Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 24.5 per cent rise in earnings for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in retail business.
Unfavourable global market cues, unabated rise in Covid cases and hiccups in vaccination drive are among factors that are likely to drive Indian markets lower on Friday after four straight sessions of gains this week. Furthermore, stock-specific action is expected to influence market trajectory on an earnings heavy day. At 7.20 am, SGX Nifty was ruling 141 points lower at 14,790, indicating a gap-down start to the May F&O series. India for the ninth day in a row recorded fresh Covid infections over 3 lakh with the caseload inching closer to the 4 lakh mark as India reported 3,86,693 fresh cases in the last 24 hours. Amid this backdrop, the pace of vaccination assumes importance, however, several states are flagging shortages of the same.