The positive momentum continued in early trade Friday with the Sensex rising 211.86 points to 27917.21 and the Nifty climbing 50.10 points to 8471.90. About 1065 shares have advanced, 332 shares declined, and 85 shares are unchanged on the BSE. Cipla, GAIL, Dr Reddy's Labs, ICICI Bank and Coal India rallied 1.2-1.6 percent. However, Kotak Mahindra Bank fell 3 percent post Q1 earnings.
ITC, Maruti Suzuki, L&T, PNB, Bank of Baroda and Power Grid Corp declined. In important earnings, Larsen and Toubro (L&T) will report its Q1 numbers today. The earnings could disappoint on a high base. Its consolidated profit is expected to decline 14 percent with a reputed revenue growth. Banking heavyweight, ICICI Bank too will report numbers today. According to a CNBC-TV18 poll, the Net Interest Income (NII) is expected to rise 15 percent while profits may see 10 percent growth.
The provisions are expected to remain elevated. The Indian rupee slipped in the early trade. It has opened lower by 6 paise at 64.10 per dollar against previous close of 64.04. Pramit Brahmbhatt of Veracity said, "Local equity market is likely to trade sideways today and will take cues from global markets for further directions. Strength in dollar will keep rupee under pressure."
"Today being the last trading day of the week, investors are expected to trade cautiously and square off their position ahead of the weekend. Range for the day is seen between 63.70-64.40/dollar," he added. Global cues, meanwhile, were mixed with the US stocks closing narrowly mixed as investors digested more earnings and second-quarter GDP, a day after the Fed left interest rates unchanged. In economic news, US gross domestic product (GDP) came in at 2.3 percent.
Asian markets, meanwhile, are mixed in early trade following a soft US lead. In other asset classes, the dollar gained as news of faster US economic expansion in the second quarter supported the notion that the Fed would raise interest rates, perhaps as early as September. Crude prices held steady after a larger-than-expected drawdown in US crude stockpiles was balanced by a stronger dollar. Precious metal gold's prices declined on dollar gains.
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