Indian markets await RBI policy update, stocks to watch

Indian markets are expected to open negative in line with subdued global markets. The US markets fell the most in the past year on comments by another Fed official that sticky inflation might delay the rate cut decision by the central bank. The Dow Jones fell 1.3%, the S&P 500 dropped 1.23%, and the Nasdaq 100% fell 1.55%, the most among the US indices, largely led by a correction in semiconductor stocks like Nvidia, AMD, Intel, Micron Technology, etc.

Following the Global market trend, Asian markets show signs of pressure on Friday morning. Amongst the Asian peers, Japan is showing maximum pain with 2.3% losses in the morning.

Indian benchmark indices closed to their new lifetime high levels on Thursday, led by gains in banking and IT stocks—however, GIFT NIFTY trades 73 points lower, indicating a negative start for Indian markets.

On the commodities front, crude oil prices continued to inch higher past the $90/barrel mark as geopolitical tensions escalate between Israel and Iran. The Brent crude prices have gained nearly 5% this week and 12% in the past month.

Stocks to watch on Friday morning

Banking stocks

The RBI Monetary Policy Committee is set to announce its policy changes on Friday at 10:00 am. Hence, all banking, realty and consumer-oriented stocks will remain in focus.

OMC (oil marketing companies) stocks

Stocks of BPCL, IOC, and HPCL are expected to react to a substantial rise in oil prices globally. Brent crude oil is trading near the $91/barrel mark on Friday morning.

Nestle India: The National Consumer Dispute Redressal Commission dismissed the central government’s plea against Nestle India, regarding unfair trade practices in selling Maggi products.

Bajaj Finance reported solid quarterly and full-year business updates as its assets under management (AUM) grew by 34% to ₹3.3 lakh crore as of FY24 compared to ₹2.4 lakh crore in FY23.

Cipla received 6 USFDA observations in Form 483 for inspection by the US regulatory body at its manufacturing facility in Patalganga, Maharashtra, India.

Sobha Developers reported 8% yoy growth in sales for FY24 at 6.08 lakh sq ft at an average realisation price of ₹10,922 per sq. ft.

Ultratech Cement commenced operations at a 100MW solar power plant in the state of Rajasthan. Power from this project will be available to the Company’s Units in Rajasthan, Gujarat, Himachal Pradesh, Tamil Nadu, and Odisha, among others.