The market is likely to sustain the bull momentum on Friday too at least during the initial hours, indicate SGX Nifty. The US market, after hitting record high despite inflation worries on Thursday, closed flat, while Asian markets are mixed in early deals on Friday.

According to analysts, the market will see profit taking on every rise, as the valuation is high and there are no further triggers.

Also read: Broker’s call: Petronet LNG (Buy)

The SGX Nifty at 15,780 (8 am IST) indicates a positive opening of about 30 points for Nifty futures, which on Thursday closed at 15,751.25. In The Asia-Pacific markets of Australia, Taiwan and South Korea are up marginally, even as Japan, China and Hong Kong are down slightly.

Overnight, the S&P 500 gained 19.63 points to close at a record high at 4,239.18. The Dow Jones Industrial Average edged up 0.1 per cent at 34,466.24 and the tech-focussed Nasdaq Composite rose 108.58 points, or 0.8 per cent at 14,020.33.

The market is buying into the Fed’s view that the rise in prices is transitory and the Fed will not alter its policy guidance at next week’s FOMC meeting, said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, the further direction of the domestic market would depend on the monsoon, opening up of the economy in a phased manner and the pace of vaccination, going forward. As states ease restrictions gradually in June 2021, we expect the demand environment to get better which can have a positive impact on the markets.

Stocks to watch

YES Bank: The board of the bank has approved seeking shareholders’ approval for borrowing/raising funds in Indian/foreign currency up to an amount of ₹10,000 crore by issue of debt securities, including but not limited to non-convertible debentures, bonds, and Medium Term Notes (MTNs).

GOCL Corporation: The company, along with IDL Explosives, bagged orders worth an aggregate amount of ₹286.63 crore to supply raydets, electronic and other detonators and cartridge explosives over a period of two years.

Results calendar

Akshara

Chem, Aksh Optifibre, Atlanta Infrastructure, Axiscades, BEML, Bharat Gears, BHEL, CG Power, Chemcrux, Cochin Shipyard, Deccan Cements, DFM Foods, DLF, Edelweiss Financial, Goa Carbon, Gujarat Petrosynthese, Haldyn Glass, Heranba, Hindustan Hardy, Integrated Capital, IVP, JL Morison, Likhitha Infra, Lumax, Max Ventures, Nile, Nitco, Oricon, Parsoli, Patel Engg, Radhe Developers, SAB Industries, Sun TV and Wimplast are among the companies that will declare quarterly results on Friday.

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