Markets can continue to consolidate; Reliance, pharmaceutical stocks at a glance

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MUMBAI: Indian stock markets will likely consider consolidation on Thursday, after two days of losses with SGX Nifty futures showing a flat opening in domestic benchmarks.

On Wednesday, the BSE Sensex finished at 38,193.92, dropping 171.43 points or 0.45%. The 50-stock Nifty index was at 11,278, down 39.35 points or 0.35%.

Asian markets rebounded higher on Thursday, after US stocks reversed course after a three-day losing streak that took the tech-heavy Nasdaq into corrective territory.

Wall Street ended higher on Wednesday after investors invested in technology stocks, benefiting from the recent decline.

Back home, Reliance Retail Ventures Ltd, which raised $ 1 billion from Silver Lake Partners on Wednesday, is expected to leverage additional investments worth $ 5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority (ADIA), according to a Mint Report.

Mortgage financier Indiabulls Housing Finance Ltd has launched a Qualified Institutional Investment Offer (QIP), to raise funds from institutional investors, the company said on Wednesday in a stock exchange filing. Indiabulls aims to raise around 735 crore through the QIP, according to a Mint report.

The Serum Institute of India will start the next phase of the Covishield vaccine trial after the Data Safety Monitoring Board completes the review of the covid-19 vaccine, while AstraZeneca plc has also temporarily suspended the phase 3 clinical trial of her vaccine after seeing an “ unexplained illness ” in a patient who received the dose.

Prime Minister Narendra Modi will chair the digital launch of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) on Thursday. the The Centre’s 20,050 crore program, approved by the cabinet in May, is part of the $ 20 trillion stimulus plan to revive the struggling economy and aims to achieve sustainable and responsible fisheries development.

Oil prices recovered some of the losses they saw in the previous trading session when they hovered near their three-month lows.

U.S. crude CLc1 rose 3.5% and Brent LCOc1 rose 2.5%, although outbreaks of covid-19 still threaten to slow the global economic recovery. US crude eased 0.5% at the start of Asian trade on Thursday to $ 37.88 a barrel.

The US dollar slipped from a four-week high on Wednesday, dragged down by losses against the euro after a report that European Central Bank officials became more confident in their prospects for recovery in the region.

The dollar index fell 0.325%, with the euro up 0.03% to $ 1.1806. The safe haven greenback was also hit by rising investor appetite for risk as US stocks rebounded.

Yields on US Treasuries rose on Wednesday after the government sold $ 35 billion in 10-year notes at slightly weak demand.

Reuters contributed to the story.

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