Higher SGX Nifty futures and firm Asian markets point to a positive start for Indian stocks Friday morning. The lead from Wall Street is positive as well.
After a dismal start, U.S. stocks staged a dramatic turnaround as traders indulged in some hectic buying, reassessing the global economic impact of the Russia-Ukraine conflict.
Bargain hunting after a long losing streak is also likely to push up stock prices.
Moody’s Investors Service raised its GDP growth forecast for India to 9.5 percent for the current calendar year from 7 percent earlier, citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the Covid-19 pandemic in mid-2021.
The GDP growth forecast for 2023 has been retained at 5.5 percent. In November 2021, Moody’s had forecast India’s economy will grow by 7.9 percent in financial year 2022-23.
In corporate news, Linde India said it recorded a 19.4 percent growth in consolidated profit at Rs 67.8 crore for the quarter ended December 2021 over the year-ago quarter.
Vesuvius India reported a 19 percent drop in net profit to Rs 13.14 crore in the October – December 2021 quarter.
The market extended its losses to a sixth straight session on Thursday, as Russia’s invasion of Ukraine triggered a massive sell-off. The benchmark 30-share BSE Sensex plummeted 2,702 points or 4.72 percent to 54,529.91, while the broader NSE Nifty index slumped 815.30 points or 4.78 percent to settle at 16,247.95.
Indian Stocks Likely To Open On Positive Note
2022-02-25 03:28:20
