(RTTNews) – Indian shares look set to open on a flat note Monday as investors weigh solid earnings updates from the likes of ICICI Bank and Indiabulls Real Estate against rising Covid-19 cases in the country.
HCL Technologies reported a 64.9 percent year-on-year decline in its Q4 net profit, but sounded optimistic about growth in the current financial year.
U.S. President Joe Biden and Vice President Kamala Harris have assured to work closely with the Indian government to rapidly deploy additional support and supplies as the country on Sunday saw over 3 lakh Covid-19 cases for the fourth day in a row, reporting the largest single-day spike in the world.
Germany and France said they will send oxygen and medical aid to India in the coming days.
Asian markets held near six-week highs and the dollar hit a two-month low as investors await trading cues from this week’s Fed and BoJ gatherings. Oil and gold edged up slightly on dollar weakness.
Joe Biden makes his first address as president to a joint session of Congress Wednesday while the U.S. releases the first estimates for the March quarter GDP on Thursday.
U.S. stocks advanced on Friday as healthy economic data and earnings outweighed concerns about high valuations and surging coronavirus cases globally. The Dow rose 0.7 percent, the tech-heavy Nasdaq Composite climbed 1.4 percent and the S&P 500 rallied 1.1 percent.
European stocks closed mostly lower on Friday despite coming off their day’s lows on the back of a slew of earnings announcements and economic data.
The pan European Stoxx 600 edged down 0.1 percent. The German DAX dipped 0.3 percent and France’s CAC 40 index slipped 0.2 percent while the U.K’s FTSE 100 ended on a flat note.