Markets may open in the green tracking firm global cues

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Indian benchmark equity indices are likely to open higher on Friday, after a gap of one day, tracking firm global cues.

On May 12, Indian markets had extended losses for the second straight day. The BSE Sensex declined 471 points or 0.96% to close at 48,690, while the NSE Nifty50 slipped 154 points or 1.04% to 14,696.

Foreign institutional investors had net sold shares worth Rs 1,260 crore, while domestic institutional investors too had net sold shares worth Rs 704.36 crore in the Indian equity market on May 12, as per NSE data.

Apart from the global cues, markets will also react to the IIP, CPI data which was released on May 12 post market hours. The retail inflation (CPI) has eased to 4.29% in April and the factory output, (IIP), grew by 22.4% in March.

Global Cues

Indian indices may open higher tracking global markets as trends in SGX Nifty indicate a positive start for domestic equities. Nifty futures were trading around 14,684 level on the Singaporean Exchange, up 176 points from May 12 closing of 14,492, while it was trading higher by 59 points from its May 13 closing of 14,628, at 7:20 IST.

Asian markets were in the green in early trade tracking a sharp rebound in US stocks overnight. Nikkei led gains in the Asian market with 1.4% uptick.

Dow, S&P 500, Nasdaq snapped their 3-day losing streak. Wall Street ended sharply higher bouncing back from three straight days of selling on upbeat labour market data. The number of Americans filing new claims for unemployment benefits dropped to a 14-month low last week. Technology stocks helped Wall Street’s main indexes rebound on Thursday after three sessions of declines

Dow Jones Industrial Average rose 1.3% to close at 34,021, S&P 500 gained 1.2% to end the day at 4,112 , and the Nasdaq Composite added 0.7% and closed with gains of almost 100 points at 13,125.

Results Today

Several companies will be coming out with their Q4 numbers. Larsen & Toubro, Dr Reddy’s Laboratories, Cipla, Aditya Birla Capital, Macrotech Developers, The Anup Engineering, Asian Star Company, Automotive Axles, Balkrishna Industries, BCPL Railway Infrastructure, Bharat Seats, Cholamandalam Financial Holdings, Escorts, Rossari Biotech among many others will post results.