(RTTNews) - Indian shares are likely to open a tad higher on Friday as investors await the Q2 GDP print due later in the day and watch the latest developments on the vaccine front.
Economists estimate the GDP contraction in the July-September quarter to narrow significantly from the record decline of 23.9 percent in the June quarter due to the impact of the festival demand and lifting of the strict lockdown in June.
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday the Indian economy has exhibited stronger pick up in momentum of recovery than expected, but there is a need to be watchful of demand sustainability after the end of festivities.
Meanwhile, India's first coronavirus vaccine Covaxin began its phase-three human clinical trial at AIIMS in New Delhi on Thursday with Dr M V Padma Srivastava and three other volunteers receiving the first dose.
The government is gearing up to vaccinate at least 30 crore people against the novel coronavirus, including health care workers, police personnel and those above 50.
Benchmark indexes Sensex and the Nifty jumped around 1 percent on Thursday amid optimism around Covid-19 vaccines and hopes for a speedy recovery from the pandemic. The rupee settled 3 paise higher at 73.88 against the U.S. dollar.
Asian markets remain little changed in muted trading this morning as the efficacy of AstraZeneca's coronavirus drug faced more scrutiny after dosing mistake.
The U.K. drug maker said that further research is needed but it didn't expect the additional trial to delay U.K. and European regulatory approvals.
U.S. hospitalizations for Covid-19 are at a record and experts warn that cases could surge even higher after Thanksgiving.
Gold steadied and the dollar index held near its lowest level in more than two months, while oil extended declines from a seven-month high amid signs of oversupply.
U.S. markets were closed for Thanksgiving on Thursday. In Europe, stocks struggled for direction before ending on a flat note Thursday as worries on the Brexit front and surging coronavirus cases proved a dampener.
The pan European Stoxx 600 slid 0.1 percent. The German DAX and France's CAC 40 index slipped marginally while the U.K.'s FTSE 100 eased 0.4 percent.
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