Indian shares may open tad lower on Wednesday following the previous session’s sharp rally. That said, positive global cues may help underpin sentiment to some extent.
On the earnings front, Bharti Airtel posted a loss of Rs. 1,035 crore in the quarter ended December, its third quarterly loss in 14 years, as it set aside funds to pay dues to the government and comply with a Supreme Court verdict.
JSW Energy’s consolidated net profit for the third quarter jumped more than two-fold as total expenses dropped during the quarter.
Benchmark indexes Sensex and the Nifty jumped around 2.3 percent on Tuesday and the rupee rose by 11 paise to close at 71.27 against the U.S. dollar on improved sentiment after oil prices tumbled and global equity markets rebounded amid expectations that China would roll out more stimulus measures.
Positive manufacturing data released on Monday also eased investor concerns over economic recovery.
Asian markets held steady this morning while oil rose to reverse a 1 percent slump in the previous session.
The death toll from the new coronavirus rose to 490 in mainland China, with infections over 24,000.
U.S. stocks posted healthy gains for a second day running overnight on expectations that Chinese policymakers will unveil more measures to support an economy jolted by a coronavirus outbreak.
The Dow Jones Industrial Average climbed 1.4 percent and the S&P 500 surged 1.5 percent, while the tech-heavy Nasdaq Composite soared 2.1 percent to reach a fresh record closing high.
European stocks also advanced on Tuesday as investors watched the latest U.S. political developments and remained hopeful that China would take steps to limit the economic fallout from the deadly coronavirus.
The pan European Stoxx 600 rallied 1.6 percent. The German DAX and France’s CAC 40 index both spiked by 1.8 percent while