KEY HIGHLIGHTS
Closing Bell: A Week Of Gains
Indian equity markets ended off the highest point of the day but managed to eke out a weekly advance, aided by positive global cues.
The S&P BSE Sensex ended 0.56% higher at 38,434 while the NSE Nifty 50 index ended at 11,376; up 0.57%. Both the indices ended higher in four out of the five trading sessions this week.
Among the sectoral indices, the Nifty Bank ended with gains of 1.4% while the index housing its state-run counterparts ended 1.8% higher.
Nifty Media was the top sectoral laggard, ending 1.4% lower while Nifty I.T. and Nifty Metal were the other sectoral laggard, declining 0.3% and 0.6% respectively.
Nifty Pharma, Nifty Realty and Nifty FMCG also posted gains in today's session.
The smallcaps outperformed in today's session with the index ending 1% higher. The midcap index was in-line with the benchmarks, ending 0.5% higher.
The India Volatility Index ended below the mark of 20, declining 4.45% to 19.7.
Market breadth remained in favour of the gainers. 1,191 stocks on the NSE ended with gains while 635 stocks posted losses.
Decoding The Weekly Market Performance
Auction Signals Weak Demand For Bonds
Sovereign bonds in India fell to a three-moth low after investors demanded higher yields at a weekly debt sale and as minutes of the MPC meeting show members have turned more hawkish.
The yield on the benchmark 10-year debt rose 14 basis points to 6.09% - the highest since early-May.
Yield on the most traded 6.19% 2034 bond, a paper auctioned on Friday was up 15 basis points at the close of trade.
"Higher cutoffs at today's bond auction indicates that the RBI is fine with higher yields, that kind of unnerved the market," according to Naveen Ramani, a fixed-income trader at UCO Bank, who mentioned this to Bloomberg News.
Buzzing Stock: Asian Paints
- Trading at an all-time high
- Second best performer on the Nifty 50 index
- Gains as much as 4.9% to Rs 1,967
- Biggest single-day gain in three months
- Has gained in eight out of the last ten trading sessions
- Set to post third weekly advance in four weeks
- Today's volumes are more than double its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 77
- Has gained 37% from its 52-week low of Rs 1,431 on March 19, 2020
- 21 out of the 39 analysts tracking the stock have a buy recommendation; 8 sell calls
- The stock trades 9% higher than its 12-month consensus price target of Rs 1,787, implying a negative return potential
Stock Reaction: Yes Bank
The private lender has informed the exchanges that it has signed a definitive agreement for the sale of 100% equity shareholding of YES Asset Management and YES Trustee - both wholly-owned subsidiaries of the bank.
The sale will be done to GPL Finance and Investments where White Oak Investment Management has a 99% stake, the bank said in an exchange filing.
The bank said that the transaction is subject to regulatory approvals.
The amount at which the agreement is signed remains undisclosed. The bank expects to complete the deal within 8-12 months from execution of the definitive agreement.
Upon completion of the transaction, the bank will exit its Mutual Fund business as YES AMC and YES Trustee will cease to be the bank's subsidiaries.
Shares are off the day's low, after declining as much as 2.9% to Rs 15.3.
Earnings Reaction: Kolte Patil Developers Q1FY21
- Revenue down 76% to Rs 140.8 crore
- Net loss of Rs 27 crore from net profit of Rs 115.8 crore
- Ebitda loss of 12.6 crore from Ebitda gain of Rs 195.1 crore
- Strong launch pipeline with aggregate sales area of ~4.5 million square feet
- Net debt at Rs 438 crore
- Volumes down 38.4% to 0.31 million square feet
- Realisations down 6% to Rs 5,228 per square feet
- Collections down 71% to Rs 104.6 crore
- Recording month-on-month improvement in sales, collections and construction activities
- Overall performance during the remaining nine months of FY21 is expected to be better
- All numbers are consolidated and compared on a year-on-year basis
Shares ended 2.2% lower at Rs 173.
Active Stock Options
- State Bank of India's 200 Call: Premium up 33.9% to Rs 4.15. The contract has shed 901 shares in Open Interest.
