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Photo: iStock
Photo: iStock

Markets likely to be volatile; Yes Bank, M&M, Cipla in focus

  • Asia shares were mostly lower on Friday, even as global equity markets gained overnight
  • Major companies which will declare their June quarter earnings are Bata India, Mahindra & Mahindra, Cipla among others

MUMBAI: Markets are likely to be volatile on Friday, while trends in the SGX Nifty suggest a flat opening for benchmark indices. On Thursday, the BSE Sensex closed at 38,025.45, up 362.12 points or 0.96% and the 50-share index Nifty was at 11,200.15, up 98.50 points or 0.89%.

Asia shares were mostly lower on Friday, even as global equity markets gained overnight as investors awaited a US non-farm payrolls report.

Yes Bank will be in focus as the lender on Thursday said LIC has acquired close to 5% shareholding in the bank by purchasing shares from the open market. With the fresh acquisition, the hold of LIC has increased from 0.75% to 4.98%, Yes Bank said in a regulatory filing.

According to latest data issued by LIC, the state-run insurer’s gross non-performing asset (NPA) ratio in its debt portfolio jumped to 8.17% at the end of March 2020 from 6.15% in fiscal 2019. On a net basis, the NPA ratio has risen to 0.79% during fiscal 2020, from 0.27% during fiscal 2019.

Major companies which will declare their June quarter earnings on Friday are Balrampur Chini, Bata India, Mahindra & Mahindra, Cipla and Scooters India among others.

Mindspace Business Parks REIT will be listed on bourses today. The 4,500-crore initial public offering (IPO) with an issue price of 274-275 was subscribed 13 times.

Gold continued its rally, with spot prices rising 0.32% and striking a fresh record of $2,072.4951 per ounce.

The euro climbed to its highest against the US dollar since May 2018 before paring gains. The greenback slumped to a two-year low against a basket of major currencies.

The US Treasury yield curve flattened slightly as government bond investors, who have expressed doubt about the stability of the US labor market’s recovery this past week, awaited the data.

(Reuters contributed to the story)

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