MUMBAI: Indian stock markets are come under pressure on Thursday, tracking global cues. Trends in SGX Nifty indicate a negative opening for India’s benchmark indices.
On Wednesday, the BSE Sensex ended at 40,707.31, up 162.94 points or 0.40%. The Nifty closed at 11,937.65, up 40.85 points or 0.34%.
Asian markets were lower on Thursday after a bumpy session on Wall Street amid fears that agreement on a key US stimulus bill will not be reached until after the presidential election on 3 November.
US lawmakers had not reached an agreement on the stimulus package by late Wednesday. President Donald Trump blasted Democrats in a Tweet, accusing them of being unwilling to compromise, despite earlier reports of progress.
Back home, the government expects a covid-19 vaccine to be ready for sale as early as December if clinical trials are successful, according to a Mint report.
Media and entertainment conglomerate Zee Entertainment Enterprises Ltd has announced a strategic restructuring of the organization and a bunch of new appointments. Former BCCI CEO Rahul Johri has been appointed president, business, South Asia and will be responsible for leading the integrated revenue and monetization team while Punit Misra will take over as president, content and international markets. Amit Goenka will be president, digital businesses and platforms while Shariq Patel and Anurag Bedi will continue to drive the movie and music businesses.
Asian Paints, Bajaj Auto, Bajaj Holdings, Bharti Infratel, Biocon, HDFC AMC, L&T Finance, Bajaj Holdings and SBI Cards & Payments, among others, are scheduled to announce their September quarter earnings today.
The dollar hit a seven-week low on Wednesday against a basket of currencies, while benchmark US Treasury yields rose to four-month highs, after Trump and House Speaker Nancy Pelosi boosted hopes an agreement on stimulus was close.
Oil prices ended lower after US inventories showed demand weakening for refined products as global covid-19 cases rose.
Reuters contributed to the story.