Market Beeps - Market to open flat; TCS & Indusind Bank in focus
UAE Exchange Etrade
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Nifty index is expected to open soft on Thursday tracking weak Asian markets, while investors will keep a close eye on Tata Consultancy Services which reported its earnings post market hours on Wednesday.
On the downside, the NSE index is likely to seek support around 5,650-5,630 odd levels. On the upside, the Nifty can spurt to its 50-DMA which is at 5,770. Select momentum oscillators continue to remain in favour of the bears on the short-term charts. On Thursday, the Nifty is likely to seek support around 5,665-5,650, while face resistance around 5,710-5,730.
TCS today reported a 22.1 per cent jump in net profit at Rs 3,596.9 crore for January-March quarter and expressed the confidence of beating Nasscom estimate of 12-14 per cent industry growth in 2013-14.
The Nifty ended flat on Wednesday as traders resorted to profit booking after the recent sharp pull-back rally. Sharp correction in Reliance Industries weighed on markets.
Overnight, US stocks ended lower, led by a sharp drop in Apple shares on worries about slowing demand for its products and weaker-than-expected results from Bank of America.
The Dow Jones industrial average was down 138.19 points, or 0.94 percent, at 14,618.59. The Standard & Poor's 500 Index was down 22.56 points, or 1.43 percent, at 1,552.01. The Nasdaq Composite Index was down 59.96 points, or 1.84 percent, at 3,204.67.
Asian shares slipped tracking weakness in US and European equities on renewed concerns about global economic growth.
US crude futures fell 0.5 per cent to $86.29 a barrel, while spot gold was down 0.2 per cent at $1,373.51 an ounce.
Market Beeps of the day attached.