- HDFC Bank's 1,100 Call: Premium up 71% to Rs 9.4. The contract has shed 131 shares in Open Interest.
- Asian Paints' 1,940 Call: Premium up 433.3% to Rs 37.6. The contract has added 433 shares in Open Interest.
Buzzing Stock: NIIT
- Gains for the second straight day
- Gains as much as 7.7% to Rs 116.85
- Trades at the highest level since April 2018
- Has declined only once in the last eight trading sessions
- Up 23% in the last eight trading sessions
- Today's volumes are 79% higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 76
- Has more than doubled from its 52-week low of Rs 53.55 on March 23, 2020
- All four analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 4.7%
Buzzing Stock: Somany Ceramics
- Among top performers on the BSE Smallcap index
- Gains as much as 16% to Rs 164.7
- Biggest single-day gain in two months
- Trades at the highest level in five months
- Up for the fourth straight day
- Longest winning streak in a month
- Has gained 21% in the last four trading sessions
- Today's volumes are seven times higher than its 20-day average
- The stock trades in overbought territory with Relative Strength Index (RSI) at 81
- Has doubled from its 52-week low of Rs 77 on March 25, 2020
- 12 out of the 19 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 5.7% higher than its 12-month consensus price target of Rs 151, implying a negative return potential
Markets At 2:10 P.M.
- Benchmark indices set for weekly gains
- Nifty up 0.76% at 11,398
- Sensex up 0.78% at 38,517
- Nifty Bank up 1.35% at 22,297
- Nifty Midcap index up 1%
- Nifty Smallcap index up 1.4%
- India Volatility Index down 3% to 20
- Nifty Media extends losses as the top sectoral laggard; down 1.9%
- Nifty PSU Bank remains the top sectoral gainer; up 2.6%
- Nifty Realty and Nifty Pharma gain over 1% each
- NTPC is the top Nifty gainer for the second straight day; up 5.3%
- Zee Entertainment remains the top Nifty laggard; down 3.6%
- 1,301 stocks on the NSE are trading with gains while 509 decline
Money Market Update
The currency ended with gains in today's session, recovering most of Thursday's losses which took it past the 75 mark.
The rupee ended at 74.84 against the U.S. Dollar as compared to Thursday's close of 75.03.
The rupee has ended little changed for the week, but with a positive bias.
For today's session, the rupee was the second best performer in Asia, behind the Japanese Yen.
However, for the week, the currency was the fourth worst performer in Asia with most of its peers outperforming.
Yield on the 10-year government bond went past the 6% mark, ending at 6.071% as compared to Thursday's close of 5.947%.
Buzzing Stock: Honeywell Automation
- Among top performers on the BSE Midcap index
- Gains as much as 6.6% to Rs 34,600
- Trades at the highest level in over five months
- Up for the fourth straight day
- Longest winning streak in over two months
- Has gained 13.3% in the last four trading sessions
- Today's volumes are more than double its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 75
- Has gained 72% from its 52-week low of Rs 20,142
- Three out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock is trading at the level of its 12-month consensus price target of Rs 34,385
All Constituents Of The Nifty Bank Gain
F&O Snapshot: Active Options Contracts
- Nifty August futures add 6.4% and 6.1 lakh shares in Open Interest.
- Nifty Bank August futures add 22% and 3 lakh shares in Open Interest.
Nifty: August 27 Expiry
- 11,400 Call: Premium up 34% to Rs 89.45. The contract has added 13,681 shares in Open Interest.
- 11,500 Call: Premium up 30.3% to Rs 43.65. The contract has added 8,930 shares in OPen Interest.
- 11,300 Put: Premium down 45.4% to Rs 58.70. The contract has added 19,271 shares in Open Interest.
Nifty Bank: August 27 Expiry
- 22,500 Call: Premium up 17.4% to Rs 171. The contract has added 15,461 shares in Open Interest.
- 22,000 Put: Premium down 50% to Rs 183.1. The contract has added 15,695 shares in Open Interest.
- 23,000 Call: Premium down 4.6% to Rs 50.6. The contract has added 9,336 shares in Open Interest.
