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The Indian market is expected to open flat-to-higher on Friday tracking muted trend seen in other Asian markets.
After a stunning rally in the global equity market over the past two days, stocks collectively took a breather ahead of the weekend. US Stocks traded range bound overnight weighed down by an abrupt halt to the rally in oil prices, which failed to hold on to the crucial $50 mark. The Dow Jones ended 23.22 points lower.
The most awaited speech since the US Federal Reserve's FOMC meeting way back in April, the Fed chief will speak at Massachusetts on Friday night as investors look on for clues to a rate hike.
STOCKS TO WATCH TODAY FOR TRADING
Power Grid: The state-run company posted a 13.2 per cent jump in standalone net profit at Rs 1,599.05 crore for the March quarter on higher revenues from power transmission business.
Jet Airways: Jet Airways posted its first annual net profit after eight years and its fourth straight quarterly net profit helped by lower fuel expenses and its own cost control measures.
ONGC: Oil and Natural Gas Corporation's fourth quarter profit jumped 12% mainly on reversal of impairment loss as well as lower provisioning for dry wells.
Deepak Fertilisers: The company reported a 5 per cent decline in net profit at Rs 25.92 crore for the fourth quarter of 2015-16 financial year.
SBI - State Bank of India is going to post Q4 results today.
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FMCG index hits record high
Updated on 19 May 2017
Shares of fast moving consumer goods (FMCG) companies were in focus in morning deals, with the S&P BSE FMCG index rallied more than 3%, hitting a record high on BSE after the Goods and Services Tax (GST) Council, at its meeting in Srinagar on Thursday, approved rates for about 1,200 items.
At 09:21 am; the S&P BSE FMCG index, the largest gainer among sectoral indices, had rallied 3.4% at 9,774 as compared to 0.72% rise in the benchmark S&P BSE Sensex. The FMCG index hit a record high 9,804, surpassed its previous high of 9,646 touched on May 17, 2017 in intra-day deals.
ITC, Colgate-Palmolive (India), Jay Shree Tea, Tata Coffee and Marico were up more than 4%, while, Goodricke Group, Tata Global Beverages and Godfrey Phillips India were up 4% each on the BSE. ITC, Hindustan Unilever, Avanti Feeds and Manpasand Beverages from the FMCG index hitting their respective record highs in intra-day deal.
According to reports, hair oil and toothpaste will be taxed at 18% under the GST, lower than the current tax incidence of about 23-24%, while sugar, tea, coffee and edible oil will be taxed at 5%.
The fact that several daily use items such as milk, fruits, vegetables and cereals & food grains will be exempted from all tax makes us believe that in fact inflation may not be an issue post implementation of GST, added note.
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