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Markets can remain volatile; telecoms actions, focus on Tata Consumer




MUMBAI : Indian stock markets are expected to remain wobbly on Wednesday. SGX Nifty trends suggest a flat opening for national benchmarks. On Tuesday, the BSE Sensex closed at 49,751.41, up 7.09 points or 0.01%. The Nifty settled 0.22% higher at 14,707.80.

Asian stocks opened lower on Wednesday amid concerns over rising interest rates and rich stock valuations and following a decline in overnight trading in the United States and Europe.

Read also | Bitter truths at home for migrant workers

The Dow and the S&P 500 recovered early losses after Federal Reserve Chairman Jerome Powell reiterated in testimony to the Senate Banking Committee that monetary policy would remain accommodative and would not change without warning.

However, Powells’ testimony did not completely brush aside fears of rising inflation, as economies around the world are expected to rebound more strongly this year than expected, just weeks away from the global vaccine release.

Back home, telecoms actions will be the focus of concern, as the sector regulator may consider lowering the minimum price for 5G spectrum if the government orders it to do so amid fears that prices set for airwaves. could interfere with the deployment of the latest wireless technology.

Tata Consumer Products Ltd will be the focus as it will replace GAIL (India) Ltd. in the Nifty 50 benchmark from March 31, 2021 as part of a six-monthly renewal.

Bharti Airtel Ltd has said it will use technology from US chipmaker Qualcomm Technologies Inc. to deploy fifth generation, or 5G, telecommunications services in India.

Meanwhile, Brazil has fully approved the covid-19 vaccine developed by Pfizer Inc and BioNTech SE, its health regulator said on Tuesday, although a dispute over a supply deal means it has none. none with which to start an immunization program.

Spot gold added 0.1% to $ 1,806.25 an ounce, the dollar index fell 0.037%, the euro up 0.04% to $ 1.2154.

US crude stabilized 3 cents at $ 61.67 a barrel on Tuesday, still near its highest levels since January 2020. Brent stabilized 13 cents, or 0.2%, at 65.37 $ per barrel.

The 10-year US Treasury note fell 1.4 basis points to 1.3551% at the end of US trade. It peaked at 1.389% early Tuesday before Powells’ testimony.

The two-year US Treasury yield, which generally moves in line with interest rate expectations, was little changed at 0.1169%.

(Reuters contributed to the story)

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