Nifty futures were trading 111.50 points or 0.75 per cent down at 14,663.50 on Singaporean Exchange. While, it was quoting higher than Nifty’s Tuesday’s closing, indicating that headline indices were staring at a positive start on Thursday. Market participants will closely watch rising COVID-19, on-going vaccination drive, oil prices, Q4 results, rupee movement and other global cues.
Coinbase listing on Nasdaq will be a watershed event in the short history of the global crypto ecosystem adding to the gradual yet growing acceptance of cryptocurrencies in mainstream finance. The milestone would also allow crypto bulls to advocate even more affirmatively for digital assets’ proliferation. While the direct listing would be a huge sentiment-driving market signal for the entire digital asset industry, and all existing and potential crypto enthusiasts but the nature of crypto is such that all of it could be very uncertain.
Domestic stock markets resume trading after a brief halt on Wednesday. Sensex currently sits at 48,544 points, recouping some of Monday’s losses. Nifty 50, on the other hand, is settled at 14,504. SGX Nifty was down in the red, hinting at a negative start for equity markets that have continued to fluctuate between a broad range over the last few trading sessions. Global cues were mixed on Thursday. Investors are likely to keep an eye on earnings and take note of stock-specific actions while the rising coronavirus cases continue to spook investors.
Software services behemoth Infosys today said that its board has approved a Rs 9,200 crore buyback of equity shares from the open market. The company will buy back shares at a maximum Rs 1,750 apiece, a premium of 25% on the current market price of Rs 1,398 apiece. The buyback announcement came along with the financial results of the company where it reported a jump in net profit to Rs 5,076 crore in the January-March quarter, up from Rs 4,321 crore in the same period last year.
In overnight trade on Wall Street, US stock indices ended mixed. The Dow Jones Industrial Average rose 0.16 per cent, and the S&P 500 lost 0.41 per cent. The Nasdaq Composite dropped one per cent.
Asian stock markets were trading mixed on Thursday with Japan’s Nikkei 225 rising 0.22 per cent. The Topix index gained over half a per cent.
Infosys on Wednesday reported a sedate set of numbers for the March quarter with net profits coming in at Rs 5,076 crore, a decline of 2.4% sequentially and slightly short of analysts’ estimates. Revenues grew 2% sequentially to Rs 26,311 crore, on a constant currency basis, again a shade lower than estimates and much below Tata Consultancy Services’ revenue growth of 4.2%