Indian markets are expected to be linear, though trends in the SGX Nifty indicate a strong opening for the benchmark indices. In the previous session, the BSE Sensex ended at 38,434.72, up 214.33 points, or 0.56%. The Nifty ended at 11,371.60, up 59.40 points or 0.53%.
Asian shares began cautiously in early trade on jitters over heady valuations, while coronavirus hopes were underpinned by sentiment after the US Food & Drug Administration ( FDA) approved the use of blood plasma from recovered patients as a treatment option.
Last week’s meeting minutes of the Fed barely discussed its policy outlook while “failing to reach expectations” that its September meeting would show a formal commitment to a new outcome-based forward guidance, Attrill added.
The Axis Bank-Max Life Insurance deal has moved a step closer to fruition, with both companies agreeing to amend or withdraw clauses in their agreement which have displeased the insurance regulator.
ICICI Lombard General Insurance Company. Ltd. and Bharti AXA General Insurance Company. Ltd. reported on Saturday that it would merge its insurance companies in a share swap arrangement, which, once concluded, will create the third-largest general insurance company in the world.
The 1,050 crore debt repayment issued by Vedanta Ltd, along with interest, made four of the six frozen Franklin Templeton debt schemes cash positive as of 17 August, according to a note from Franklin Templeton.
Suzlon, IRB Infra, LIC Housing Finance, and Globus Spirit are among the companies that will announce the results for the quarter of June.
Among currencies, the dollar hit 105.90 on the haven of Japan’s yen.
The British pound suffered losses after dropping 0.9% on Friday due to a lack of progress in the post-Brexit trade negotiations with the European Union. This was the last time it was $1, 3089.
On Friday, news came that Britain’s national debt soared above 2 trillion pounds ($2.65 trillion) for the first time in July when the government raised public spending to deal with the coronavirus pandemic, and tax collections dropped.
The euro was defensive at $1,1792 after dropping 0.5 percent, following poor data on manufacturing activity. This left the dollar index unchanged at 93.22.
In commodities, oil prices increased, with Brent crude rising 9 cents to $44.44 a barrel, and U.S. crude rising 9 cents to $42.43.
