Markets are cautious ahead Fed Chief Powell speech later today
Asian Pacific markets rose on Friday morning, although gains were muted as investors hunkered down in anticipation of more cues on U.S. interest rates from an upcoming address by Federal Reserve Chair Jerome Powell. US markets closed out their fifth straight day of losses on Thursday, the longest slide since the turn of the year, after retail bellwether Walmart Inc. posted a rare profit miss, jobless claims ticked higher and a Federal Reserve official down played the need for a near-term interest-rate cut.
The NSE Nifty 50 ended 33.2 points or 0.13% higher at 25,083.75 and the BSE Sensex closed 142.87 points or 0.17% up at 82,000.71. The FPIs bought stocks worth approximately Rs 1,247 crore, according to provisional data from the National Stock Exchange. The DIIs, who have been buyers for the 33rd straight session, mopped up stocks worth Rs 2,546 crore.
Fundamental Update
- NTPC Green - The company’s arm NTPC Renewable Energy has declared the third part capacity of its Khavda Solar Energy Project in Gujarat, a 49.125 MW solar unit. Positive
- Wipro - The company to acquire 100% of Harman Connected Services and its subsidiaries for up to $375 million. Positive
- Piramal Pharma - The company’s business vertical Piramal Pharma Solutions and New Amsterdam Pharma invest in dedicated suite to enhance oral solid dosage capabilities at Pennsylvania Site. Positive
- Hikal - The company has received a Warning Letter from the US FDA for its manufacturing facility in Jigani, Bengaluru. Negative
Technical Update
- NIFTY – Nifty could not hold opening gains and settled below 25,100 at 25,083 on Thursday. Index trades above 25K while 17 day and 50 EMA stands near 24,830. Today’s range 24,950 – 25,150.
- BANKNIFTY – Bank nifty too hovered near 17 day EMA and settled steady at 55,755 on Thursday. Index awaits fresh impetus for further momentum. Today’s range – 55,500 – 56,000.
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