Markets

Sensex, Nifty Seen Opening Up On Firm Asian Cues

(RTTNews) - Indian shares look set to open higher on Thursday as investors digest a slew of earnings and await results for elections to the Maharashtra and Haryana assemblies for direction.

HeroMoto Corp's Q2 profit fell 10 percent from last year, but still beat estimates. IT major HCL Technologies reported a 4.4 percent year-on-year jump in quarterly net profit while engineering and construction major Larsen & Toubro posted a 6.83 percent year-on-year rise in Q2 profit.

L&T said it won new orders worth 48,292 crore at the group level during the September quarter, up 20 percent from last year.

Meanwhile, the International Monetary Fund (IMF) said it expects a rebound in India's GDP growth to around 7 percent in the next financial year, supported by measures like monetary policy stimulus and corporate income tax cuts.

Benchmark indexes Sensex and the Nifty rose around 0.2 percent on Wednesday while the rupee inched up by 3 paise to close at 70.91 against the U.S. dollar.

Asian stocks rose this morning, though the upside remained capped by concerns surrounding the Sino-U.S. trade war and Brexit uncertainties.

Gold held steady around $1,490 per ounce while oil dipped after rising sharply to settle at near one-month high on Wednesday on data showing an unexpected decline in crude inventories in the U.S. last week.

U.S. stocks rose modestly overnight despite Boeing and Caterpillar both reporting weaker than expected third quarter earnings and Texas Instruments forecasting current-quarter revenue well below estimates.

The Dow and the tech-heavy Nasdaq Composite both edged up by 0.2 percent while the S&P 500 gained 0.3 percent.

European markets ended mixed on Wednesday amid continued uncertainty about Brexit and lingering concerns over global economic slowdown.

The pan European Stoxx 600 edged up 0.1 percent. The German DAX rose 0.3 percent and the U.K.'s FTSE 100 climbed 0.7 percent, while France's CAC 40 slipped 0.1 percent.

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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