MUMBAI: Stocks are likely to open higher on Friday with global markets stabilising. The Nifty may claw back to the 2800 level given the magnitude of the fall in the previous session. On a stock-specific note, TCS' lower-than-expected rise in quarterly profit late Thursday may have a sentiment impact on its shares.
Technology major Tata Consultancy Services posted a net profit of Rs 1,362 crore for the quarter ended December 31, up 2.68 per cent year-on-year. Revenues stood at Rs 7,277 crore for the reporting quarter, up 24.13 per cent year-on-year. The company has declared a dividend of Rs 3 per share. Market conditions were tough as global economic turmoil crimps outsourcing demand and puts pressure on fees, the company said.
US stocks ended slightly higher on Thursday amid optimism the government will act to prevent the year-long recession from deepening, offsetting news that Bank of America was seeking fresh government aid, which fueled worries about the health of the financial sector.
The Dow Jones Industrial Average rose 12.67 points, or 0.15 per cent, to 8,212.81. The S&P 500 Index gains 1.12 points, or 0.13 per cent, to 843.74. The Nasdaq Composite Index adds 22.20 points, or 1.49 per cent, to 1,511.84.
Asian markets were trading higher mirroring Wall Street. The Nikkei was up 1.5 per cent, Topix gained 1.2 per cent, Hang Seng rose 0.23 per cent and Straits Times climbed 0.79 per cent.
Back home, Indian equities shed overnight gains Thursday as investors booked profits and created fresh shorts after sentiments turned bearish on deteriorating global market conditions.
Bombay Stock Exchange's Sensex closed at 9,046.74, down 323.75 points or 3.45 per cent from Wednesday. The index touched an intra-day low of 8946.62 and high of 9123.78. National Stock Exchange's Nifty ended at 2736.70, down 3.48 per cent or 98.6 points. The broader index touched a low of and high of 2701.75 and 2832.30 during the day.
Foreign institutional investors offloaded equities worth Rs 484.33 crore amid volatile market sentiment, that led the benchmark Sensex sharply lower. However, domestic institutional investors continued their investment in the market and invested in shares worth Rs 175.12 crore.
Source: http://economictimes.indiatimes.com/Mkts_to_open_higher_on_positive_global_cues/articleshow/3987084.cms
Technology major Tata Consultancy Services posted a net profit of Rs 1,362 crore for the quarter ended December 31, up 2.68 per cent year-on-year. Revenues stood at Rs 7,277 crore for the reporting quarter, up 24.13 per cent year-on-year. The company has declared a dividend of Rs 3 per share. Market conditions were tough as global economic turmoil crimps outsourcing demand and puts pressure on fees, the company said.
US stocks ended slightly higher on Thursday amid optimism the government will act to prevent the year-long recession from deepening, offsetting news that Bank of America was seeking fresh government aid, which fueled worries about the health of the financial sector.
The Dow Jones Industrial Average rose 12.67 points, or 0.15 per cent, to 8,212.81. The S&P 500 Index gains 1.12 points, or 0.13 per cent, to 843.74. The Nasdaq Composite Index adds 22.20 points, or 1.49 per cent, to 1,511.84.
Asian markets were trading higher mirroring Wall Street. The Nikkei was up 1.5 per cent, Topix gained 1.2 per cent, Hang Seng rose 0.23 per cent and Straits Times climbed 0.79 per cent.
Back home, Indian equities shed overnight gains Thursday as investors booked profits and created fresh shorts after sentiments turned bearish on deteriorating global market conditions.
Bombay Stock Exchange's Sensex closed at 9,046.74, down 323.75 points or 3.45 per cent from Wednesday. The index touched an intra-day low of 8946.62 and high of 9123.78. National Stock Exchange's Nifty ended at 2736.70, down 3.48 per cent or 98.6 points. The broader index touched a low of and high of 2701.75 and 2832.30 during the day.
Foreign institutional investors offloaded equities worth Rs 484.33 crore amid volatile market sentiment, that led the benchmark Sensex sharply lower. However, domestic institutional investors continued their investment in the market and invested in shares worth Rs 175.12 crore.
Source: http://economictimes.indiatimes.com/Mkts_to_open_higher_on_positive_global_cues/articleshow/3987084.cms
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