Markets likely to be firm, IndiGo and Zee shares in focus1 min read . Updated: 28 May 2019, 08:48 AM IST
- PNB, Sun Pharma, SpiceJet, Adani Transmission, IRB Infrastructure, NMDC will declare their March quarter earnings today
- Trade concerns also remain high on investors’ list of concerns
Indian markets are expected to be firm on Tuesday as optimism post election verdict continues to drive buying while global cues are supportive. Asian shares tracked European gains on Tuesday, as relief over EU election results eased concerns about political difficulties in the bloc and merger news supported auto shares, although persistent concerns about trade capped regional sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.07% in early trade. Australian shares were up 0.51%, while Japan’s Nikkei stock index gained 0.41%.
Trade concerns also remain high on investors’ list of concerns. US President Donald Trump said on Monday that Washington was not ready to make a deal with Beijing but he expected one in the future, while at the same time pressing Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States.
Back home, key companies which will declare their March quarter earnings on Tuesday, are Punjab National Bank, Sun Pharma, SpiceJet, Adani Transmission, IRB Infrastructure, NMDC, Pfizer and Shipping Corporation.
Stocks like InterGlobe Aviation Ltd, operator of IndiGo and Zee Entertainment Enterprises Ltd are likely to be in focus. IndiGo, said on Monday that its quarterly profit surged five-fold, beating analysts’ estimates, as yields rose and the airline carried more passengers amid the collapse of rival Jet Airways (India) Ltd following funding woes. Its net profit rose to ₹589.59 crore in the quarter ended 31 March from ₹117.64 crore a year earlier.
Zee Entertainment Enterprises Ltd (ZEEL) reported a 26.83% increase in consolidated net profit at ₹292.53 crore for the fourth quarter ended March 2019.
Among currencies dollar was up 0.05% against the yen at 109.55, and fell 0.04% against the euro, with the common currency buying $ 1.1192.
The dollar index, which tracks the greenback against a basket of six major rivals, 0.14% higher at 97.754.
In commodity markets, oil prices wavered after gaining more than 1% on Monday on tensions in the Middle East and OPEC-led supply cuts, as well as continuing Russian supply disruptions after a contamination problem discovered last month.
Brent crude dipped back below the $70 mark, falling 0.26% to $69.93 per barrel, but US West Texas Intermediate crude remained higher, adding 0.72% to $59.05 per barrel.
Spot gold was flat at USD 1,284.80 per ounce.
(Reuters contributed to the story)