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The Nifty50 is likely to open with a gap on the higher side on Friday following positive trend seen in other Asian markets. The index closed 101 points lower at 11,244 on Thursday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 44.5 points or 0.39 percent. Nifty futures were trading around 11,322-level on the Singaporean Exchange.
Technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded US company worth a trillion dollars, said a Reuters report.
The Dow Jones Industrial Average fell 7.66 points, or 0.03 percent, to 25,326.16, the S&P 500 gained 13.86 points, or 0.49 percent, to 2,827.22 and the Nasdaq Composite added 95.40 points, or 1.24 percent, to 7,802.69.
Asian stocks were steady on Friday, with gains from the tech-led rise on Wall Street capped by the latest exchange of trade threats between Beijing and Washington, while safehaven flows lifted the dollar to a two-week high.
As many as 82 companies will report their results for the quarter ended June on Friday which include companies like Berger Paints, Bharat Gears, Den Networks, JBF Industries, Bank of Maharashtra, Manglam Cement, Nestle India, SAIL, Shipping Corp, SJVN, Titan Company, and VIP Industries among others.
ONGC: Q1 consolidated profit rises 3.9 percent to Rs 6,143 crore versus Rs 5,915.2 crore; revenue increases 13.5 percent to Rs 27,212 crore versus Rs 23,970 crore (QoQ).
Tata Motors July auto sales: JLR US sales down 11% at 8,089 units, Land Rover US sales up 5% at 6,209 units and Jaguar US sales down 41% at 1,880 units
Reliance Industries subsidiary Reliance Brands has purchased an additional 2.36% equity stake in Genesis Colors for about Rs 9.89 crore, taking
its total stake in GCL to 11.65%
SBI signs MoU with Reliance Industries
Indiabulls Housing Finance: Q1 profit jumps 29.6 percent to Rs 1,049 crore versus Rs 809.5 crore; revenue climbs 29 percent to Rs 3,890.3 crore versus Rs 3,016.5 crore (YoY).
Manpasand Beverages: Q1 profit rises 1.3 percent to Rs 36.4 crore versus Rs 35.9 crore; revenue increases 13.5 percent to Rs 334.6 crore versus Rs 295 crore (YoY).
Technical Recommendations:
We spoke to IIFL and here’s what they have to recommend:
IndusInd Bank: Buy| Target: Rs 2.204| Stop Loss: Rs 1,931| Returns 9%
Pfizer Ltd: Buy| Target: Rs 2,910| Stop Loss: Rs 2,705| Returns 7%
Abbott India: Buy| Target: Rs 8,498| Stop Loss: Rs 7,615| Returns 7.5%
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