Indian Stock Market Outlook for Thursday, May 7th
Indian equities are expected to open with modest gains on Thursday, May 7th, mirroring the positive sentiment on Wall Street. As of 7:25 AM, Nifty futures were trading 36 points higher, indicating a positive start for the day.
Global cues are largely positive, with Asian markets extending gains on expectations of a less aggressive interest rate hike by the Federal Reserve. South Korea's Kospi led the gains with a 1.75% jump, followed by Japan's Nikkei (up 0.91%) and Hong Kong's Hang Seng (up 0.23%). Australia's ASX 200 also rose 0.36%.
Wall Street closed higher on Tuesday, with the Nasdaq gaining 1.19%, the S&P 500 rising 1.10%, and the Dow Jones climbing nearly 0.50%. This bullish sentiment is likely to spill over into the Indian market.
Godrej Consumer Products: The company reported a net loss of Rs 1,893.2 crore in Q4FY24, including an exceptional loss of Rs 2,375.6 crore.
Pharmaceutical firm Lupin's profit rose 52% year-on-year to Rs 359.4 crore for the January-March quarter of FY24.
The company's net profit surged over 86% to Rs 409.5 crore in the March quarter.
Overall, the Indian stock market is expected to open with a positive bias on Thursday, May 7th, tracking global cues and positive sentiment from Wall Street.