KEY HIGHLIGHTS
Decoding The Market Performance For The Week
Contributors To Nifty's Gains
Closing Bell: A Strong Close
Indian equity markets ended near the highest point of the trading day, aided by a surge in the final few minutes. Benchmark indices posted their second straight weekly gain.
The S&P BSE Sensex ended 0.94% higher at 35,171 while the NSE Nifty 50 index ended just below the 10,400 mark at 10.383, up by 0.91%.
Both Sensex and Nifty have posted weekly gains in four out of the last five weeks.
Among the sectoral indices, I.T. remained the outperformer, with the sectoral index ending with gains of 3.9%. The PSU Bank index was the other sectoral gainer, ending 1% higher.
The Nifty FMCG index snapped a six-day gaining streak, ending with losses of 1.1% while the realty index ended lower for the third straight day, down 0.8%.
Broader markets underperformed in today's trade with the midcap and smallcap index ending 0.17% and 0.24% higher respectively.
The India Volatility Index ended 4.6% lower at 28.35, after fluctuating for most part of the day.
Market breadth remained in favour of the advances. 1,066 stocks on the NSE ended with gains while 748 ended with losses.
For the week, the Sensex gained 1.27% while the Nifty advanced 1.35%.
Expectations From The Impending Nifty Rejig
Earnings Reaction: Century Plyboards
- Revenue down 10% to Rs 530.2 crore
- Net profit down 32% to Rs 37 crore
- Ebitda down 16% to Rs 67.4 crore
- Ebitda margin at 12.7% from 13.5%
- Plywood and other allied products revenue down 14% to Rs 285.2 crore
- Laminate and other allied products revenue down 13.8% to Rs 106 crore
- MDF board revenue up 10.5% to Rs 84.33 crore
- Particle board revenue flat at Rs 23 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 5.8% to Rs 124, post the announcement.
Buzzing Stock: PTC India
- Trading at the highest level in four months
- Gains as much as 10.6% to Rs 51.8
- Up for the second straight day
- Set to post fourth straight weekly gain
- Best streak of weekly gains since January this year
- Has gained 24% so far this week
- Today's volumes are 1.1 times higher than its 30-day average
- Trades in overbought territory with relative strength index (RSI) at 83
- Has gained over 50% from its 52-week low of Rs 32.4 on March 24, 2020
- All four analysts tracking the stock have a buy recommendation
- Return potential fot the stock as per Bloomberg data is 43.4%
Third Day Of Losses For The Realty Index
Buzzing Stock: Jamna Auto
- Among the top performers on the Nifty Smallcap index
- Gains as much as 10.6% to Rs 34.75
- Biggest single-day gain in nearly a month
- Trades at the highest level in four months
- Up for the second straight day
- Has gained in nine out of the last 10 days
- Up 15% in the last 10 trading sessions
- Today's volumes are 0.9 times higher than its 30-day average
- Trading near its 200-Day Moving Average of 36
- Has gained 61% from its 52-week low of Rs 21 on March 24, 2020
- Four out of the seven analysts tracking the stock have a buy recommendation
- Trading 11.5% higher than its 12-month consensus price target of Rs 29.5, implying a negative return potential
Earnings Reaction: Kajaria Ceramics
- Revenue down 20% to Rs 652 crore
- Net profit down 25% to Rs 49.6 crore
- Ebitda down 24% to Rs 93.37 crore
- Ebitda margin down to 14.3% from 15%
- Higher finance costs impact margins
- Tiles segment revenue down 19.9% to Rs 605.1 crore
- Revenue from other businesses down 22% to Rs 46.9 crore
- Sales volume down 19% to 18.24 million square meters
- All numbers are consolidated and compared on a year-on-year basis
Shares are trading 1.3% higher, cooling off from gains of as much as 2.65% to Rs 412.
Markets At 2:20 P.M.
