Stock Market Live Wednesday, May 8th: Indian stocks are likely to open with muted gains on Wednesday on mixed global cues.
At 7:31 am, GIFT Nifty futures rose 18 points compared to Nifty 50 futures to reach the 22,400 level, indicating a weak start to the day.
Asia-Pacific stock markets showed a mixed picture on Wednesday morning, reflecting the mixed performance seen in Tuesday’s trading on Wall Street.
Japan’s Nikkei Stock Average fell 1%, and the comprehensive TOPIX index fell 0.88%. South Korea’s Kospi showed a slight decline. Conversely, Australia’s ASX200 rose by his 0.08%.
Meanwhile, U.S. stocks traded mixed on Wall Street, with the Dow Jones and S&P 500 posting modest gains of 0.08% and 0.13%, respectively. However, the Nasdaq closed 0.10% lower.
In the commodity market, Brent crude oil traded 0.25% lower at $83.47 per barrel.
Back home, investors will keep an eye on the important financial results of Hero MotoCorp, L&T, TVS Motors, Tata Power and others.
Up-and-coming stock
Voltas: The AC maker’s profit for the fourth quarter ended March 31, 2024 stood at Rs 110.6 million, down about 23% from Rs 143.2 million in the year-ago period.
JSW Energy: The company’s March quarter profit rose 22.5% annually to Rs 345.3 million. It also declared a dividend of Rs 2 rupees and approved a financing of Rs 10,000 crore.
United Brewery: The company saw its net profit increase eight times to Rs 81.6 billion in the fourth quarter ended March 31, 2024.
Pidilite industry: The company’s profit for the fourth quarter ended March 31, 2024 increased by 6.4% year-on-year (YoY) to Rs 304.3 million. The company also declared a share sale of Rs 16 per share.
