BENGALURU, July 19 (Reuters) – Indian stocks will open unchanged on Wednesday amid better global signals, with investors expecting major companies’ June quarter earnings later this week.
India’s GIFT Nifty on the NSE International Exchange was down 0.01% at 19,801 as of 8:02 am IST.
Both the Nifty 50 (.NSEI) and the sensex (.BSESN) reached new highs for the third consecutive session on Tuesdayboosted by information technology (IT) stocks on the hope that the US Federal Reserve is nearing the end of its rate hike cycle after recent data showed a moderation in inflation.
IT companies derive a significant portion of their revenue from the US and Europe.
“Global market construction remains bullish. Healthy consolidation may be a near-term trend in domestic markets,” said Vikram Kasat, head of advisory at national brokerage Prabhudas Lilladher.
Wall Street shares closed higher overnight, helped by strong Profits and strong retail sales data for June. Asian markets, with the exception of Hong Kong’s Hang Seng Index, rose.
Investors also await L&T Finance Holdings’ June quarter earnings (LTFH.NS)Tata Communications (TATA.NS)May End Houses (CNFH.NS)Hatsun Agro Product (HAPL.NS) and Jubilant Pharmova (JUBA.NS) among others on Wednesday.
Various Nifty 50 constituents including Hindustan Unilever (HLL.NS)Infosys (INFY.NS)ultratech cement (ULTC.NS)Ashok Leyland (ASOK.NS)Trusted Industries (RELI.NS)Mahindra Kotak Bench (KTKM.NS) and ICICI Bank (ICBK.NS) they are scheduled to report their results later this week.
Foreign institutional investors bought 21.16 billion rupees ($257.74 million) worth of Indian shares on net on Tuesday, while domestic investors sold 13.18 billion rupees worth of shares, according to provisional data from the NSE.
ACTIONS TO SEE:
**IndusInd Bank (INBK.NS): Lender beats June quarter earnings view on loan growth, provisions down.
** L&T Technology Services (LTEH.NS): co publications 13% increase in June quarter profit due to increased orders.
** CIE Automotive (CIEA.NS): Co June quarter profit arises of the strong national and European demand.
** Himadri special chemicals (HIMD.NS): Co reports increase in consolidated net income in the June quarter.
($1 = 82.0990 Indian rupees)
Reporting by Bharath Rajeswaran in Bangalore; Edited by Sonia Cheema
Our standards: The Thomson Reuters Trust Principles.
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