- Markets continue to trade in a range
- Nifty up 0.7% at 10,357
- Sensex up 0.7% at 35,076
- Nifty Bank down 0.2% at 21,458
- Nifty Midcap and Smallcap index up 0.3% each
- India Volatility Index down 0.75% to 29.5
- Nifty I.T. index remains top sectoral gainer; up 4.1%
- Nifty Metal and Nifty PSU bank index up 0.7% each
- Nifty FMCG index is the top sectoral laggard; down 1%
- Nifty Realty and Nifty Pharma index down 0.7% each
- Infosys remains the top Nifty gainer; up 6.4%
- Kotak Mahindra Bank remains the top Nifty laggard; down 3.5%
- 1,059 stocks on the NSE trade with gains while 730 decline
Earnings Reaction: Emami Q4FY20
- Revenue down 16.8% to Rs 532.7 crore
- Net profit down 58.4% to Rs 23.4 crore
- Ebitda down 36.7% to Rs 98.5 crore
- Ebitda margin down to 18.5% from 24.3%
- Deferred tax credit of Rs 15.29 crore this quarter
- All numbers are consolidated and compared on a year-on-year basis
Commentary On Covid-19:
- Plant operations resumed in a phased manner from mid-April.
- Expect demand to stabilise in due course.
- Do not anticipate any challenge in meeting financial obligations.
- No impairment charge needs to be recognised.
- Covid-19 does not pose any challenge on ability to continue as a going concern.
Shares are off the day's high, cooling off from gains of as much as 5.85% to Rs 233.45, post the announcement. The stock currently trades with gains of 1.6%.
Money Market Update
The currency ended little changed in today's trading session, capping its first weekly advance in three.
The rupee ended at 75.64 against the U.S. Dollar as compared to Thursday's close of 75.66.
For today's session, the rupee was the fifth best performing currency in Asia.
The currency gained in four out of the five trading sessions this week.
For the week, the rupee gained 0.71%, ending as the second best performer in Asia, behind the South Korean Won.
Yield on the 10-year government bond ended at 5.916% as compared to the opening level of 5.9%.
Earnings Estimates: Coal India Q4FY20
- Revenue seen flat at Rs 26,595.9 crore
- Ebitda seen 17.6% lower at Rs 6,765.5 crore
- Ebitda margin may narrow to 25.4% from 30.8%
- Net profit seen 16.5% lower at Rs 5,024.5 crore
- Blended Realisations seen 2.8% lower at Rs 1,586
- FSA Realisations seen flat at Rs 1,466
- E-Auction Realisations seen 15.4% lower at Rs 2,329
- All estimates are consolidated and compared on a year-on-year basis
Shares currently trade 1.5% higher at Rs 142.5, ahead of its earnings.
Earnings Reaction: UCO Bank Q4FY20
- Net Interest Income flat at Rs 1,254.5 crore
- Net profit of Rs 16.78 crore from net loss of Rs 1,552 crore
- Gross NPA at 16.77% from 19.45% in the previous quarter
- Net NPA at 5.45% from 6.34% in the previous quarter
- Provisions for NPAs at Rs 1,089.2 crore from Rs 1,645.5 crore in the previous quarter
- Higher other income contributes to profits
- Other income at Rs 768.8 crore from Rs 366.7 crore
- Capital Adequacy Ratio at 11.7% from 10.7% in the previous year
- Tier-I ratio at 9.19% from 8.64% last year
- 2,353 MSME accounts worth Rs 365 crore restructured during FY20
- Provision Coverage Ratio of 85.46%
- Asset Classification Benefits extended to accounts worth Rs 571.5 crore due to Covid-19.
Shares are up 20% to Rs 16.7 post the announcement.
Active Stock Options
- TCS' 2,200 Call: Premium up 85% to Rs 51. The contract has added 1.97 lakh shares in Open Interest.
- ITC's 210 Call: Premium down 22.6% to Rs 6.35. The contract has added 23.2 lakh shares in Open Interest.
- Infosys' 760 Call: Premium up 150% to Rs 23.85. The contract has added 9.15 lakh shares in Open Interest.
FMCG Index Snaps Six-Day Gaining Streak
Earnings Reaction: HT Media
- Revenue down 14% to Rs 466.8 crore
- Net loss widens to Rs 46.31 crore from Rs 25.36 crore
- Ebitda at Rs 29.4 crore from Ebitda loss of Rs 42.32 crore
- Deferred tax credit of Rs 5.1 crore this quarter
- Exceptional loss of Rs 79.72 crore this quarter
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 4.2% to Rs 13.65, post the announcement.
European Markets Open Higher
Benchmarks across Europe look to end the week on a high, opening today's trade with gains.
The Stoxx 600 index has opened 0.9% higher with travel, technology and auto stocks leading the gains. Retail and healthcare stocks are underperforming.
