Indian shares may open largely unchanged on Thursday despite weak earnings results from Tata Motors and Aurobindo Pharma.
Tata Motors posted a 42 percent increase in first-quarter consolidated net profit, largely due to a one-time gain related to JLR pension plan. On a standalone basis, the company reported loss Rs 467 crore against Rs. 25.75 crore profit last year.
Aurobindo Pharma’s Q1 consolidated net profit dipped 11 percent on account of pricing pressure in the U.S. market.
Adani Power, Adani Transmission, Bharat Forge, BHEL, GAIL and Union Bank of India are among the prominent companies reporting their quarterly results later today.
Benchmark indexes Sensex and the Nifty fell about 0.7 percent to end lower for a third consecutive session on Wednesday, while the rupee closed down 21 paise at 63.84 against the dollar amid heightened global uncertainties.
Asian stocks held somewhat steady this morning as jitters over North Korea abated and investors looked ahead to U.S. inflation data due this week for clues on the Fed’s rate outlook.
The dollar held steady against the yen and U.S. Treasury bond prices fell slightly, while oil futures added to gains from the previous session after data showed U.S. crude inventories fell more than expected.
U.S. stocks ended slightly lower overnight in reaction to geopolitical tensions and weak earnings updates by Walt Disney and other big companies. The Dow slid 0.2 percent and the S&P 500 edged down marginally while the Nasdaq Composite shed 0.3 percent.
European markets ended Wednesday’s session sharply lower after North Korea renewed its threat to strike a U.S. military base in Guam and a car hit a group of soldiers in the western Paris suburb of Levallois-Perret in what the suburb’s mayor called a deliberate act.
The pan-European Stoxx Europe 600 index declined 0.7 percent. The German DAX tumbled 1.1 percent, France’s CAC 40 index lost 1.4 percent and the U.K.’s FTSE 100 slid 0.6 percent.
by RTT Staff Writer