Nifty futures on Singaporean Exchange were trading 40 points or 0.25 per cent higher at 14,837.50, suggesting a positive opening for BSE Sensex and Nifty 50 on Friday. In the previous session, 30-share Sensex ended at 48,949 while the Nifty 50 index settled at 14,725. Global peers were trading in green in early trade on Friday. India reported a record 4.14 lakh new infections and 3,920 deaths on Thursday, according to Worldometer. Investors will track Jan-Mar quarter results, stock-specific developments, oil prices, rupee movement and other global cues.
Global markets: Asian stock markets were trading higher on Friday. Japan’s Nikkei 225 rose 0.33 per cent while the Topix index added 0.56 per cent. In South Korea, the Kospi extended gains to trade up 0.75 per cent. In overnight trade on Wall Street, Dow Jones Industrial ended at a record high. The Dow Jones Industrial Average rose 0.93 per cent, while the S&P 500 gained 0.82 per cent. The Nasdaq Composite climbed 0.37 per cent.
Results today: As many as 25 BSE-listed companies including Housing Development Finance Corporation, Dabur India, Kansai Nerolac Paints, Cholamandalam Investment, Navin Fluorine, EIH and Godrej Agrovet, will announce their January-March quarter earnings on May 7.
FIIs, DIIs data: On Thursday, foreign institutional investors (FIIs) bought shares worth Rs 1,222.58 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 632.51 crore on a net basis in the Indian equity market.
Chart reading: The underlying trend of Nifty continues to be positive with range bound action. “A sustainable move above 14725 is likely to result further strengthening of upside momentum and that is likely to pull the market towards 14900-15000 levels again in the near term. Immediate support is placed at 14610,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
India’s growth forecasts cut: Amid the second coronavirus wave, rating agencies have started trimming their growth forecasts for India. The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund’s April forecast for 12.5% growth in India’s economic output in fiscal years 2021 and 2022. While, Credit Suisse has sharply lowered its real GDP growth forecast for this fiscal year to around 8.5-9 per cent, citing economic disruptions in the country due to the raging second wave that is likely to shave 100-150 bps growth off the economy.