Higher SGX Nifty and positive global cues point to a firm start for Indian shares on Friday. Despite lingering concerns about inflation, interest rates and geopolitical tensions, the undertone is likely to remain positive thanks to largely upbeat earnings updates from top companies.
Axis Bank reported a net profit of Rs 4,118 crore for the quarter ended March 2022, up 54% over a net profit of Rs 2,677 crore it had posted in the corresponding quarter last year.
Vedanta’s consolidated net profit dropped 9.84% to Rs 5,799 crore in the January – March 2022 quarter, compared to a year ago.
IndusInd Bank, Maruti Suzuki, Wipro, UltraTech Cement, SBI Cards, Gillette India, Shriram City Union Finance and Tata Chemicals are among the companies scheduled to announce their quarterly results today.
The Indian market closed on a buoyant note on Thursday as investors shrugged off concerns about slowing growth, fears over interest rate hikes and geopolitical tensions, and kept picking up stocks, reacting to a slew of strong earnings updates.
The benchmark BSE Sensex, which opened with a positive gap of nearly 480 points at 57,296.31, settled at 57,521.06 with an impressive gain of 701.67 points or 1.23%. The National Stock Exchange’s Nifty index ended with a gain of 206.65 points or 1.21% at 17,245.05, after scaling a high of 17,322.50.
U.S. stocks closed sharply higher on Thursday, buoyed by a batch of upbeat quarterly results. The tech-heavy Nasdaq led the rally after ending Wednesday’s trading at its lowest closing level in over a year. The Dow jumped 1.9%, the Nasdaq spiked 3.1% and the S&P 500 surged 2.5%.
The major European markets also showed strong moves to the upside on the day. While the German DAX Index surged by 1.4%, the U.K.’s FTSE 100 Index and the French CAC 40 Index shot up by 1.1% and 1%, respectively.
Market Analysis
Indian Shares Seen Opening On Firm Note
2022-04-29 03:06:14
