Nifty futures were trading flat on Singaporean Exchange, suggesting a cautious start for BSE Sensex and Nifty 50 on Friday. In the previous session, the 30-share index hit a record high of 54,874.10 and Nifty 16,375.50 in intraday. The market would react to India’s CPI inflation and IIP data which have come better than expected. Investors will also keep a close watch on first-quarter earnings, COVID vaccination pace, oil price and rupee movement against US dollar. “Equity markets are expected to continue with its positive momentum as the economic activities are expected to further pick up pace with the lockdown measures getting further relaxed. With earnings season being in the last leg, market would largely be tracking global cues for the direction,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Stocks to watch
ONGC, HAL, Burger King: BSE-listed companies such as Godrej Industries, Grasim Industries, NBCC (India), NHPC, Oil and Natural Gas Corporation, Hindustan Aeronautics Ltd, Indraprastha Gas, Inox Wind, Burger King India, Sun TV Network, Allcargo Logistics, Archies, D B Corp, Gayatri Projects, Glenmark Pharmaceuticals, Gujarat Mineral Development Corporation, GMR Infrastructure, Godfrey Phillips India, Indian Railway Finance Corporation, IL&FS Investment Managers, Inox Wind Energy, Jammu & Kashmir Bank, Jagran Prakashan, Mawana Sugars, Petronet LNG, SEAMEC, Sintex Industries, Suven Pharmaceuticals, and Suzlon Energy, will announce Apr-Jun quater earnings on August 13.
Eicher Motors: Eicher Motors reported a consolidated profit after tax of Rs 237 crore for the quarter ended June, riding on improved sales. The company had witnessed a loss of Rs 55 crore in the April-June period of 2020-21.
Ashok Leyland: Ashok Leyland on Thursday reported narrowing of its net loss to Rs 282 crore in the three months to June 2021. The Hinduja Group flagship company had posted a net loss of Rs 389 crore in the same period a year ago.
Aurobindo Pharma: Aurobindo Pharma reported a 1.68 per cent decline in its consolidated net profit to Rs 769.97 crore for the quarter ended on June 30, 2021, mainly on account of reduction in expenses.
ITC: ITC said it is planning to invest around $2 billion over the medium term for capacity expansion and setting up new plants across businesses and bringing in contemporary technology to upgrade product quality.
NMDC: NMDC reported a 499 per cent increase in profit after tax (PAT) for the April-June quarter of the current fiscal at Rs 3,193 crore as against Rs 533 crore in the same quarter last fiscal, thanks largely to a very low base.
Power Finance Corporation: PFC has reported a net profit of Rs 2,273.6 crore for the quarter ended June 30 on a standalone basis, recording a year-on-year (y-o-y) rise of 33.8% on the back of higher interest income and lower cost of funds.
Bharat Forge: Bharat Forge reported a consolidated net profit of Rs 153.65 crore for the June quarter compared to the loss of Rs 125.81 crore it posted in the June quarter of the previous fiscal.
Tata Steel: Tata Steel reported robust numbers for the quarter ended June 30 as its net profit soared on the back of a global rally in steel prices and improved performance in the European business.