BackSensex, Nifty may see flat opening; Hero Moto, Yes Bank in focus
Hero MotoCorp, Yes Bank, HDFC AMC and HDFC Life will announce earnings todayBrent crude prices eased after hitting $75 per barrel
PremiumIndian markets are expected to see a flat opening on Friday as trends on SGX Nifty suggest while global equities are tepid.
Asian shares got off to a subdued start on Friday, while the dollar held near two-year highs against the euro on speculation that data later in the day will show the US economy outperforming the rest of the developed world. The dollar was down at 111.51 yen, after shedding 0.5% overnight, but was buoyed elsewhere by solid data on US capital goods orders.
The rise in the yen and some mixed Japanese economic data nudged the Nikkei down 0.7%. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%. Wall Street had ended Thursday mixed after a raft of earnings reports. The Dow fell 0.51%, while the S&P 500 lost 0.04% and the Nasdaq added 0.21%.
Back home, key companies that will announce March quarter earnings today are Hero MotoCorp, Yes Bank, HDFC Asset Management Company and HDFC Life Insurance Company.
Tata Steel will be in focus after it posted a 84% drop in fiscal fourth quarter consolidated net profit mainly because the year-earlier profit was boosted by a one-time gain. Tata Steel’s consolidated net profit figure for Q4 FY19 is not directly comparable to Q4 FY18 as it does not include NATSteel Holding and Tata Steel Thailand as they are classified as Asset Held For Sales. Net profit in the quarter ended 31 March fell to ₹2,295 crore, from ₹14,688 crore a year earlier. Consolidated net profit for 2018-19 declined 49% to ₹9,098 crore.
Private sector lender Axis Bank on Thursday reported a net profit of ₹1,505 crore in the March quarter of FY19, as against a loss of ₹2,188.7 crore in the same period last year.The rise in profit was aided by a fall in total provisions, which more than halved on a year-on-year (y-o-y) basis to ₹2,711.4 crore in Q4 FY19.
In commodity markets, spot gold was idling at $1,278.26 per ounce. Brent crude ran into profit-taking after hitting $75 per barrel on Thursday for the first time in nearly six months following the suspension of some Russian crude exports to Europe. Brent crude futures lost 20 cents to $74.15 a barrel, while US crude was last down 24 cents at $64.97 a barrel.
(Reuters contributed to the story)
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