Nifty managed to post gains of less than 0.5% to close above 15760 on Thursday after the Metal sector rose by more than 4% while Bank Nifty under performed. The Nifty has been hovering in a narrow band in the past few days and selling pressure is likely to resume on a move below 15760 in the opening hours. Meanwhile, GBPINR has activated major breakout above 103.5 which may have negative impact on Indian bond market in today’s trade and may put pressure on Nifty. For today, crucial range for Nifty is seen at 15760-15850. Markets are expected to open gap-up of about 80 points as indicated by the SGX Nifty. Results today- Britannia Industries, Sun Pharma, UPL, Bandhan Bank, Indian Oil Corporation
U.S. markets rebounded to record highs on Thursday helped by strong company earnings and despite data showing second-quarter gross domestic product grew less than expected. The Federal Reserve’s message earlier this week that it is in no hurry to taper stimulus pinned the dollar at a one-month low. The Dow Jones Industrial Average to a record high of 35,171.52 points before closing up 0.4%, while the Nasdaq Composite added 0.3%. Markets in Asia-Pacific were mostly lower in early trading on Friday.
Stocks to watch
- KEC International has secured new orders of Rs 1,503 crores across its various businesses
- Steel companies in focus- Madras High Court directs CCI probe against steel companies for alleged cartelization.
- PVR, Inox, Phenix Mills in focus- Maharashtra CM to take a call on relaxation today.
- Hindalco- CRISIL upgrades long term rating to AA+ from AA
- Himatsingka Seide to consider fund raising in July 31.
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