Tuesday, May 24, 2022
Outlook.com

Nifty Set To Open Lower; HDFC Bank, HCL Technologies In Focus

HDFC Bank will be in focus after its net profit rose 18 per cent to Rs 10,342 crore in December quarter.

Nifty Set To Open Lower; HDFC Bank, HCL Technologies In Focus
Sensex Rallies Over 500 Points, Nifty Reclaims 17,500 Led By Auto, IT Shares Sensex Rallies Over 500 Points, Nifty Reclaims 17,500 Led By Auto, IT Shares

The Nifty 50 index is set to open lower as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on SIngapore Exchange also known as SGX Nifty Futures fell 75 points or 0.4 per cent to 18,198 amid choppy Asian markets.

 Asian share markets were choppy on Monday as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy.

A holiday in the United States made for thin trading, but that did not stop Treasury futures from sliding further and Brent crude hitting a three-year top of $86.71 a barrel.

Worryingly for the world's second-largest economy, retail sales rose only 1.7 per cent year-on-year in December, missing forecasts for a 3.7 per cent rise.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent, while Japan's Nikkei bounced 0.8 per cent after losing 1.2 per cent last week

Nasdaq futures slid another 0.4 per cent, while S&P 500 futures lost 0.2 per cent. EUROSTOXX 50 futures edged up 0.3 per cent and FTSE futures were flat, news agency Reuters reported.

Back home, HDFC Bank will be in focus after its net profit rose 18 per cent to Rs 10,342 crore in December quarter.

HCL Technologies reported a net profit of Rs 3,442 crore in the quarter ended December 2021, marking an increase of 6 per cent from the profit of Rs 3,259 crore in the previous quarter. Its revenue from operations rose 8 per cent sequentially to Rs 22,331 crore, the highest in the last 12 years, HCL Technologies said in an earnings release.
 

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