Sensex, Nifty Set To Open Higher; Tata Consultancy Services In Focus

Sensex, Nifty Set To Open Higher; Tata Consultancy Services In Focus

The Indian equity benchmarks are set to bounce back after yesterday’s sharp selloff as indicated by Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty futures rose 0.3 per cent or 41 points to 14,400. Meanwhile, Asia share markets were cautious on Tuesday after U.S. markets weakened as investors anticipated the start of corporate earnings seasons and the release of key inflation data to indicate how the global recovery from the pandemic will emerge.

MSCI’s broadest index of Asia-Pacific shares outside Japan was trading less than 0.1% higher early Tuesday.

Overnight, dollar slipped and a gauge of global equity markets slid from record highs last week as investors wait to see whether an expected jump in US earnings will justify stock prices already trading at very high premiums.

The smooth auction of $96 billion in new three- and 10-year US Treasury notes kept a move higher in yields in check as the market looked to key data releases this week, including a reading on U.S. consumer price inflation and retail sales.

Back home, Tata Consultancy Services (TCS) will be in focus after the company reported its March quarter earnings post market hours on Monday. India’s largest IT services exporter Tata Consultancy Services (TCS) recorded a 14.6 per cent jump in its net profit for the fourth quarter of 2020-21, which stood at Rs 9,282 crore, over the Q4 net profit of Rs 8,093 crore of the corresponding period.

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