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Larsen & Toubro, Dr Reddy’s Laboratories, Cipla and Aditya Birla Capital will declare their Q4 earnings
The domestic markets have opened strong on the last trading day of the week on the back of positive cues from the global front. Wall Street had a buoyant session of trade overnight and Asian markets have rebounded in early trading. At 9:20 am, the BSE Sensex was trading at 48,600.05, lower by 85.10 points or 0.14 per cent and the NSE Nifty was at 14,656.15, down 37.85 points or 0.26 per cent. The broader markets are underperforming their largecap peers, with the BSE Midacap and BSE Smallcap index losing 0.6 per cent each.
The domestic stock markets were shut on Thursday due to Id-Ul-Fitr.
Japanese shares led a rebound in Asian markets on Friday, building on the overnight lead from investors on Wall Street. Japan’s Nikkei jumped 1.3 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6 per cent and Australia’s benchmark rallied 0.7 per cent.
Wall Street advanced in a broad rally on Thursday, bouncing back from three straight days of selling, as upbeat labor market data prompted investors to buy shares that stand to gain most from economic revival. All three major U.S. The Dow Jones rose 1.38 per cent, S&P 500 gained 1.27 per cent and Nasdaq Composite added 0.7 per cent.
Meanwhile, oil prices fell on Friday after dropping about 3 per cent a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. Brent crude oil futures were down 35 cents, or 0.5 per cent, at $66.70 a barrel and West Texas Intermediate (WTI) was down 28 cents, or 0.4 per cent, at $63.54 a barrel.
On the earnings front, Larsen & Toubro, Dr Reddy’s Laboratories, Cipla and Aditya Birla Capital will declare their Q4 earnings during the day.
On the stock-specific front, Asian Paints is the top gainer among Sensex stocks, soaring more than 7 per cent at Rs 2744. UPL, Cipla and ITC are the other significant gainers on the BSE.
On the other hand, Tata Steel, M&M and Hindalco have shed around 2 per cent each on the BSE.
The BSE market breadth is strong. Out of 2,390 stocks traded on the BSE, there are 1,214 advancing stocks as against 1,055 declines.
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