Market Set Top Open Hire; Reliance Industries, Future Retail in Focus

Domestic equity benchmarks are set to open higher on Thursday as indicated by Nifty futures on the Singapore Exchange. Singapore Nifty futures also rose 0.4 percent or 58 points to SGX Nifty at 14,702. The Sensex and Nifty closed at new record highs in Wednesday’s session as auto and information technology stocks surged.

Meanwhile, the global equity benchmark rose to new record highs and oil prices on Wednesday as investors shifted to risky assets in anticipation of a US stimulus under the new Biden administration to offset the economic losses of the coronovirus epidemic.

US President Joe Biden took the oath of office on Wednesday, last week proposing a $ 1.9 trillion stimulus package to boost the economy and accelerate the delivery of vaccines.

US Treasury Secretary Nominee Janet Yellen urged lawmakers to “do a big job” to save the economy and to worry about the debt at a confirmation hearing on Tuesday.

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Due to Amazon’s efforts to cancel the deal, Reliance Industries will be in focus on Wednesday night, after approving Reliance Industries’ Rs 24,713-crore deal to buy Future Group’s retail properties. The BSE gave its “no adverse observations” report with some regulators to approve the deal from the market regulator.

Due to higher losses and provisions, Bajaj Finance reported a 29 per cent annualized rate (yo) decline in consolidated net profit to Rs 1,145.98 crore for the three months to December.

Ultratech Cement will consider a proposal to raise funds at a board meeting to be held on 23 January.

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