Domestic stocks are likely to see a gap-up start to Friday's trade after a cooler-than-expected CPI inflation print in the US raised hopes of the US Fed going slow on the pace of rate hikes. Asian markets cheered the data, rallying up to 5 per cent in early trade. Dollar took a beating, raising hopes of more flows to risky assets like Indian equities. Here's what you should know before the Opening Bell:
Nifty outlook
Nifty on Thursday managed to hold above the 18,000 level on a closing basis. The trend may remain sideways as long as the index stays above 18,000, said Rupak De of LKP Securities, who believes 18300 will continue to act as a crucial resistance. A sustainable move above 18,100 levels could confirm a higher bottom reversal and that could open another round of upside bounce, said Nagaraj Shetti of HDFC Securities
SGX Nifty signals a gap-up start
Nifty futures on the Singapore Exchange quoted 317 points, or 1.75 per cent, higher at 18,414, hinting at a gap-up start for the domestic market on Friday.
Asian markets gain up to 5%
Asian shares rallied on Friday morning, tracking the overnight rise in US stocks. Hong Kong's Hang Seng soared 5.28 per cent, followed by Taiwan's TWSE index (up 3.12 per cent), Japan's Nikkei (up 2.73 per cent), Korea's Kospi (2.68 per cent), and China's Shanghai Composite (up 1.47 per cent).
Wall St stocks settle higher
US shares climbed, the dollar fell while the US Treasury yields tanked on Thursday as less-than-expected inflation data suggested the Federal Reserve's barrage of interest rate hikes is beginning to have their intended effect. Dow Jones advanced 1,201.43 points, or 3.7 per cent, to 33,715.37. S&P500 added 207.8 points, or 5.54 per cent, to 3,956.37. Nasdaq Composite rose 760.97 points, or 7.35 per cent, to 11,114.15.
Q2 results today
LIC, Mahindra & Mahindra, Adani Power, Hindalco Industries, Hindustan Aeronautics, Info Edge, Delhivery, BHEL, Sun TV, Zee Entertainment Enterprises, and Fortis Healthcare are among the companies that will announce their quarterly results today.
Corporate actions today
Friday will see shares of three companies namely Ajanta Pharma, GMM Pfaudler, and Siyaram Silk Mills turning ex-dividend. Shares of Samor Reality and Rungta Irrigation will trade ex-rights while that of GPT Infraprojects will turn ex-bonus today.
Inox Green IPOs to open today
The IPO by Inox Green, an Inox Wind subsidiary, will kick off on Friday. The Rs 740 crore IPO comprises a fresh issue of 56,923,077 shares and an offer for sale of 56,923,077 shares, aggregating up to Rs 370 crore each. The company has fixed the price band at Rs 60-65 apiece.
Stocks in F&O ban
Shares of Punjab National Bank are banned in the F&O segment today. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
DIIs sell shares worth Rs 967 crore
Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 36.06 crore on Thursday. Domestic institutional investors (DIIs), on the other hand, were sellers of equities to the tune of Rs 967.13 crore.
Rupee rises 45 paise against dollar
The domestic currency wiped out intraday losses on Thursday to settle 7 paise higher at 81.40 against the dollar, thanks to persistent foreign equity inflows and softer crude oil prices. The rupee hit a high of 81.38 and a low of 81.92 during the day.
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