Indian Shares Likely To Open On Positive Note

(RTTNews) - Higher SGX Nifty and cues from Wall Street and Asian markets point to a positive start for Indian shares on Monday.

Asian stocks are broadly higher today, tracking positive cues from Wall Street, where stocks rallied on Friday on bargain hunting and strong results from Apple Inc.

Investors are also likely to react to a slew of earnings updates from Indian companies.

Coal India reported consolidated net profit of Rs 5,527.62 crore for the March quarter, down 17.7% from a year ago. Consolidated revenue for the quarter rose 17.3% year on year.

Piramal Enterprises Limited reported a net loss of Rs 196 crore in the January - March quarter as against a profit of Rs 151 crore a year ago.

Alembic Pharma reported a net profit of Rs 153 crore for the quarter ended March 2023, compare with Rs 22 crore in the year-ago quarter.

Adani Power reported consolidates net profit of Rs 5,242.48 crore in the fourth quarter of 2022-23, compared to Rs 4,645 crore a year ago.

Union Bank of India reported a net profit of Rs 2,812 crore for the quarter ended March 2023, compared to Rs 1,557 crore in the corresponding quarter of the previous year.

Bank of India reported a 123% jump in net profit at Rs 1,350 crore in the fourth quarter of financial year 2023, from Rs 606 crore in the fourth quarter of the previous financial year.

On Friday, Indian shares fell sharply, with banks and financials among top drags. Weak global cues weighed on sentiment as U.S. bank contagion fears resurfaced and investors awaited the all-important U.S. jobs data due tonight that could influence the Federal Reserve's monetary policy path.

The benchmark S&P/BSE Sensex ended the session down 694.96 points, or 1.13%, at 61,054.29 while the broader NSE Nifty index settled down 186.80 points, or 1.02%, at 18,069.

U.S. stocks ended sharply higher on Friday on bargain hunting and strong results from Apple Inc. The major averages all posted impressive gains. The Dow surged 1.7%, the S&P 500 climbed 2.3% and the Nasdaq advanced nearly 2%.

European stocks closed on a buoyant note on Friday, lifted by encouraging U.S. jobs data and slightly easing worries about banking sector woes.