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Market Ahead, February 7: All you need to know before the Opening Bell

A mid-week rally in Asian share markets halted on Friday and oil prices steadied

BS Web Team  |  New Delhi 

With mega events like the Union Budget and the RBI policy decision behind them, investors on Friday are likely to stick to global cues, corporate results, and stock-specific action for market direction.

Investors will first react to the corporate results announced yesterday post market hours. Hero MotoCorp logged a 9.14 per cent decline in profit before tax to Rs 1044.44 crore for the December quarter while its total income dipped 10.7 per cent to Rs 7259.39 crore. However, the company said it expects to see a turnaround in the second half of FY21.

A total of 202 companies including Britannia Industries, Emami, ACC, and NTPC are scheduled to announce their December quarter results today.

Besides, traders will also track the Rupee's trajectory, oil price movement, and foreign fund flow for further cues.

On Thursday, FIIs sold shares worth Rs 560.36 crore, while DIIs bought shares of worth Rs 304.01 crore in the Indian equity market, provisional data available on the NSE showed.

Investors will also keep an eye on the Delhi Assembly polls to be held tomorrow but analysts say at best the poll results can trigger a knee-jerk reaction in the that can be used to buy for the long-term.

Globally, US stocks gained for a fourth straight session on Thursday and Wall Street’s main indexes hit record highs. The Dow Jones Industrial Average rose 0.3 per cent, the S&P 500 gained 0.33 per cent, and the Nasdaq Composite added 0.67 per cent.

A mid-week rally in Asian share halted on Friday and oil prices steadied as the growing death toll and economic damage from a new virus spreading from China curbed further gains. The death toll in mainland China rose to 636, more than doubling in just under a week, with the number of infections at 31,161.

In commodities, brent price was hovering around $55.12 per barrel mark.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent on Friday. Japan's Nikkei and Korea's Kospi headed lower in morning trade, but are on track for their best week of the year after earlier rises. The SGX Nifty is indicating a flat start for Sensex and Nifty today.

Back home, benchmark indices extended their winning streak into the fourth consecutive session on Thursday. Sensex closed at 41,306, up 163 points while Nifty ended the day with a gain of 49 points.

And, in the end, here's a stock idea by Prabhudas Lilladher which recommends buying Godrej Industries at the current market price of Rs 425.45 with the target of Rs 458 and stop-loss at Rs 400.

First Published: Fri, February 07 2020. 07:55 IST
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