Sensex, Nifty Seen Opening Slightly Higher; Earnings In Focus

(RTTNews) - Slightly higher SGX Nifty and fairly steady Asian markets point to a marginally positive start for Indian shares on Thursday.

Activity is likely to be stock specific with quarterly earnings announcements setting the trend.

Bajaj Auto reported consolidated net profit of Rs 1,526 crore for the fourth quarter ended March 2022, down 2% from a year ago.

Hindustan Unilever's consolidated net profit for the fourth quarter came in at Rs 2,307 crore, which was up 5.3% compared to its net profit in the corresponding quarter a year earlier.

Indian Hotels reported a net profit of Rs 71.57 crore in the fourth quarter ended March 2022, as against net loss of Rs 97.72 crore in the year-ago quarter.

Mahindra Lifespace Developers posted a net profit of Rs 154.5 crore for financial year 2021-22, as against a net loss of Rs 71.7 crore a year earlier.

On Wednesday, Indian stocks tumbled as rising concerns about global economic slowdown, looming interest rate hikes, and lockdowns in China due to a surge in coronavirus cases weighed on sentiment.

The benchmark BSE Sensex, which opened nearly 375 points down at 56,983.68, plunged to a low of 56.584.04 an hour past noon, before recovering to close at 56,819.39, still down with a sharp loss of 537.22 points or 0.94%.

The National Stock Exchange's Nifty settled at 17,038.40 with a loss of 162.40 points or 0.94%. The index dropped to a low of 16,958.45 in the session.

U.S. stocks closed mixed on Wednesday with investors tracking quarterly earnings updates and closely following the developments on the geopolitical front. The Dow edged up 0.19% and the S&P 500 added 0.21%, while the Nasdaq edged down 0.01%.

The major European markets closed higher. The U.K.'s FTSE 100 Index surged up 0.53%, Germany's DAX gained 0.27% and France's CAC 40 moved up 0.48%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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