Indian indices closed higher on Thursday, snapping three-day losing streak, led by a rally in metal and IT stocks. Sensex closed at 52,653.07, up 209.36 points while Nifty at 15,778.45, up 0.44%. Metals, PSU banks, realty, and IT were top gainers, while FMCG, auto, private banks, and pharma were top drags at market close.
US GDP: US growth missed forecasts last quarter as the effects of supply-chain constraints reverberated through the economy. Its Gross domestic product (GDP) rose at a 6.5% annualised rate last quarter, slightly better than the 6.3% gain in the first quarter, which was revised down narrowly.
Wall Street: All three major US indices closed higher amid earnings season and US GDP announcement. The S&P 500 and the Dow indexes scaled record highs on Thursday as a slate of strong corporate earnings reports and data showing a pickup in U.S. economic growth reinforced confidence in a post-pandemic recovery.
Asian market: Asian stocks were steady early Friday as traders weighed megacap technology earnings and risks from China’s crackdown on private industries. Japan and South Korea edged down but Australian shares rose.
SGX Nifty: SGX Nifty indicates a choppy start to the Indian stock markets today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
Q1 announcements: IT major Tech Mahindra on Thursday reported 39.2% rise in consolidated net profit at ₹1,353.2 crore for June quarter 2021-22. The company had registered a net profit of ₹972.3 crore in the year-ago period.
Meanwhile, Two-wheeler manufacturer TVS Motor posted standalone net profit of ₹53 crore in the quarter ended June 30, 2021, as sales recovered from the Covid-19 impact. It had reported a loss of ₹139 crore in the corresponding quarter last fiscal.
Earnings today: Britannia, Bandhan Bank, Marico, Sun Pharma, Blue Dart, IOC are some of the companies scheduled to announce their quarterly earnings on Friday.
(With inputs from agencies)
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