 "Markets likely to begin June series on a positive note; SBI, BHEL in focus")
Benchmark indices are likely to kickstart the June series on a positive note and then turn choppy on account of profit booking at higher levels. The early indicator SGX Nifty has surged 22 points at 8,103.
On Thursday, S&P BSE Sensex extended the up move and surged 486 points on Thursday, also the last day for expiry of contracts for the May F&O series, as participants indulged in buying valuable stocks at attractive valuations.
Among overseas markets, Asian stocks pulled ahead on Friday after patches of U.S. data continued to paint the world's largest economy in a positive light, while the dollar was on the defensive against its major peers.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2% to a two-week high. The index was on track to gain 2.3% this week. Japan's Nikkei nudged up 0.4%, buoyed by prospects of Tokyo delaying a sales tax hike.
The Dow inched down 0.1% and the S&P 500 ended flat overnight after rising strongly for two days as advancing utilities offset declines in materials, banks and other cyclical industries.
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Oil futures dipped further in early Asian trade on Friday, finding resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.
Back home, BHEL, SBI, DLF, HPCL, OIL Ondia, NMDC, Reliance Power, REC, IOB, Sun TC and Tata Communications will unveil their Q4 numbers today.
CORPORATE NEWS
RPG Life Sciences announced that it has sold its biotech unit to Intas Pharmaceuticals Limited. The company did not disclose deal size.
Oil and Natural Gas Corporation (ONGC) posted a 12% jump in profit after tax (PAT) for the quarter ended March 2016 on account of nil under-recovery burden and part reversal of impairment provisions made earlier due to crude price decline.
HT Media, the company that publishes dailies Hinsutan Times and Mint, reported total revenue of Rs 2,655.1 crore in FY16, up 8.1%.
Natco Pharma has reported a 10.65% increase in consolidated net profit at Rs 60.24 crore for the quarter ended March, 2016 as compared with Rs 54.44 crore in the corresponding quarter previous year.
Jet Airways post a consolidated net profit of Rs 426 crore in the fourth quarter FY 2016. In the same quarter last year the airline had posted a net loss of Rs 1,803 crore due to the write off of its equity investment in subsidiary JetLite.
Neyveli Lignite Corporation (NLC) has posted a net profit of Rs 446.24 crore for the quarter ended March 31, 2016 as compared to Rs 676.81 crore for the quarter ended March 31, 2015.
GAIL India has reconfigured the Rs 12,000 crore Jagdishpur-Haldia pipeline, which will connect Prime Minister Narendra Modi's political constituency Varanasi to the gas grid, to link the Dhamra terminal.
Sterlite Technologies reported a net profit of Rs 52 crore for the fourth quarter that ended on March 31, 2016. The profits grew 33.3% compared to Rs 39 crore for the same quarter last year.
With Reuters input
