Ripples Advisory|MARKETS LIVE|Indices open flat|Nifty below 10,950|TCS up 2% post results
The benchmark indices opened flat on Wednesday amid weakness in their key Asian peers.
Shares of Tata Consultancy Services (TCS) rose over 2 per cent higher early on Wednesday after the country’s largest information technology (IT) services provider on Tuesday post market hours, kick-started the first quarter (Q1) earnings with broad-based growth, while showing a double-digit rise in dollar revenue for the second quarter (Q2) in a row as the management exuded strong confidence of continuing with the momentum for the rest of the year.
Meanwhile, investors are likely to watch out for movements in the global markets, rupee and oil prices during the day.
Among key corporate results, Reliance Industrial Infrastructure is likely to announce its June quarter results later in the day.
In the global markets, Asian stocks retreated and perceived safe havens such as the yen and US Treasuries rose on Wednesday after the United States said it would impose tariffs on an extra 200 billion worth of Chinese imports, sharply escalating the trade war between the world’s two biggest economies.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week. South Korea's KOSPI lost 1 per cent and Japan's Nikkei fell 1.2 per cent.
On Wall Street, The S&P 500 rose for a fourth session on Tuesday to post its highest close since Feb. 1, the day before the market began a sharp extended selloff, as strong results from PepsiCo boosted optimism about the earnings season.
The Dow Jones Industrial Average rose 143.07 points (0.58 per cent) to 24,919.66, the S&P 500 gained 9.67 points (0.35 per cent) to 2,793.84 and the Nasdaq Composite added 3.00 points (0.04 per cent) to 7,759.20.
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