Nifty futures were trading 70 points or 0.45 per cent up at 15,762.50 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty on Friday. Market participants will watch stock-specific actions, foreign fund flow, movement in rupee, crude oil prices and other global cues. Analysts believe that Nifty/Sensex could reach fresh levels on Friday if the indices don’t close below the levels of 15550/51700. “On an immediate basis, 15770/52500 and 15850/52700 levels would be major hurdles. Below the levels of 15550/51700, the Nifty/Sensex would gradually fall to 15400/51300 or in the worst-case scenario 15300/51000,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.
Stocks in focus
Ashoka Buildcon, GMR Infra: A total of 52 BSE-listed companies such as Ashoka Buildcon, Archidply Industries, Balaji Telefilms, BC Power Controls, Gujarat Fluorochemicals, GMR Infrastructure, Hinduja Global Solutions, Insecticides (India), Jubilant Industries, PSP Projects, SMS Lifesciences, and Welspun Specialty Solutions, are scheduled to announce their January-March quarter earning on June18.
Coal India: Coal India (CIL) will start producing coal bed methane (CBM) from its lease hold area under Bharat Coking Coal ( BCCL) in Jharkhand. This is the first time the coal miner is producing gas from coal seams, as part of its diversification plans to produce clean energy from coal. CBM extraction will prevent releasing gas into atmosphere while mining coal.
HDFC Bank: HDFC Bank is hoping the Reserve Bank of India (RBI) will lift restrictions on onboarding new customers. The country’s largest private lender said on Thursday it was awaiting directions from the regulator on the temporary halt on sourcing of new credit card customers and digital launches.
RIL: Reliance Industries Limited has started rolling out JioFiber postpaid broadband internet plans in India. The plans have been introduced at a starting price of Rs 399 per month which is fairly aggressive for what’s on offer. Jio is giving six-month (semi-annual) and 12-month (annual) options.
Power Grid Corporation: Power Grid Corporation of India posted over six per cent rise in its consolidated net profit to Rs 3,526.23 crore for the March 2021 quarter.