Nifty Ends At Record High After Two-Day Decline

India's Nifty soared to a record high after two-day decline led by banking shares.

The S&P BSE Sensex rose 1.05 percent or 391 points to 37,556 and the NSE Nifty 50 index climbed 1.03 percent or 116 points to a record closing high of 11,361.

Benchmarks rose for a second week in a row with Nifty advancing 0.7 percent and the Sensex rising 0.6 percent.

In today's session all sector gauges compiled by National Stock Exchange ended higher led by the Nifty PSU Bank index's 1.9 percent gain.

The mid- and small-cap shares were in line with larger peers as the Nifty Midcap 100 index rose 0.98 percent and the Nifty Smallcap 100 index advanced 1.4 percent.

Shares of the Ahmedabad-based drug maker rose as much as 7 percent to record high of Rs 1,524 after it reported June quarter earnings.

Key earnings highlights:

• Revenues up 12.7 percent at Rs 143.1 crore versus Rs 127 crore
• Net profit up 1.6 percent at Rs 25.7 crore versus Rs 25.3 crore
• Ebitda down 13.7 percent at Rs 22.1 crore versus Rs 25.6 crore
• Margins at 15.4 percent versus 20.2 percent

Shares of Nestle India Ltd. fell as much as 3.7 percent to Rs 10,359.95, after the reported its quarterly earnings for April-June period.

Key earnings highlights (Q1, YoY):

• Net profit up 50 percent at Rs 395 crore.
• Net sales up 12.3 percent at Rs 2,698.4 crore.
• Ebtda up 39.8 percent at Rs 645.1 crore.
• Margin at Rs 23.9 percent versus 19.2 percent.

Shares of the jewellery maker rose as much as 2.2 percent to trade at over a month’s high at Rs 942. The company's net profit during April-June period surpassed analysts estimates.

Key earnings highlights (Q1, YoY):

• Net profit up 31 percent at Rs 349 crore.
• Revenue up 8.2 percent at Rs 4,318.8 crore.
• Ebitda up 27.5 percent at Rs 495.27 crore.
• Margin at 11.5 percent versus 9.7 percent.

Shares of the Bengaluru-based gold jewellery exporter and manufacturer rose as much as 5.36 percent to Rs 603.95 after it won an order worth Rs 892 crore for gold and diamond jewellery from a Middle-East-based wholesaler.

Shares of the Chennai-based non-wood building products maker rose as much as 6.2 percent to Rs 392.70 after its June quarter profit rose over 50 percent.

Key earnings highlights:

• Revenue up 16 percent at Rs 625.79 crore versus Rs 512.35 crore (YoY)
• Net profit up 56 percent at Rs 62.86 crore versus Rs 40.16 crore (YoY)
• Margin at 16.9 percent versus 19.2 percent (YoY)
• Ebitda up 7.8 percent At Rs 107.4 crore versus Rs 99.6 crore (YoY)

European equities inched higher following sharp losses this week, helped by a rally in banking shares after Royal Bank of Scotland Group announced plans to resume payouts.

Tata Group may have to pay around 90 billion rupees ($1.3 billion) in dues to the Indian government to rescue the proposed sale of its mobile-phone business to Bharti Airtel Ltd., people familiar with the matter said. (more details here)

• Sheela Foam: The Ghaziabad-based mattress maker fell as much as 2 percent to Rs 1,461.35. Trading volume was 102.6 times its 20-day average.
• Laurus Labs: The Hyderabad-based drug maker rose as much as 1.23 percent to Rs 472.95. Trading volume was 13.6 times its 20-day average.
• Dixon Technologies: The Noida-based electronic products maker rose as much as 2 percent to Rs 2,720. Trading volume was 15.3 times its 20-day average.
• Brigade Enterprises: The Bengaluru-based real estate developer rose as much as 1.58 percent to Rs 195.55. Trading volume was 8.8 times its 20-day average.

National Highways Authority of India (NHAI) is planning to raise more funds for Bharatmala Project by issuing more Masala Bonds, NHAI's Ashish Sharma said in New Delhi.

Shares of the Mumbai-based handbags and suitcases maker rose as mcuh as 6.75 percent to record high of Rs 522.90 after its profit rose over 50 percent in June quarter.

