Markets are expected to open higher following firm global cues as US debt concerns eased and Wipro reported better than expected results. The Nifty futures on the Singapore Exchange were up 40 points, at 5,661.
India's third largest IT services company Wipro beat analysts’ expectations, reporting 1.2% rise in consolidated net profit to Rs 1335 crore against Rs 1339 crore last year led by increased client spending. Management said that operating margins were maintained at 21.1% in the June quarter despite the impact of salary revision; however they were lower than 23.5% in the same period last year.
Markets across were trading firm buoyed by technology shares after IBM reported upbeat results and signs of consensus over hiking the US debt ceiling. Japan's Nikkei Stock Average advanced 1.3%, Hong Kong's Hang Seng gained 0.3% and China's Shanghai Composite added 0.2%.
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