Indian shares look set to open largely unchanged on Monday after both TCS and Infosys reported quarterly results that were on expected lines.
TCS led the way with a record performance and sounded optimistic about sustaining double-digit growth while Infosys said it expects headwinds in the form of wage hikes in H1FY20 and normalization of bad debt provisioning.
It’s going to be a short three-day week, as markets will remain closed for Mahavir Jayanti and Good Friday on Wednesday and Friday, respectively. Meanwhile, the second phase of Lok Sabha elections would be held on Thursday.
Benchmark indexes Sensex and the Nifty ended largely unchanged with a negative bias last week after seeing volatility.
Asian markets remain broadly higher this morning, with Japan’s Nikkei index climbing over 1 percent to hit its highest level since early December, as strong Chinese exports data released last week helped ease investor worries over slowing global growth.
There is also optimism on the trade front after U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go “way beyond” previous efforts to open China’s markets to U.S.companies.
The dollar eased on improved risk appetite while oil edged lower after hitting a fresh five-month high in the previous session.
U.S. stocks rose on Friday as investors cheered upbeat earnings news from JPMorgan Chase as well as the launch of Walt Disney’s new family-friendly streaming service called Disney+.
The Dow rallied 1 percent, while the S&P 500 gained 0.7 percent and the tech-heavy Nasdaq Composite added half a percent to reach their best closing levels in over six months.
European markets ended slightly higher on Friday on relief over Brexit and optimism over U.S.-China trade deal.
The pan European Stoxx 600 inched up 0.2 percent. The German DAX rose half a percent, while