Buzzing Stock: Aarti Industries
- Trading at an all-time high
- Gains as much as 8.9% to Rs 1,229
- Biggest single-day gain in four months
- Up for the sixth straight day
- Longest winning streak since October 2019
- Today's volumes are nearly six times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 81
- Has nearly doubled from its 52-week low of Rs 662 on March 23, 2020
- 14 out of the 21 analysts tracking the stock have a buy recommendation
- The stock trades 11% higher than its 12-month consensus price target of Rs 1,083, implying a negative return potential
European Markets Open Higher
Benchmark indices in Europe opened higher but are likely to post declines for the week.
The Stoxx 600 has opened 0.4% higher led by travel and leisure stocks. Telecom stocks are underperforming.
Most Asian markets have ended with gains while futures on the Dow Jones are fluctuating, currently trading higher by 35 points.
Brent crude is little changed at $44.92 per barrel while Gold is down 0.44% at $1,938/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.4% at 3,287
- DAX up 0.52% at 12,896
- CAC up 0.4% at 4,930
- FTSE 100 little changed at 6,016
- IBEX 35 up 0.2% at 7,010
How Are The Sectoral Indices Faring
Earnings Reaction: Indian Overseas Bank
- Net Interest Income up 10% to Rs 1,412.3 crore
- Net profit of Rs 120.7 crore from net loss of Rs 342 crore
- Gross NPA at 13.9% from 14.78% last quarter
- Net NPA at 5.1% from 5.44% last quarter
- Provisions down 9% from the previous quarter to Rs 969.5 crore
- Net Interest Margin at 2.1% from 2.01%
- Provision Coverage Ratio as of June 30 at 87.97%
- CASA ratio at 41% from 38% year-on-year
- Gross Advances down 11% year-on-year to Rs 1,31,565 crore
- Deposits up 2% year-on-year to Rs 2.25 lakh crore
Shares rose as much as 7.5% to Rs 12.25 and are up for the fifth straight day.
Nifty Media Is The Top Sectoral Laggard
Buzzing Stock: Neogen Chemicals
- Trading at an all-time high
- Locked in a 5% upper circuit at Rs 743.4
- Has gained 19% in the last four trading sessions
- Today's volumes are more than double of its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 76
- Has more than doubled from its 52-week low of Rs 300 on August 23, 2019
- Two out of the three analysts tracking the stock have a buy recommendation
- The stock trades 11.9% higher than its 12-month consensus price target of Rs 655, implying a negative return potential
Markets At Noon
- Benchmark indices hold on to gains
- Nifty up 0.7% at 11,392
- Sensex up 0.73% at 38,498
- Nifty Bank up 1.2% at 22,272
- Nifty Midcap index up 0.9%
- Nifty Smallcap index up 1.1%
- India Volatility Index down 4.3% to 19.72
- Nifty PSU Bank index remains the top sectoral gainer; up 2.1%
- Nifty Realty, Nifty Pharma up 0.8% each
- Nifty Media is the top sectoral laggard; down 1.6%
- Power Grid remains the top Nifty gainer; up 4.1%
- Zee Entertainment remains the top Nifty laggard; down 3.4%
- 1,275 stocks on the NSE trade with gains while 490 decline
Buzzing Stock: BASF India
- Biggest single-day gain since October 2017
- Locked in an upper circuit of 20% at Rs 1,619.85
- Trades at the highest level since December 2018
- Up for the fourth straight day
- Has gained 27% in the last four session
- Today's volumes are nearly triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 77
- The Stock has more than doubled from its 52-week low of Rs 795 on March 13, 2020
- Both analysts tracking the stock have a hold recommendation
- The stock trades 20.9% higher than its 12-month consensus price target of Rs 1,117, implying a negative return potential
Buzzing Stock: V-Mart Retail
- Extends gains for the third day
- Gains as much as 12.75% to Rs 2,176.4
- Biggest single-day gain in six months
- Trades at the highest level in five months
- Up 21% in the last three trading sessions
- Set for second straight weekly gain
- Broke above its 100-Day and 200-Day Moving Average on Thursday and surged
- Has gained 81.3% from its 52-week low of Rs 1,200 on March 25, 2020
- Nine out of the 16 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 9.7% above its 12-month consensus price target of Rs 1,935, implying a negative return potential
Stock Reaction: Zee Entertainment
The National Stock Exchange, in a notice on Thursday evening informed that Zee Entertainment will be one of the two stocks that will be excluded from the Nifty 50 index, the other being Bharti Infratel.
