Benchmark equity index Sensex surged 269 points on Thursday, tracking gains in Reliance Industries, ICICI Bank and Kotak Bank amid hopes of fresh government stimulus to boost the economy. Sensex closed 268.95 points, or 0.71 per cent, higher at 38,140.47. On the other hand, Nifty jumped 82.85 points, or 0.74 per cent, to close at 11,215.45. Shares of RIL jumped nearly 3 per cent to hit an all time closing high of Rs 2,060.65. The investors would be planning accordingly with respect to RIL shares ahead of tomorrow's trade.
SBI, ICICI Bank, Tech Mahindra, ITC and Kotak Bank were among the major gainers, while Axis Bank, HUL, Infosys, TCS and L&T were the laggards.
"Global markets traded mixed. On the positive side, there were better-than-expected corporate earnings and potential vaccine developments which were offset by worries over flaring tensions between the United States and China. On the domestic front, the sentiments were uplifted after India's commerce minister, Piyush Goyal, said that the US and India were nearing a trade deal after two years of negotiations. The sentiments were further boosted by the news of India working on offering production-linked incentives for up to five sectors to boost domestic manufacturing," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said.
Here are 5 things to know before Friday's opening bell
Global markets
The investors and traders are expected to take a cue from the global stock markets tomorrow. Stock markets in Shanghai, Seoul and Tokyo ended in the red, while Hong Kong closed higher. Stock exchanges in Europe were trading on a positive note in early deals.
Earnings
The investors will keep an eye on earnings numbers of Ambuja Cements, Asian Paints, ITC, JSW Steel, among others, which are slated to declare their Q1 results on Friday.
Rising hopes on economy
After Chief Economic Adviser K V Subramanian's statement that the government may announce more fiscal measures to boost demand, Economic Affairs Secretary Tarun Bajaj today said that the government has no plan to monetise debt for now and the GDP may not shrink too severely is expected to reassure investors.
Coronavirus
India reported a rise of over 45,720 in the coronavirus cases in the past 24 hours. Now, the tally stands at 1,241,687. Record 1,129 people have died so far. India's coronavirus death toll rose to 29,906 today.
Technical insights
"Markets are currently riding high on better than expected earnings and upbeat global markets. Considering the momentum, the Nifty index might test 11,350 soon. Traders should align their trades accordingly but we suggest preferring hedged trades instead of outrights" Ajit Mishra, VP - Research, Religare Broking, said.
"The short term trend continues to be up, A sustainable move above 11250-300 levels is expected to pull Nifty towards the next overhead resistance of 11550-600 levels by next week. Immediate support is placed at 11050-11100 levels," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
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