The Indian equity benchmarks are likely to open higher on Wednesday as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 0.16 per cent or 28 points to 17,523 amid positive global cues.
Asian Markets
Asian shares were mostly higher on Wednesday, with U.S. corporate earnings aiding sentiment, while traders awaited British inflation readings later in the day for clues on how hawkish central banks need to be to fight inflation.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent, but further gains were capped by slight falls in Chinese shares. China's mainland bluechips lost 0.2 per cent while Hong Kong's Hang Sang index fell 0.1 per cent, news agency Reuters reported
Japan's Nikkei rose 0.6 per cent, South Korea's KOSPI rose 0.42 per cent, Singapore's Straits Times climbed 1.2 per cent and Taiwan Weighted fell 0.9 per cent.
US Markets
Stocks closed broadly higher again on Wall Street Tuesday, adding to weekly gains for major indexes that have been mired in a broad slump amid inflation and recession concerns.
The S&P 500 rose 1.1 per cent, with roughly 90 per cent of the stocks in the benchmark index notching gains. The Dow Jones Industrial Average rose 1.1 per cent and the Nasdaq composite ended 0.9 per cent higher.
Trading was choppy, at one point pulling the Nasdaq into the red as technology stocks lost ground then rallied by the end of the day. It was the latest knee-jerk motion in a market that has been moving erratically in recent weeks. Major indexes are still stuck in a bear market, which is when they’ve fallen at least 20 per cent from their most recent all-time highs.
Gold and Crude Oil Price Check
Benchmark U.S. crude oil for November delivery fell $2.64 to $82.82 a barrel Tuesday. Brent crude for December delivery fell $1.59 to $90.03 a barrel.
Gold for December delivery fell $8.20 to $1,655.80 an ounce. Silver for December delivery fell 12 cents to $18.60 an ounce and December copper fell 6 cents to $3.36 a pound.
The dollar rose to 149.21 Japanese yen from 148.91 yen. The euro rose to 98.50 cents from 98.45 cents.
Foreign Flows
Foreign institutional investors sold shares worth Rs 153 crore on Tuesday while domestic institutional investors bought shares worth Rs 2,085 crore.
Tata Communications: Tata Communications on Tuesday reported a 25 per cent increase in its consolidated net profit at Rs 532.29 crore in the July-September quarter of the current financial year.
The company had recorded a net profit of Rs 425.38 crore in the same period a year ago, according to a regulatory filing.
Tech Mahindra: Country's fifth largest IT services exporter Tech Mahindra on Tuesday announced it will be hiring 3,000 people in Gujarat over the next five years.
The company's current staff strength in Gujarat could not be immediately ascertained.
It signed a Memorandum of Understanding (MoU) with the Government of Gujarat under its IT/ITeS (IT enabled services) policy on Tuesday.
ICICI Lombard: Private sector non-life player ICICI Lombard General Insurance on Tuesday reported a 32.2 per cent growth in net profit at Rs 591 crore for the September quarter, boosted by a tax reversal of Rs 128 crore.
The ICICI Bank group company said excluding this tax reversal, net income inched up by 3.4 per cent. In the year-ago quarter, the company had booked a net income of Rs 447 crore.
Tinplate Company: Tata Steel arm The Tinplate Company of India Limited (TCIL) on Tuesday reported a loss of Rs 35.10 crore for the quarter ended September 30, mainly on account of increased expenses.
Its profit during the July-September period of 2021-22 fiscal stood at Rs 74.93 crore, TCIL said in a BSE filing.
Tata Motors: Tata Motors on Tuesday said it has received an order for 200 electric buses which will be deployed in Jammu and Srinagar.
The Mumbai-based auto major has won the tender of 200 electric buses floated by Jammu Smart City Ltd, it said in a statement.
The automaker will supply 150 units of 9-metre and 50 units of 12-metre Starbus electric buses, it added.
L&T Technology Services: IT company L&T Technology Services on Tuesday posted a 22.7 per cent growth in consolidated net profit to Rs 282.4 crore for the second quarter ended September 2022.
The company had reported a net profit of Rs 230 crore in the same period a year ago.
The consolidated revenue from operations of L&T Technology Services (LTTS) grew about 24 per cent to Rs 1,995 crore from Rs 1,607.7 crore in the September 2021 quarter.
LTTS CEO and Managing Director Amit Chadha said the company has achieved annualised revenue run-rate of $1 billion (about Rs 8,000 crore) in constant currency terms.
