 50-stock Nifty index was at 11,449.25, adding 171.25 points or 1.52%.

Asian markets were mixed on Friday morning in response to declines in tech stocks that began last week and growing concerns over another round of negotiations over the UK’s departure from the European Union.

The European Union told Britain on Thursday that it should drop plans to break its divorce treaty, but Prime Minister Boris Johnson’s government refused and moved forward with a bill that could sink four years of Brexit negotiations.

On Thursday on Wall Street, the Dow Jones Industrial Average fell 405.89 points, or 1.45%, to 27,534.58, the S&P 500 lost 59.77 points, or 1.76%, to 3,339.19 and the Nasdaq Composite fell 221.97 points, or 1.99%, to 10,919.59.

Back home, Yes Bank said they had fully refunded 50,000 crore provided by RBI as a Special Liquidity Facility (SLF) amid the crises the lender faced earlier this year, its chairman Sunil Mehta said. He also said that FY21 will be a year of transition for the bank, which has just emerged from an unprecedented situation. 10,000 crore rescue led by SBI after setbacks received under the founding team.

Reliance said a report on the company considering selling a stake in its retail business to U.S. rival Amazon was speculative.

Prime Minister Narendra Modi on Thursday launched fishing and farming projects worth more than 20,000 crore in Bihar, which goes to polls later this year. Projects launched virtually by Modi, which gave the slogan Jai Kisan (farmers), Jai Vigyan (science), Jai Anusandhan (research), included the Pradhan Mantri Matsya Sampada Yojana (PMMSY) 20,050 crore program and e-Gopala mobile application.

The euro hit a one-week high against the dollar on Thursday after European Central Bank President Christine Lagarde hinted that the ECB was unlikely to take action to weaken the euro despite its recent earnings.

Oil prices fell again after US data showed a build-up of crude inventories last week, in part due to ongoing cuts at refineries along the Gulf of Mexico after Hurricane Laura.

Reuters contributed to the story.

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