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RBI policy to steer markets; Tata Power, financials, auto stocks in focus

On Thursday, markets were at record high. The BSE Sensex rose 123.07 points or 0.23% at 54,492.84 while the Nifty was up 35.80 points or 0.22% at 16,294.60.Premium
On Thursday, markets were at record high. The BSE Sensex rose 123.07 points or 0.23% at 54,492.84 while the Nifty was up 35.80 points or 0.22% at 16,294.60.

  • Among key companies Hindalco Industries, Mahindra & Mahindra, Berger Paints (India), Muthoot Finance, Piramal Enterprises, Steel Authority of India, Bharat Electronics, Tata Power, AU Small Finance and Abbott India will announce June quarter earnings today.

MUMBAI: Markets are likely to get directions after the monetary policy review on Friday while SGX Nifty trend suggest a flat opening of Indian benchmark indices.

All eyes are on the Reserve Bank of India monetary policy review outcome which is scheduled on Friday. The decision of status quo on key rates is already priced in however RBI’s stance on inflation and commentary on growth will be key focus among investors.

On Thursday, markets were at record high. The BSE Sensex rose 123.07 points or 0.23% at 54,492.84 while the Nifty was up 35.80 points or 0.22% at 16,294.60.

Most Asian stocks dipped Friday as traders weighed the spread of the delta coronavirus strain against a record Wall Street close while awaiting key U.S. payrolls data. A gauge of the dollar climbed.

Shares fell in Hong Kong and China, where Beijing’s regulatory crackdown and a warning about a possible downward spiral at China Evergrande Group—the world’s most indebted developer—subdued sentiment. Japan fluctuated, with Nintendo Co. weighing after a profit miss. US contracts were little changed in the wake of fresh peaks for the S&P 500 and Nasdaq 100 on solid earnings.

An overnight release showing a second weekly drop in US jobless claims stoked some expectations for a strong payrolls report Friday that could spark market swings. Treasuries retreated.

Crude oil headed for its biggest weekly loss this year on demand risks from Covid-19.

Trader focus is firmly on the US payrolls report. Weak data could exacerbate concerns that the bounce back from the pandemic is losing steam. A robust number stands to benefit reflation trades linked to economic reopening -- providing markets aren’t spooked by the argument that such data strengthen the case for the Federal Reserve to taper massive stimulus support.

Back home, interest related stocks like auto, financials and realty will be in focus after RBI announces its policy review.

Among key companies Hindalco Industries, Mahindra & Mahindra, Berger Paints (India), Muthoot Finance, Piramal Enterprises, Steel Authority of India, Bharat Electronics, Tata Power, AU Small Finance and Abbott India will announce June quarter earnings today.

Glenmark Life Sciences, the subsidiary of Glenmark Pharmaceuticals will make stock markets debut today. The 1,513.6-crore issue was subscribed 44.17 times in the price band of 695 to 720.

(Bloomberg contributed to the story)

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