BENGALURU (Reuters) – Indian shares were set to open a tad higher on Thursday after logging losses in the last three sessions, but caution prevailed as quarterly earnings trickle in, amid weak global cues.
India’s NSE stock futures listed on the Singapore exchange were up 0.23% at 17,693.50 as of 8:13 a.m. IST.
HCLTech Ltd is scheduled to report its earnings on Thursday, while Reliance Industries Ltd, India’s top firm by market capitalisation, will report its earnings on Friday.
The benchmark Nifty 50 has lost 1.17% so far this week, as weak earnings of top two information technology (IT) companies Tata Consultancy Services Ltd and Infosys Ltd dampened sentiment.
Foreign institutional investors (FIIs) have also turned net sellers of Indian equities over the last three sessions, offloading 131.7 million rupees ($1.6 million) on Wednesday.
“While the markets have seen FIIs paring equity exposure in last few sessions, the recent dismal earnings show from select frontline IT companies have been a sour point,” said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.
Global equities remained subdued on rising odds of the U.S. Federal Reserve delivering a 25 basis points rate hike at its upcoming meeting in May 3, and as investors digest latest earnings reports. [MKTS/GLOB]
Stocks to Watch:
** Mastek Ltd: Co reports fall in consolidated net profit in March quarter, approves final dividend of 12 rupees per share.
** Tata Communications Ltd: Co reports fall in consolidated net profit in Q4.
** Ultratech Cement Ltd: Co increases capacity of its grinding unit in Bihar.
** Earnings on Thursday: HCLTech , Cyient Ltd, Sterling and Wilson Renewable Energy Ltd, ICICI Prudential Life Ltd, Oriental Hotels Ltd, Bodhi Tree Multimedia Ltd.
** Earnings on Friday: Reliance Industries, Hindustan Zinc Ltd.
($1 = 82.2400 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
