Indian equity markets are expected to open lower on Thursday, the fourth trading session of the week, as early domestic indicators remained negative. In early trade, Gift Nifty declined, while geopolitical tensions in West Asia, elevated crude oil prices, and continued selling by foreign institutional investors (FIIs) weighed on market sentiment.
At around 7:30 a.m., Gift Nifty was trading 90.50 points, or 0.38%, lower at 23,871, indicating a weaker opening for the Indian stock market.
According to market experts, escalating tensions in West Asia and Brent Crude approaching $95 per barrel could keep pressure on Indian markets. Crude oil prices are currently near a five-week high. As India depends on imports for a significant portion of its energy requirements, higher oil prices could increase inflationary pressures and put pressure on the current account.
Several major companies are scheduled to announce their quarterly financial results on Thursday, including Infosys, InterGlobe Aviation, Cipla, Meesho, Motilal Oswal Financial Services, Mphasis, Chennai Petroleum Corporation, Cyient, Indian Energy Exchange, International Gemological Institute, Mahindra Lifespaces Developers, Novartis India, PVR INOX, Sona BLW Precision Forgings, Spandana Sphoorty Financial, Suryoday Small Finance Bank, Thyrocare Technologies, Ujjivan Small Finance Bank, and Vishal Mega Mart.
The quarterly results of these companies could lead to increased trading activity in their respective stocks during the session.
Dr Reddy's Laboratories reported a 69% decline in profit to ₹443.5 crore from ₹1,417.8 crore in the corresponding comparative period. The company's revenue also declined by around 6% to ₹8,070.5 crore.
IndusInd Bank reported a 46.5% increase in profit to ₹1,002.5 crore from ₹684.3 crore in the previous comparative period. Net interest income increased by around 1% to ₹4,684.7 crore during the period.
Hindustan Petroleum Corporation (HPCL) reported a loss of ₹11,526.4 crore compared with a profit of ₹4,370.9 crore in the previous comparative period. However, the company's revenue increased 26.8% to more than ₹1.40 lakh crore.
Tanla Platforms reported a 20.1% increase in profit to ₹142.2 crore, while revenue rose 17.8% to ₹1,226.4 crore. Waaree Renewable Technologies posted a 34.1% increase in profit to ₹115.9 crore, while revenue increased 53.2% to ₹924.3 crore.
NTPC Green Energy reported a 38.3% increase in profit to ₹304.8 crore, while revenue rose 62.7% to ₹1,106.9 crore. Oracle Financial Services Software reported a 120.5% increase in profit to ₹1,415.5 crore, while revenue increased 68.7% to ₹3,125.2 crore.
HEG reported a 16.7% increase in profit to ₹122.3 crore, while Nippon Life India Asset Management reported a 27.2% increase in profit to ₹503.7 crore.
HCL Technologies (HCLTech) has been selected by Brazil's telecom company TIM Brasil to develop a cross-platform eSIM transfer capability. The technology is intended to improve the experience of switching devices and transferring connectivity for mobile users.
Separately, Sona BLW Precision Forgings entered into multiple strategic agreements with Japan's DENSO Corporation. The proposed joint ventures will focus on the development, design, manufacturing, and marketing of advanced electric and hybrid powertrain systems for various vehicle categories.
