Nifty futures slipped into the red to trade at 11,323 in early trade on Singaporean Exchange, indicating a tepid opening for BSE Sensex and Nifty 50 on Friday. Market participants will keep tabs on the Supreme Court hearing on telecom AGR dues and Reserve Bank of India’s board meeting scheduled for today. Besides, consumer price inflation print, global cues, stock-specific action, corporate earnings, trends in COVID-19, oil prices and movement in rupee will continue to sway investor sentiment. “Domestic stock valuation concerns and continuing high rate of virus infections impacted the Indian markets. Markets seem to be in a wait and watch mode, and investors are advised to tread cautiously and accumulate stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks in focus today:
Tata Steel: The steelmaker in one of its worst performances, posted a consolidated net loss of Rs 4,609 crore for the April-June quarter. On the back of nationwide lockdown during the quarter, the revenues of the company were severely hit, falling 32 per cent to Rs 24,289 crore as deliveries declined more than 20 per cent.
Airtel, Vodafone, bank stocks: The Supreme Court is scheduled to hear the case on telecom adjusted gross revenue (AGR) matter later in the day today. Telecom stocks such as Bharti Airtel, Vodafone Idea, RCom, Tata Teleservices along with bank stocks will remain in focus today.
Hero MotoCorp: The country’s top two-wheeler maker registered a 95.12 per cent on-year fall in standalone net profit at Rs 61.13 crore in the April-June quarter. The company had posted a net profit of Rs 1,257.34 crore in the corresponding quarter of the preceding fiscal.
BPCL: Bharat Petroleum Corporation Ltd’s net profit nearly doubled at Rs 2,076.17 crore in the April-June quarter. The company had posted a net profit of Rs 1,075.12 crore in the same period of the previous year. Company officials informed that a rise in profit was primarily due to inventory gains resulting from the valuation of inventory held rising because of a pick up in oil prices in the later half of the quarter.
Glenmark Pharma, Hindalco: A total of 231 companies including Hindalco Industries, NTPC, Glenmark Pharmaceuticals, Berger Paints, Fortis Healthcare, Indian Bank, MRF, New India Assurance Company, United Breweries andVoltas, are scheduled to announce their quarterly earnings today.
Eicher Motors: Eicher Motors posted a consolidated net loss of Rs 55 crore for the April-June quarter as sales were adversely hit due to COVID-19 pandemic. The company had registered a net profit of Rs 452 crore in the same period year ago.