Market Beeps - Market seen opening in green; HCL Tech & TCS in focus
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Nifty is expected to open soft on Wednesday tracking mixed Asian markets, while investors will keep a close eye on HCL Technologies and TCS which will declare their quarterly results later today.
The NSE index may also consolidate in the broad range of 5,500-5,800 for the next few trading sessions. On Wednesday, the Nifty is likely to seek support around 5,635-5,600, while face resistance around 5,745-5,775.
India's fourth largest software services exporter, HCL Technologies LtdBSE -0.39 % is expected to report a 1.7 per cent sequential fall in its net profits for the quarter ended March 31 to Rs 948 core from Rs 965 crore reported in the previous quarter, according to ET NOW estimates.
Tata Consultancy Services expected to report a 1.68 per cent sequential rise in its net profits for the quarter ended March 31 to Rs 3611.70 core from Rs 3551.80 crore reported in the previous quarter, according to ET NOW estimates.
Overnight, US stocks rose as gold prices rebounded and earnings from Coca-Cola and Johnson & Johnson improved the outlook for first-quarter results.
Additionally inflation data reinforced expectations that the Federal Reserve will keep its stimulus plan in place, added to bullish sentiment
The Dow Jones industrial average jumped 157.58 points, or 1.08 percent, to close at 14,756.78. The Standard & Poor's 500 Index gained 22.21 points, or 1.43 percent, to finish at 1,574.57. The Nasdaq Composite Index rose 48.14 points, or 1.50 percent, to end at 3,264.63.
Asian shares bounce back as a sharp sell-off over the past two sessions prompted value buying supported by positive American corporate earnings.