In early trade on Friday, Indian shares fell as technology and auto stocks fell amid weakness in other Asian markets, while investors awaited domestic inflation data.
The Nifty IT index fell 0.51% after rising 1.79% on Thursday, while the auto index fell 0.24%.
Market participants are looking forward to the Consumer Price Index (CPI) data, which is due later in the day. According to a Reuters poll, retail inflation in India likely eased in July due to lower food and fuel prices, but remained well above the Reserve Bank of India’s upper tolerance limit of 6% for the seventh consecutive month.
Broader Asian equities followed Wall Street’s overnight decline, as investors were concerned about the Federal Reserve’s pace of interest rate hikes to combat inflation, despite some softness last month.
On signs of cooling inflation, Wall Street is poised for weekly gains
Wall Street’s main indexes rose on Friday, putting the S&P 500 and Nasdaq on track for a fourth straight week of gains as investors reduced their bets on the Federal Reserve raising interest rates again after softer-than-expected inflation data this week. At the open, the Dow Jones Industrial Average rose 94.05 points, or 0.28%, to 33,430.72. The S&P 500 rose 17.75 points, or 0.42%, to 4,225.02, while the Nasdaq Composite rose 86.40 points, or 0.68%, to 12,866.31 at the open.
Hero MotoCorp Q1 Results: Profit up 71% year on year to Rs 625 crore; revenue up 53%.
Hero MotoCorp announced on Friday that its consolidated profit after tax increased by 71% year on year to Rs 625 crore, while revenue increased by 53% year on year to Rs 8,393 crore.
The bottom line figure fell short of ET. The current poll estimate is Rs 796.6 crore.
The world’s largest motorcycle and scooter manufacturer said its EBITDA for the quarter was Rs 941 crore compared to Rs 515 crore the previous year, representing an 11.2 percent EBITDA margin and an 83% increase.