Indian Shares Likely To Open Higher; Earnings In Focus

(RTTNews) - Higher SGX Nifty, the overnight strong close on Wall Street, and fairly steady Asian markets point to a positive start for Indian shares on Friday.

Also, some bargain hunting it likely after the setback on Wednesday. The market remained closed on Thursday for Republic Day holiday.

Investors are likely to track quarterly earnings updates for direction.

Several companies, including Bajaj Finance, Vedanta, Aarti Drugs and Ramco Industries, are scheduled to announce their quarterly results today.

Tata Motors reported consolidated net profit of Rs 2,958 crore for the October - December quarter, as against net loss of Rs 1,516 crore in the corresponding quarter of the previous year.

Dr Reddy's Laboratories said its net profit rose as much as 77 percent in the December quarter over the year-ago quarter.

Bajaj Auto reported a 23 percent increase in standalone net profit at Rs 1,491 crore for the quarter ended December 2022.

The focus will also be on Adani Enterprises as the company's huge Rs 20,000 crore FPO opens for subscription today.

The Hindenburg Research report on Adani Group and the subsequent developmens will also be under the scanner.

Indian shares ended weak on Wednesday due to selling pressure in Adani Group shares and financials.

The benchmark S&P/BSE Sensex ended the session down 773.69 points, or 1.27 percent, at 60,205.06 as lingering recession worries spurred caution. The broader NSE Nifty index settled 226.35 points, or 1.25 percent, down at 17,891.95 amid the expiry of January series derivative contracts.