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Indian Shares May Open On Weak Note

Indian shares may open on a weak note Thursday morning amid worries about the continued surge in new coronavirus cases across the country. Lower SGX Nifty futures too suggest a weak start for the market.

India reported more than 3 lakh COVID-19 on Wednesday. According to reports, as many as 3,15,660 cases and 2,091 deaths were recorded in the country till about an hour before midnight.

However, investors may look to pick up stocks at lower levels, tracking cues from Wall Street where stocks closed higher overnight, and gains in Asian markets today.

In earnings news, Nestle reported a 14.6% surge in the quarter ended March 2021 at Rs 602.2 crore against Rs 525.4 crore in the corresponding period last year.

Swaraj Engines said it posted a profit of Rs 32.6 crore in the fourth quarter, up from Rs 15.8 crore it recorded in the year-ago quarter.

The Indian market remained closed on Wednesday on account of Sri Rama Navami festival. On Tuesday, the market to hold early gains and ended lower. The 30-share BSE Sensex ended the session down 243.62 points, or 0.51 percent, at 47,705.80, while the broader Nifty index settled at 14,296.40, down 63.05 points, or 0.44 percent, from its previous close.

U.S. stocks closed higher on Wednesday, rebounding after recent losses dragged the Dow and the S&P well off last Friday's record highs. The Dow jumped 316.01 points or 0.9 percent to 34,137.31, the Nasdaq surged up 163.95 points or 1.2 percent to 13,950.22 and the S&P 500 advanced 38.48 points or 0.9 percent to 4,173.42.

The major European markets also closed higher. While the French CAC 40 Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index and the German DAX Index rose by 0.5 percent and 0.4 percent, respectively.

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