Most Asian markets have ended with gains while futures on the Dow Jones are trading lower by 100 points.
Brent crude trades 0.66% higher at $41.32 per barrel while gold is little changed at $1,763.52/Oz.
Let's take a look at how benchmarks across Europe have opened:
- Euro Stoxx 50 up 1.1% at 3,254
- DAX up 1.05% at 12,309
- CAC up 1.14% at 4,974
- FTSE 100 up 1% at Rs 6,211
- IBEX 35 up 0.8% at 7,329
BREAKING: BloombergQuint Exclusive
How Are The Sectoral Indices Faring
Earnings Estimates: ITC Q4FY20
- Net sales seen 3.1% lower at Rs 11,832 crore
- Ebitda seen 6.2% lower at Rs 4,287 crore
- Ebitda margin at 36.2% from 37.5%
- Net profit seen 0.8% higher at Rs 3,511 crore
- All estimates are standalone and compared on a year-on-year basis
Key Factors At Play For ITC:
- Cigarette volumes likely to decline (Company does not report volume growth)
- FMCG business may see 2-5% decline in sales
- Hotel business revenue may decline 23-25%
- Agri and paperboards business also likely to see weakness
- Loss in production likely to pressurise margins
Shares are lower as much as 1.76% at Rs 198.55, snapping a four-day gaining streak.
Buzzing Stock: Karur Vysya Bank
- Second best performer on the Nifty Smallcap Index
- Gains as much as 6.67% to Rs 36
- Trades at the highest level in over three months
- Up for the second straight day
- Has gained in four out of the five trading sessions this week
- Up 32% so far this week
- Best weekly return in over two months
- Set to post second successive weekly gain
- Today's volumes are 4.4 times higher than its 30-day average
- Trades in overbought territory with Relative Strength Index (RSI) at 77
- Has doubled from its 52-week low of Rs 18.75 on March 24, 2020
- 9 out of the 15 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 26.8%
Covid-19 Impact: IRCTC
- E-ticketing platform severely impacted due to suspension of train services. Bookings likely to drop in the coming quarters as well.
- Q1FY21 may be adverse for the catering business.
- Travel and tourism business will also be impacted, as has been in the rest of the world.
- Production in rail neer plants could not take place during the first 45 days of the lockdown.
- Plants are now running with reduced capacity due to lesser number of trains.
- Business situation may normalise in H2FY21
- Debt-free company and enough liquidity to finance arrangements.
Shares fell as much as 5.1% to Rs 1,340 and are the second worst performers on the Nifty Midcap Index.
Markets At Noon
- Benchmark indices hold on to gains
- Nifty up 0.62% at 10,355
- Sensex up 0.6% at 35,061
- Nifty Bank down 0.1% at 21,486
- Nifty Midcap and smallcap index up 0.7%
- India Volatility Index unchanged at 29.71
- Nifty I.T. index remains the top sectoral gainer; up 4.5%
- Nifty Metal index is the other sectoral gainer; up 1.25%
- Nifty FMCG index snaps six-day gaining streak; down 0.6%
- Infosys remains the top Nifty gainer; up 6.4%
- Kotak Mahindra Bank is the top Nifty loser; down 3.3%
- 1,178 stocks on the NSE trade with gains while 559 decline
Stock Reaction: PNC Infratech
The construction company won a Letter of Award from the NHAI for a 53.95 kilometer long four-laning of the Meerut-Nazibabad section.
The range falls under NH-119 and in the state of Uttar Pradesh, according to the company's exchange filing.
The order has been won on a Hybrid Annuity Mode under the Bharatmala Pariyojana for a bid project cost of Rs 1,412 crore.
Shares gained as much as 16.7% - its biggest ever single-day surge on record to Rs 155. The stock is now off the day's high, trading with gains of 8.7%.
Metal Stocks See Healthy Gains
Earnings Reaction: Somany Ceramics
- Revenue down 33% to Rs 347.1 crore
- Net loss of Rs 8.98 crore from net profit of Rs 19.76 crore
- Ebitda loss of Rs 4.61 crore from Ebitda positive of Rs 53.88 crore
- Ebitda margin at negative 1.3% from positive 10.4%
- Sales volume fell 28% to 11.1 million square meter
- The company's board has also approved raising Rs 50 crore through NCDs
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much as 8.8% - the biggest single-day fall for the stock in three months to Rs 124. The stock is down for the third straight day.
