Volatility may continue in markets; banks, financials, Tata Steel in focus

Volatility may continue in markets; banks, financials, Tata Steel in focus

By Administrator_India

Capital Sands

Mumbai: Indian stock markets are likely to be volatile on Wednesday while trends in SGX Nifty suggest a positive opening for domestic benchmark indices. On Tuesday, the BSE Sensex ended at 48,253.51, down 465.01 points or 0.95%. The Nifty was at 48,253.51, down 465.01 points or 0.95%.

Reserve Bank of India said Governor Shaktikanta Das will make a speech Wednesday, an unscheduled appearance as ferocious new coronavirus wave devastates the country.

Adani Green Energy, Tata Steel, Adani Enterprises and Ceat are some key companies which will announce their March quarter results today.

The board of directors of InterGlobe Aviation Limited, which operates the country’s largest airline IndiGo, will meet on 7 May to consider raising funds through a qualified institutional placement (QIP), the company said in a stock exchange notification on Tuesday.

Asian stocks were steady and U.S. equity futures edged up Wednesday after Treasury Secretary Janet Yellen’s comments on interest rates rattled markets overnight amid a technology selloff. The dollar held gains.

Yellen said rates will likely rise as government spending ramps up and the economy responds with faster growth, comments that economists regarded as self-evident. In a subsequent interview, the former Federal Reserve Chair said she wasn’t predicting or recommending rate hikes.

S&P 500 contracts advanced following a climb in commodity, financial and industrial sectors that helped the gauge pare losses.

Commodities rallied to the highest in almost a decade as the economic rebound from the pandemic stokes demand for metals, food and energy. New Zealand’s dollar climbed against all its Group-of-10 peers on a strong jobs report. Treasury futures were steady, with cash markets closed in Asia.

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