SGX Nifty up, upbeat global cues, Q4 results, Nifty technical view; key things to watch out for on 27 May

SGX Nifty up, upbeat global cues, Q4 results, Nifty technical view; key things to watch out for on 27 May

Domestic equity market benchmark indices BSE Sensex and Nifty 50 were likely to open in green on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling 0.54 per cent or 88 points higher at 16,258.50 on Singaporean Exchange. In the previous session, benchmark indices snapped three-day losing streak. BSE Sensex closed 503.27 points or 0.94% higher at 54,252.53, NSE Nifty 50 settled 144.40 points or 0.90% up at 16,170.20 on the last day of the futures & options (F&O) contracts for the May series. Analysts see some respite in line with the global counterparts but advise that participants shouldn’t read much into a single-day rebound. “The buoyancy in the banking pack is certainly encouraging however Nifty needs a decisive break above 16,400 for any sustained recovery,” Ajit Mishra, VP – Research, Religare Broking, said.Key things to watch for out before market opens on 27 May 2022

Q4 results today: BSE-listed companies such as JSW Steel, FSN E-Commerce Ventures (Nykaa), Jubilant Pharma, Jubilant Industries, Aarti industries, GAIL, Glenmark Pharma, Godrej Industries, India Cements, PB Fintech (Policy Bazaar), Ruchi Soya, Ion Exchange, Info Edge India, JP Power, Aegis Logistics, Akzo Nobel India, Apar Industries, Arvind Fashions, Astral Pipes, Atul Auto, Balmar Lawrie, BEML, Crompton Greaves Consumer Electricals, City Union Bank, Edelweiss Financial Services, Engineers India, ESAB India, Everest Industries, Exxaro Tiles, Future Consumer, Force Motors, Heritage Foods, HT Media, Inox Wind, IRCON International, Kalyani Forge, Karnataka Bank, Lemon Tree Hotels, Man Industries, Oil India Ltd, Ramky Infrastructure, Sun TV, Tarsons Products, TCNS Brands, United Spirits, VRL Logistics, Wabag will release their March quarter earnings today.

Global market set-up: Asian stock markets were seen trading higher in early trade on Friday. Japan’s Nikkei gained 0.73% and the Topix index advanced 0.46%. South Korea’s Kospi also jumped 1.05%. In overnight trade on Wall Street, US stock indices closed sharply higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood, according to Reuters. The Dow Jones Industrial Average rose 516.91 points, or 1.61%; the S&P 500 gained 79.11 points, or 1.99%; and the Nasdaq Composite added 305.91 points, or 2.68%.

Paradeep Phosphates shares listing today: Shares of Paradeep Phosphates will make their stock market debut on Friday, 27 May 2022. The Rs 1,501 crore IPO of the company was a mix of fresh issue of equity shares and an Offer For Sale. Paradeep Phosphates offered shares to investors in the fixed price band of Rs 39-42 per share.

Nifty outlook: “While we remain open to a pullback rally in the very near term, we must remember that the intermediate trend remains down. The bears would gain more control once the recent intermediate low of 15735 is broken,” Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities, said.

FII and DII activity: On Thursday, foreign institutional investors sold shares worth Rs 1,597.84 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 2,906.46 crore worth of shares on a net basis in Indian share market.