Pre-market: Markets likely to edge higher on earnings

The markets are likely to open marginally in green tracking positive earnings data. Moreover firm global cues is expected to boost the sentiments of the market participants.

 

Asian stock markets edged broadly higher on Thursday and the Australian dollar jumped after a surprisingly strong reading on Chinese manufacturing bolstered hopes for recovery in the world's second-biggest economy.

 

The HSBC flash PMI came in at 52.0 for July, well above forecasts of a small rise to 51 in July and the highest reading in 18 months. There was also good news on the outlook, with a sub-index of new orders reaching 53.7.

 

Japan's Nikkei added 0.2 percent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 percent. SGX Nifty is quoting at 7,777.00 down by 14 points.

 

The Dow bucked the trend, pulled lower by a 2.3 percent drop in Boeing Co shares. The U.S. aircraft maker reported a 52 percent jump in quarterly profit, but investors were spooked by rising costs in its military tanker program.

 

Stocks to watch:

 

YES Bank reported a 9.6 per cent growth in net profit to Rs 439 crore for the April-June quarter.

 

Anil Agarwal-led Vedanta Resources group company  Cairn India reported a massive fall of 65 percent in consolidated net profit at Rs 1,092.9 crore in April-June quarter compared to Rs 3,127.23 crore in the corresponding period last year.

 

L&T Finance Holdings Ltd, a unit of Larsen and Toubro, said on Wednesday that its first quarter profit rose 15% from a year ago, as margins in its retail business improved and costs stabilized. 

 

Alstom T&D India , an arm of French firm Alstom, reported 89 per cent rise in net profit at Rs 28.4 crore for the quarter ended June 30 on the back of higher income.

 

Essar Ports, one of the largest port companies in the country, is hopeful of an increase in volumes going ahead as its ongoing projects come on stream by FY18. The company today detailed its June quarter results, where its consolidated net profit stood at Rs 92 crore, down 10 percent from last year mainly because of increased expenses and higher finance costs.

 

Mid-sized IT firm Polaris Financial Technology’s consolidated net profit declined 11.2% to Rs 38.32 crore for the quarter ended June 30.