Key earnings highlights:

• Net profit up 54 percent at Rs 63.3 crore versus Rs 40.98 crore (YoY)
• Revenue up 27 percent at Rs 517.81 crore versus Rs 406.57 crore (YoY)
• Ebitda up 50.1 percent at Rs 217.2 crore versus Rs 144.7 crore (YoY)
• Margin at 41.9 percent versus 36.2 percent (YoY)

Premium on the Nifty 11,300 strike price put option contract fell 23 percent to Rs 111.10.

Over 8.97 lakh shares were added to the open interest which stood at over 28.87 lakh shares.

Click here to see the complete options chain

Shares of the Bengaluru-based jewellery and watch retailer fell 0.3 percent to Rs 918.40 ahead of its June quarter earnings. Below are Bloomberg consensus estimates of June quarter earnings:

• Net sales seen up 7 percent at Rs 4,182 crore versus Rs 3,910 crore
• Ebitda seen up 13 percent at Rs 439 crore versus Rs 388 crore
• Margin seen at 10.5 percent versus 9.9 percent
• Net profit seen up 11.6 percent at Rs 298 crore versus Rs 267 crore

Shares of the Hyderabad-based hotel chain operator rose as much as 5.17 percent to Rs 252.20 after its profit in June quarter jumped manifold in June quarter.

Key earnings highlights:

• Net profit at Rs 3.92 crore versus Rs 14 lakh (YoY)
• Revenue up 22 percent at Rs 72.6 crore versus Rs 59.4 crore (YoY)

• Vedanta has 11.3 lakh shares change hands in a block on the National Stock Exchange. Stock up 3.4 percent at Rs 221.40.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Anil Ambani-led company surged as much as 15.27 percent, the most in over two months, to Rs 17.06 after multiple block deals.

Reliance Communications had a total of 71 lakh shares changed hands in five blocks, according to Bloomberg.

Buyers and sellers were not immediately known.

Meanwhile, The Supreme Court today approved a settlement between Anil Ambani-led Reliance Communications Ltd. and the Indian unit of Ericsson AB, paving the way for the sale of the debt-ridden telecom operator’s assets to Mukesh Ambani’s Reliance Jio Infocomm Ltd.

India's services activity expanded for a second month in a row.

The Nikkei India Purchasing Managers Index rose to 54.2 in July, from 52.6 in the previous month, to improve at highest pace highest pace since October 2016.

Reading above 50 signals expansion while less than 50 indicates contraction.

Shares of the hospital chain operator fell as much as 6 percent, the most in over a month, to Rs 245.15. The company swung to loss during April-June period, according to its stock exchange filing.

Key earnings highlights (Q1, YoY):

• Revenue up 25.2 percent at Rs 652.3 crore.
• Net loss at Rs 4.2 crore versus net profit at Rs 10.9 crore.
• Ebitda down 6 percent at Rs 47.4 crore.
• Margin at 7.3 percent versus 9.7 percent.

Key earnings highlights:

• Average ticket size for loans is Rs 20-25 lakhs currently.
• The bulk of what we do falls under the low-cost housing segment.
• To focus on growth in mid-income loan segment.
• On macro demand, growth continues to remain strong.
• Last 2-3 years asset quality has remained stable across categories.
• The transition from IGAAP to IND AS accounting has been smooth.
• Will take into consideration the recent rate hike by RBI in the upcoming meet.
• Residual stake in Oak North Bank valued at Rs 2600 crore at present.

Shares of the Bengaluru-based software developer snapped two-day decline and rose as much as 0.9 percent to Rs 1.366.40.

About 14.9 lakh shares changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.

Trading volume was 1.5 times its 20-day average, Bloomberg data showed. The stock is 3.9 percent below Bloomberg consensus one-year price target.

Shares of the Mumbai-based lender fluctuated between gains and losses to trade 1.2 percent higher at Rs 302.

About 13.6 lakh shares changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.

ICICI Bank traded at 24.9 times trailing 12-month earnings per share, according to Bloomberg data.

Key highlights from the conversation:

• Have seen revenue growth of 21 percent in June quarter.
• Margins have been able to maintain margins on better efficiencies.
• Would be comfortable if margins stay in the 19-21 percent range.
• Current operating at 75 percent capacity utilisation.
• New Facilities of Tamil Nadu, Gujarat to be streamlined this year.
• Would look at growing faster than the industry.

