BackMarkets likely to gain on global cues; M&M, Sun Pharma, Glenmark in focus
Mahindra & Mahindra, REC, Ipca Laboratories, Sundaram Finance, Max Healthcare, Glenmark Pharmaceuticals, Aditya Birla Fashion & Retail, Indian Bank, City Union Bank and Dilip Buildcon are key companies which will announce their March quarter results today
PremiumMUMBAI: Markets are likely to gain on Friday following global cues while trends in SGX Nifty suggest a positive opening. On Thursday, the BSE Sensex ended at 51,115.22, up 97.70 points or 0.19%. The Nifty closed at 15,337.85, up 36.40 points or 0.24%.
Asian stocks put global equities on course for a seventh day of gains on Friday as investors bet the US will lead the world out of the covid pandemic, with the focus turning to a multi-trillion dollar spending boost by the US President Joe Biden administration.
Tokyo led the advance, with the Nikkei jumping 1.9% early in the session. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3%, hitting its highest level this month, though Chinese blue chips slipped 0.1% just after the open.
The MSCI world equity index added 0.1% to 709.71, nearing the all-time closing high of 710.36 set on May 7.
US stocks were also poised for further gains after the S&P 500's 0.1% rise overnight, with futures pointing to a 0.3% increase at the open.
The New York Times reported that President Joe Biden will seek $6 trillion in federal spending for the 2022 fiscal year, a day before the White House is expected to unveil its budget proposal.
Mahindra & Mahindra, REC, Ipca Laboratories, Sundaram Finance, Max Healthcare, Glenmark Pharmaceuticals, Aditya Birla Fashion & Retail, Indian Bank, City Union Bank and Dilip Buildcon are key companies which will announce their March quarter results today.
Drug major Sun Pharmaceutical Industries on Thursday reported an over two-fold jump in consolidated net profit to ₹894.15 crore for the quarter ended March 2021, mainly on account of robust performance in the Indian market. While the company's India business continues to outperform the average industry growth, its global specialty sales have continued to show an improving trend.
Eicher Motors Ltd on Thursday reported a 73% jump in consolidated profit after tax at ₹526.14 crore for the fourth quarter ended 31 March, 2021, riding on better sales.
The southwest monsoon has advanced further in more parts of southwest and eastcentral Bay of Bengal and conditions are favourable for its onset over Kerala around 31 May, the India Meteorological Department (IMD) said on Thursday.
Positive signals on the economy helped lift benchmark Treasury yields back above 1.6% overnight. The 10-year note yielded 1.6147% in Asia on Friday, from as low as 1.5520% mid-week.
The bump in yields weighed on tech shares, amid some shifting from growth- to value stocks.
The dollar hovered near a one-week high versus major peers as traders looked to the upcoming inflation report for direction. The dollar index sat at 90.097 on Friday, after touching 90.179 the previous session for the first time since 20 May.
Oil prices extended gains from Thursday, bolstered by strong US economic data that offset investors' concerns about the potential for a rise in Iranian supplies.
Brent rose 20 cents, or 0.3%, to $69.66 a barrel, while US West Texas Intermediate (WTI) crude added 34 cents, or 0.5%, to $67.19 a barrel.
(Reuters contributed to the story)
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