BENGALURU, April 11 (Reuters) - Indian shares are set to
open higher on Tuesday ahead of corporate earnings for the March
quarter, and amid caution on rising odds of a U.S. Federal
Reserve rate hike in May.
India's NSE stock futures listed on the Singapore exchange were up 0.21% at 17,721.50 as of 8:04 a.m. IST.
The Nifty 50 has risen nearly 4% over the past six
sessions. Corporate earnings, scheduled from Tuesday, will be
the near-term trigger for markets, according to analysts.
Casino gaming firm Delta Corp Ltd will report its
Q4 earnings on Tuesday, followed by top information technology
firm Tata Consultancy Services Ltd on Wednesday.
J.P. Morgan recently said that TCS and Infosys Ltd have highest exposure to regional banks in the United States
that are gripped under financial turmoil.
The two companies, and smaller rival LTIMindtree Ltd , might need to set aside provisions in the fourth
quarter, according to J.P. Morgan.
Wall Street equities closed marginally higher overnight as
rising chance of a Fed rate hike in May added to caution.
Investors await consumer price index data and minutes of the
Fed's March policy meeting on Wednesday.
Asian markets edged higher after Bank of Korea held interest
rates for second consecutive time. But Chinese shares were
subdued after inflation in March hit the slowest pace since
September 2021, suggesting demand weakness after reopening the
economy. India's consumer inflation likely eased in March to 5.80%,
dipping below the RBI's upper tolerance limit for the first time
in 2023, according to a Reuters poll of economists. The data is
due on Wednesday.
Meanwhile, foreign investors extended their buying streak to
the seventh session in a row on Monday, adding 8.83 billion
rupees ($107.7 million) worth of equities.
Stocks to Watch:
** IRB Infrastructure Developers Ltd : Co records
toll collection of 3.70 billion rupees in March 2023.
** Bank of Baroda Ltd : Lender says total advances
up 19% YoY for quarter ending March; also revises one-year MCLR
to 8.6% from 8.55%, effective April 12.
** Shilpa Medicare Ltd : Co gets U.S. FDA approval
for drug to treat adult patients with active psoriatic
arthritis.
** Star Health : March quarter total gross direct
premium up 13% YoY at 114.64 billion rupees.
($1 = 81.9650 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun
H K)