Key highlights from the conversation:

• Have not had any quarter where our SME book asset quality has bothered us.
• Not seeing any problems with our SME portfolio.
• Expect marginal dip in NIMs.
• Expect RoA and RoE to continue to improve.
• Expect all approvals for IDFC Bank merger by December.
• Always looking for opportunities to tie-up.

Key highlights from the conversation:

• From April, there have been price cuts announced.
• Despite price cuts, sales volumes have been good.
• Expect further price cuts in the Southern Market.
• Currently, there is excess capacity in the industry.
• MDF capacity utilisation at 65-66 percent.
• Seeing good growth in the plywood and laminates segment.
• Have passed on the higher input costs to customers.
• Don't see MDF margins going up due to the pricing pressure.
• Plywood and laminates segment to cover up for it.

Shares of the auto parts maker snapped three-day decline and rose as much as 1.6 percent to Rs 309.

The company’s unit, today, acquired Reydel Automotive Group, according to its stock exchange notification.

The stock declined 18.7 percent so far this year compared to a 17.3 percent advance in the Sensex.

Shares of the housing finance company rose as much as 6.5 percent the most in over a week to trade over a six-month high at Rs 1,382.15. The stock was the best performer on Nifty.

The company’s net profit rose 30.3 percent on a yearly basis to Rs 1,054.7 crore, according to its stock exchange notification.

Key earnings highlights (Q1, YoY):

• Net interest income up 22.1 percent at Rs 1,690 crore.
• Net profit up 30.3 percent at Rs 1,054.7 crore.
• Loan growth at 33.4 percent.
• Gross NPA at 0.78 percent versus 0.80 percent.

Shares of the oil refiner rose as much as rose as much as 2.8 percent to Rs 171.

The company's profit for the quarter ended June missed analyst estimates even though global crude prices rose and the rupee depreciated. (more details here).

The company expects its gas production numbers to be higher by 6 percent for the current financial year, its chief financial officer Subhash Kumar told BloombergQuint in an interaction.

Key highlights from the management:

• Forex losses are attributed to the devaluation of liabilities
• This is a one-off event and we do not expect this to occur in the other quarter.
• Do not expect subsidy burden if the prices remain at current levels
• We don't anticipate that ONGC would be called to share subsidy
• Debt is at a comfortable level
• No compulsion to sell a stake in listed entities.

Indian equity benchmarks opened higher today after a two-day blip. The S&P BSE Sensex Index rose as much as 0.6 percent to 37,399.66 and the NSE Nifty 50 Index rose as much as 0.6 percent to 11,315.25.

The market breadth was tilted in favour of buyers. All the sectoral gauges compiled by NSE advanced, led by NSE Nifty Media Index's 1.1 percent gain.

The Indian rupee opened at 68.72 a dollar today from 68.71 percent dollar On Thursday. The Sovereign bond drops as yield on 10-year benchmark security rises two basis points to 7.74 percent.

The Indian rupee extended Thursday’s losses amid growing risk aversion as China said it is ready to retaliate after the U.S. threatened to raise tariffs on Chinese goods.

Most emerging currencies were under pressure with the Chinese yuan also headed for its eight weekly declines, the longest run since the start of the country's modern foreign exchange rate regime in 1994.

Forwards indicate the rupee will start trading at 68.67 per dollar having lost 0.4 percent on Thursday to end at 68.71. Earlier this week, the RBI Governor Urjit Patel warned that the trade tensions were likely to see the start of a currency war.

In the bond market, a debt sale will test appetite after Wednesday's 25-basis point rate hike by the RBI. The central bank will auction 120 billion rupees of five dated govt bonds and also conduct Rs 22,500 crore of 13-day term-repo auction.

The yield on the 10-year bond gained two basis points on Thursday to end at 7.72 percent, although it is down six basis points this week. The 10-year bond was headed for its fifth week of gains.

