Nifty Futures on the Singaporean exchanges were trading strong, with the index inching towards 11,200, pointing to a possible fresh record high.
The Nifty50 is likely to open higher on Thursday following positive trend seen in other Asian markets. The Nifty50 closed 2 points lower on Wednesday at 11,132.
Nifty Futures on the Singaporean exchanges were trading strong, with the index inching towards 11,200, pointing to a possible fresh record high. As of 10 am Singapore Time, the futures were trading at 11,171, up 39 points and had clocked an intraday high of 11,194.
Markets in US closed sharply higher as trade war fears ebb. The Dow Jones Industrial Average rose 172.16 points to close at 25,414.10 after falling more than 100 points earlier in the session. The Nasdaq Composite jumped 1.2 percent to an all-time high of 7,932.24.
Asian stocks edged higher on taking comfort from gains on Wall Street after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward eliminating trade barriers on industrial goods, Reuters reported.
Earnings will be in focus because as many as 62 companies will report their results for June quarter on Thursday which include names like Yes Bank, Bharti Airtel, Biocon, CESC, Dr Reddy’s Laboratories, ITC, Maruti Suzuki India, Tata Coffee, Tata Power, NIIT and Novartis India.
Larsen & Toubro: Q1 profit jumps 36.1 percent to Rs 1,215 crore versus Rs 892.5 crore; revenue increases 18.8 percent to Rs 28,283 crore versus Rs 23,811 crore (YoY).
Hero MotoCorp: Q1 profit falls 0.5 percent to Rs 909.2 crore versus Rs 914 crore; revenue rises 10.4 percent to Rs 8,809.8 crore versus Rs 7,980.5 crore (YoY).
India Ratings withdraw the rating on CP facility as PC Jeweller has paid off the last tranche of CP liability
Bharti Infratel: Q1 profit rises to Rs 638 crore versus Rs 606 crore; revenue increases 0.3 percent to Rs 3,674 crore versus Rs 3,662 crore (QoQ).
Ambuja Cements: Q2 standalone profit rises 27.3 percent to Rs 499 crore versus Rs 329.3 crore; revenue increases 5.7 percent to Rs 3,016.9 crore versus Rs 2,854.5 crore (YoY).
We spoke to Bonanza Portfolio Ltd. and here’s what they have to recommend:
Mahanagar Gas Ltd: Buy| CMP: Rs. 876.75| Target Rs 972|Stop Loss Rs.829| Return 10%
Pidilite Industries Ltd: Buy| CMP: Rs. 1117.65 | Target Rs 1207| Stop Loss Rs.1069| Return 8%
Century Textile Ltd: Buy| CMP: Rs.904.85 | Target Rs 1,000| Stop Loss Rs.859| Return 10%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.