Nifty Set For A Flat Start; L&T, Bajaj Auto, ITC, DLF, PNB In Focus

Foreign institutional investors sold shares worth Rs 1,913 crore on Wednesday while domestic institutional investors bought shares worth Rs 472 crore.

Nifty Set For A Flat Start; L&T, Bajaj Auto, ITC, DLF, PNB In Focus

The Indian equity benchmarks are set to open on a flat note as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures contracts on the Singapore Exchange also known as the SGX Nifty Futures was little changed at 18,210 amid weak cues from global markets. Global stocks eased from record peaks as a stark reminder of supply chain snags in corporate earnings reports stalled their rally, while investors also looked to whether central banks may consider tightening monetary policy earlier than thought.

MSCI's gauge of world stocks, ACWI, dipped 0.05 per cent in early Thursday trade, with Japan's Nikkei leading the loss with fall of 1.1 per cent.

Mainland Chinese shares slipped 0.2 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.1 per cent.

On Wall Street overnight, the S&P 500 lost 0.51 per cent from all-time high hit on Tuesday though the Nasdaq ended little changed, thanks to strong earnings from Microsoft and Google parent Alphabet.

Back home, foreign institutional investors sold shares worth Rs 1,913 crore on Wednesday while domestic institutional investors bought shares worth Rs 472 crore.

ITC will be in focus after the company announced its July-September quarter results for the financial year 2021-22, reporting a net profit of Rs 3,697 crore on a standalone basis, compared to Rs 3,252.62 crore in the corresponding period last year, marking a growth of 14 per cent year-on-year.

Larsen & Toubro reported net profit of Rs 1,819 crore on a consolidated basis, compared to Rs 5,520 crore in the corresponding period last year, marking a decline of 87 per cent year-on-year.

Bajaj Auto reported net profit of Rs 1,275 crore on a standalone basis, compared to Rs 1,138 crore in the corresponding period last year, marking a growth of 14 per cent year-on-year.

The two-wheeler major's revenue from operations in the second quarter of the current fiscal stood at Rs 8.762 crore, compared to Rs 7,155 crore, registering a growth 22 per cent year-on-year, according to a regulatory filing to the stock exchanges today.

Punjab National Bank will be in focus after it reported net profit of Rs 1,105 crore compared with profit of Rs 621 crore in the same quarter last year.

DLF, Bajaj Finserv, InterGlobe Aviation, RBL Bank, Adani Green Energy and Blue Star are some of the companies that will report their earnings later in the day.

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