Indian Indices:
Indian shares are likely to witness a muted opening on Friday morning as the global markets look subdued with SGX Nifty trading 9 points lower @10033.50.The Indian benchmarks are set to open flat on Friday tracking mixed cues from the global peers. The Asian markets have opened mixed after a technology-led drop on Wall Street.
The banking stocks will be in focus today after the Lok Sabha passed the Banking Regulation (Amendment) Bill, 2017 introduced last month to replace the existing ordinance promulgated in May this year to empower the Reserve Bank of India to deal with stressed assets. Also, Hindustan Copper Ltd (HCL) will be in focus as the government has disinvested 6.83 percent stake in the company, which would fetch around Rs 400 crore to the exchequer.
On the earnings front, around 68 companies on the BSE will be declaring their results for the quarter ended June 30 later today which include names like M&M, Aban Offshore, Andhra Bank, Arvind, Berger Paints, Dabur India. Muted trends in the SGX Nifty Index Futures for August delivery, which were trading at 10042, down by 0.00 points or 0.00 per cent, at 10:29 AM Singapore time, signaled a flat opening for the domestic bourses.
On Thursday, the Indian equities extended losing streak, weighed down by sustained selling across financial and metal stocks, tracking weak cues from Asian peers.
The 30-share barometer SENSEX closed at 32237.88, down by 238.86 points or by 0.74 per cent, and the NSE Nifty ended at 10013.65, down by 67.85 points or by 0.67 points. Investors resorted to profit booking after the Reserve Bank slashed repo rate by 25 bps, which fell short of market expectations of 50 bps rate cut.
Global Market:
Asian stocks inched up on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar were pressured by news Special Counsel Robert Mueller had issued grand jury subpoenas in his investigation of alleged Russian interference in the 2016 U.S. elections.
Nikkei was down 0.40 percent, while Kospi was up 0.20 percent, while the Wall Street closed mixed in the previous trading session weighed down by Amazon.com, Apple and other top-shelf technology stocks. Oil markets opened weak on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC.
U.S. President Donald Trump's threat to investigate China's intellectual property and trade practices is valid, but his administration may not be up to the delicate task of carrying out a new China probe without sparking a damaging trade war, U.S. business lobbyists told Reuters on Thursday.
Major Headlines of the day:
• Apollo Hospital's family constitution to be finalised soon.
• Lupin receives USFDA approval to market cholesterol-lowering drug.
• Cognizant Q2 net rises 86% to $470 mn on lower income tax.
Trend in FII flows: The FIIs were net buyers of Rs 24.07 the cash segment on Thursday while the DIIs were net sellers of Rs -389.34 as per the provisional figures.
Upcoming Result:ABB INDIA,APOLLO TYRE,ARVIND,BERGER PAINT,DABUR,FORTIS,HPCL,M&M,REPCO HOME,
Securities in Ban For Trade Date 04-AUG-2017:
1.INDIACEM
2.JPASSOCIAT
3.JSWENERGY
4.KSCL
5.WOCKPHARMA
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