Markets rallied on Thursday to close above 15,900 in Nifty after the U.S Federal Reserve testified that the central bank was is no hurry to pare purchase of stimulus which are currently running at $120 bn monthly. The global markets cues helped Nifty to surpass the trading range of 15,620-15,900 which was prevailing since last one month. However on daily basis, Nifty has oscillated in the rising wedge and hence 15,850 will act as reversal point after breakout from this trading range.
US stock indexes fell on Thursday as a rally in growth stocks ran out of steam, while economically-sensitive cyclicals gained as a fall in weekly jobless claims last week strengthened views about a recovery in the labor market. The Dow Jones was up 7.35 points, or 0.02%, at 34,940.58 and the S&P 500 was down 14.09 points, or 0.32%, at 4,360.21. The Nasdaq Composite dropped 102.25 points, or 0.70%, at 14,542.70. Asian indices mostly fell in Friday morning trade as investors await the Bank of Japan’s monetary policy statement. The SGX Nifty is indicating a positive opening of 36 points.
Stocks to watch
- Bandhan Bank Advances rise 8% y/y to 801.3b as of June 30, total deposits rise 28% y/y at INR773.4b
- Cyient 1Q net income +41% y/y to 1.15b rupees, beats est. 1.08b
- Gati Ltd. To sell 69.8% stake in unit Gati Kausar to Mandala Capital
- Indian Oil Corp. Co.’s Paradip Refinery hit by glitches, partial shutdown planned
- IRB InvIT Fund Says IRB Pathankot toll road wins arbitration award against NHAI
- L&T Infotech 1Q net income +19% y/y to 4.96b rupees, beats est. 4.82b; revenue +17% y/y to 34.63b
- NMDC OFS up to 8.9m NMDC shares to co.’s staff at 165.50 rupees/shr; offer open July 16-18
- Reliance Industries Says report on JustDial a media speculations; Reliance evaluates opportunities on an ongoing basis
- Reliance Power Makes pref. allotment of 595m shares and 730m warrants to founder Reliance Infra (RELI) by conversion of its debt
- Sona Blw Precision (SONACOMS): Approves pact with Israel’s IRP Nexus to design motor for electric two-wheelers
- Tata Elxsi 1Q net Income 1.13b rupees vs. 688.7m rupees Y/y; revenue 5.58b rupees
- Tata Motors To consider 5b rupees bond issue on July 20.
- Wipro 1Q net income +36% y/y to 32.4b rupees, beats est. 28.28b; revenue +22% to 182.5b rupees; Sees 2Q revenue growth 5%-7% Q/q
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