A note from Edelweiss Alternative Research expects potential outflows of $44.69 million from the stock.
Shares fell as much as 4.9% to Rs 189.75, and are the top laggards on the Nifty 50 index. The stock until Thursday had declined only once in the last 14 trading sessions.
Buzzing Stock: VA Tech Wabag
- Extends gains to the fifth straight day
- Gains as much as 11% to Rs 203.45
- Trades at the highest level in six months
- Longest winning streak in a month
- Has gained 47% in the last five trading sessions
- Today's volumes are more than 11 times higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 80
- Broke above its 200-Day Moving Average on Wednesda and surged since then
- Has nearly tripled from its 52-week low of Rs 73 on April 7, 2020
- Four out of the eight analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 30.4% higher than its 12-month consensus price target of Rs 138, implying a negative return potential
Buzzing Stock: Affle India
- Top performer on the Nifty smallcap index
- Trades at an all-time high
- Gains as much as 10% to Rs 2,316
- Biggest single-day gain in six months
- Set to post third straight weekly gain
- Today's volumes are nearly six times higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 79
- Trades at 58.4 times estimated forward Earnings Per Share Vs 42.3 times for historical two-year average
- Has tripled from its 52-week low of Rs 770 on August 23, 2019
- All three analysts tracking the stock have a buy recommendation
- The stock trades 11.5% above its 12-month consensus price target of Rs 2,043.3, implying a negative return potential
All Constituents Of The PSU Bank Index Gain
Stock Reaction: Future Retail
Amazon's brick and morter retail partner Future Retail is in talks with banks to help fund a missed interest payment before today's deadline.
The company failed to pay interest worth $14 million due on July 22 on its 5.6% 2025 U.S. Dollar notes, and is currently in a 30-day grace period which ends today.
If payments not made within the grace period, it would constitute a default. An instance like this would be the first by an Indian company on a dollar security since March, according to Bloomberg.
Adding to signs of strains in the broader conglomerate, another Future Group unit said it has defaulted on a rupee note interest payment.
Shares fell as much as 11.9% to Rs 112.4, down after two days of gains.
Stock Reaction: Strides Pharma
The drugmaker informed the exchanges that its step-down wholly-owned subsidiary, Strides Pharma Global Pte., Singapore has received an approval for Ursodial Tablets USP, 250 mg and 500 mg from the U.S. FDA.
The product is a generic version of Urso 250 Tablets, 250 mg and Urso Forte Tablets, 500 mg, of Allergan Sales, the company's exchange filing said.
The U.S. market for Ursodiol tablets stood at $35 million as per the IQVIA data of June 2020.
The drug, used in the treatment of patients with Primary Biliary Cirrhosis, will be manufactured at its flagship facility in Bengaluru.
Shares gained as much as 5% to Rs 596.65, post the announcement.
Stock Reaction: ICICI Bank
The company has informed the exchanges of the acqusition of further stake in India Energy Exchange.
The lender acquired 44.6 million shares at Re 1 per share for a total consideration of Rs 4.46 crore, it stated in an exchange filing.
Post the acquisition, ICICI Bank's stake in the India International Exchange or IFSC would increase to 9.9% from 7.7%.
Shares gained as much as 1.1% to Rs 371.65, and have risen in three out of the five sessions this week.
Stock Reaction: TCS
The company has informed the exchanges about the EPIC Systems Corporation matters where the U.S. court of appeals returned a verdict on the appeal filed by the company.
The court held that the punitive damages award of $280 million is constitutionally excessive and directed the trial court to reassess the punitive damages, it said in an exchange filing.
The court upheld the compensatory damages award of $140 million.
The company said that it is exploring the options available to it as it believes that there is no evidence of misuse of EPIC information by TCS.
Shares gave up early gains to fall as much as 0.5% to Rs 2,241, post the announcement.
Markets At 10:10 A.M.
