Flat start likely as Bulls take some rest
Indian shares are likely to open on a flat note as the global cues look subdued with SGX Nifty trading 9 points lower.
Indian equity benchmarks are likely to open little changed, with a negative bias, on Thursday, as traders resort to profit taking after a recent impressive run of gains.
A spate of quarterly earnings from the likes of ABB, Biocon, Cairn India, HDFC Bank, Hindalco and Kotak Mahindra Bank are due for release today, keeping Dalal Street investors in watchful mode. Continued optimism over the passage of the GST bill in the ongoing monsoon session of the Parliament and strong progress in the south-west monsoon rains may support sentiment at Dalal Street.
Marking a second straight rally, the 30-share Sensex on Wednesday advanced by 128.27 points or by 0.46 per cent led by robust foreign fund inflows.
Asian stocks advanced on hopes of fresh stimulus in Japan and easing worries over global growth amid better-than-expected corporate earnings in the US.
China’s Shanghai Composite logged mild gains, Hang Seng rose while Japan’s Nikkei 225 surged over 1 per cent as a weaker yen bolstered the lure for exporter stocks and media reports said that Japan’s government is considering a stimulus package of 20 trillion yen, almost double its previous plan, to help the economy withstand any potential affect of Brexit.
Wall Street rallied on Wednesday as strong earnings from corporate behemoths such as Microsoft and Morgan Stanley bolstered optimism over the health of the world’s biggest economy.
Major Headlines of the day:
• Ultratech get shareholder nod to Issue NCDs up to Rs9,000 Crore
• Hindustan Zinc reported a 47% decline in net profit to Rs1037 crore in Q1FY2017
• M&M launches new mild hybrid Scorpio priced up to Rs14 lakh
Trend in FII flows: The FIIs were net buyers of Rs 215.21 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs -45.45 Cr, as per the provisional figures.