Indian equity markets are expected to open higher on Thursday, supported by firm global cues, gains in US technology stocks and positive trends across Asian markets. At around 7:15 am, GIFT Nifty was trading at 23,530, up 106.50 points or 0.45 percent, indicating a positive start for domestic equities.
Global markets supported investor sentiment after US equities closed higher on Wednesday, led by gains in technology and artificial intelligence-related stocks. Strength in technology shares pushed both the S&P 500 and Nasdaq Composite higher, while most major Asian indices also traded in positive territory.
Investor concerns over inflation and interest rates remained in focus globally, although recent economic indicators have eased some of those concerns.
Analysts said Indian markets could continue to trade within a limited range in the near term due to rising Brent crude prices and weakness in the Indian rupee. Higher crude prices could affect import costs and foreign investment flows, while continued selling by foreign institutional investors may also limit market gains. At the same time, policy-driven support in select sectors and corporate earnings are expected to provide stock-specific opportunities.
Several companies are scheduled to announce their fourth-quarter earnings on Thursday, with investors closely tracking results from Hindustan Aeronautics Limited, JSW Steel, Indian Railway Finance Corporation, United Spirits Limited, HUDCO and Vishal Mega Mart. The earnings announcements are expected to influence sector-specific market direction.
Bharti Airtel reported a net profit of Rs 7,325 crore for the fourth quarter, down nearly 35 percent from the corresponding quarter last year. The company, however, posted a 16 percent year-on-year increase in revenue.
In the technology sector, Kaynes Technology reported a decline in quarterly profit. The company posted a net profit of Rs 91 crore, lower than the previous year.
Meanwhile, Zydus Lifesciences is close to acquiring a US-based pharmaceutical company in a deal estimated between $100 million and $150 million, according to reports. The acquisition is aimed at strengthening the company’s oncology portfolio.
Anant Raj Limited reported improved profitability and signs of balance sheet strengthening, supported by recent capital raising through a qualified institutional placement.
Separately, Maruti Suzuki announced plans to invest Rs 1,372 crore in green logistics infrastructure. The company aims to increase the share of rail-based vehicle dispatches to 35 percent by 2030-31.
