The Indian markets look set for a flat to positive start on Thursday. At 7:30 AM, the SGX Nifty was trading at around 11,320 levels. However, investors can expect some sharp moves later in the day as the Supreme Court is set to resume hearing on loan moratorium. In the previous hearing, SC had ruled in favour of borrowers by asking lenders not to declare accounts as NPA until further order.
Moreover, media reports indicate that after silver lake, marquee investors including KKR, Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund could be in line to pick stakes in RIL's retail-arm Reliance Retail Limited. This could spur some positive momentum in the stock.
Apart from these, market participants will also take cues from global markets, and track corporate results for stock-specific moves. A total of 74 companies including Hindustan Aeronautics, and J&K Bank are scheduled to announce their June quarter results today.
Overnight, Wall Street reversed course after three-day losing streak and ended higher after investors ploughed into technology stocks. The Dow Jones rose 1.6 per cent, the S&P500 gained 2 per cent and the Nasdaq Composite added 2.7 per cent.
Asian markets also ticked up on Thursday. Australian ASX200 rose 0.7 per cent in early trading and Japan's Nikkei added half a per cent of gains, while Hong Kong's Hang Seng index was only mildly higher.
Back home, India yesterday recorded its worst-ever single-day spike of 95,529 coronavirus cases, taking India's tally past the 44.6 lakh mark. The IMF has warned that the coronavirus crisis was “far from over” and underscored the need for multilateral cooperation to ensure adequate supplies once a vaccine is developed.
Indiabulls Housing Finance is set to trade actively in today's trade after the company said it is aiming to raise up to Rs 1,000 crore through a QIP launched on Wednesday as well as partial divestment of its stake in UK-based OakNorth Bank in tranches. In a regulatory filing, the company said the floor price for the QIP has been set at Rs 206.70 per equity share.
And now, a quick look at other top news
The Rs 600-crore IPO of Route Mobile garnered full subscription on Wednesday, the first day of the issue. Most of the bids so far have come from retail investors.
The IPO of Happiest Minds Technologies has been subscribed nearly 151 times, generating bids worth more than Rs 58,000 crore and making it one of the most-subscribed maiden share offerings in recent times. The three-day bidding process ended on Wednesday and shares are likely to get listed on September 17.
Equity schemes posted net outflows of around Rs 4,000 crore in August — the highest in a decade — led by withdrawals in large- and multi-cap schemes. Investors booked profits or redeemed their investments to meet liquidity needs in a month when the benchmark indices rose 2.7 per cent.