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Indian Shares Seen Rebounding After Sell-off

4/23/2012 11:16 PM ET

Indian shares are seen opening higher on Tuesday, as investors hunt for bargains following yesterday's sell-off. TCS could be in focus after the nation's largest software services provider reported a 23 percent year-on-year rise in its consolidated quarterly net profit. Sequentially, net profit grew a modest 1.6 percent.

Indian shares tumbled on Monday, with benchmark indexes Sensex and the Nifty falling 1.6 percent and 1.7 percent, respectively as reports of exit by Macquarie's Asia hedge fund and weak global cues amid political worries about Europe and dismal manufacturing data from China and the euro zone spooked investors.

Asian markets are trading mostly higher this morning, but gains are limited amid political uncertainty in Europe and global growth worries. The Australian dollar weakened as a very soft reading on producer inflation paved the way for an interest rate cut next week.

On Wall Street, stocks saw considerable weakness before ending the session well off their worst levels of the day overnight, as political turmoil in Europe, some disappointing economic data from overseas, including a report from HSBC Holdings and Markit Economics showing a continued contraction in Chinese manufacturing activity in April and the PMI reports for the euro zone, Germany and France, which pointed to a much faster rate of economic contraction rattled investors.

Traders also reacted negatively to news that French President Nicolas Sarkozy came in second in a first round of voting, losing to socialist Francois Hollande. The Dow and the S&P 500 closed down about 0.8 percent each, while the tech-heavy Nasdaq shed a percent.

by RTT Staff Writer

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