Nifty to open flat note amid mixed global cues

The Indian market on Thursday is likely to open on a flat note amidst mixed cues from global markets. However, with May derivative contracts expiring today, the market is likely to witness heightened volatility during the later part of the day.

According to analysts, the market now needs a clear trigger for further movements. With a lack of possible triggers in the near term from both global and domestic levels, the benchmarks are likely to grind at current level with occasional bouts of volatility, they said.

Also read: Broker's call: MCX (Add)

The SGX Nifty futures currently ruling at 15,343 (8 am IST) indicates a flat opening for the Nifty. The Nifty May and June futures on Wednesday closed at 15,303 and 15,335.50 respectively.

The US stocks on Wednesday ended flat with Dow Jones and S&P 500 closing 0.03 and 0.2 per cent higher. However, the tech-focussed Nasdaq jumped 0.6 per cent. However, most Asia-Pacific markets — Japan, China, Hong Kong, Australia, Taiwan and Korea — are down moderately amidst lacklustre trading.

Sentiments remained buoyant over the improving Covid-19 situation in the country and optimism over the vaccination pace in the coming months which could put the Indian economy’s recovery back on track, said Chice Broking in a note.

Mohit Nigam, Head, PMS - Hem Securities, said that with indices just shy of the February all time highs, today's expiry will be a crucial factor to determine the trajectory of the markets. Also, majority of the companies have declared their results. For Nifty 50, 15200 will act as a support, and benchmark indices might inch towards new all-time highs in the next few trading sessions.

Stocks to watch

Tata Consultancy Services has partnered with LACChain to develop a blockchain ecosystem in Latin America and the Caribbean. LACChain, an initiative led by IDB Lab, the innovation laboratory of the Inter-American Development Bank Group, collaborates with technology partners and ecosystem actors to create blockchain platforms, standards, and marketplaces to innovate and co-create life-changing solutions for people who are vulnerable and affected by economic, social or environmental factors.

Capital India Finance: The board has approved raising funds, in Indian / foreign currency, up to ₹1,000 crore by way of issue of non-convertible debentures/bonds, medium-term notes and other debt securities.

Inflame Appliances: The board has approved increase in authorised share capital of the company from ₹6 crore to ₹7 crore. The board has also approved the issue of up to three lakh shares of face value ₹10 each and 3.80 lakh equity warrants convertible into shares to non-promoters of the company on preferential basis at a price of ₹180 a share.

Bhageria Industries has announced the launch of its new product in dyes and dye-intermediates in the name of ‘J-Acid’. The company is the only manufacturer in India to produce the ‘J-Acid’ chemical at present. The company has received consent to operate from Maharashtra Pollution Control Board.

Newgen Software Technologies has been granted a patent by the Indian Patent Office-Government of India, for an invention titled ‘Online Collaborative Signing of Documents’ for a term of 20 years commencing from November 18, 2010 in accordance with the provisions of the Patents Act, 1970. The present invention aims at offering a solution for collaborative signing of documents with automatic verification of user device, user identity and user signatures. The system includes an interface to access documents with an authentication module using User Device ID management and Digital Rights Management (DRM).

ASM Technologies, a global engineering services provider, has announced a significant Managed Service Provider (MSP) agreement with Netherlands-based EclecticIQ, a world-leading threat intelligence, hunting and response technology company, for EclecticIQ Endpoint Response, an Endpoint Detection & Response (EDR) technology. This enables ASM Technologies to foray into the Cybersecurity Managed Services space with a robust new EDR offering.

Results Calendar

63 Moons Technologies, Ador Fontech, Aegis Logistics, Alkyl Amines Chemicals, Amalgamated Electricity, Amrutanjan Health Care, Axtel Industries, Banaras Beads, Bharat Bijlee, Black Rose Industries, Blue Chip Tex Industries, Borosil, BSEL Infrastructure Realty, Cadila Healthcare, Capri Global Capital, Colinz Laboratories, Dixon Technologies, Eicher Motors, Elecon Engineering, Everest Industries, Fine Organic Industries, Garware Technical Fibres, Gujarat Industries Power, Golden Crest Education, Goodyear India, Gujarat Pipavav Port, GRM Overseas, Greenlam Industries, Garware Hi-Tech Films, Gujarat State Fertilizers, GTL, Hawkins Cookers, HEG, Honda India Power Products, IRB Infrastructure Developers, International Data Management, India Grid Trust, Infibeam Avenues, India Infrastructure Trust, Jindal Saw, John Cockerill India, Kalyan Jewellers, KIOCL, Kopran, KREBS Biochemicals & Industries, Kunststoffe Industries, Mangalam Organics, Metropolis Healthcare, Modern Converters, Navneet Education, Nocil, Page Industries, PC Jeweller, The Phoenix Mills, Punjab Chemicals and Crop Protection, Rashtriya Chemicals & Fertilizers, Redington (India), Solar Industries, Strides Pharma Science, Sun Pharma, Suryoday Small Finance Bank, Themis Medicare, Thomas Cook, Tower Infrastructure Trust, TTK Healthcare, UCO Bank, and Wockhardt will release their quarterly earnings on May 27 (Thursday).

COMMENT NOW