Top Nifty Gainer: Infosys
- Top gainer on the Nifty I.T. index as well
- Gains as much as 6.3% to Rs 744.5
- Biggest single-day gain in over two months
- Snaps two-day losing streak
- Set to post second straight weekly advance
- Today's volumes are triple its 30-day average
- Breaks above its 200-Day Moving Average of 718.6
- Has gained 46% from its 52-week low of Rs 509 on March 19, 2020
- 36 out of the 48 analysts tracking the stock have a buy recommendation; 3 sell calls
- The stock now trades 2% above its 12-month consensus price target of Rs 727.5, implying a negative return potential
OFS Update: Andhra Paper
The company's offer for sale for the non-retail segment received 3.34 times demand at an indicative price of Rs 192.48 per share, according to an exchange notice.
OFS for retail investors is open for subscription today.
The company's promoter International Paper Investment intended to sell 10% of its equity at a floor price of Rs 186 per share, the exchange filing on Wednesday said.
Shares gained as much as 6% to Rs 209.8, after a 15% decline on Thursday.
Stock Reaction: Camlin Fine Sciences
The company in its board meeting on Thursday has approved the raising of funds to the tune of Rs 180 crore from Infinity Holdings and its affiliated entities.
The investment will result in nearly 22.65% ownership stake on a fully diluted basis, according to its exchange filing.
Purpose of the fund raise would be to acquire the entire stake of its JV partners in the company's subsidiaries in China and Mexico, according to the statement.
The partnership with Infinity and Convergent will not only strengthen our position in Mexico but also reduce our reliance on China.Ashish Dandekar, Managing Director, Camlin Fine Sciences
Shares are locked in an upper circuit of 10% at Rs 53.55 and are up for the second day in a row.
Earnings Reaction: V2 Retail
The retail player reported a net loss of Rs 11.6 crore for the quarter ended March. This is compared to a net profit of Rs 4.2 crore reported during the same period last year.
Same Store Sales Growth for the company saw a contraction of 18% this quarter. The company in its press release said that it was at a positive 3% until March 15, 2020.
The company's revenue fell 21% while Ebitda declined 29% compared to the previous year.
The consumer sentiment has suddenly changed from positive to cautious and will take some time to return to normalcy. With strong balance sheet and low leverage, we will not only be able to survive the pandemic, but also bounce back faster.Ram Chandra Agarwal, Chairman & Managing Director, V2 Retail
Shares fell as much as 4.1% to Rs 54.7 per share.
Buzzing Stock: Hindustan Zinc
- Top performer on the Nifty Metals index
- Gains as much as 8% to Rs 204.75
- Biggest single-day gain in three months
- Trades at the highest level in five months
- Up for the second straight day
- Has gained in four out of the five trading sessions this week
- Up 13% so far this week
- Set to post fifth successive weekly advance
- Best weekly winning streak since January 2018
- Today's volumes are 4.1 times higher than its 30-day average
- Breaks above its 200-Day Moving Average at 191
- Trades in overbought territory with Relative Strength Index (RSI) at 78
- Has gained 72% from its 52-week low of Rs 116 on March 13, 2020
- 15 out of the 24 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock now trades 3.2% above its 12-month consensus price target of Rs 194.7, implying a negative return potential.
Stock Reaction: Sterling & Wilson Solar
The company has informed the exchanges in two separate exchange filings about an order win and regarding repayment of dues.
The first release informs of the company's U.S.-based subsidiary Sterling & Wilson Solar Solutions winning an order in the country worth $99 million or approximately Rs 747 crore.
This is the largest solar project won by the company in the U.S., according to the press release.
On the repayment of dues:
- Have made payments to the tune of Rs 1,500 crore out of the total outstanding dues of Rs 2,563 crore.
- Covid-19 has created significant disruption in economic activity.
- Next installment of Rs 500 crore due on June 30, 2020 may spill over by a few weeks.
- Committed to complete the payment within the outer deadline of September 30, 2020.
Shares are locked in an upper circuit of 5% at Rs 199.25. It is up for the fifth straight day, in which it has been locked in a 5% upper circuit for four of them.
Strong Traction In I.T. Stocks
Markets At 10:10 A.M.
