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Market Ahead, May 8: All You Need To Know Before The Opening Bell

A total of 13 companies, including SBI Cards and Shree Cements, are scheduled to announce their March quarter results today

Market Ahead | Markets | Reliance Jio

BS Web Team  |  New Delhi 

The Indian go into the final trading session of this week with firm global cues behind them which has lifted by nearly 100 points. This sentiment should get bolstered by report that the government is working on a comprehensive financial package for all sectors although may turn cautious due to the constantly increasing cases of Covid-19.

Let's start with the global cues.

Wall Street’s indexes climbed on Thursday, following a clutch of upbeat earnings reports as investors looked past more weak jobs data. The rose 0.9 per cent and the gained 1.15 per cent. The gained 1.4 per cent and erased losses for 2020.

tracked Wall Street gains in Friday's early deals. Japan’s Nikkei was last up 1.66 per cent and Australian ASX200 rose 0.9 per cent. South Korea's Kospi was up 1.34 per cent. In commodities, rose 1.6 per cent to $29.95 per barrel.

On the results front, yesterday reported a 54 per cent drop in its Q4 net profit to Rs 114.36 crore. On the other hand, the bank's net interest income rose to Rs 1,021 crore. Investors will react to RBL Bank's and other results announced post market hours yesterday.

Today, a total of 13 companies, including and Shree Cements, are scheduled to announce their March quarter results today. Besides, will also be in focus as the private lender will announce the results tomorrow.

India's cases tally increased to 56,351 with 1,889 deaths till now, according to Worldometer website. Globally, more than 39 lakh people have been infected so far.

Investors will today digest a top official's comment that the government is working on a comprehensive financial package not only for MSMEs but for all sectors of the economy. Although another pertinent question at this point would be as to how soon will the relief package be delivered and investors will track newsflow regarding the same.

Meanwhile, regulator, has asked Franklin Templeton, which recently decided to wind up six of its schemes, to “focus on returning the money of investors as soon as possible”. Over Rs 25,000 crore worth of investments are currently stuck in the six debt schemes wound up by the fund house.

In company-specific news, Business Standard has picked up from its sources that is considering selling its 4.9 per cent stake in valued at about $989 million. According to a separate report by CNBC TV18, PE firm, Vista Equity Partners, has said it will buy a 2.3 per cent stake in Jio Platforms for Rs 11,367 crore.

Meanwhile, the auditor of YES Bank has pointed out multiple breaches of the RBI’s norms and loan covenants by the private bank in FY20, warning that these may impact the bank’s ability to continue as a going concern.

Read by: Kanishka Gupta

First Published: Fri, May 08 2020. 07:19 IST