Indian markets are likely to continue the late-hour momentum of Wednesday into Thursday's opening session as well. While global cues are positive, the indication from Singapore Nifty signals that Indian markets are likely to outperform Asian and US markets.

The SGX Nifty at 15,716 (8 am IST) indicates close to a 100-point gap-up opening for Nifty futures, which on Wednesday closed at 15,616.75 on the NSE.

Asian and the US markets (overnight) too sending positive vibes to Indian markets. Most Asia-Pacific stocks such as Japan, Korea, Australia and Taiwan have gained between 0.4 per cent and one per cent. Overnight, the US stocks closed flat but in the green.

According to analysts, the market may remain in a narrow range ahead of the RBI policy announcement on Friday. Though the undertone remains bullish, analysts expect intermittent profit booking that will check the rally.

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking, said: As far as support levels are concerned, 15,430–15,400 has now become a sacrosanct zone; whereas on the flip side, 15660 – 15700 are the immediate levels to watch out for. "From here on, index specific trades are not going to be smooth and in fact, one needs to be very selective when it comes to stock-specific trades as well. We reiterate on avoiding aggressive bets and it’s advisable to follow a proper risk management," he added.

S Hariharan, Head - Sales Trading, Emkay Global Financial Services, said retail long positioning in the market has continued to increase over the last fortnight to a lifetime high, while rich futures basis also points to an elevated degree of leverage. On the other hand, the recent rally has been broad-based, with Mid-cap & Small-cap indices making fresh highs ahead of Nifty.

"Given India’s outperformance over EMs & Asia over the last month, foreign flows can be expected to stay somewhat muted for the month ahead," he added.

Stocks to Watch

Reliance Industries has submitted a proposal for the application of Niclosamide as a potential drug against Covid-19, according to the company's annual report. Reliance Industries Ltd now has a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines, Jio, Retail and Oil-to-Chemicals, according to the firm's Chairman and Managing Director Mukesh Ambani.

Rossari Biotech has agreed to acquire 100 per cent of the total equity share capital (on a fully diluted basis) of Unitop Chemicals Private Limited in multiple tranches, from all the existing shareholders of Unitop, subject to completion of customary terms and conditions precedent. Unitop Chemicals is a private limited company primarily engaged in the business of manufacturing of surfactants, emulsifiers and speciality chemicals. The aggregate cost of acquisition is Rs 421 crore.

Tata Power Solar , India's largest integrated solar company and a wholly owned subsidiary of Tata Power, has received a Letter of Award to build 210 MWp of Solar PV projects for NTPC. The total order value of the projects is approximately Rs 686 crore. The commissioning date for NTPC is set for November 2022 With this addition, the order pipeline of Tata Power Solar stands at approximately 2.8 GW with an approximate value of INR 13,000 crore, thereby cementing its position as India's leading Solar EPC player.

Lupin has announced that the U.S. FDA has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (pegfilgrastim) through a filing using the 351(k) pathway. Pegfilgrastim has estimated annual sales of $3.66 billion in the US. (IQVIA MAT December 2020).

Mahindra CIE : Hari Krishnan, Chief Executive Officer - Forgings and Bill Forge Divisions and a Key Managerial Personnel of Mahindra CIE Automotive Limited, has tendered his resignation effective from 1st September 2021.

Star Housing Finance : National Housing Bank has sanctioned loan facility of Rs 5 crore to Star Housing Finance Limited under Special Refinance Facility 2021 Assistance.

Sun Pharmaceutical Industries has announced that one of its wholly owned subsidiaries has entered into a license agreement with Ferring Pharmaceuticals Pvt. Ltd. (Ferring), a subsidiary of Switzerland-based biopharmaceuticals MNC Ferring Pharmaceuticals, to commercialise a Room Temperature Stable (RTS) formulation of obstetric drug, CARITEC (Carbetocin RTS) in India. CARITEC is indicated for the prevention of excessive bleeding in women after vaginal or caesarean child birth. The condition is commonly known as post-partum hemorrhage (PPH).

Persistent Systems has announced plans to expand its relationship with IBM to help fuel open hybrid cloud adoption, core IT modernization and digital transformation for customers across the enterprise. Persistent will continue to invest in IBM technology that helps its customers adopt hybrid cloud architectures with Red Hat OpenShift, industry-specific clouds and advanced security practices.

Results Calendar

7NR Retail, APL Apollo Tubes, Arvind Fashions, Cupid, GTL Infrastructure, Gujarat State Petronet, HEM Holdings, Nucleus Software Exports, Oswal Leasing, Quess Corp, Resonance Specialties, Som Distilleries & Breweries and TGV Sraac will release their quarterly earning numbers on June 3 (Thursday).

Related Topics
comment COMMENT NOW