- Benchmark indices trade at the day's high
- Nifty up 1.1% at 10,400
- Sensex up 1% at 35,208
- Nifty Bank up 0.7% at 21,671
- Nifty Midcap and Smallcap index up 1.2% each
- India Volatility Index down 2.7% at 28.92
- Nifty I.T. is the top sectoral gainer, up 3.3%
- Nifty PSU Bank, Nifty Media and Nifty Metal gain between 1.5-2%
- Infosys is the top Nifty gainer; up 5.5%
- Kotak Mahindra Bank is the top Nifty laggard; down 1.9%
- 1,315 stocks on the NSE trade with gains while 351 decline
Money Market Update
The currency gained for the second straight day and is set to post gains for the week.
The rupee opened at 75.52 against the U.S. Dollar as compared to Thursday's close of 75.66. It ended as the second best performer in Asia on Thursday.
The RBI will release its weekly forex and bank credit data today.
Within the bond market, traders look forward to the sale of government bonds worth Rs 30,000 crore.
Yield on the 10-year government bond ended at 5.89% on Thursday.
Stock Reaction: Sumitomo Chemicals India
The company informed the exchanges on Thursday that its promoter plans to sell 49.9 lakh shares of the company, representing around 1% of the total equity.
Promoters also have an option to sell a further 1% stake under the oversubscription scenario.
Floor price for the share sell has been determined at Rs 265 per share, a 10% discount to Thursday's closing price.
The issue for non-retail investors is currently open while that for retail investors will open on June 29.
Shares are recovering from the day's low, after falling as much as 8.1% to Rs 285.6. The stock currently trades 4.5% lower.
Earnings Reaction: Ashok Leyland
The heavy vehicles manufacturer reported a net loss of Rs 57.3 crore in the fourth quarter as compared to a net profit of Rs 653 crore during the same period last year.
The net loss was also due to an exceptional loss of Rs 68.7 crore and a tax credit reversal of Rs 44.5 crore in the March quarter.
Ebitda fell 81.4% while margins narrowed to 4.8% from 11.1% year-on-year.
The company has also allotted Non-Convertible Debentures worth Rs 200 crore on a private placement basis.
The company reported a 42% decline in volumes for the full year in FY20.
We continue our productivity and cost reduction programs started earlier in the year. These initiatives have helped us achieve a sizeable reduction in costs.Gopal Mahadevan, Chief Financial Officer, Ashok Leyland
Shares are off the day's high after gaining as much as 3.8% to Rs 55.5.
Coronavirus India Updates
- Biggest single-day spike in new cases reported in the last 24 hours
- 17,296 cases reported in the last 24 hours
- Total number of cases in the country at 4,90,401
- Active cases at 1,89,463
- Number of patients cured / discharged / migrated at 2,85,637
- 407 deaths reported in the last 24 hours
- Death toll rises to 15,301
- 13,940 recoveries reported in the last 24 hours
HUL Completes Acquisition Of V-Wash
Hindustan Unilever Ltd. has announced that it has completed the acquisition of intimate hygine brand VWash from Glenmark.
The acquisiton, announced on March 23, was subject to certain conditions which have now been fulfilled, the company said in an exchange filing.
HUL was to make most of the payments in cash upfront as well as pay a royalty on sales for three years. Amount of the deal remain undisclosed.
Shares of HUL trade near the day's low, down 0.6% at Rs 2,161.
Leading The Nifty Higher
Opening Bell: A Positive Start
Indian equity markets have begun the first day of the July series on a positive note.
Both, the S&P BSE Sensex and the NSE Nifty 50 index opened 0.87% higher at 35,144 and 10,378 respectively.
For the week, Sensex and Nifty are 0.3% and 0.4% higher respectively, as of closing on Thursday.
Benchmarks have opened higher after declining for two successive days.
All sectoral indices have opened higher. Nifty Bank, Nifty Auto, Nifty Metal and Nifty PSU Bank index have opened with gains of over 1%.
Broader markets too are in tandem with benchmarks. Both midcap and smallcap indices have opened 1% higher.
Market breadth at opening was in favour of the advances. 1,243 stocks on the National Stock Exchange opened with gains while 255 declined.
