The Indian equity markets are likely to start trade on a positive note amid supportive global cues. As of 7:45 AM, the SGX Nifty Futures quoted 17,153 levels, indicating an upside of 224-odd points on the Nifty50.Globally, strong quarterly results of Amazon and Apple coupled with hopes of dovish US Fed down the road triggered sharp rally in the US markets on Thursday. All major indexes on the Wall Street closed above 1 per cent.
Major markets in Asia-Pacific followed suit on Friday morning and edged higher in trade. Japan’s Nikkei 225 rose 0.2 per cent and South Korea’s Kospi advanced 0.6 per cent.
Meanwhile, prices of crude oil were on the rise due to supply worries. Brent Crude inched up 0.8 per cent to $108 per barrel and WTI Crude was up 0.8 per cent to $97 per barrel.
Back home, a slew of companies are slated to report their June quarter results (Q1FY23) on Friday, July 29 – Sun Pharma, Cipla, Indian Oil Corporation, and HDFC. Besides, shares of Dr Reddy’s will be in focus after the pharma giant reported 108 per cent year-on-year (YoY) rise in consolidated net profit to Rs 1,187.6 crore in Q1FY23.