Indian Shares Look Headed For Positive Start

(RTTNews) - Sharply higher SGX Nifty points to a firm start for Indian shares on Friday. The overnight gains on Wall Street and easing concerns about aggressive rate hikes by the Federal Reserve might help keep investor sentiment positive.

Investors will be reacting to a slew of earnings updates from Indian companies. HDFC, Sun Pharmaceuticals Industries, Cipla NTPC, Indian Oil Corporation, Ashok Leyland and DLF are some of the companies scheduled to announce their quarterly results today.

Dr Reddy's Laboratories Ltd. has reported a 108 percent (YoY) jump in consolidated profit at Rs 1,187.60 crore for the quarter ended June 2022.

TVS Motor Company reported consolidated profit of Rs 296.75 crore for the April-June quarter, as against a loss of Rs 14.72 crore in the year-ago quarter.

Punjab National Bank said its standalone net profit dropped by 70 percent in the June quarter, compared to a year ago.

Indian shares rallied on Thursday after the U.S. Federal Reserve announced a 75-bps rate hike, as widely expected, and indicated that it may be appropriate to slow the pace of increases going forward amid concerns over a possible recession.

The benchmark S&P BSE Sensex soared 1,041.47 points, or 1.87 percent, to 56,857.79 while the broader NSE Nifty index closed up 287.80 points, or 1.73 percent, at 16,929.60.

European stocks closed higher overnight after Fed Chief Powell hinted at a slowdown in the pace of rate hikes at future meetings.

U.S. stocks recovered from early weakness to close on a strong note overnight as weak GDP data added to optimism that the Fed will slow the pace of its interest rate hikes at future meetings.

The Dow gained 1 percent, while the Nasdaq and the S&P 500 advanced 1.1 percent and 1.2 percent, respectively.