Latest On The Coronavirus
- Global cases near the 9.6 million mark
- Death toll rises to 4.88 lakh
- U.S. state health departments reported a total of over 37,000 cases on Thursday
- Texas, Florida, California and Arizona report most cases
- S&P Global Ratings says Asia-Pacific's economic toll from Covid-19 to be near $3 trillion
- Bejing reports 11 new cases
- Total cases in brazil rise to 1.23 million with 3.3% rise in new cases
- Mexico's finance minister tests positive
- Apple to shut 14 more stores in Florida after shutting seven in Houston last week
Top Reads On BloombergQuint.com
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- Vedanta: Vedanta: Shareholders approve the delisting plan. 93.34% votes polled in favour of the motion. 85% of the public institution shareholders and 74.7% of public non-institution shareholders voted in favour of the motion.
- Apollo Tyres: Commissions its seventh facility globally - a greenfield plant in Andhra Pradesh. Phase - I will involve an investment of close to Rs 3,800 crore. Capacity will be gradually ramped-up in 12-18 months as demand improves.
- Reliance Industries: Fitch Ratings upgrades long-term currency issuer default rating to BBB+ from BBB with a stable outlook. Long-term foreign currency issuer default rating affirmed at BBB- with a stable outlook.
- BHEL, Bharat Bijlee, Voltamp Transformers: Bloomberg News reports that India’s Renewable Energy Ministry has proposed a basic customs duty of 25% on solar modules starting July 30 and 40% from April 1, 2022. Duty on solar cells has been proposed at 15% from July 30 and 25% from April 2022. Import tax on solar inverters should be 20% from July 30 and remain so throughout, according to the ministry’s proposal. Proposals need finance ministry’s approval for coming into effect.
- Sumitomo Chemicals India: Promoter to sell 49.91 lakh shares or 1% of the total equity through an Offer for Sale with an option to sell an additional 49.91 lakh shares. Floor price for the same has been set at Rs 265 per share, which is a 10% discount to Thursday's closing price. Trade date for non-retail investors is June 26 while for retail investors is June 29.
- IRCTC's Covid-19 Impact: Adverse impact seen in the catering segment in Q1FY21. 13 out of the 14 rail neer plants have resumed production. Expect normalisation in H2FY21.
- Andhra Papers: Offer-for-sale for non-retail segment received 3.34 times demand at an indicative price of Rs 192.48 per share.
- HFCL: Promoter MN Ventures released pledge of 6.14 crore shares (4.78% equity stake) in favour of Yes Bank on June 25. These shares were pledged by the company with Yes Bank as a collateral security for the performance bank guarantee of Rs 58.36 crore availed by the company.
- Nifty Earnings Today: Coal India, ITC
- Non-Nifty Earnings Today: GATI, Sun TV, IRCTC, Kajaria Ceramics, Glenmark, APL Apollo Tubes, NALCO, Emami, HUDCO, ITI, Ramkrishna Forgings, UCO Bank.
To know more about the earnings reported after market hours and key stock updates, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Thursday
- Benchmark indices gain the most in over a week in a volatile trading session
- S&P 500 ended with gains of 1.1% after a last hour surge
- Initial jobless claims topped estimates at 1.5 million
- Record rise in Covid-19 cases in Texas and Florida prompted administrations to half the next phases of reopening the economies
- Bloomberg Dollar Spot index advanced 0.1%
- Yield on the 10-year treasury stood at 0.68%
- West Texas Intermediate crude rose 2.7% to $39 per barrel
Catch the live action from global equity markets here.
First Day Of July Series
Good Morning!
India's equity markets ended an expiry day trade with losses, declining for the second straight session. The benchmarks, however, posted their second derivative monthly expiry gain this year, ending over 8% higher for the June series.
The S&P BSE Sensex and the NSE Nifty 50 Index have gained 0.3% and 0.4%, respectively, so far during the week.
Asian markets are rising on the final trading day of the week after a late rally on Wall Street. Markets in Japan and South Korea advanced, although volumes remained below average. Markets in Hong Kong resumed with losses after Thursday's holiday, while benchmarks in China remain shut.
Futures on the Dow Jones are currently trading lower by 40 points.
The U.S. dollar continues to edge higher, while treasuries are steady.
Oil prices rose after Russia slashed exports of its flagship crude Urals to the lowest in at least 10 years. West Texas Intermediate crude rose 0.9% to $39.09 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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