Indices open higher, Nifty hovers near 10,600 levels
Tuesday,
24-Apr-2018
09:23 AM (IST)
The markets opened higher on Tuesday despite weakness in their global peers. That apart, information technology (IT) stocks will continue to be in focus as investors react to Infosys' analyst conference call, held after market hours on Monday. On Monday, when its closest rival Tata Consultancy Services (TCS) achieved the distinction of becoming the first Indian IT company to cross $100 billion in market cap, top leaders of Infosys, led by newly appointed Chief Executive Officer and Managing Director Salil Parekh, were busy convincing investors in Mumbai how they were trying to build a company by putting in place all the building blocks to emerge as a leader in the digital space, where most of the client budgets are going today. That apart, stock-specific action will continue, given that we are in the middle of the March 2018 quarterly result season. Corporate earnings of Bharti Airtel, ICICI Prudential Life Insurance Company, IDFC Bank and Oberoi Realty are likely to be announced later today. In the global markets, Asian stocks slipped and the US. dollar advanced on Tuesday, as a deluge of US government debt this week and the specter of inflation and a higher fiscal deficit drove US borrowing costs near four-year highs. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25 per cent. Japan's Nikkei rose 0.7 per cent thanks to fall in the yen. Wall Street ended mixed on Monday as concerns about soft smartphone demand weighed on tech stocks and pulled the Nasdaq lower while earnings optimism protected against deeper losses. The Dow Jones Industrial Average fell 14.25 points (0.06 per cent) to 24,448.69, the S&P 500 gained 0.15 points (0.01 per cent) to 2,670.29, and the Nasdaq Composite dropped 17.53 points (0.25 per cent) to 7,128.60.
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