August 5, 2021

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Sensex, Nifty Set For Strong Start

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Indian shares look set to open higher on Thursday after three consecutive sessions of losses.

Indian markets were closed Wednesday on account of Eid-ul-adha 2021 or Bakrid 2021.

On Tuesday, benchmark indexes Sensex and the Nifty fell 0.7 percent and 0.8 percent, respectively on COVID-related concerns.

The rupee reversed early losses to close 27 paise higher at 74.61 (provisional) amid a weaker U.S. dollar and falling U.S. yields.

The Asian Development Bank (ADB) has downgraded India’s GDP growth forecast for the current financial year to 10 percent from 11 percent projected earlier, but growth projection has been raised to 7.5 percent for next fiscal, by which time much of India’s population is expected to be vaccinated.

Asian markets were broadly higher this morning as strong U.S. earnings helped offset concerns about the economic impact of coronavirus flareups.

The dollar held a decline on improved risk appetite while ten-year Treasury yields headed back toward 1.3 percent. Oil steadied near $70 a barrel after a two-day gain.

Bitcoin climbed back above $32,000 after SpaceX founder Elon Musk said his rocket company owns bitcoin and that his electric car company Tesla would resume accepting bitcoin when mining uses more renewable energy.

U.S. stocks rose for the second straight session overnight after a troubling start to the week on fears about a resurgence in coronavirus cases.

The Dow and the S&P 500 gained around 0.8 percent, while the tech-heavy Nasdaq Composite added 0.9 percent, powered by strong earnings from several big-name companies.

European stocks rallied on Wednesday as travel and leisure stocks rebounded after recent string of losses.

The pan European Stoxx 600 gained 1.7 percent. The German DAX rallied 1.4 percent, France’s CAC 40 index surged 1.9 percent and the U.K.’s FTSE 100 climbed 1.7 percent.

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2021-07-21 22:54:14

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