The benchmark indices are likely to have a muted start on Thursday as trends on SGX Nifty and global cues.
Nifty futures on the Singapore Exchange traded 4.5 points, or 0.03 per cent, lower at 16,493, signaling that Dalal Street was headed for a muted start on Thursday.
On Wednesday, The 30-share Sensex rallied 630 points or 1.15 per cent to end at 55,397. While the Nifty50 settled above the 16,500 mark.
Rupee Down 13 Paise
The rupee for the first time dropped below the 80 level against the US currency on Wednesday due to strong dollar demand from importers and fiscal slippage concerns.
Wall Street Closes Higher
U.S. stocks ended higher on Wednesday with the tech-heavy Nasdaq booking a 1.6 % gain on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed.
Shares in the Asia-Pacific region were mixed on Thursday as investors look ahead to the Bank of Japan rate decision. In Australia, the S&P/ASX 200 was about flat. South Korea’s Kospi gained 0.3 percent. The Nikkei 225 in Japan declined 0.31 percent, while the Topix index lost 0.38 percent.
Oil Price Falls
Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline demand during the peak summer driving season. Brent crude futures fell 37 cents, or 0.3%, to $106.55 a barrel by 0003 GMT. WTI crude futures fell 33 cents, or 0.3%, to $99.55 a barrel.
FII and DII data
Foreign institutional investors (FIIs) have net purchased shares worth Rs 1,780.94 crore, continuing buying for third consecutive session, whereas domestic institutional investors (DIIs) net sold shares worth Rs 230.22 crore on July 20, as per provisional data available on the NSE.
Stocks to watch on Thursday
Adani Enterprises: The company is pegged to replace Kolkata-based Shree Cement in the Nifty 50 index.
IndusInd Bank: The bank reported a 64.4 per cent YoY rise in standalone net profit at Rs 1,603.29 crore during Q1FY23, led by a healthy increase in net interest income (NII). The private bank’s NII registered 16 per cent growth at Rs 4,215 crore. READ MORE
Wipro: The IT major’s Q1FY23 net profit declined 21 per cent YoY to Rs 2,563.6 crore, because of acquisitions, cost of talent, and taxes. The revenue for the quarter under review was up 17.9 per cent at Rs 21,528 crore.
CEAT: The tyre-maker reported a 41.1 per cent drop in Q1FY23 net profit at Rs 13.42 crore as against Rs 22.79 crore in the year ago period. Total income, however, surged 47.6 per cent to Rs 2,805.84 crore.
Havells India: The company posted a 3.5 per cent growth at Rs 241.581 crore in Q1 net profit for the quarter ended June 2022 when compared with Rs 233.32 crore in Q1FY21. Total income soared 62.5 per cent YoY to Rs 4,277.12 crore.