Gift Nifty indicated a lower opening for the Indian stock market on Thursday. At around 7:30 a.m., Gift Nifty was trading at 24,433, down 38 points or 0.16%.
The Indian equity market is expected to open lower, with geopolitical tensions in the Middle East, firm crude oil prices and key corporate developments influencing investor sentiment. Domestic market direction could be determined by global cues, crude oil movements and quarterly earnings.
US stock markets closed mixed in the previous trading session, while Asian markets showed a positive trend on Thursday. US inflation data remained in line with expectations, reducing expectations of an early aggressive interest rate hike by the Federal Reserve. However, higher global oil prices remain a factor for markets. Crude oil was trading around $82 per barrel as uncertainty persisted despite diplomatic efforts to ease tensions in the Gulf region.
Shares of Tata Group companies could see volatility during the session. The announcement of N. Chandrasekaran’s resignation has emerged as a key development for investors, with selling pressure seen in group stocks. According to market experts, investors will assess the potential management and business implications of the development. Trading activity could particularly increase in automobile and other listed Tata Group companies.
Corporate earnings will also remain a key market trigger. Tata Motors Passenger Vehicles, Max Healthcare Institute, Honasa Consumer, Brainbees Solutions, Ipca Laboratories, Jubilant FoodWorks, LG Electronics India, Brigade Enterprises, Engineers India, General Insurance Corporation of India, Indraprastha Gas, JSW Cement, Olectra Greentech, Page Industries and Welspun Living, among several other companies, are scheduled to announce their quarterly earnings.
The results could lead to increased movement in the shares of the respective companies. Investors will track not only profit and revenue but also companies’ future estimates, margins, demand conditions and management commentary.
Apollo Hospitals Enterprise reported a 38.4% increase in net profit to ₹610.4 crore, while revenue rose 20.6% to ₹7,043.5 crore. Tata Motors CV reported an 83.2% increase in profit to ₹2,560 crore, while revenue rose 19.3% to ₹20,667 crore.
GMR Airports returned to a profit of ₹91 crore, compared with a loss of ₹211.6 crore in the same period last year. Gujarat Pipavav Port reported a 41.8% increase in profit to ₹147.9 crore. Lenskart Solutions reported a 269.2% increase in net profit to ₹221.8 crore, while revenue rose 43.3% to ₹2,714.2 crore. Sun TV Network reported a nearly 17% increase in profit to ₹618.8 crore.
IRCTC’s net profit remained largely stable, declining marginally by 0.2% to ₹330.2 crore. However, the company’s revenue increased 18.1% to ₹1,369.5 crore.
IRCON International’s profit declined 43.6% to ₹92.7 crore, while revenue increased 9.5%.
A potential block deal in UltraTech Cement will also remain in focus. According to a report, Pilani Investment and Industries Corporation could sell around 17 lakh shares, equivalent to approximately 0.6% equity stake in the company.
The proposed agreement between Jio Financial Services and Bank of America will also be watched by the market. Meanwhile, Vascon Engineers has received a Letter of Intent worth ₹126.39 crore for a 300-bed general hospital project in Maharashtra.
