Worries over global economic slowdown after the European Commission on Thursday sharply cut its forecasts for euro zone economic growth in 2019 and 2020 are likely to have a bearing on the investor sentiment on Friday.
Moreover, next batch of corporate results, movement of rupee against the US dollar, oil prices, stock-specific action and global peers are also expected to influence domestic equities today.
STOCKS IN FOCUS
Tata Motors: The auto major reported the biggest quarterly loss of Rs 26,961 crore among Indian corporates after it was hit by asset impairment in its UK subsidiary, Jaguar Land Rover (JLR) Automotive in the December quarter.
MRF: Tyre major MRF on Thursday reported 18 per cent decline in standalone net profit at Rs 279.26 crore for December quarter 2018, hit by increase in overall expenses during the period.
Aurobindo Pharma: The pharma company posted a 19.7 per cent rise in net profit at Rs 712.2 crore in the third quarter ended December on a year-on-year (YoY).
SAIL: The state-run steel maker on Thursday said its consolidated net profit jumped manifold to Rs 616.30 crore during the quarter ended on December 31, 2018, helped by lower stocks level and higher income.
RESULTS TODAY
Over 225 companies including BPCL, GSPL, Gujarat Gas, Greenply Industries, Excel Crop Care, Indian Energy Exchange (IEX), Inox Wind, JK Lakshmi Cement, Jaiprakash Associates, Mhindra & Mahindra, Dr Lal PathLabs, NHPC, NDTV, Nalco, Rupa, Sun TV and UCO Bank.
RUPEE CHECK
The rupee Thursday appreciated by 11 paise to close at 71.45 against the US dollar after the Reserve Bank of India cut the repo rate and changed its policy stance to 'neutral'.
SGX NIFTY
At 07:18 am, Nifty futures on Singapore Exchange (SGX) traded 35.50 points or 0.32 per cent lower at 11,059.50, indicating a weak opening for the Nifty50 index back home.
GLOBAL MARKETS
Asian stocks slipped on Friday as investors fretted about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.3 per cent while Japan’s Nikkei fell 1.2 per cent.
In the overnight trade, US stocks ended with sharp losses. The Dow Jones fell 0.86 per cent, to 25,171.83, the S&P 500 lost 0.93 per cent and the Nasdaq Composite dropped 1.18 per cent, to 7,288.35.
NSE puts 21 firms under short-term additional surveillance measure
As many as 21 firms including Religare Enterprises, Reliance Naval and Engineering, and Binani Industries have come under short-term additional surveillance measure (ASM) framework of the NSE, according to the latest data available with the exchange.
Among other firms in the list are Ballarpur Industries, GTL Infrastructure, Mandhana Industries and Sri Adhikari Brothers Television Network. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
Most unemployment surveys are skewed, PM Narendra Modi tells House
In what is likely to be his last speech in the Lok Sabha’s current term, Prime Minister Narendra Modi on Thursday responded to the recent criticism his government has faced for its purported failure to create jobs.
In his reply to the motion of thanks to the President’s address, Modi contrasted 55 years of “self-serving” Congress rule at the Centre versus the achievements of his government’s 55 months in the “service of the people”. Alluding to the grand alliance of the Opposition parties,
Modi said the people of the country did not want a mahamilawat (greatly adulterated) government