Indian Shares Seen Up As Trump Agrees To Biden Transition


(RTTNews) – Indian shares are seen opening higher on Tuesday, with positive global cues on vaccine hopes and bets on a faster return to economic growth likely to help underpin sentiment.

Niti Aayog CEO Amitabh Kant on Monday said that “unprecedented” reforms undertaken on both governance and economic fronts by the government have been quite unprecedented and they will usher in a new era of growth and prosperity.

Meanwhile, India will be given first priority for the delivery of the AstraZeneca/Oxford vaccine after its British developers claimed success following mass testing, the world’s largest vaccine manufacturer by volume said.

Five Covid-19 vaccine candidates are in advanced stages of development in India. Four of the vaccine candidates are undergoing the phase II and III and another one phase I and II of trials.

Prime Minister Narendra Modi is likely to meet with chief ministers and other representatives of 8 states and union territories via video conferencing today to review the Covid-19 situation and discuss the vaccine distribution strategy.

Benchmark indexes Sensex and the Nifty rose about half a percent on Monday to extend gains for the second straight session, while the rupee settled at 74.10 against the U.S. dollar, marking its highest level in nearly a month.

Asian stocks are moving higher this morning and riskier currencies remain supported after U.S. President Donald Trump gave the head of the General Services Administration the go-ahead to proceed with a transition for Biden’s administration.

Joe Biden plans to nominate former Federal Reserve chair Janet Yellen to serve as his Treasury secretary, a pivotal role in which she would help shape and direct his economic policies.

U.S. stocks rose overnight as more positive news on a coronavirus vaccine emerged and BlackRock upgraded U.S. equities to overweight.

The Dow Jones Industrial Average climbed 1.1 percent, the tech-heavy Nasdaq Composite edged up 0.2 percent and the S&P 500 gained 0.6 percent.

European stocks gave up early gains to end slightly lower on Monday after data signaled that the euro area is slipping into another contraction.

The pan European Stoxx 600 shed 0.2 percent. The German DAX and France’s CAC 40 index both slipped 0.1 percent while the U.K.’s FTSE 100 eased 0.3 percent.

A Global Asset Management Seoul Korea Magazine

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