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Today on Market Ahead: 1. TCS net profit crosses Rs 8,000-crore milestone in Q3, jumps 24% y-o-y 2. Asia stocks at one-month high, focus stays on U.S-China trade talk 3. Investors await Infosys earnings; TCS shares in focus post Q3 results
Corporate earnings by IT bellwether Infosys, macroeconomic data (forex reserves, Index of Industrial Production and manufacturing output), crude prices and movement in rupee are likely to sway investor sentiment on Friday. This apart, market participants are expected to react to assurance by Federal Reserve Chairman Jerome Powell that the US central bank has the ability to be patient on monetary policy.
At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes.
Among shares, Tata Consultancy Services (TCS) will be in focus. The country’s largest information technology (IT) services company, Tata Consultancy Services, earned its highest-ever net profit of Rs 8,105 crore in the seasonally weak third quarter (Q3) of 2018-19 (FY19). This was in line with market expectations, though revenue and operating margins missed consensus estimates narrowly.Apart from Infosys, Reliance Industrial Infrastructure is also set to announce its December quarter results during the day.
This is the first time TCS’s net income has crossed the Rs 8,000-crore mark. The Mumbai-headquartered company’s profit grew 24.1 per cent year on year (YoY) and 2.58 per cent sequentially.
The management said it was confident of posting double-digit revenue growth in the full year, along with meeting the margin target
The Nifty futures on Singapore Exchange (SGX) were trading at 10,892, up 31 points or 0.29 per cent in early trade.
Asian stocks inched higher to one-month highs on Friday, after Federal Reserve Chairman Jerome Powell reiterated the US central bank can be patient on raising interest rates further.
But the rally’s momentum slowed partly as investors sought more clarity on whether the United States and China could make headway on their talks on trade as well as intellectual property (IP) rights. U.S. President Donald Trump had earlier on Thursday said that Washington was having “tremendous success” in its trade negotiations with China.
MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.2 per cent higher, while Japan's benchmark Nikkei advanced 1.1 per cent in early trade.
The Dow Jones Industrial Average rose 49 points, or 0.21 per cent, to 23,928.12, the S&P 500 gained 4.64 points, or 0.18 per cent, to 2,589.6 and the Nasdaq Composite added 11.96 points, or 0.17 per cent, to 6,969.04.
US oil prices edged down on Friday as concerns over economic growth were rekindled after talks fell short of offering concrete steps to end the Sino-US trade conflict, although OPEC-led production cuts bolstered sentiment in crude markets.