The Indian equity benchmarks are set to open higher as indicated by the Nifty Futures on Singapore Exchange amid positive global cues.
Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 0.48 per cent or 82 points to 17,312 indicating positive start for Indian markets.
Most of the Asian markets were trading higher taking cues from strong closing on Wall Street. Japan's Nikkei rose 1.75 per cent, Taiwan Weighted advanced 1.2 per cent, South Korea's KOSPI rose 0.9 per cent and SET Composite rose 0.35 per cent.
Major stock indexes on Wall Street notched their biggest gains in more than six weeks Thursday, as technology companies clawed back some of the ground they had lost recently.
The S&P 500 rose 2.5 per cent, with roughly 85 per cent of the stocks in the benchmark index closing higher. The Dow Jones Industrial Average climbed 1.8 per cent and the tech-heavy Nasdaq ended 3.1 per cent higher.
The gains erased weekly losses for the indexes, though they are all still headed for a dismal monthly finish after sliding for much of April.
This week has been especially turbulent as investors review a heavy batch of corporate earnings from major tech companies, industrial firms and retailers.
US Economic Growth Update
The U.S. economy shrank in the first three months of the year, and faces threats from high inflation and rising interest rates, yet economists foresee a return to growth for the rest of 2022 based on the strength of the job market and consumer spending.
The 1.4 per cent quarterly decline in gross domestic product — the first contraction since the pandemic hit in 2020 -- is not likely a prelude to recession, economists say. That may bring little comfort to President Joe Biden and Democrats, who face mid-term elections this year in which rising prices for food, energy and other essentials will be a major theme of Republican opposition.
Foreign institutional investors bought shares worth Rs 743 crore on Thursday while domestic institutional investors bought shares worth Rs 780 crore.
Maruti Suzuzki, Wipro, IndusInd Bank, UltraTech Cement, Can Fin Homes, SBI Cards, Gillette India, Tanla Platforms and Wipro among others will report their March quarter earnings today.
Ambuja Cement, Axis Bank, Vedanta Among Stocks In Focus
Ambuja Cements, part of Swiss building material major Holcim Group, on Thursday reported a 30.26 per cent decline in its consolidated net profit to Rs 856.46 crore for the first quarter ended March 2022 on account of rising fuel prices.
The company, which follows the January-December financial year, had clocked a net profit of Rs 1,228.24 crore a year ago, Ambuja Cements said in a BSE filing.
Axis Bank on Thursday reported a 54 per cent rise in net profit at Rs 4,118 crore for March quarter. The lender had reported a profit of Rs 2,677 crore in the same quarter last year.
The private lender's net interest income (NII) for the quarter grew 17 per cent Year-on-Year (YoY) to Rs 8,819 crore. It was Rs 7,555 crore in the corresponding quarter of last year.
Mining major Vedanta Ltd on Thursday reported a consolidated profit after tax of Rs 7,570 crore for the January-March quarter of 2021-22 on the back of higher sales volume, supportive commodity prices and operational efficiencies.
The company had posted a profit after tax of Rs 5,105 crore in the year-ago period, Vedanta said in a statement.
The exceptional items at Rs 336 crore in last quarter primarily relate to Rs 2,697 crore gain from impairment reversal in oil and gas, which was partially offset by exploration cost written off in Cairn.