BackMarkets may open marginally higher; RIL, Hindustan Copper, HCC in focus
Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile, according to Motilal Oswal
PremiumMUMBAI: Indian markets are likely to open marginally higher on Thursday, tracking gains in SGX Nifty and global equities.
At 7.40am, SGX Nifty was trading at 14,911, up 0.21%.
Asian stocks were steady Thursday and US equity futures gained after the S&P 500 inched up to another record, bolstered by the Federal Reserve’s commitment to a supportive policy.
Japanese shares slipped amid concerns that Tokyo may adopt stricter steps to curb rising virus infections, while Australia outperformed. Hong Kong and China fluctuated.
Fed officials were united on the need to see more progress on the recovery before scaling back their massive bond-buying program, according to minutes from last month’s meeting released Wednesday.
On Wednesday, the Sensex and Nifty gained 1% each after better than expected policy by Reserve Bank Of India.
RBI kept policy rates unchanged and maintained an accommodative stance to support growth given the rising covid-19 cases in the country.
“Going ahead, Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile" said Motilal Oswal in a note to its investors.
“Concerns over the fast spreading 2nd wave of Covid in India continues to remain. Overall markets are likely to remain in a consolidative mode for some time awaiting for fresh positive triggers," the report added.
On stocks front, Reliance Industries will be in focus after Sebi imposes ₹25 crore penalty on RIL promoters. The order is related to issue of RIL shares on exercise of warrants.
Hindustan Copper will be in the limelight after its board approved opening of QIP of equity shares of face value of ₹5 each on April 7. The floor price of ₹125.79 per equity share is at a 13.33% discount to Wednesday's closing price.
Hindustan Construction Company will see investors focus after the company said it's loan default amount as of 31 March stands at ₹1,959.41 crore and the total outstanding borrowing from lenders stands at ₹4,010.93 crore.
(Bloomberg contributed to this story)
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