Sensex and Nifty seen lower as TCS earnings miss estimates
(RTTNews) – Indian stocks could open on a cautious note on Monday after TCS reported lower-than-expected earnings and margin figures, and upbeat US jobs data suggested the inflation outlook could grow faster than officials feared.
ACC, Delta Corp, HCL Tech and Tata Elxsi are among the top companies due to report their quarterly results this week.
Telecom stocks could come under selling pressure after Adani Group entered the auction race for 5G spectrum to provide a private network for airports and its port operations.
Asian stocks were mostly down this morning, although Japan’s Nikkei was up around 1% after the country’s ruling party and its coalition partner scored a major victory in Sunday’s parliamentary election.
Treasury yields climbed and the safe-haven dollar held firm as investors eagerly awaited the release of US inflation data this week for further clues on the Fed’s rate policy approach and its escape from inflation.
Oil prices traded mixed in Asian exchanges after ending higher for a second straight day on Friday.
U.S. stocks ended a lackluster Friday as stronger-than-expected jobs data helped ease growth concerns but added to expectations of another 75 basis point rate hike in the next Fed meeting later this month.
The Dow Jones slid 0.2% and the S&P 500 eased slightly while the tech-heavy Nasdaq Composite rose 0.1%.
Data showed non-farm payroll employment jumped 372,000 jobs in June as analysts forecast 268,000 jobs. The unemployment rate stabilized at its historically low level of 3.6%.
European stocks closed higher on Friday after the release of the US jobs report.
The pan-European Stoxx 600 rose half a percent. Germany’s DAX climbed 1.3% and France’s CAC 40 index rose 0.4% while Britain’s FTSE 100 ended little changed after the resignation of British Prime Minister Boris Johnson.
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