The Indian equity benchmarks are set to open on a flat note as indicated by the Nifty futures traded on the Singapore Exchange. Nifty futures of Singapore Exchange commonly known as the SGX Nifty futures slipped 13 points or 0.09 per cent to 14,670. Meanwhile, most of the Asian markets were trading lower with Taiwan Weighted index down 2 per cent, Hong Kong's Hang Seng up 0.4 per cent and South Korea's KOSPI down 0.5 per cent.
Overnight, The S&P 500 and the Dow indexes rose on Monday as a largely upbeat earnings season strengthened expectations of sustained profit growth, while the Nasdaq came under pressure from declines in some high-flying growth stocks.
With more than half of S&P 500 companies having reported so far, profits are now seen rising 46 per cent in the first quarter, compared with forecasts of 24 per cent growth at the start of April, according to IBES data from Refinitiv. About 87 per cent of the companies have come also reported earnings per share ahead of analysts' estimates.
Economy-sensitive cyclical S&P 500 sectors such as financials, energy, industrials and materials outperformed sectors housing growth stocks, including technology and communication services, by early afternoon.
Back home, Tata Chemicals will be in focus after it reported March quarter earnings post market hours on Monday. On a Consolidated basis, for the quarter, the income from operations rose by 11 per cent to Rs 2,636 crore, as compared to Rs 2,378 crore of the corresponding quarter of last year. Profit after tax for the period on consolidated basis stood at Rs 29 crore down by 85 per cent, as compared to Rs 198 crore of the corresponding quarter of last year.
Adani Ports will be in focus as it will report March quarter earnings later in the day.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
