ECONOMY

Stock Markets Live: SGX Nifty Climbs Amid Weak Asia Cues; HDFC AMC, Wipro In Focus

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Asian stocks and U.S. equity futures dipped Friday amid concerns about the economic growth outlook and coronavirus flareups in some parts of the world.

Shares posted modest drops in Japan, China and Hong Kong. China Evergrande Group soared after the country’s most-indebted developer said it will consider a special dividend. U.S. contracts slipped after energy and technology sectors led Wall Street lower. Moderna Inc. rallied in extended trading on an announcement that the vaccine maker is set to join the S&P 500.

India’s SGX Nifty 50 Index futures for July delivery rose 0.2% to 15,954.50, while MSCI Asia Pacific Index down 0.4%. The NSE Nifty 50 Index added 0.4% Thursday to 15,924.20.

Federal Reserve Chair Jerome Powell overnight defended the central bank’s accommodative stance in the face of uncomfortably high inflation. Officials expect a transient surge in price pressures amid the reopening from the pandemic, but some others fear stickier inflation that could hurt economic prospects. The 10-year Treasury yield is set for a third weekly retreat.

Crude oil steadied but was on course for the biggest weekly decline since mid-March, hurt by virus flareups and amid uncertainty over an OPEC+ deal to boost supply. New Zealand’s dollar jumped after the nation’s inflation breached the central bank’s target range, reinforcing bets on an interest-rate increase.

Back home, Wipro, L&T Infotech, Cyient, Tata Elxsi, Angel Broking may react as the companies reported quarterly results after the market closed Thursday. HDFC Asset, L&T Finance, Just Dial are among the companies scheduled to report earnings Friday. HDFC Asset, Century Textiles, L&T Technology, Piramal Enterprises, Indian Bank among companies holding their annual shareholders’ meeting. Foreign investors sold net Rs 1,220 crore of stocks on Wednesday, according to NSDL website.

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