The Indian market may open on a subdued note Friday, mirroring weak Wall Street cues, with concerns about the pace of economic recovery weighing on sentiment. Asian stocks are also trading weak this morning after higher unemployment in Japan and a profit warning from Macquarie Group overshadowed increased profit targets at Sony Corp. and Panasonic Corp.
Closer home, ABB, Aditya Birla Nuvo, BPCL, Hindustan Construction, Indian Hotels, Karnataka Bank, KEC International, Morepen Lab, Raymond, Reliance Infra, Reliance Power, Tata Chemicals and Torrent Pharma are among the top bluechip companies that are set to unveil their quarterly earnings today.
On Wall Street, stocks ended moderately lower on Thursday, as mixed indications from the Federal Reserve, the labor market and the earnings front prompted some selling in the equity markets. The Dow slipped 0.29%, the Nasdaq edged down 0.57% and the S&P 500 eased 0.42%.
The Indian ADRs closed on a mixed note. Mahindra Satyam fell over 3%, MTNL declined 2% and Sterlite eased 0.66%, while ICICI Bank, Wipro, Reddy's Laboratories and HDFC Bank ended firm.
Oil prices rebounded strongly from a weekly low and closed higher on Thursday, boosted by a weaker dollar and a decline in initial jobless claims. Light, sweet crude for September delivery ended up $1.37 at $78.36 a barrel on the New York Mercantile Exchange, recording its first gain in five sessions.
On Thursday, the Indian stock market erased its initial loss and ended modestly higher, helped by recovery in world markets. While the 30-share Sensex ended up 35 points or 0.19% at 17,992, with 17 of its components ending firmly in positive territory, the 50-share Nifty rose by 11 points or 0.21% to 5,409 and the BSE mid-cap and small-cap indexes closed up about 0.2% each.
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