 "Firm global cues likely to lift markets; Wipro in focus")
Markets are likely to open higher on Thursday, amid firm global cues, tracking a rally in global crude oil prices while stock specific action will be seen post their fourth quarter earnings.
At 8:30am, the early indicator SGX Nifty was up 32 points at 7,967.
GLOBAL MARKETS
After subdued trades in the previous session Asian stocks edged higher on Thursday as global crued oil prices cruised higher on lower-than-expected US crude oil inventory levels and renewed hopes that oil producers might meet once again to reduce production. Japan's benchmark Nikkei was up nearly 2% while Hang Seng edged 1.4% higher and Straits Times was trading with marginal gains. However, Shanghai Composite was trading flat with negative bias.
US stocks edged closer to their record closing highs to end firm on Wednesday buoyed by a rally in crude oil prices and encourging data on US home resales for March which was higher than expected. Further, stock specific action was seen post the first quarter earnings from select corporates. The Dow Jones industrial average gained 0.2% at 18,096, the S&P 500 gained 0.1% at 2,102 and the Nasdaq ended up 0.2% at 4,948.
STOCKS IN FOCUS
Wipro could see some weakness after muted fourth quarter earnings. For the quarter ended March, Wipro posted dollar revenue (for the IT services business) of $1,882 million, which was within its guidance range of $1,875-1,912 million. Wipro announced a share buyback of 40 million shares or 1.62 per cent of the shares, amounting to Rs 2,500 crore at Rs 625 a share.
Equitas Holdings which received strong response to its IPO will list today. The IPO in a price band of Rs 109- Rs 110 was subscribed over 17 times and the issue price was fixed at the higher price band at Rs 110 per share.
Sakthi Sugars will be in action after the Madras HC has approved demerger of ABT to ABT Investments. As per the approved Scheme of Demerger the equity shares held by A B T Limited in the Company has been vested with ABT Investments (India) Private Limited effective from the date of implementation of the Scheme.
Network18 Media and Investments will be in focus after it reported a consolidated net loss of Rs 3.70 crore for the fourth quarter ended March 31, 2016. The company had reported a consolidated net profit of Rs 10.58 crore during January-March last fiscal.
IndusInd Bank and Hindustan Zinc will be in focus ahead of their fourth quarter earnings later today.
Skipper may extend gains after it secured new orders worth approximately Rs.200 crores from Power Grid Corporation of India.
