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Updated 08:52 IST, July 11th 2024

Nifty, Sensex set to open higher; IT stocks in focus ahead of TCS earnings

On Wednesday, Indian benchmarks closed about 0.5% lower after hitting record highs at the opening.

Reported by: Business Desk
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Stock Market | Image: Republic Business

Stock market news: Benchmark indices are poised to open higher on Thursday, mirroring gains in Asian markets, with IT stocks in the spotlight as Tata Consultancy Services (TCS), the country's leading software services provider, is set to report its June-quarter earnings later in the day.

The GIFT Nifty was at 24,404.5 points at 8:18 am, suggesting that the NSE Nifty 50 will open slightly above its previous close of 24,324.45 on Wednesday.

On Wednesday, Indian benchmarks closed about 0.5 per cent lower after hitting record highs at the opening. "The markets are seeing profit bookings at record highs," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

Analysts noted that investors are awaiting catalysts for decisive movements, with the upcoming earnings season potentially providing some.

Tata Consultancy Services (TCS) will announce its first-quarter earnings after the market closes.

In the broader Asian markets, indices opened higher, with the MSCI Asia ex-Japan index gaining about 1 per cent following an overnight rise in Wall Street equities. This rise was spurred by comments from U.S. Federal Reserve Chair Jerome Powell, who told lawmakers that "more good data" would support the case for the central bank to cut interest rates. Fed futures currently indicate a 75 per cent chance of a rate cut in September.

The U.S. inflation data is also due later in the day. Lower U.S. rates tend to make emerging markets like India more attractive to foreign investors.

Stocks to watch

  • Sula Vineyards (SULA.NS): The company reported a 9.7 per cent year-on-year increase in net revenue for the June quarter.
  • IRB Infrastructure Developers (IRBI.NS): The company’s gross toll collection jumped 35 per cent to 5.17 billion rupees in June.
  • Mankind Pharma (MNKI.NS): Hema Cipef (I) sold a 0.46 per cent stake, while ICICI Prudential Mutual Fund and Morgan Stanley Asia Singapore bought stakes worth 0.25 per cent and 0.08 per cent, respectively.

(With Reuters inputs.)

Published 08:52 IST, July 11th 2024