F&O Cues

• Nifty August futures closed trading at 11,282.3 premium of 37 points versus 28 points.
• August series: Nifty open interest down 2 percent; Bank Nifty open interest down 2 percent.
• India VIX ended at 12.5, up 0.2 percent.
• Max open interest for August series at 11,500 Call (open interest at 35.7 lakh, up 20 percent).
• Max open interest for August series at 11,000 Put (open interest at 46.3 lakh, down 9 percent).

F&O Ban

• In ban: Adani Power

Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions.

Put Call Ratio

• Nifty PCR at 1.64 versus 1.71.
• Nifty Bank PCR at 0.89 versus 0.96.

Macquarie on Tata Motors

• Maintained ‘Outperform’ with a price target of Rs 485.
• JLR U.S. sales declined 11 percent in July 2018.
• Average incentives increased 18 percent YoY and 24 percent MoM.
• Expect JLR's dollar average selling price improved by 3 percent YoY in July 2018 led by better model mix.
• Maintain Outperform given attractive valuations.

Morgan Stanley on Coal India

• Maintained ‘Equalweight’ with a price target of Rs 306.
• Jul-18: volume momentum strong, but lags target.
• Volume growth should moderate as base normalizes.
• Management has guided for 9 percent growth in 2018-19.

CLSA on Torrent Pharma

• Maintained ‘Buy’; raised price target to Rs 1,860 from Rs 1,610.
• June quarter’s net profit was ahead of expectation.
• U.S. revenues on an uptrend and worst of pricing pressure is over.
• EU going strong; Brazil weak; India outlook gets stronger.
• Unichem integration progressing well.

Brokerages On ONGC

JP Morgan

• Maintained ‘Overweight’ with a price target of Rs 265.
• Second-highest net realisation drives Ebitda beat.
• Net profit impacted by lower other income and higher tax.
• Debt for acquisitions has declined and should fall further.
• Expect sequential pickup in crude production and full benefit of rupee depreciation to flow.

CLSA

• Maintained ‘Buy’ with a price target of Rs 240.
• Higher-than-expected sales volumes and realisations drove a beat on revenues.
• Ebitda above estimates; net profit below due to higher tax rates.
• ONGC is now the cheapest among global large-cap E&P.
• Buy for attractive risk-reward.
• Expect clarity on subsidy in three months which could be huge rerating trigger.

Motilal Oswal

• Maintained ‘Buy’ with a price target of Rs 219.
• In-line Ebitda; no subsidy burden yet.
• Gas production and sales up; expect gas production to increase 10 percent annually.
• Expect lower opex and higher realisations in absence of subsidy burden.
• ONGC is on a strong footing, in our view.

Nomura

• Maintained ‘Neutral’ with a price target of Rs 185
• In line Q1; adjusted Ebitda ahead of estimates
• June quarter was hit by lower other income and higher tax
• Expect higher oil prices to drive 43 percent EPS growth in 2018-19.

Brokerages On Indiabulls Housing

CLSA

• Maintained ‘Buy’; raised price target to Rs 1,700 from Rs 1,650.
• Key positive was healthy growth in AUMs and QoQ expansion in spreads.
• Healthy growth to drive compounding-led returns.
• IndAS transition lifts net worth by 18 percent and accretive to earnings.

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 1,599.
• June quarter’s net profit was in line with expectations.
• AUM grew 33 percent with retail loans growing more than two times industry average.
• Revaluation of stake in Oak North Bank under IndAS adds significantly to net worth and CET-1.

JP Morgan

• Maintained ‘Overweight’ with a price target of Rs 1,600.
• Earnings beat on lower credit cost under IND-AS.
• Book value goes up 15 percent; loan growth remains solid.
• Growth in 2018-19 should remain strong and sees no major stress build-up.

Brokerages On Ramco Cement

Deutsche Bank

• Maintained ‘Hold’; cut price target to Rs 715 from Rs 755.
• June quarter’s Ebitda missed estimates due to weaker cement margins.
• Weaker margin to offset strong volume growth.
• Cut EPS estimates to factor in lower margins as cost inflation continues.
• Prefer Shree Cement and Dalmia Bharat in cement sector.

CLSA

• Maintained ‘Buy’ with a price target of Rs 960.
• June quarter results were below our estimates.
• Weak pricing and cost inflation impact earnings.
• Strong volumes, but weak realisations.
• Unit Ebitda falls to 14-quarter low.

