Indian shares are likely to open on a negative note Wednesday morning, tracking cues from Wall Street where stocks tumbled overnight. Most of the major markets in Europe too ended sharply lower yesterday.
Asian markets are down firmly in negative territory and sharply lower SGX Nifty also points to a gap down start for the Indian market.
Investors are likely to react to a slew of earnings reports and other corporate news today.
Reliance Industries has signed a formal shareholder agreement with Abu Dhabi Chemicals Derivatives Company RSC for TA’ZIZ EDC and PVC project. The project will involve a total investment of over $2 billion.
Adani Group is reportedly in talks to acquire a controlling stake in Ambuja Cements Limited from Holcim Limited. Holcim, which has a 63.1% stake in Ambuja Cements, has been considering the sale of its stake.
Bajaj Finance has reported consolidated net profit of Rs 2,420 crore for the quarter ended March 2022, up 80% over a net profit of Rs 1,347 crore the company had posted a year ago.
HDFC Life Insurance reported a 12.4% increase in net income at Rs 357.52 crore for the January – March 2022 quarter over a year ago.
Tata Coffee’s consolidated net profit grew 12.04% in the quarter ended March 2022. United Breweries reported a sharp 68% surge in its consolidated net earnings, while realtor Macrotech Developers said its consolidated net profit rose multi-fold to Rs 1,202.37 crore in the latest financial year.
On Tuesday, Indian shares rose sharply on Tuesday, as bond yields fell and oil prices declined on concerns over Covid-19 outbreak in China. The benchmark S&P BSE Sensex climbed up 1.37%, while the Nifty gained 1.46%.
On Wall Street, the major averages fell to new lows on Tuesday. The Dow dove 2.4%, the Nasdaq plummeted 4% and the S&P 500 slumped 2.8%.
Indian Shares Seen Opening On Weak Note
2022-04-27 03:00:11
