Sensex, Nifty Seen Opening Up As TCS Beats Estimates

RTTNews | 111 days ago

(RTTNews) - Indian shares are likely to open higher on Friday as softer-than-expected U.S. inflation data bolstered hopes for two Federal Reserve rate cuts this year.

That said, volatility cannot be ruled out due to apprehensions over quarterly earnings and concerns over rising oil prices on signs of stronger demand.

After market hours on Thursday, Tata Consultancy Services (TCS) kicked off the April-June quarter results for fiscal 2024-25 (FY25), reporting an 8.7 percent rise in first-quarter net profit despite degrowth in several business year-on-year.

Investors also await IIP and CPI inflation data later in the day for clues on the economic outlook.

Benchmark indexes Sensex and Nifty ended marginally lower on Thursday to extend weakness for a second straight session amid the weekly options expiry of the Nifty 50 contracts. The rupee fell by 4 paise to close at 83.56 against the dollar.

Asian stocks traded mixed this morning, as technology stocks followed their U.S. peers lower and a surge in the yen triggered speculation that Japanese authorities may have again intervened in forex markets to prop up the ailing currency.

Gold dipped in Asian trade, after having surged above the $2,400 per ounce mark on Thursday to reach its highest level since May 22.

Oil extended gains on signs of improved summer demand and optimism over U.S. interest-rate cuts.

U.S. stocks declined overnight even as data showed consumer prices surprisingly fell in June from the previous month, bolstering hopes for two Federal Reserve rate cuts this year.

Treasury yields dropped as data showed the CPI declined 0.1 percent from May, the weakest monthly reading since May 2020 and putting the 12-month rate at 3 percent, down from 3.3 percent in May.

The annual rate of core consumer price growth also slowed to 3.3 percent from 3.4 percent.

The tech-heavy Nasdaq Composite plunged 2 percent and the S&P 500 shed 0.9 percent after reaching new record intraday highs in early trading. The narrower Dow ended little changed with a positive bias.

European stocks rose for a second straight session on Thursday after the release of encouraging German inflation, U.K. GDP and U.S. CPI data.

The pan European STOXX 600 advanced 0.6 percent. The German DAX and France's CAC 40 both added around 0.7 percent while the U.K.'s FTSE 100 gained 0.4 percent.

Continued Consolidation Called For KOSPI

The South Korea stock market on Wednesday ended the three-day winning streak in which it had advanced more than 35 points or 1.4 percent. The KOSPI now sits just above the 2,590-point plateau and it's tipped to open under pressure again on Thursday.

RTTNews | 4h 26min ago

TSX Ends Modestly Lower

The Canadian market ended weak on Wednesday, weighed down by losses in materials and technology sectors. Investors digested earnings updates from Canadian and U.S. companies, and awaited U.S. non-farm payroll data and Canadian GDP report, due later in the week.

RTTNews | 5h 24min ago

Bank Of Japan Interest Rate Decision Due On Thursday

The Bank of Japan will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, setting the pace for a busy day in Asia-Pacific economic activity. The BoJ is expected to keep its benchmark lending rate unchanged at 0.25 percent.

RTTNews | 5h 26min ago

Dollar Loses Ground Against Major Counterparts After GDP Data

The U.S. dollar shed ground on Wednesday after data showed an unexpected slowdown in the nation's GDP growth. Investors also digested strong private sector employment data and looked ahead to the crucial non-farm payroll data due later in the week.

RTTNews | 6h 35min ago

Canadian Market Slightly Lower In Cautious Trade

Canadian stocks are turning in a mixed performance on Wednesday with investors largely reacting to earnings announcements, and U.S. economic data. Materials stocks are among the notable losers, while consumer staples and utilities shares are finding good support.

RTTNews | 8h 41min ago

German Inflation Climbs More Than Expected Dampening Bigger Rate Cut Hopes

Consumer price inflation in Germany increased more than expected to its highest level in three months in October and the core figure moved closer to 3 percent, damping expectations for a bigger size interest rate cut from the European Central Bank.

RTTNews | 9h 9min ago

Swiss Market Ends Notably Lower

The Switzerland market ended notably lower on Wednesday after languishing in negative territory right through the day's session, as investors reacted to weak economic data, digested a slew of corporate earnings announcements, and looked ahead to some key U.S. economic data due later in the week.

RTTNews | 9h 27min ago

U.S. Dollar Retreats As GDP Growth Slows

The U.S. dollar pulled back against its major counterparts in the New York session on Wednesday, as a slowdown in GDP growth outweighed optimism about strong ADP data.

RTTNews | 9h 39min ago

EURUSD	1.08591	GBPUSD	1.29572	AUDUSD	0.65729
USDJPY	153.28	USDCAD	1.3909	USDCHF	0.86632