Indian markets open flat as Wipro offsets peace talk hopes
Indian shares are expected to open flat today as a weak Wipro forecast offsets peace talk optimism. Lower oil prices and foreign inflows provide some support.
Equity benchmarks in India are expected to open with little change on Friday as a cautious outlook from WIPRO LTD-ADR offsets optimism regarding potential peace negotiations in the Middle East. GIFT Nifty futures were trading at 24,178, suggesting the Nifty 50 will start near its previous close of 24,196.75.
Broader Asian markets fell 0.6% as investors weighed fuel supply concerns against hopes for a diplomatic resolution to regional conflicts. While a 10-day ceasefire between Lebanon and Israel began on Thursday, doubts remain over the stability of the Strait of Hormuz. Hariprasad K, research analyst and founder of Livelong Wealth, noted the cautious sentiment surrounding these developments.
Asian markets appear less convinced as investors remain wary of how durable these developments are, especially given the fragile nature of geopolitical agreements in the region.
The United States is reportedly preparing for a new round of talks with Iran over the weekend. This potential de-escalation, coupled with a 1% drop in Brent crude prices to $98 per barrel, has provided some support for Indian markets. India, as the world's third-largest oil importer, typically benefits from lower energy costs. This environment helped drive foreign portfolio investment, with investors purchasing 3.82 billion rupees ($41.08 million) in Indian shares on Thursday.
Corporate earnings continue to influence individual stock movements. Wipro's U.S.-listed shares declined 4.8% overnight after the company issued a lackluster forecast, citing reduced spending by banking and financial clients in the United States. In other corporate developments, HDFC LIFE INSURANCE CO LTD reported a slight increase in profit for the March quarter, supported by policy renewals despite a decline in new business value.
ANGEL ONE LTD posted an 83% jump in fourth-quarter profit, attributed to increased client trading activity and higher order volumes. Additionally, AXIS BANK LTD is scheduled to hold a board meeting on April 25 to consider raising funds through the issuance of equity shares or debt instruments.
