Domestic markets are expected to open on a positive note on Friday, amid mixed global cues. After the US Federal Reserve meet, markets across the globe lack clear triggers, say analysts. However, with the US Federal Reserve hinting at rate hikes (50 basis points by 2023) and working on steps for unwinding of bond-buying programme, analysts expect the market to remain range-bound with downward bias.

The SGX Nifty at 15,762 indicates a gain of at least 70 points in the Nifty futures at opening, which on Thursday closed at 15,692.15.

Also read: Rupee crashes, bond yields spike as Fed turns hawkish

Overnight, the Dow Jones Industrial Average slumped 210.22 points, or 0.62 per cent, while the S&P 500 edged down 0.04 per cent or 1.84 points at 4,221.85, and and the tech-focussed Nasdaq Composite fell 0.87 per cent or 121.67 points to 14,161. 30.

However, Asian markets and US stock futures are trading positive on early Friday morning. Stocks across the Asia-Pacific region gained between 0.1 per cent and 0.8 per cent.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said: “The short-term trend of Nifty seems to have reversed down with the short-term top reversal at 15,901 (15 June). The next downside level to be watched is at around 15,550 in the next couple of sessions, before showing another round of minor upside bounces. Any upside rally towards 15,750-15,800 could be a ‘sell on rise’ opportunity for the coming sessions.”

Stocks to watch

The board of Power Grid Corporation of India Ltd has recommended issue of bonus shares in the ratio of 1:3 (one new equity bonus share for every three existing equity shares), subject to approval by the shareholders of the company. The date on which such bonus shares will be credited/dispatched is to be announced in due course.

Gati: The Board of Directors of Gati has approved the allotment of 10,23,020 shares on preferential basis at ₹97.75 a share, aggregating up to ₹10 crore. The board has also approved allotment of 71,61,120 equity warrants at ₹97.75 apiece with the right to every warrant holder to apply for and be allotted one share within a period of 18 months from the date of allotment of the warrants, aggregating up to ₹70 crore.

Lupin has received approval for its Sevelamer Hydrochloride Tablets, 400 mg and 800 mg from the United States Food and Drug Administration to market a generic equivalent of Renagel Tablets, 400 mg and 800 mg, of Genzyme Corporation. The product will be manufactured at Lupin’s facility in Nagpur, India. Sevelamer Hydrochloride Tablets are indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis.

OM Infra Ltd has announced the acquisition of an additional 49 per cent shareholding of Bihar Logistics Private Limited, and an additional 24.99 per cent shareholding of Gujarat Warehousing Private Limited. Post acquisitions, its holding in Bihar Logistics and Gujarat Warehousing Private Limited will increase to 99 per cent.

Tube Investments of India: The board has approved fresh long-term borrowing to meet the company’s fund needs during the financial year 2021-22, of a sum not exceeding ₹200 crore, including by way of issue of privately-placed secured non-convertible debentures, in one or more tranches.

Oriental Rail Infrastructure Ltd’s wholly-owned subsidiary, Oriental Foundry Private Limited, has secured order worth ₹32.928 crore from Braithwaite & Co. Limited for manufacturing and supplying of bogies.

IPO screener

The initial public offering (IPO) of Krishna Institute of Medical Sciences (KIMS) was subscribed 0.56 times at the end of Day 2. The IPO, which opened for subscription on Wednesday at a price band of ₹815-825, will close today. KIMS Hospitals has raised ₹955 crore from 43 anchor investors ahead of the opening of its maiden IPO. The ₹2,144-crore public issue comprises a fresh issue of equity shares worth up to ₹200 crore and an offer-for-sale (OFS) of 2.35 crore shares by its existing promoters and shareholders.

Dodla Dairy IPO, which opened for subscription on Wednesday, was subscribed 3.30 times at the end of Day 2. The IPO comes in a price band of ₹421 to ₹428 a share. It comprises a fresh issue aggregating up to ₹50 crore and an OFS of up to 1.09 crore equity shares, including 92 lakh shares held by TPG Dodla Dairy Holdings Pte. Ltd. Bids can be made for a minimum of 35 shares. Dodla Dairy has raised ₹156 crore from 18 anchor investors at the upper price band of ₹428 per equity share. The firm allocated 36.46 lakh equity shares at the upper price.

Times Green Energy (India) Limited, a Hyderabad-based company launched its IPO on Wednesday, wherein it expects to raise ₹4.05 crore. The company has set an issue price of ₹61 per a share of ₹10 face value. The issue closes on June 22. The issue has so far been subscribed 1.21 times. Shares will be listed on the BSE-SME platform.

Results calendar

Ashoka

Buildcon, Archidply Industries, Balaji Telefilms, BC Power Controls, Birla Cables, Bright Brothers, Braddy Morris, Essar Securities, Gujarat Fluorochemicals, GMR Infrastructure, Hinduja Global Solutions, HT Media, Insecticides (India), James Warren Tea, Jubilant Industries, Kokuyo Camlin, PSP Projects, Pitti Engineering, Rama Steel, Rama Vision, RTN Power, Ruchira Papers, SE Power, SMS Lifesciences, Timken India, and Welspun Specialty Solutions will release quarterly earnings on June 18.

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