Sensex, Nifty likely to open positive on firm global cues; Wipro, JSW Steel stocks in focus

BSE Sensex and NSE Nifty are likely to open positive tracking SGX Nifty and global markets. (Photo: PTI)

BSE Sensex and NSE Nifty are likely to open in positive terrain on Friday tracking SGX Nifty and firm global markets.

At 7.28 am, SGX Nifty was up 92.5 points, or 1.11 per cent, at 8,339.

Asian shares extended a global stocks rally on Friday after the European Central Bank signaled its readiness to inject more stimulus, helping the US dollar scale a fresh two-month peak against the euro.

Japan’s Nikkei stock index was up 2.3 per cent, poised to gain more than 3 per cent for the week.

After the ECB held policy steady at its meeting on Thursday as widely expected, central bank chief Mario Draghi told a news conference that ECB policymakers were “open to the full menu of monetary policy” to stoke the euro zone economy as needed.

The affect was visible on Wall Street with S&P 500 index hitting a two-month high on stronger-than-expected corporate results from companies including McDonald’s and cues from the European Central Bank about extending its stimulus program.

Back home, BSE Sensex on Wednesday fell 19.17 points to 27,287.66 and NSE Nifty dropped 9.95 points or 0.12 per cent to close the day at 8,251.70. On Thursday, markets were closed on account of Vijayadeshami.

Wipro’s stocks will be in focus as the company on Wednesday after market hours announced its second quarter results. India’s third largest IT services exporter reported a net profit of Rs 2,235.40 crore, registering a 2.2% sequential increase in net profit for the second quarter boosted by higher productivity and better pricing powers.

Stocks of JSW Steel Ltd will be in focus as the company on Wednesday said its net profits for the July-September period slid 84.3% to Rs 116.95 year compared to Rs 748.76 crore a year earlier, indicating a continuing price pressure due to cheap imports from countries such as China, Korea, and Japan.

Companies such as Asian Paints, Infratel, Symphony are expected to announce their quarterly earnings on Friday.