Indian stocks steady after three-day slide, earnings disappoint
Indian shares set to open flat following a three-day decline caused by foreign fund outflows and poor corporate results. Gift Nifty suggests little change for Nifty 50‚ with markets heading for third straight week of losses
Indian stocks are expected to start unchanged on Friday‚ after three days of losses triggered by foreign investors selling and disappointing company results. The Gift Nifty was at 24‚728 early in the morning suggesting the Nifty 50 will begin close to its previous close of 24‚749.85
This week‚ the Nifty and Sensex have dropped 0.9% and 0.5% (respectively) heading for their third week of falls in a row. The poor start to earnings season went on Thursday‚ when top IT firms Infosys and Wipro gave revenue outlooks that didnt meet what analysts thought showing a wide IT recovery hasnt happened yet
This came after reports from Bajaj Auto‚ which warned of weak sales during festival time raising wider worries about spending and underwhelming results from Reliance Industries and IT leader TCS analysts said
Meanwhile foreign institutional investors have been selling Indian shares for two weeks straight. Theyve taken out $8.4 billion so far this month already set to be the most monthly outflows in over 20 years‚ as they move their focus to China
The market is facing headwinds from disappointing earnings and foreign outflows
Axis Bank reported better-than-expected profit for July-September due to strong demand for loans. The Reserve Bank of India stopped four NBFCs from new lending for breaking rules. Zomato said it will think about raising money through selling shares to institutions
(1 dollar = 84.0600 Indian rupees)
