In today's session, investors may react to reports that the government may exempt foreign portfolio investors from additional surcharge. Overseas investors have pulled out nearly Rs 22,000 crore from domestic equities since the surcharge decision was introduced in the Union Budget on July 5.
Moreover, Finance minister Nirmala Sitharaman will today meet market participants including senior officials of foreign portfolio investors and mutual funds to ascertain views on current issues relating to financial markets.
Investors will continue to react to June quarter earnings, first the ones declared yesterday after market hours and the 249 others scheduled to be announced today that includes Spicejet, Britannia Industries, MRF, BHEL, and Cadila Healthcare, among others.
Analysts expect SpiceJet to post robust growth in net profit and earnings before interest, tax, depreciation, amortization and restructuring and rent cost (EBITDAR) margin in its Q1FY20 results. You can read our full preview on what analysts expect from SpiceJet's result on our website.
Apart from this, investors will also track global cues, any progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. They will also look out for the industrial production data for June which is set to be declared later today.
The Sensex rose 1.74 per cent to end at 37,327, while the Nifty50 index gained 1.63 per cent to settle at 11,032 on Thursday.
Now, let's take a look at the global markets.
The US equities continued to rebound on Thursday. The S&P 500 registered its largest one-day percentage gain in about two months, with the Dow and the Nasdaq also climbing more than 1 per cent each.
Asian shares caught the tail of a Wall Street rally on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent but was on track to lose 2.3 per cent for the week. Japan’s Nikkei average advanced 0.6 per cent, while Australian stocks stood flat and South Korean stocks gained 1 per cent.
Nifty futures on Singapore Exchange (SGX) were trading 19 points or 0.17 per cent higher at 11,090 levels, indicating a positive start for the Indian market.
And, before we wrap up, here're the top headlines for the day -
>> The Coffee Day Enterprises board has appointed EY for forensic audit
DHFL has informed the stock exchanges that it may not be able to repay due in the near future
The Ministry of Corporate Affairs has said it would only look at whether the allegations of governance lapses were a management dispute or volation of companies law
The board of Reliance Capital has denied all allegations raised by the erstwhile auditor PricewaterhouseCoopers (PwC) in its letter to the Ministry of Corporate Affairs.