The mood is upbeat for the larger market as global cues are hinting at a decent start. The developments back home are also noteworthy with diesel prices being partially deregulated. Expectedly, oil & gas counters will be in limelight. With Reliance announcing its results today expect some mega action in these counters. Other biggies like ITC, Wipro and HDFC Bank will also declare their numbers today. Counters like Hero Honda and Exide could take a beating after delivering lower than expected numbers.
The Nifty has rebounded sharply from the support of 5980 on Thursday. Nifty has been oscillating in the trading range of 5980-6080 since last few trading sessions. Investors will hope for a breakout beyond this range today.
The government also appears to be firing on all cylinders. Consumers would get nine subsidised cooking gas cylinders a year, instead of six at present. Bulk consumers will have to pay market price, to be revised every fortnight.
Results Preview: HCLT Rev Rs62bn (+1.9% qoq), PAT Rs8.2bn (-5.4% qoq); RIL Rev Rs918.4bn (+7.9% yoy), PAT Rs50.3bn (+13.3% yoy); ITC (Standalone) Rev Rs73bn (+17.6% yoy), PAT Rs19.7bn (+16.1% yoy); HDFC Bank NII Rs38.2bn (+22.6% yoy), PAT Rs17.1bn (+19.8% yoy);