Indian Stock Market Set for Positive Start
April 10, 2023 – Indian shares are expected to open on a strong note today, bolstered by better-than-anticipated quarterly results from Tata Consultancy Services (TCS). However, worries about the stability of the recent U.S.–Iran ceasefire may keep investor enthusiasm in check.
As of 8:08 a.m. IST, GIFT Nifty futures were trading at 23,909.50, suggesting that the benchmark Nifty 50 will start above Thursday’s closing level of 23,775.10.
TCS announced a 9.7% growth in revenue and a 12.2% rise in net profit for the March quarter. The company also noted that new artificial intelligence tools haven’t reduced the demand for its services.
Vikas Ahuja, an analyst from Antique Stock Broking, mentioned, “Even though economic uncertainties continue, the outlook appears more positive compared to previous quarters.”
The Nifty 50 and Sensex have risen 4.7% and 4.5% respectively this week, breaking a six-week losing streak following the U.S.–Iran agreement on a temporary two-week ceasefire.
Across Asia, stocks increased by about 0.9%, and crude oil prices fell below $100 per barrel. This comes after Israel announced plans to begin direct negotiations with Lebanon soon. However, Iran pointed to ongoing strikes by Israel on Lebanon as a major issue in its agreement with the U.S.
In local markets, foreign investors sold off Indian stocks on Thursday, bringing total outflows for April to $4.9 billion.
Ankur Punj, managing director at Equirus Wealth, commented, “The current valuations of Indian equities are very appealing. The recent market correction due to the Iran conflict has tilted the risk-reward balance towards high equity exposure. Positive earnings reports could lead to a rally in domestic markets.”
Stocks to Watch:
- JSW Steel reported an 8% year-on-year increase in crude steel production for fiscal year 2026.
- Ashiana Housing has acquired 28.55 acres of land in Pune, which holds a sales potential of 18 billion rupees (around $194.7 million).
- Container Corporation posted a total throughput of 1.4 million TEUs, marking a 6% increase compared to the previous year.
(Report by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy)