- Benchmark indices off opening highs
- Nifty up 0.7% at 11,392
- Sensex up 0.7% at 38,484
- Nifty Bank up 1.3% at 22,278
- Nifty Midcap Index up 1%
- Nifty Smallcap Index up 1.2%
- India Volatility Index down 3.8% at 19.83
- Nifty PSU Bank is the top sectoral gainer; up 2.3%
- Nifty Metal, Nifty Pharma gain over 1% each
- Nifty Realty Index gains 1%
- Nifty Media is the only sectoral laggard; down 0.5%
- Power Grid is the top Nifty gainer; up 3.3%
- Zee Entertainment is the top Nifty laggard; down 1.8%
- 1,366 stocks on the NSE trade with gains while 325 decline
Money Market Update
The rupee has opened with gains in today's session after declining for the second straight day on Thursday.
The currency opened at 74.96 against the U.S. Dollar as compared to Thursday's close of 75.03.
Traders in the bond market will watch out for the sale of dated securities worth Rs 30,000 crore.
In the minutes of the previous MPC meeting, RBI Governor Shaktikanta Das said that the central bank should wait for more time for the existing rate cuts to seep into the system, citing the uncertain inflation outlook.
Brokerage Reaction: State Bank of India
Brokerage firm CLSA in a note today said that India's largest lender presents a deep opportunity. It maintained its buy rating on the stock and raised its price target to Rs 310 from the earlier Rs 270.
CLSA highlighted five reasons for its buy recommendation:
- Better positioned on asset quality post Covid-19, driven by higher share of PSUs in the loan book.
- Able to defend / gain market share versus private banks.
- Yes Bank's bailout was well structured - balancing national and minority interests.
- Subsidiaries of SBI are best in class and should continue to remain steady compounders.
- Valuations at 0.3x June-2022 book are undemanding
Shares gained as much as 3.3% to Rs 201.25, and is the top performing stock on the Nifty 50 index.
Coronavirus India Update
- Second straight day of close to 70,000 new cases for India
- 68,898 new cases reported in the last 24 hours
- Total confirmed cases now at 29,05,823
- Active cases at 6,92,028
- Patients cured / discharged / migrated at 21,58,946
- Death toll rises to 54,849
- 983 deaths reported in the last 24 hours
- 62,282 patients recovered in the last 24 hours
Nifty's New Entrants: Divi's Laboratories & SBI Life Insurance
The National Stock Exchange announced its bi-annual rejig of Nifty's indices. Divi's Laboratories and SBI Life Insurance will now be part of the Nifty 50 index from September 25.
As per a note from Edelweiss, Divi's Laboratories is likely to have a 0.83% weightage on the index with potential inflows of $99.4 million while SBI Life is likely to have a 0.69% weightage on the index with potential inflows of $83 million.
Shares of Divi's Labs gained as much as 3.7% to an all-time high of Rs 3,307. The stock is up for the fifth straight day.
Shares of SBI Life gained as much as 4.3% to Rs 889.8 and has gained in four out of the last five trading sessions.
Stock Reaction: GMM Pfaudler
The company informed the exchanges that it will acquire 4% stake in the global business of the Pfaudler group from Pfaudler U.K. Ltd.
The cost of the acquisition is $27.43 million with the payment being made in Euros at the exchange rate agreed under the share purchase agreement, as per the exchange filing.
The company will directly hold 34.4% out of the 54% stake while the remainder will be held by its wholly-owned subsidiary Mavag AG.
The company expects the acquisition to be completed within the next 4-5 months.
10 companies will be part of the acquisition, whose consolidated turnover as of August 31, 2019 stood at $174 million.
Shares rose as much as 8.2% to Rs 6,350, gaining for the third out of the five sessions this week.
Opening Bell: A Positive Start
Indian equity markets began the final trading day of the week on a positive note, in-line with its Asian peers and after a tech-led rally on Wall Street.
The S&P BSE Sensex opened 0.66% higher at 38,471 while the NSE Nifty 50 climbed back above the mark of 11,400, opening 0.86% higher at 11,409. Both Sensex and Nifty fell for the first time in four sessions on Thursday.
