Markets are likely to make a positive opening tracking firm global cues. The early indicator, SGX Nifty was up 47 points at 6,102 at 08:25 AM.
Foreign institutional investors (FIIs) bought shares worth a net Rs 10.75 crore on Thursday, as per provisional data from the stock exchanges.
US stocks posted their best day of the year on Thursday after a drop in applications for unemployment insurance boosted confidence in the economy and Disney’s results overshot expectations.
The rally came ahead of the widely-followed payrolls report for January due Friday, which some are expecting to be affected by the extreme weather that hit much of the United States. December’s number was a much-lower-than-expected 74,000 and an upward revision wouldn’t be a surprise.
Initial claims for state unemployment benefits declined 20,000 last week to a seasonally adjusted 331,000. While the data has no direct bearing on January’s employment report it bodes well for the jobs market and the overall economy.
Asian shares regained a measure of stability on Friday, stepping further away from five-month lows after a strong night on Wall Street and hopeful signs an upcoming crucial U.S. jobs report will put to bed some of the global growth concerns.
In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan. The index bounced 1% from a five-month low hit on Wednesday. Japan’s Nikkei also rose 1.8%.
STOCKS TO WATCH
Cadila Healthcare, CESC, Corporation Bank, Hexaware Tech, JK Lakshmi Cement, RCom, Sun TV Network and Tata Power will unveil their third quarter earnings today.
Reliance Infrastructure-owned power distribution companies, BSES Rajdhani (BRPL) and BSES Yamuna (BYPL), on Thursday moved the Supreme Court against power generator NTPC’s ultimatum on cutting their supplies next week over a payment default.
Essel Group plans to acquire a non-banking financial company (NBFC) to scale up its activity in financial services.
The HCL group announced that it would foray into the health care segment, the first diversification outside its core business of information technology.
Following the sudden demise of Tata Motors’ Managing Director Karl Slym, Tata Motors on Thursday said, as an interim measure, a corporate steering committee (CSC) would provide oversight for strategy and key aspects of operations.
Aurobindo Pharma Limited reported over four-fold increase in consolidated net profit at Rs 416.12 crore for the quarter ended December, 2013, on the back of improved sales and margins on account of new launches in the US.