Asian stocks rose Thursday on China’s efforts to soothe market nerves and the Federal Reserve’s reassurance that it’s moving very gradually toward tapering stimulus if the U.S. makes more economic progress.
Hong Kong and Chinese shares outperformed at the open, rebounding from steep losses sparked by Beijing’s crackdown on private enterprises. MSCI Inc.’s Asia-Pacific gauge jumped about 1%. S&P 500 futures fell back after the index was little changed overnight, while Nasdaq 100 futures dipped as Facebook Inc. fell in extended trading on a cautious outlook.
India’s SGX Nifty 50 Index futures for July delivery, expires today, gained 0.26% to 15,748, while MSCI Asia Pacific Index +0.9%. The NSE Nifty 50 Index fell 0.2% Wednesday to 15,709.40.
Elsewhere, oil held an advance as declining stockpiles of U.S. crude, gasoline and distillate signaled healthy demand during the nation’s summer driving season. Bitcoin traded around $40,000, holding this week’s recovery.
Back home, Nestle India, Mahanagar Gas, ABB India, United Breweries, Oracle Financial, WABCO India, Happiest Minds may react as the companies reported quarterly results after the market closed Wednesday. Tech Mahindra, Colgate, Indus Towers, TVS Motor, LIC Housing are among the companies scheduled to report earnings Thursday.
Colgate, Indiabulls Housing, Lal PathLabs, Great Eastern Shipping are holding their annual shareholders’ meeting. Tatva Chintan Pharma to make stock market debut after its IPO got subscribed 180.36 times. Its issue price was fixed at Rs 1,073-1,083 apiece.
Foreign investors sold net Rs 558 crore of stocks on Tuesday, according to NSDL website.