As of closing on Thursday, the Sensex and Nifty had weekly advances of 1%.
All sectoral indices have opened with gains. The Nifty Bank and Auto index opened 0.8% higher while the Media, Metal and Realty indices gained over 1% each.
The PSU Bank index was the top performer, opening 1.6% higher led by gains in State Bank of India.
Broader markets have opened in-line with benchmarks. The Midcap index has opened with gains of 0.9% while the smallcap index is up 1.1% at the start of trade.
Market breadth stood in favour of the gainers. 1,286 stocks on the NSE traded with gains while 213 posted losses.
Latest On The Coronavirus
- Total cases cross 22.5 million
- Death toll rises to 7.9 lakh
- A flare up of cases in Japan may be peaking, according to a government adviser
- Japan reported 1,185 new infections, down from a peak of over 1,600 on August 7
- 324 new cases reported in South Korea over the last 24 hours
- Argentina reports record daily rise of 8,225 new cases
- Brazil reported 45,323 new cases over the last 24 hours with 1,204 deaths
- Overall cases in the U.S. rise 0.8%
- Texas reports 4,923 new cases and 234 deaths
- Schools in France to open on schedule from September 1
- California hospitalisations lowest since June
- England reports 6,612 new cases in the week through August 12, even as total number of people tested fell by 2%
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- Divi's Laboratories & SBI Life Insurance: To be included in the Nifty 50 index from September 25.
- Bharti Infratel & Zee Entertainment: To be excluded in the Nifty 50 index from September 25.
- Future Retail: Bloomberg News reports that the company is in talks with banks led by State Bank of India to raise cash to help pay interest worth $14 million due on its dollar notes. The company has missed the earlier deadline of July 22 and is currently in a 30-day grace period that expires today. Failure to make the payment within the grace period would constitute as a default.
- GMM Pfaudler: To acquire 54% stake in the global business of the Pfaudler group for a total consideration of $27.4 million. The company will acquire 34.4% of the stake by itself and 19.6% stake through its wholly-owned subsidiary Mavag AG. The acquisition is likely to be completed in the next 4-5 months.
- Hindalco: Signs MoU with Ultratech to deliver 1.2 million tonnes of red mud per annum to Ultratech's 14 cement plants located across seven states. Red Mud is also known as Bauxite residue.
- Max Healthcare: To list on the bourses today.
- Dixon Technologies: Board meeting to consider fund raise to be held today.
- Healthcare Global: Reports a decline of 28.2% in its revenue year-on-year for the June quarter. Net loss has widened to Rs 39.8 crore from Rs 18 crore. Ebitda fell 58.5% to Rs 18.3 crore while margins declined to 9.5% from 16.4% last year.
- Non-Nifty Earnings Today: Union Bank of India, Punjab National Bank, Indiabulls Housing Finance, Oil India, Kolte-Patil Developers, Rossari Biotech.
To know more about the reshuffle in the Nifty indices, brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Prospects Of Weekly Gains
Good Morning!
The Sensex and Nifty saw their first decline in four sessions on Thursday. The mid- and small-cap indices, however, gained for the fourth straight day. The small-cap index has now gained in 14 of the last 15 trading sessions.
So far this week, the Sensex and Nifty have gained over 1% even as domestic investors remained net sellers this month.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.67% to 11,374 as of 8:00 a.m. on Friday.
The street will watch out for the stocks that are to be included in or excluded from the Nifty 50 as part of the benchmark index's latest semi-annual rejig.
Besides, some companies like Kolte-Patil Developers, Oil India, Indiabulls Housing Finance, Union Bank of India, the newly listed Rossari Biotech and Punjab National Bank that are set to report quarterly earnings today will be in focus.
KKR-promoted Max Healthcare, India's second-largest private hospital chain by revenue, will debut on the bourses today. The company was formed after demerging from Max India.
Globally, Asian markets have opened higher on Friday with markets in Hong Kong, China, Japan and Australia trading with gains.
Futures on the Dow Jones are off the highs, trading 45 points higher. The index had closed 0.2% higher on Thursday.
West Texas Intermediate crude rose 0.2% to $42.89 per barrel, while gold fell 0.3% to $1,942/Oz.
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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