Domestic benchmark indices could open in the positive territory today after witnessing a sharp correction on Tuesday.
Domestic benchmark indices could open in the positive territory today after witnessing a sharp correction on Tuesday. SGX Nifty was up over 75 points hinting at a gap-up opening for Sensex and Nifty. Focus on Wednesday will be on Mukesh Ambani and his Reliance Industries Ltd. (RIL) that is scheduled to hold its first virtual Annual Shareholder Meet today. “We’re not surprised by the fall as markets were signaling exhaustion at the higher levels. Indications are in the favour of a further decline and Nifty could test 10,500 levels,” said Ajit Mishra , VP-Research, Religare Broking. Here’s what all will be in focus today.
RIL AGM – Reliance Industries will hold its AGM today, amidst speculations of Google investing $4 Billion in the company’s digital telecommunications arms Jio Platforms. Mukesh Ambani is also expected to make public a chalked out plan for the company’s post coronavirus vision. Mukesh Ambani has been on a hunting spree since April as he roped in more and more investors for Jio Platforms. RIL has also become the first Indian listed company to cross the Rs 12 lakh crore mark in terms of market capitalization.
Global Cues: Stock markets in the United States ended with gains on Tuesday, with Dow Jones surging over 2%. However, asian peets were mixed on Wednesday morning. Nikkei 225 and TOPIX were up over 1% each but Shanghai Composite, Hang Seng were down in the red.
OPEC meet: The Organization of the Petroleum Exporting Countries (OPEC) prepares to meet on Tuesday and Wednesday to recommend levels for future supply cuts. As economies open up, crude oil demand has now recovered. “OPEC and allies including Russia are expected to ease their production cuts to 7.7 million barrels per day (bpd) after a recovery in global oil demand. OPEC+ cut output by a record 9.7 million bpd for May, June and July.If OPEC decided to ease their production cuts, it would still boost oil markets on the basis of optimism over increased oil demand.” said Prathamesh Mallya, AVP – Research Non Agri Commodities and Currencies, Angel Broking.
Yes Bank FPO opens today: Ahead of its follow-on public offer (FPO), private sector lender Yes Bank was able to raise Rs 4,500 crore from anchor investors. The bank is trying to raise Rs 15,000 crore from the FPO, following the lead of various lenders who have announced plans to raise capital amidst the coronavirus scare that has hit the global economy.
Results today: Among the companies announcing their quarterly results today are some big names. Infosys will be the biggest among the lot to come out with its April-June quarter number, followed by Larsen & Toubro Infotech, Bandhan Bank and Federal Bank.