Bulls will be back with a bang on Friday, as the global markets point strong rally due to softening US yield. The SGX Nifty is currently ruling 220 points higher at 15,438 as against the Nifty March futures close of 15,209 on Wednesday.

Risk-on investments will continue from global fund managers, thanks to a liquidity gush into equities following the final approval to $1.9-trillion Covid relief bill in the US. Besides, the European Central Bank has also pledged to ramp up buying speed to contain Bond-Yield Impact.

The US benchmarks Dow and S&P-500 on Thursday recorded new peaks. Asian stock markets too gained sharply in the range of 0.6-2 per cent.

Global cues were positive as bond yields pulled back following a well-received US debt auction, thus easing concerns about rising inflation. the US House of Representatives voted to advance President Joe Biden’s $1.9 trillion Covid-19 relief bill, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

All eyes will be on whether the benchmark indices BSE Sensex and the NSE Nifty will cross the previous peak on Friday given the vibrant bullish sentiment. The Sensex and the Nifty50 had registered their peak at 52,516.76 and 15,431.75 respectively in February.

Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC securities, said, on the daily chart, the Nifty remains in uptrend and continues to trade above the 20 day SMA. With the Nifty now breaking out of the 14,862-15,111 range, upside targets for the Nifty are at the recent high of 15,273. Crucial support to watch for emergence of weakness are at 15,100.

India VIX fell down by 7.79 per cent on Wednesday from 22.49 to 20.74 levels. “Cool down in VIX below 21-20 zones is required for bullish grip and smoother move in the market,” added Khemka.

Stocks to watch

Prestige Estates Projects : The company has completed phase 1 of proposed transaction with Blackstone Group. The enterprise value forming part of phase 1 is approximately ₹7,467 crore out of the total enterprise value of approximately ₹9,160 crore. Phase 2 of the transaction is expected to get completed by the end of next quarter, it said in a release.

IDBI Bank : The Reserve Bank of India has taken it out from Prompt Corrective Action (PCA) framework. IDBI Bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis, said RBI.

AstraZeneca Pharma India has received import and market permission in form CT-20 (subsequent new drug approval) from the Drugs Controller General of India for Osimertinib 40mg/80mg film coated tablets (TagrissoTM). The receipt of this permission paves way for the launch of Osimertinib 40mg/80mg film coated tablets into a new disease area in India.

NBCC India has received contracts for construction of cooling tower (NDCT) CT-1, 3 and 5 for Yadadri Thermal Power Station, (5x800 MW) owned by Telangana State Power Generation Corporation.

IPO Corner

The ₹760-crore initial public offering (IPO) of Anupam Rasayan will open for subscription on Friday. The public issue will close on March 16. The issue is priced at ₹553- 555 a share and the \market lot is 27 shares. The IPO is completely a fresh issue of equity shares where a total of 50 per cent will be reserved for QIBs, 15 per cent for non-institutional investors and 35 per cent for retail investors. Just ahead of the IPO, the company on Wednesday, March 10 had raised ₹225 crore from 15 anchor investors which include Aditya Birla Sunlife Mutual Fund, Nomura Funds Ireland Public Company, Fidelity International, Sundaram MF, SBI Life Insurance Co among others.

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