INSUBCONTINENT EXCLUSIVE:
31 points at 34,532 while Nifty edged higher to 10,580
Shares of IT services major Wipro fell nearly 4 per cent today
On Wednesday, the Sense and Nifty had closed lower, snapping a two-day winning run
The rupee was trading higher at 66.84 per dollar today
On Wednesday, the rupee today nosedived 52 paise to hit a 14-month low of 66.90 against the US dollar, the third biggest single-day fall for
the domestic currency this year
Wipro, India's third-biggest software services exporter, forecast weak growth in revenue during the current quarter after two clients went
bankrupt.Bengaluru-headquartered Wipro said on Wednesday it expected revenue from its key IT services business to be in a range of $2.02
billion to $2.07 billion in its fiscal first quarter to end-June as it reported a bigger-than-expected fall in fourth-quarter net profit
That would mean a fall of 2.3 per cent to a rise of 0.1 per cent from the $2.06 billion revenue it posted in the March quarter.Asian stocks
rose on Thursday as robust corporate earnings helped Wall Street quell concerns about the surge in US bond yields
MSCI's broadest index of Asia-Pacific shares outside Japan bounced back from three-week lows plumbed the previous day and gained 0.35 per
The Dow rose 0.25 per cent overnight, ending a five-day losing streak, and the SP 500 gained 0.18 per cent on optimism over a spate of
upbeat earnings that managed to offset jitters over rising US bond yields.The spike to a four-year peak above 3 percent in the 10-year
United States Treasury yield this week - a benchmark for global borrowing costs - had weighed on stocks amid concerns rising corporate
borrowing costs could dampen profits
Nonetheless, the broader equity market reaction to the latest jump in United States yields appeared to be more measured compared to
February, when a similar spike in rates sent stocks tumbling."The equity markets slid sharply in January and March in response to the rise
But the Federal Reserve signalled in March that its rate hikes would be gradual," said Masahiro Ichikawa, senior strategist at Sumitomo
Mitsui Asset Management in Tokyo."Expectations towards US rate hikes being gradual are enabling equities to take the current yield rise in
stride.The 10-year Treasury note yield rose to 3.035 percent overnight, its highest since January 2014
The yield has climbed on expectations of a steady US economic expansion, accelerating inflation and concerns about increasing debt supply.
