Stock Market Live on Wednesday, May 8: Indian equities could open with subdued gains on Wednesday, following mixed global cues.
At 7:31 AM, the GIFT Nifty futures showed an uptick of 18 points, reaching 22,400 levels compared to the Nifty 50 futures, indicating a tepid start to the day.
On Wednesday morning, Asia-Pacific stock markets displayed a mixed picture, reflecting the varied performance seen in Wall Street’s Tuesday session.
Japan’s Nikkei 225 declined 1 per cent, while the broader Topix index slipped by 0.88 per cent. South Korea’s Kospi showed marginal downward movement. Conversely, Australia’s ASX200 edged up by 0.08 per cent.
Meanwhile, US equities saw a mixed session on Wall Street, with the Dow Jones and S&P 500 managing minor gains of 0.08 per cent and 0.13 per cent, respectively. However, the Nasdaq closed 0.10 per cent lower.
In commodity markets, Brent crude traded 0.25 per cent lower at $83.47 per barrel.
Back home, investors will watch out for key results including Hero MotoCorp, L&T, TVS Motors, and Tata Power among others.
Stock to watch
Voltas: AC maker’s profit dropped nearly 23 per cent year-on-year to Rs 110.6 crore for the fourth quarter that ended March 31, 2024, from Rs 143.2 crore in the same quarter a year ago.
JSW Energy: Company’s profit jumped 22.5 per cent annually to Rs 345.3 crore in the March quarter. It also approved Rs 10,000 crore fund raise, along with declaring a dividend of Rs 2.
United Breweries: Company posted an eight-fold jump in net profit to Rs 81.6 crore for the fourth quarter that ended March 31, 2024.
Pidilite Industries: Company’s profit rose 6.4 per cent year-on-year (Y-o-Y) to Rs 304.3 crore for the fourth quarter that ended March 31, 2024. The company also declared a diciden of Rs 16 per share.