The Nifty50 is likely to open with a gap on the higher side and reclaim 10700 levels in opening trade on Thursday tracking positive global cues. The index closed flat with a negative bias at 10,651 on Wednesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a risel of 64.5 points or 0.61 percent. Nifty futures were trading around 10,701-level on the Singaporean Exchange.
US stocks surged on Wednesday after the Federal Reserve said it would be patient in lifting borrowing costs further this year, reassuring investors worried about a slowing economy, said a Reuters report.
Asia stocks rose to a four-month high on Thursday, tracking Wall Street, after the Federal Reserve pledged to be patient with further interest rate hikes, signaling a potential end to its tightening cycle amid signs of slowing global growth, it said.
On the earnings front, as many as 128 companies will declare their results for the quarter ended December which include names like Ballarpur Industries, Bharti Airtel, Dabur India, Hero MotoCorp, NMDC, Petronet LNG, UPL Ltd, Vedanta, and V-Guard etc. among others.
Stocks in news:
Private sector lender ICICI Bank posted a 2.7 percent year-on-year (YoY) drop in its December quarter net profit at Rs 1,604.91 crore. The asset quality also improved in Q3 with an improvement in both gross and net non-performing asset (NPA) ratio.
Sharekhan: Buy| TArget: Rs 450| Q3 results were strong with healthy growth in NII, margins.
NTPC on Wednesday reported 1.04 percent year-on-year (YoY) rise in net profit at Rs 2,385.41 crore for the December quarter, which was below analyst estimates. It has decided to pay an interim dividend at the rate of Rs 3.58 per share.
Macquarie maintains an outperform rating: Target: Rs 186
Drug firm Torrent Pharmaceuticals on Wednesday reported an over four-fold jump in consolidated net profit to Rs 246 crore for the December 2018 quarter. It had posted a net profit of Rs 58 crore in the corresponding period of 2017-18, the company said in a BSE filing.
We spoke to Bonanza Portfolio and here’s what they have to recommend:
Cyient: Buy| CMP: Rs 612.35 | Target: Rs 661| Stop Loss: Rs 593| Return 8%
SBI: Buy| CMP: Rs.287.45 | Target Rs 308| Stop Loss: Rs.278| Return 7%
NMDC: Buy| CMP: Rs.96.10 | Target: Rs 105| Stop Loss: Rs.92| Return 9%Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.