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Updated January 25th, 2024 at 10:31 IST

Indian markets set for steady opening with earnings in focus

Investors will closely watch the market's response to the quarterly results of key Nifty 50 companies like Tata Steel, Tech Mahindra, and Bajaj Auto.

Reported by: Business Desk
Sensex
Sensex | Image:Republic
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Indian shares in focus: Indian shares are expected to open with minimal changes on Thursday, aligning with Asian markets.

Investors will closely watch the market's response to the quarterly results of key Nifty 50 companies like Tata Steel, Tech Mahindra, and Bajaj Auto.

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As of 8:02 am, India's GIFT Nifty was trading at 21,461.50 points, indicating a likely opening near the previous day's close of 21,453.95. 

The NSE Nifty 50 has witnessed a 2.6 per cent decline, and the BSE Sensex dropped 2.8 per cent since HDFC Bank's results last Wednesday, prompting foreign fund outflows. The financial services index has also seen about a 6 per cent decrease during this period.

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Vinod Nair, Head of Research at Geojit Financial Services, noted that overall sentiment remains muted due to concerns about foreign institutional investors (FIIs) selling off shares. FIIs continued their selling streak on Wednesday, offloading shares worth about $834 million, according to exchange data.

Key to the market's direction will be the reaction to late-Wednesday earnings reports from other Nifty 50 constituents. Tech Mahindra missed third-quarter profit estimates, Tata Steel posted a quarterly profit, and Bajaj Auto exceeded profit expectations.

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In the broader Asian context, shares were subdued as investors awaited more information on China's stimulus plans.

Stocks to watch 

Zee Entertainment: Enforcement Directorate (ED) conducted a search at Zee owner Essel Group's continental office in Mumbai, according to media reports.

TVS Motor: The company beat third-quarter profit estimates on strong festive demand.

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Railtel Corporation of India: The company posted a quarterly profit that almost doubled year-on-year.

Mazagon Dock Shipbuilders: The company received an order worth Rs 1,070 crore from the Ministry of Defence.

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(With Reuters Inputs)

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Published January 25th, 2024 at 08:38 IST

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