Indian stocks set for slight rise as investors eye major company reports
Indian shares might open a bit higher today. Investors are waiting for big company earnings reports. Foreign money is leaving the market‚ which is the most since early 2020
Indian stocks are expected to start the day with a small increase as investors keep an eye on upcoming reports from major companies. The Gift Nifty was at 25033 early in the morning suggesting that the Nifty 50 will begin above its previous close of 24971.30
The market has been facing some issues lately. The Nifty 50 and S&P BSE Sensex have gone down for two days in a row. Whats more‚ the Nifty 50 has dropped about 5% from its highest point reached just a few weeks ago (in late September)
Several factors are affecting the markets mood. These include high local stock prices‚ money going to China after they announced new plans‚ and not-so-good results from big companies like TCS and Reliance Industries. Investors are now looking forward to reports from other important firms like Infosys Wipro Axis Bank and Nestle India which are all due today
Foreign investors have been selling their stocks for 13 days straight. Theyʼve taken out $8.1 billion from Indian stocks this month - the most since the start of the pandemic about four and a half years ago. This is having a big impact on the market
The Nifty 50 has declined about 5% from a record high hit in the last week of September
In other news‚ Hyundai Motor Indias big $3.3 billion initial public offering (IPO) was 42% subscribed on its second day. The sale ends today
Some stocks to keep an eye on include:
- Bajaj Auto: The motorcycle maker reported better profits for the last quarter
- UltraTech Cement: Theyʼve added more capacity at their Tamil Nadu unit
- Bharti Airtel: The telecom company is talking with Nokia about a big 5G deal
While the market faces challenges‚ investors are hoping that todays company reports might bring some positive news
