The Indian equity benchmarks are set to open on a flat note as indicated by the Nifty futures traded on the Singapore Exchange. The 50-share Nifty 50 index was seen opening above its important psychological level of 15,300. Nifty futures on Singapore Exchange also known as the SGX Nifty rose 10 points to 15,310. In yesterday’s session, Nifty logged in fourth straight session of gains as investor sentiment got a boost from declining daily trend of Covid-19 cases.
Meanwhile, Asian shares retreated from two-week highs on Thursday and China started on the backfoot on fears central banks were closer to considering winding back their emergency stimulus while the dollar held at a one-week top.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 per cent at 691.76, still not too far from Wednesday’s high of 696.76, a level last seen on May 10.
Overnight, U.S. stocks closed out Wednesday’s session with modest gains as recent comments from Federal Reserve officials helped tamp down concerns about runaway inflation and kept bond yields in check.
Stocks such as Tesla and Alphabet, which have struggled in recent weeks as bond yields advanced due to rising inflation worries, were among the top boosts to the benchmark S&P 500 index with the 10-year U.S. Treasury note holding below the 1.6 per cent level.
Back home, Bharat Petroleum will be in focus after it reported profit of Rs 11,940 crore against loss of Rs 1,361 crore during the same quarter last year.
Burger King’s net loss narrowed to Rs 25.94 crore from loss of Rs 37.4 crore during the same quarter last year.