Domestic markets are likely to open on a negative note, thanks to weak Asian cues. Analysts expect the market to remain in a range for quite some time.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said: “O n the monthly F&O expiry day, the market witnessed a smart pullback rally, although the July series has been volatile with a momentum of nearly 450 points. While the sectoral performance in the current month series was mixed with Realty and Metal indices gaining over 13 per cent, Auto and Energy indices lost ground and shed nearly 6 per cent.”

According to market experts, the US Fed did not lift interest rates from their near-zero level, nor did it announce when it planned to let up on its $120 billion in monthly bond purchases. This is a big positive, as global investors will keep adopting a risk-on strategy, which is good for markets such as India, they added.

The SGX Nifty at 15,744 signals a flat-to-negative opening for Nifty, as Nifty August futures on Thursday closed at 15,806.

The main American stock indexes advanced overnight, with the S&P 500 and Dow Jones Industrial Average touching record highs.

However, Asian markets opened on a negative note on Friday with losses range from 0.2-1.,2 per cent.

According to Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services, “Index has seen more of time correction in last two months which is healthier sign for broader market. Now overall data and price setup suggests that consolidation seems to end soon to commence the next leg of the rally to cheer the new life time on the Dalal street.”

According to him, sector-wise positive rollover activities are seen in metals, IT, selective private and PSU banks while shorts are seen in auto and pharma stocks.

Stocks to watch

Shilpa Medicare Ltd has received pre-qualification approval from the World Health Organization for its active pharmaceutical ingredient of anti-infection drug Praziquantel, which is used to treat infections in the bloodstream. The drug is also used to treat liver-related infections, the company said in a press release. The company did not disclose the size of the opportunity that would come out of this approval.

IDBI Bank: LIC Cards Services Ltd, a wholly-owned subsidiary of Life Insurance Corp of India, has joined hands with IDBI Bank to launch two variants of co-branded RuPay credit cards, National Payments Corp of India said in a media release today. Lumine platinum credit card and Eclat select credit card will be powered by IDBI Bank and targeted at LIC's policyholders, agents, employees and subsidiaries.

BPCL: The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic disinvestment. The move would facilitate the privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.

IPO Screener

Rolex Rings: Today is the last date for subscription. The initial public offering of auto components maker Rolex Rings has so far been subscribed 9.26 times. The offer is in a price range of Rs 880-900 per share.

The category reserved for qualified institutional buyers (QIBs) was subscribed 23 per cent, while those for non-institutional investors 5.85 times and retail individual investors (RIIs) 15.89 times.

The IPO comprises a fresh issue of up to Rs 56 crore and an offer for sale of up to 75 lakh equity shares.

Ahead of the issue, the company on Tuesday garnered a little over Rs 219 crore from anchor investors.

Results calendar

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Aban Offshore, Aditya Birla Fashion Retail, Adhbhut Infra, Ador Fontech, Allied Digital, Asahi India, Atlanta, Bandhan Bank, Basant Agro, Benaras Hotels, Bhagwati Oxygen, BHEL, Birla Cap, Birla Tyres, Blue Dart, Britannia, Chemfab Alkalis, Cholamandalam Investment, Dr Lal Path Labs, Dalmia Bharat Sugars, DCW, Dharani Sugars, Digispice Tech, Equitas Bank, Exide Industries, Fairchem Organics, Future Enterprises, Finolex Ind, GI Engineering, Gravita, HIL, HOCL, India Grid, IOC, Indo Amines, Jindal Saw, JK Paper, JSW Energy, Kansai Nerolec, KEC International, Krebis Bio, LT Foods, LKP Fin, Macrotech Developers, Marico, Nazara, Nelco, NIIT, PI Industries, Prakash Pipes, Rollatainers, Rossari Bio, Shriram Transport Finance, Sundaram Clayton, Sunflag Iron, Sun Pharma, Suntech Realty, UPL, Veto Switchgear, V-Guard, Walchand Peoplefirst, Welspun Speciality and Zydus Wellness will declare their quarterly results on Friday.

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