Indian Stock Market Outlook for May 7, 2024
The Indian stock market is expected to open with slight gains on Tuesday, May 7, 2024, following positive cues from global markets. The GIFT Nifty futures are up 36 points compared to Nifty 50 futures, indicating a higher start around 22,585 levels.
In Asia-Pacific, stock markets continued their upward trend, buoyed by expectations of a potential interest rate cut by the Federal Reserve. Japan's Nikkei 225 and Topix index were marginally down, while South Korea's Kospi traded flat, slightly lower by 0.08%.
Wipro: Wipro partnered with Microsoft to introduce a suite of Generative AI-powered virtual assistants for financial services.
The firm has initiated commercial production at its new greenfield manufacturing plant in Hyderabad, Telangana.
The company announced the departure of Abhay Ojha as CEO.
Realty firm disclosed an 85.7% year-on-year (YoY) increase in net profit, reaching Rs 19.5 crore for the fourth quarter ending March 31, 2024.
The chemical company disclosed a consolidated net profit of Rs 101 crore for the March FY24 quarter, marking a significant decline of 70% compared to the year-ago period.
Route Mobile, the cloud communication platform service provider, recorded a net profit of Rs 95.2 crore for the quarter ending March FY24, marking a decline of 8.5% compared to the year-ago period.
Muthoot Microfin's net profit surged to Rs 120 crore for the quarter ending March 31, marking a 27% year-on-year increase.
This information is provided for general knowledge and should not be considered as investment advice. Please consult with a qualified financial advisor before making any investment decisions.