Indian shares are likely to open on a somewhat subdued note Tuesday morning amid a lack of any significantly positive lead.
Asian stocks are broadly lower today, continuing to be weighed down by concerns about the slowdown in the world’s second largest economy.
The benchmark S&P/BSE Sensex closed at a new record high at 66,589.93 on Monday, gaining 529.03 points or 0.8%. The broader Nifty50 of the National Stock Exchange posted a new closing high as well, settling at 19,711.45 with a gain of 146.95 points or 0.75%.
Stocks rallied on sustained foreign fund inflows on the back of a weaker dollar amid hopes the Fed is nearing the end of its tightening cycle.
In earnings news today, MindTree reported consolidated net profit of Rs 1,151.50 crore for the April – June quarter, an increase of 4% over the year-ago quarter.
IndusInd Bank, ICICI Pru Life and L&T Tech are among the companies scheduled to announce their quarterly results today.
U.S. stocks closed higher overnight as encouraging inflation data added to optimism about the outlook for interest rates ahead of next week’s Federal Reserve meeting.
The Dow ended 0.2% up, while the S&P 500 and the Nasdaq climbed 0.4% and 0.9%, respectively. The Nasdaq and the S&P 500, both recorded their best closing levels in over a year.
The major European markets closed weak on Monday, weighed down by weak Chinese GDP data. The U.K.’s FTSE 100 and Germany’s DAX ended lower by 0.38% and 0.23%, respectively. France’s CAC 40 dropped 1.12%, while the pan European Stoxx 600 drifted down 0.63%.
Market Analysis
Indian Shares Likely To Open On Subdued Note
2023-07-18 03:05:28
