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Markets are likely the start the February series of derivatives contracts on a firm note tracking gains in their select Asian peers and overnight gains on Wall Street. Investors will watch for the fiscal deficit numbers for the first nine months of the financial year to be release later today.
At 8:20AM, the early indicator SGX Nifty was up 35 points at 9,018.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 1,723.77 crore on Thursday, as per provisional stock exchange data
Asian markets are trading marginally higher. After falling over 1% in yesterday's session, Nikkei is trading higher by 0.6%. Chinese markets have rebounded too, however their gains are rather muted. Hang Seng index is marginally up by 0.1% while Shanghai Composite index is trading flat.
Overnight, US stocks ended higher following an upturn in oil prices, and a rally in Apple and Boeing shares helped offset some disappointing earnings and lingering questions over U.S. monetary policy. The Dow Jones industrial average rose 1.3%, the S&P 500 gained 0.9% and the Nasdaq Composite added points, or 0.9%.
Stocks to watch
Coal India will in focus after the government fixed Rs 358 a share as the floor price for up to 10% stake sale in the company, which may help the exchequer garner about Rs 22,600 crore in the biggest sale of shares. The floor price or minimum selling price is nearly 5% below yesterday's closing price of Rs 375.15 a share.
ICICI Bank, HCL Tech and Tech Mahindra will be in focus ahead of the release of their quaterly results.
Bharti Airtel is in focus after Airtel M Commerce Services Ltd (AMSL), a wholly owned subsidiary of the country’s largest telecom service provider Bharti Airtel, said on Thursday that it would apply to the Reserve Bank of India (RBI) for a licence and Kotak Mahindra Bank will acquire 19.90 per cent stake in it. Currently, AMSL offers mobile money services under the brand name Airtel Money.
Adani Enterprises, the holding company of the Adani group, is set to restructure the shareholding of group companies to offer its shareholders stakes in its listed power and port subsidiaries.
Sesa Sterlite reported a better-than-expected consolidated net profit of Rs 1,588 crore in the December quarter mainly because of a Rs 393-crore foreign exchange gain and due to lower finance cost.
Bharti Infratel will be in focus as the shareholders of the company have approved the hike in FII limit.
BHEL is in focus as the company has announced commissioning of 600 MW thermal power project in Odisha.
Asian Paints will be in focus after reporting on Thursday a 11.78 per cent increase in consolidated net profit at Rs 368.18 crore for the third quarter ended December 31.
