Stock Markets Open Positive; Reliance Industries, Dixon Tech, Indian Bank and Colgate-Palmolive in focus
Indian markets opened positive on Friday after facing declines over the last few sessions. The US markets closed negative on Thursday with Nasdaq losing nearly 1.7 percent. Technology heavy Nasdaq has entered correction territory as the index has declined over 10 percent from highs witnessed in July 2023. Nasdaq Futures recovered after retail giant Amazon announced better-than-expected quarterly results. Indian markets were trading firm this morning. BSE Sensex and NSE Nifty were trading nearly 0.6 percent higher in early trade.
Reliance Industries will be in focus today as the company will be announcing quarterly results. Market analysts are expecting a strong quarter from Reliance Industries. The stock could see strong move tomorrow if the results are as per expectations.
Dixon Technologies and Indian Bank will be announcing quarterly numbers today. PSU banks have been trading firm over the last few weeks as outlook for the banking sector has turned bullish. Many PSU banking stocks have showcased strong quarterly performance and the rally can continue in future as well.
Colgate-Palmolive will be sharing quarterly numbers today. The company is expected to deliver strong quarter.
Among gainers in today’s session were Infosys Technologies, SBI, Wipro, Mahindra & Mahindra, HCL Technologies, Reliance Industries, Grasim, HDFC Life and Bajaj Finance.
Among losers in today’s trade were Asian Paints and ITC. The market breadth is positive and there are very few blue chip counters in the red during early trade.
We can expect a strong close for Indian markets today. After the strong correction in the recent sessions, we can expect a technical bounce today.
All trades should be conducted with strict Stop Loss. Markets can have unpredicted moves based on news and trends in the global markets. Stop Loss is an important strategy to reduce the risk in case the stock doesn’t move as per the call given by market experts.