BSE Sensex and Nifty 50 were likely to open in the negative territory on Friday, as suggested by trends on SGX Nifty in early trade.
According to the analysts, Indian share market is overvalued from the short- term perspective while at high levels, it is vulnerable to a correction.
BSE Sensex and Nifty 50 were likely to open in the negative territory on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 64.50 points or 0.44 per cent down at 14,558.50 on Singaporean Exchange. In the previous session, Sensex ended up 92 points or 0.19 per cent at 49,584, while the broader Nifty 50 gained 31 points or 0.21 per cent to 14,595.60. Markets participants will keenly watch the October-December quarter earnings for stock-specific development, along with other global cues. Chartists believe that the underlying trend of Nifty remains range bound with positive bias. “There is a possibility of further upside and new high formation above 14653 levels in the next couple of sessions, but one needs to be cautious about sharp profit booking from the new highs in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
SAIL: The government’s sale of its 5 per cent shareholding in SAIL was subscribed 3.6 times on the first day of its opening on Thursday. The government has decided to exercise the greenshoe option of another 20.65 crore shares or 5 per cent of the total equity.
HFCL: HFCL reported consolidated revenue of Rs 3,031.56 crore, EBIDTA of Rs 397.94 crore, PBT (profit before tax) of Rs 218.62 crore and PAT of Rs 159.77 crore for the nine months ended December 31, 2020. On a standalone basis, the firm reported quarterly revenue of Rs 1,188.89 crore/
Bharti Airtel: MSCI (Morgan Stanley Capital International) on Friday said that it will announce the changes to Bharti Airtel’s weightage as part of its February review. The move comes after changes were made to Bharti Airtel’s foreign ownership limit earlier this month by NSDL.
TCS:Tata Consultancy Services is the second domestic firm after Reliance Industries Limited to achieve the milestone of crossing Rs 12 lakh crore in market valuation. The company’s market valuation jumped to Rs 12.19 lakh crore at close of trade on the BSE.
IndiGo, Spicejet:InterGlobe Aviation and SpiceJet have announced sales starting less than Rs 900 for travel period between April and September.
Dixon Technologies: Dixon Technologies said its board will meet early next month to consider sub-division of equity shares of the company. It will also consider and approve financial results for the third quarter ended December 31, 2020.