After the gravity-defying rally, Indian markets will likely witness some moderation on Friday amidst negative global cues. However, the focus will be on the RBI Governor, who will announce the key monetary policy initiatives after three days of deliberation at 10 am. Hence, the market is expected to stay in a range at least till the outcome of RBI meeting.

All eyes are on the BSE Sensex, which is currently just 200 points away from its all-time high of 52,516.76. The BSE Sensex on Thursday closed at 52,232.43.

However, the SGX Nifty at 15,683 (8 am IST) indicates a flat-to-negative opening for Nifty futures, closing at 15,712.40 on the NSE.

Most Asia-Pacific stocks such as Japan, Korea, South Korea and Taiwan are down between 0.2 per cent and 0.8 per cent in the morning session on Friday. Overnight, the US stocks closed in the red, with tech-focussed Nasdaq slumping by about one per cent and Dow Jones and S&P 500 slipping marginally.

According to analysts, though the undertone remains bullish, intermittent profit booking and adverse comments from global fronts will check the rally.

"All eyes would be RBI monetary policy wherein the majority expect status quo on key rates," said Ajit Mishra, VP - Research, Religare Broking. However, their commentary on growth and inflation would be closely watched by the participants. "We may see volatile swings during the day so traders should plan their trades accordingly," he added.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said credit policy and the outcome of the RBI announcement could dictate the trend. "For the Nifty, 15550/15600 are the support levels, however, the resistance is close to 15750/15800. The 15770/15780 levels could be a big hurdle. Investors shouldn't act aggressively in a rising market, and hence should buy on dips or stay stock specific."

Stocks to Watch

Standard Industries : The board of Standard Industries had earlier accorded its approval to enter into MoU with Support Properties Private Ltd, Carin Properties Private Ltd and Feat Properties Private Ltd to transfer and assign all its leasehold rights in 62.25 acres at Ghansoli & Savali, Taluka Thane, for an overall consideration of Rs 427.33 crore. However, due to certain impediments beyond the control of the parties to transfer and assign to all the intending assignees mentioned above, Carin Properties Private Limited and Feat Properties Private Limited have decided to withdraw from the transaction under MOU and consequently only Support Properties Private Limited will fulfill all the obligations.

Lupin has announced the launch of the authorised generic version of Brovana (arformoterol tartrate) Inhalation Solution 15 mcg/2 mL, unit-dose vials, of Sunovion Pharmaceuticals Inc. Arformoterol Tartrate Inhalation Solution is indicated for the long-term, twice daily maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema. It is for use by nebulisation only.

KP Energy/Suzlon : KP Energy has entered into an agreement with Suzlon Energy for settlement of final accounts and resolution of the pending issues and completion of the handover of the 50.4MW wind power project, which has been commissioned and in generation since March 2019 at Mahuva Site in Bhavnagar, Gujarat. It is pertinent to mention that KP Energy has restarted its punch-point completion activities and hand over of the Project in accordance with the amicable meetings between the Stakeholders of the Project and the Agreement between Suzlon and KP Energy, it said in a statement to the stock exchanges. The agreed milestone payments have been started to realise from Suzlon in accordance with the Agreement.

Confidence Enterprises (100 per cent subsidiary of Confidence Futuristic Energetech Limited, which inturn is a subsidiary of Confidence Petroleum India Limited), has started project work to manufacture High Pressure cylinder (Oxygen, Industrial gases and CNG) at MIDC Umred near Nagpur looking towards the upcoming demand of high pressure oxygen and CNG cylinders. This up-coming unit will have capacity to manufacture 3,60,000 cylinders per annum.

Cadila Healthcare has received tentative approval from the USFDA to market Osimertinib Tablets in the strengths of 40 mg and 80 mg. Osimertinib is used to treat lung cancer. The drug will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad. The group now has 318 approvals and has so far filed over 400 ANDAs since the commencement of the filing process in FY 2003-04.

Results Calendar

Ambalal Sarabhai Enterprises, Asahi Songwon Colors, Bank of India, Bajaj Global, Balkrishna Paper Mills, Bharat Forge, Brawn Biotech, CHD Chemicals, Foods & Inns, GCCL Infra, Gufic Biosciences, Hotel Rugby, IOL Chemicals & Pharmaceuticals, Jai Corp, Jigar Cables, Jubilant Pharmova, Keltech Energies, Kranti Industries, MOIL, NB Footwear, NIIT, Paisalo Digital, Pennar Industries, Punjab National Bank, SAR Auto Products, Simbhaoli Sugars, Univesal Autofoundry, Valiant Communications and Varroc Engineering will release quarterly earnings on June 4

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