INDIAN BENCHMARKS Strong rally for markets likely to continue; SBI eyed
The Markets are likely to witness a gap up opening on Friday as optimism over Asia’s third biggest economy amidst a strong monsoon forecast and improved corporate earnings bolster risk taking appetite. SGX Nifty is trading 21.50 points higher.
Shares of SBI, Canara Bank, Central Bank of India, DLF, Indian Overseas Bank, IOL, OIL, Tata Communications will be in focus as these companies unveil their March earnings data today. Investors are hoping that better monsoon rains may buoy rural demand.
Indian shares rose nearly 2% on Thursday to post their third session of gains, as L&T surged after upbeat March-quarter results, raising hopes about the domestic economy. The S&P BSE Sensex and CNX Nifty rose 1.88%-1.70% each.
- Asian stocks pulled ahead on Friday after patches of U.S. data continued to paint the world's largest economy in a positive light, while the dollar was on the defensive against its major peers.
- US stocks closed little changed Thursday after two days of strong gains as crude-oil futures failed to hang on to a move above $50 a barrel and investors brushed off better-than-expected economic reports.
- European shares steadied on Thursday, with banks coming under pressure after a surprise rights issue by Spain's Banco Popular fuelled fears others in the region may follow to strengthen their balance sheets.
Major Headlines of the day:
- Jet flies high with Rs426 cr profit.
- RPG Life Sciences sells biotech business to Intas Pharmaceuticals.
- GAIL reconfigures Rs12,000 cr Jagdishpur-Haldia gas pipeline.
- Natco Pharma Q4 net profit up 10.65% at Rs60.24 crore.
Trend in FII flows: The FIIs were net sellers of Rs -581.29 Cr in the cash segment on Thursday while the DIIs were net buyers of Rs 685.37 Cr, as per the provisional figures.