Gift Nifty, TCS Q1 results, among other global cues for Indian stock market

US stock futures were little changed in early Asian trade, while Japanese and South Korean markets fell.

Investors await the inflation data for further cues on the outlook for interest rates in the US and India. According to a Reuters poll, the US inflation rate in June is expected to fall slightly to 5% from 5.3% in May, while consumer price index (CPI) inflation in India may rise by 4.58% in June, slightly faster than the 4.25% recorded in May.

On the domestic front, the corporate earnings for the first quarter of FY24 will drive the markets going ahead with IT bellwethers Tata Consultancy Services (TCS) and HCL Technologies to announce their Q1FY24 results later today.

The June quarter earnings of Indian IT services companies are likely to be hit by the deteriorating global macros, weakness in demand and wage hikes.

Read here: TCS Q1 Results Live: IT major TCS to announce Q1FY24 earnings today; Catch live updates here

Asian Markets

Japan’s Nikkei 225 fell 0.93%, while the Topix declined 0.7%. South Korea’s Kospi fell 0.13% at open, while the Kosdaq eased 0.07% on higher unemployment at 2.6% in June.

Hong Kong’s Hang Seng index futures were trading at around 100 points higher at 18,761.

In Australia, S&P/ASX 200 gained 0.65%.

Meanwhile, Gift Nifty was trading 8 points, or 0.04%, lower at 19,529.00, indicating a tepid start for the Indian benchmark indices.

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Wall Street

US stock indices ended higher ahead of inflation reports.

The S&P 500 rose 29.73, or 0.67%, to 4,439.26, while the Dow Jones Industrial Average gained 317.02 points, or 0.93%, at 34,261.42. The Nasdaq composite closed 75.22, or 0.55%, higher at 13,760.70.

Among stocks, Activision Blizzard jumped 10% after a judge ruled Microsoft could move forward on its $69 billion takeover of the video game maker, while Salesforce shares surged 3.9% on price increases announced for its products. Amazon rose 1.3% on the first day of its annual Prime Day sales event.

The S&P 500 has rallied 15.6% so far this year, with technology up 40% during the same period.

Europe

European shares ended higher with the pan-European STOXX 600 ending 0.7% higher.

Britain’s FTSE 100 gained 0.1% at 7,282.52 and Germany’s DAX added 0.8% at 15,790.34. France’s CAC 40 rose 1.1% at 7,220.01.

Irish stocks jumped 2.1%, boosted by gains in Kingspan which climbed 15.7% after forecasting record profit for the first half of the year.

Gold price today

Gold prices traded higher after the greenback and bond yields retreated as investors cautiously awaited US inflation data that could offer more cues on the Federal Reserve’s rate-hike policy path, Reuters reported.

Spot gold rose 0.2% to $1,935.39 per ounce, while US gold futures also gained 0.2% to $1,940.40.

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Currencies

The dollar sank to a two-month low against its major peers ahead of key US inflation reading. The US dollar fell to 101.45 against a basket of currencies.

The euro rose 0.07% to $1.1018, while the Japanese yen strengthened to a one-month high of 139.54 per dollar.

(With inputs from Reuters)

Updated: 12 Jul 2023, 07:13 AM IST