Indian benchmarks may open lower after Wipro's bleak outlook
India's benchmark indexes are set to open lower on Thursday dragged by information technology stocks after Wipro forecast a decline in revenue for the April-June quarter amid tariff turmoil.
Gift Nifty futures were trading at 23,385.5 as of 8:19 a.m. IST, indicating a 0.2% fall for the Nifty 50 from its Wednesday's close of 23,437.2.
The U.S.-listed shares of Wipro, India's fourth-largest IT company, slipped 3.2% after it missed fourth-quarter revenue estimates and warned that its revenue may drop 1.5% to 3.5% in the current quarter.
Bigger rival Infosys' U.S.-listed shares also slipped 2.6% overnight. The company will announce its earnings after Indian market hours on Thursday.
The blue-chips Nifty 50 and Sensex have risen 4.6% and 4.3%, respectively, in the last three sessions, and recovered the losses induced by April 2 tariffs, which now stand paused.
Foreign portfolio investors (FPIs) bought Indian shares worth 39.36 billion rupees ($459.8 million) on Wednesday, as per provisional data, marking a second straight day of buying.
While U.S. President Donald Trump paused sweeping reciprocal tariffs on most countries for 90 days, the trade war with China continued to intensify.
MSCI's Asia ex-Japan index was flat on the day, following a 1% drop in the previous session.
Wall Street equities fell overnight as Nvidia warned about steep charges from new U.S. curbs on its chip exports to China and Federal Reserve Chair Jerome Powell said U.S. economic growth appears to be slowing. [.N]
STOCKS TO WATCH
** Angel One's fourth-quarter profit tanked 49% as tighter regulations and weak equity markets hit trading volumes
** Tata Steel's unit signs deal for liquid hydrogen import corridor between Oman, Netherlands and Germany
** Waaree Renewable Technologies posts 82.7% jump in profit for January-March quarter, but its margins drop to 26.51% from 27.55% a year ago
