Sensex, Nifty Seen Tad Lower; IT Stocks In Focus

(RTTNews) - Indian shares are seen opening a tad lower on Friday, with IT stocks likely to be in focus after Infosys reported its weakest June quarter revenue growth since FY21 and slashed its annual sales forecast for the current fiscal year.

On the other hand, FMCG giant Hindustan Unilever reported an 8 percent increase in Q1 profit - in line with estimates.

A cautious undertone may prevail as investors await Reliance Q1 results along with details on Jio's financial listing later in the day.

JSW Steel, Vedanta, Paytm and Ultratech Cement are among other prominent companies that will unveil their quarterly earnings results later today.

Benchmark indexes Sensex and Nifty jumped around 0.7 percent each on Thursday to reach new closing highs, while the rupee gained 10 paise to close at 82.02 against the dollar.

Asian markets were subdued this morning while the dollar and Treasury yields held their gains ahead of the Federal Reserve meeting next week that could see a 25-bps rate hike. Oil held steady while gold prices were set for a third weekly gain.

U.S. stocks ended mixed overnight as investors reacted to disappointing earnings news from the likes of Netflix and Tesla and signs the labor market remains tight.

Data showed weekly jobless claims fell to a two-month low, boosting rate-hike bets The Dow inched up half a percent to close higher for the ninth straight session, reaching its best closing level in over a year.

On the contrary, the S&P 500 shed 0.7 percent and the tech-heavy Nasdaq Composite plunged 2.1 percent.

European stocks rose for a third straight session on Thursday as investors digested more corporate earnings.

The pan European STOXX 600 edged up 0.4 percent. The German DAX rose 0.6 percent, while France's CAC 40 and the U.K.'s FTSE 100 both gained around 0.8 percent.