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US GDP Data; Key Earnings Report and Top Stocks to Watch Out Today
Fri, 27 Apr Pre-Open

On Thursday, Indian share markets ended on a higher note as market participants cheered March-quarter results from private sector lenders Yes Bank.

The S&P BSE Sensex ended at 34,714, up 212 points while the broader Nifty 50 index settled at 10,618, up 47 points.

Wipro was among the biggest drags on the NSE index after its fourth-quarter profit missed estimates and guidance for the first quarter failed to please market participants.

Meanwhile, the 10-year US Treasury yield set a fresh four-year high of 3.035% on Wednesday, driven by worries about the growing supply of government debt and inflationary pressures from rising oil prices. But, robust corporate earnings helped suppress concerns and Asian shares gained.

Top Stocks in Focus

Yes Bank share price will be in focus after it reported a 29% jump in its March quarter net profit due to higher net interest income and other income. Net profit for the quarter stood at Rs 11.8 billion against Rs 9.1 billion a year ago.

Jindal Stainless' net profit declined 29% in March quarter to Rs 1.2 billion. The stock will be in focus.

Indiabulls Real Estate Ltd reported nearly 21-fold jump in consolidated net profit to Rs 16.5 billion for the quarter ended March. Its net profit stood at Rs 798 million in the year-ago period.

The country's largest cement producer, UltraTech, reported a 39% year-on-year decline in consolidated net profit for the March quarter, mainly due to one-offs or exceptional items. The stock will hog limelight today.

Results Corner

Bandhan Bank, Maruti Suzuki, Shoppers Stop, Merck, RBL bank, among others will announce their quarterly results today.

Global Stock Market Drivers

European stocks advanced and their peers in Asia reversed a decline as investors digested the latest flood of company earnings. The dollar pulled back from a three-month high, the benchmark Treasury yield dipped below 3%, and oil climbed.

With the earnings season in full swing, investors are confronting the question of whether global equities will be able to cope with higher interest rates. And signs of optimism from Facebook Inc. and Samsung Electronics Co. are helping offset pockets of concern around technology and industrial companies that have weighed on gauges this month.

These are some important events remaining this week:

  • US GDP data is due today.
  • Earnings season continues, with Amazon.com among those due to report.
  • The European Central Bank rate decision will be out.
  • The Bank of Japan will announce its latest policy decision today and release updated economic projections.

    • Oil Prices Edge Up

    Oil rose on Thursday, supported by expectations of renewed US sanctions on Iran, declining output in Venezuela and ongoing strong demand.

    Brent crude oil futures LCOc1 were last up 60 cents at US$74.6 a barrel, while US West Texas Intermediate (WTI) crude futures were up 43 cents at US$68.48 per barrel.

    Notably, the oil price has risen by 15% in the last four weeks thanks to expectations that the United States will re-impose sanctions against Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).

    To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

    For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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