PremiumU.S. stock indexes closed mixed and the dollar slid a bit on Tuesday after companies warned of a tough year ahead along with some profit beats, while data showed U.S. business activity contracted for a troubling seventh straight month in January.
The markets are likely to see gap down opening; SGX Nifty is down 22 points compared to previous spot Nifty closing. Asian Markets are trading in green; Nikkei is up 0.1% while Hang Seng is closed for Chinese new year.
The earnings season is in full swing and markets are closely following the management commentary. So far, the 3QFY23 results suggest increased revenue growth with some pressure on the margin front. The US December macroeconomic data were dismal, pointing to a slowdown for the world's largest economy. Meanwhile, the RBI has mentioned that while some economies adapted and coped with the difficult situation in 2022, the biggest risk in 2023 will be the US monetary policy and the trajectory of the US dollar. In the run-up to the Union Budget 2023, sector and stock-specific movements are expected to hit the markets in the coming weeks.
TVS Motor Co. aims to double its electric two-wheeler sales by March and launch a range of new products, from 5kWh to 25kWh, to expand its iQube line within the next 12-18 months, a senior executive said.
“We are significantly growing our EV (electric vehicle) volumes. We are doubling our electric scooter sales every quarter and will continue this momentum in the fourth quarter, too. We will cross more than 100,000 units in sales by the end of this fiscal," K.N. Radhakrishnan, director and chief executive, told analysts in a post-earnings conference call on Tuesday.
Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.
Brent crude futures gained 59 cents to $86.72 per barrel, after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents to $80.59 per barrel, having dropped 1.8% on Tuesday.
Digital insurance provider Acko General Insurance is close to raising $100 million to $150 million (around ₹820-1,200 crore) from new and existing investors, two people aware of the development said.
After lengthy discussions on valuation, existing investors Canada Pension Plan Investment Board (CPPIB), General Atlantic (GA) and Multiples Private Equity agreed to bring in more capital in a likely Series E round, the people cited above said seeking anonymity. (Full story here)
Shares of Bharti Airtel, TVS Motor, Tata Motors, Jet Airways, among others, will be in focus today.
Tata Motors, Bajaj Auto, Dr Reddy's Laboratories, Cipla, Amara Raja Batteries, Ceat, DLF, Embassy Office Parks REIT, Equitas Holdings, Indraprastha Gas, Tata Elxsi, TeamLease Services, Torrent Pharma are among the companies scheduled to announce their quarterly earnings today
Nifty futures on the Singapore Exchange was down 43 points, or 0.24%, at 18,091.00, hinting at a weak start for Indian indices.
On Tuesday, benchmark Sensex trimmed gains to close marginally higher while Nifty settled flat in choppy trade on Tuesday as gains in auto shares were offset by selling pressure in banking and energy shares.
Asian stocks struggled to find traction on Wednesday while US and European equity futures slumped as a downbeat revenue forecast from Microsoft Corp. added to risk aversion in global markets.
Contracts for the Nasdaq 100 dropped about 0.7%, following a slight decline in the underlying index on Tuesday. Futures for the S&P 500 also fell, as did those for the Euro Stoxx 50. Japan’s Topix index fluctuated and Australian shares erased early gains as inflation data soured sentiment.
South Korea’s Kospi index surged 1.5% in a catchup move after Lunar New Year holidays. Hong Kong and mainland China markets remain closed.
Overnight on the Wall Street, the Dow Jones Industrial Average finished up 0.3% but the broad-based S&P 500 slipped 0.1% and the tech-rich Nasdaq Composite Index dropped 0.3%.
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!