Asian stocks rose along with U.S. equity futures after solid economic data and President Joe Biden’s federal spending plans spurred a Wall Street rally in cyclical shares.
Japanese shares led gains, Hong Kong pushed higher aided by JD Logistics Inc.’s debut and China fluctuated. India’s SGX Nifty 50 Index futures for June delivery rose 0.4% to 15,476.00, while MSCI Asia Pacific Index +0.9%. The NSE Nifty 50 Index added 0.2% Thursday to 15,337.85, a record high close.
The dollar inched up and the yen fell as Japan recommended extending a state of emergency that spans Tokyo to curb infections. China signalled the yuan’s recent appreciation is too rapid with a weaker-than-expected reference rate.
Elsewhere, oil climbed to a more than two-year peak and the Bloomberg Commodity Spot Index rose the most in about two weeks. Bitcoin continued to trade below the $40,000 level.
Back home, Sun Pharma, Eicher Motors, Redington India, Metropolis, IRB Infra, HEG, Goodyear may react as the companies reported quarterly results after the market closed Thursday. Mahindra, Glenmark Pharma, Karur Vysya, IPCA Lab, City Union Bank, HeidelbergCement are among the companies scheduled to report earnings Friday. Foreign investors bought net Rs 1,495 crore of stocks on May 25 and May 26, according to NSDL website.