Brokerages On Marico

UBS

• Maintained ‘Buy’ with a price target of Rs 425.
• Solid volumes given the sharp price increases necessitated.
• Strong revenue growth; raw material inflation impact remains.
• Parachute remains the brand of choice.

BofAML

• Maintained ‘Buy’ with a price target of Rs 420.
• Better-than-expected quarter; Rural growth strong.
• Revival in global business with GST-led market-share gains in coconut oil to boost earnings.
• Comforting valuation vs peers; earnings revival ahead.

Also Read: Q1 Results: Marico’s Profit Meets Estimates On Strong Rural Growth

Brokerages On Cognizant

UBS

• Revenue miss raises concerns on impact of margin strategy.
• 2018 revenue guidance maintained at 8.4-10 percent.

Citi

• Margin and EPS above estimates, but Revenue modestly below estimates.
• Demand trends turning positive is a consistent theme in the sector.

Also Read: Q2 Results: Cognizant’s Profit Falls To $456 Million

• Talwalkar’s Lifestyles: Visa Capital Partners acquired 1.62 lakh shares or 0.50 percent equity at Rs 166.38 each.
• Manpasand Beverages: Amundi Funds Equity India sold 6 lakh shares or 0.50 percent equity at Rs 129.56 each.
• Rushil Décor: Victory Expedition EM Small Cap Fund sold 80,000 shares or 0.50 percent equity at Rs 629.77 each.

Shriram City Union Finance:

• East Bridge Capital Master Fund acquired 13.3 lakh shares or 2 percent equity at Rs 1,922.25 each.
• Morgan Stanley Asia or Singapore sold 13.2 lakh shares or 2 percent equity at Rs 1,922.25 each.

Vaibhav Gems

• Malabar India Fund acquired 1.73 lakh shares or 0.50 percent equity at Rs 680 each.
• Rahim Ullah sold 1.8 lakh shares or 0.60 percent equity at Rs 680.12 each.

Indiabulls Housing Finance (Q1, YoY)

• Net interest income up 22.1 percent at Rs 1,690 crore.
• Net profit up 30.3 percent at Rs 1,054.7 crore.
• Loan growth at 33.4 percent.
• Gross NPA at 0.78 percent versus 0.80 percent.

Also Read: Q1 Results: Indiabulls Housing Finance’s Profit Meets Estimates

Torrent Pharma (Q1, YoY)

• Revenue up 37.4 percent at Rs 1,872 crore.
• Net profit down 13.3 percent at Rs 163 crore.
• Ebitda up 60.6 percent at Rs 477 crore.
• Margin at 25.5 percent versus 21.8 percent.

Capital First (Q1, YoY)

• Net interest income up 51 percent at Rs 528 crore.
• Net profit up 55 percent at Rs 101.5 crore.
• Gross NPA at 1.57 percent versus 1.72 percent.
• Net NPA at 1 percent versus 1.04 percent.

Moil (Q1, YoY)

• Revenue down 7.6 percent at Rs 313.5 crore.
• Net profit up 16.1 percent at Rs 113.4 crore.
• Ebitda up 12.8 percent at Rs 136.7 crore.
• Margin at 43.6 percent versus 35.7 percent.

Deepak Nitrite (Q1, YoY)

• Revenue up 24.9 percent at Rs 421 crore.
• Net profit up 8.5 percent at Rs 21.8 crore.
• Ebitda up 11.1 percent at Rs 56 crore.
• Margin at 13.3 percent versus 14.9 percent.

ONGC (Q1, QoQ)

• Revenue up 13.5 percent at Rs 27,212.8 crore.
• Net profit up 3.9 percent at Rs 6,143.9 crore.
• Ebitda up 29.4 percent at Rs 14,732 crore.
• Margin at 54.1 percent versus 47.5 percent.
• Net realisations $74.2 per barrel versus $66.71 per barrel.

Also Read: Q1 Results: ONGC’s Profit Misses Estimates Despite High Oil Prices

JK Lakshmi Cement (Q1, YoY)

• Revenue up 2.5 percent at Rs 923.4 crore.
• Net profit down 51.2 percent at Rs 13.8 crore.
• Ebitda down 22.1 percent at Rs 93.8 crore.
• Margin at 10.2 percent versus 13.4 percent.

