Profit-booking pares gains; muted trend expected today

Indian equity markets may open flat on Friday, tracking mixed cues from the global peers. The muted trend in the SGX Nifty, which was trading flat at 9,364, indicated that domestic bourses may see a muted opening.

Apr 28, 2017 02:04 IST India Infoline News Service

Business chart
Indian equity markets may open flat on Friday, tracking mixed cues from the global peers. The muted trend in the SGX Nifty, which was trading flat at 9,364, indicated that domestic bourses may see a muted opening.
 
Nifty50 took a breather after a scintillating rally in the last three trading sessions. Now, going forward, Nifty50 needs to hold above the level of 9,370 to extend its uptrend towards the level of 9,420. On the downside, the level of 9,250 is likely to act as a strong support.
 
From today, the following stocks will be available in the Future and Options (F&O) segment for trading MRPL, NBCC, Cholamandalam Investment, Bajaj Finserv, Nestle India, Berger Paints, Balkrishna Industries, MCX, Godfrey Phillips India, GSFC, Raymond, Fortis Healthcare, CanFin Homes, Balrampur Chini Mills, Mahanagar Gas and V-Guard Industries.
 

The European Central Bank (ECB) left the rates unchanged and also held on to its bond buying programme.
 
Today would be a busy day for results as over 30 companies are set to report their earnings. Ambuja Cement, IDFC, Federal Bank, Ceat, UPL are some of big names to report their earnings today.
 
Back home, after three days of solid gains, the Indian markets snapped its recent winning streak on Thursday as traders and investors resorted to profit booking. The market also saw some volatility in the last hour of trading on the eve of F&O expiry of April series.
   
The Nasdaq Composite climbed 24 points to close at a record 6,049 on Thursday. The Dow Jones closed flat at 20,981 and the S&P 500 index closed flat with positive bias at 2,388.
 
Asian markets are trading mixed on Thursday. Japan’s Nikkei 225 has lost 40 points. Hong Kong’s Hang Seng has fallen 63 points and China’s Shanghai Composite is trading lower by 3 points.

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