The last day of the week may see bulls coming back to the markets after a couple of days of profit-taking. Indian markets are likely to open positive. Thanks to strong global cues from the US and Asia-Pacific markets, Nifty may shoot back up to the 15,000 level again.
The SGX Nifty is currently ruling at 15021 (8 am IST) on the Singapore Stock Exchange, as against the Nifty futures Thursday’s closing value of 14,933.25. The Nifty 50 index closed at 14,906.25
A day after a sharp fall, the US benchmarks on Thursday closed in the green. The tech-heavy Nasdaq gained the most by surging 1.77 per cent, while the S&P 500 edged up over one per cent and the Dow Jones Industrial Average by 0.55 per cent.
Among the Asia-Pacific markets, Taiwan has recorded the biggest gain by 1.8 per cent. Others such as Japan and Korea eked out a marginal gain on early Friday, while Australia and the Philippines are down mildly.
According to analysts, the domestic markets are likely to move in tandem with global markets, as positive Covid cases are showing moderation in many States.
According to Vinod Nair, Head of Research at Geojit Financial Services, market witnessed selling due to lack of further domestic cues and a weak global market. “The US Fed minutes signalled a plausible slowdown in bond buying ‘at some point’, a shift in policy in the future, which will have an implication on emerging markets.”
Stocks to watch
Mindtree, a leading digital transformation and technology services company, has announced that it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group. The NxT Digital Business, was founded as a startup with broad digital capabilities within L&T.
Persistent Systems has entered into an agreement dated May 20 with Sureline Systems Inc and its subsidiary Sureline Systems India Private Limited for acquisition of selected contracts, IP, employees and assets used in the business from Sureline Systems. The acquisition bolsters its cloud advisory services, cloud migration and modernisation offerings and multi-cloud managed services. The maximum purchase consideration payable for the acquisition of the assets is $2.5 millionn, subject to customary adjustment of working capital.
Texmo Pipes and Products Ltd has received today orders from multiple contractors of HDPE pipes worth ₹48.40 crores. The execution period of the aforesaid order is 3 months.