Shakti Pumps (Q1, YoY)

• Revenue up 6.8 percent at Rs 96 crore.
• Net profit up 32 percent at Rs 6.6 crore.
• Ebitda up 3.1 percent at Rs 13.1 crore.
• Margin at 13.6 percent versus 14.1 percent.

Narayana Hrudayalaya (Q1, YoY)

• Revenue up 25.2 percent at Rs 652.3 crore.
• Net loss at Rs 4.2 crore versus net profit at Rs 10.9 crore.
• Ebitda down 6 percent at Rs 47.4 crore.
• Margin at 7.3 percent versus 9.7 percent.

Nifty Earnings To Watch

• Titan

Other Earnings To Watch

• Bank of Maharashtra
• Berger Paints
• BSE
• CG Power and Industrial Solutions
• ENIL
• Gujarat Alkalies
• Indo Count Industries
• KEC International
• Laurus Labs
• Nilkamal
• Nestle India
• Shipping Corp.
• SJVN
• Steel Authority of India
• VIP Industries
• Zydus Wellness

• 10:30am: Nikkei India Services PMI for July, prior 52.6
• 10:30am: Nikkei India Composite PMI for July, prior 53.3

• Larsen to exercise oversubscription option on L&T Tech OFS; sale now for 59 lakh shares.

• SBI and Reliance Jio collaborate on digital transaction for SBI customers.
• HDFC raised its retail prime lending rate by 20 basis points from August 1.
• JK Paper acquired 76.37 percent stake in Sirpur Paper Mills for Rs 371 crore.
• VS Tillers July sales: Tractors sold 769 units versus 760; power tillers 2,598 units versus 2,405.
• JK Paper acquired 76.37 percent stake in Sirpur Paper Mills for Rs 371 crore.
• Indiabulls Housing Finance: To pay Rs 10 a share as mid-year dividend, approves raising up to Rs 26,000 crore via bonds.
• DCB Bank hiked MCLR by 10 basis points across various tenors.
• Mphasis India to consider buyback of shares on August 7.
• Tata Motors’ JLR sales in U.S. down 11 percent at 8,089 units.
• NBCC India: Wins Rs 400 crore deal for India Pavilion at Dubai World Expo.
• Reliance Naval: ONGC terminates a contract for vessels. (Bloomberg)

• Kohli’s gritty 149 keeps India in the hunt on day 2 versus England.
• Coal clogs up Indian ports as rail car shortage slows deliveries.
• The DNA Bill: another invasive, imperfect database!
• The optical illusion of 0 percent GST on sanitary napkins.
• Expect over Rs 1 lakh crore in recoveries from top 12 bad loan accounts, Sanjeev Sanyal says.
• Bitcoin needs to hit $213,000 to replace money supply, UBS says.
• Pakistan to decide on $12 billion bailout in six weeks
• Disney is seeking ‘Star Wars’ rights back from TBS, TNT.
• Burberry is changing its logo for first time in two decades.
• Russian billionaire sued in fight over Fish with former partner.

• The Bloomberg Commodity Index added 0.3 percent, recouping some of Wednesday’s 1.3 percent slide.
• West Texas Intermediate crude was at $68.88 a barrel.
• Brent crude traded 0.2 percent lower at $73.29 a barrel.
• Gold was flat at $1,208.74 an ounce.

Shanghai Exchange

• Steel traded higher; up 1.1 percent.
• Aluminium traded higher; up 0.1 percent.
• Zinc traded higher; up 0.5 percent.
• Copper traded higher; up 0.1 percent.
• Rubber traded lower for fourth day; down 0.5 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded 0.4 percent higher at 11,323.50 as of 8 a.m.

Asian stocks were mixed on Friday, ending the worst week for the region’s shares since March, amid ongoing trade tensions. Shares in Japan, China and Hong Kong were lower, while equities in South Korea and Australia climbed.

The yuan extended losses to reach fresh lows, while Japanese yields steadied after a tumultuous week for the bond market.

Here are the key events to watch out for this week:

• Earnings season continues with Berkshire Hathaway and Toyota among companies reporting results.
• The U.S. jobs report is on Friday, and is predicted to show a healthy labor market, with 193,000 new jobs.