The Nifty50 is expected to open flat on Friday tracking mixed trend seen in other Asian markets. The index closed 14 points lower at 10,792 on Thursday.
Trends on SGX Nifty indicate a flat positive opening for the broader index in India, a rise of 4 points or 0.04 percent. Nifty futures were trading around 10,874-level on the Singaporean Exchange.
Wall Street’s main indexes fell slightly on Thursday as support from better-than-feared US GDP data was countered by concerns about earnings and US-China trade relations, said a Reuters report.
Asian shares inched higher on Friday with broader gains capped by investor caution as concerns about China’s economy and global trade weighed on sentiment while stronger-than-expected US GDP data pushed the dollar up, it added.
The rupee rebounded by 52 paise to close at 70.72 against the US dollar Thursday as investors wagered on de-escalation of tensions between India and Pakistan.
Auto stocks will be in focus as automakers will start declaring their results for February.
The Cabinet Thursday cleared an FDI proposal of telecom operator Vodafone Idea Ltd ahead of its proposed up to Rs 25,000 crore rights issue.
Six more aircraft of Jet Airways were grounded on February 28 due to non-payment of lease rentals, the company said in a filing. Seven aircraft of the carrier were grounded a day earlier.
Telecom operator Bharti Airtel on February 28 said its Board has approved fund raising plans of up to Rs 32,000 crore through a mix of rights issue and bond, a move arms the company with firepower to take on market competition intensified by Reliance Jio.
Technical Recommendations:
We spoke to ICICIDirect and here’s what they recommended:
Tata Steel: Buy| LTP: Rs 507| Target: Rs 560| Stop Loss: Rs 468| Upside 11%| Time Frame 6 months
Berger Paints: Buy| LTP: Rs 299| Target: Rs 327| Stop Loss: Rs 284| Upside 9% Time Frame 1 months
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