Nifty and Sensex tend to open lower, with L&T and Axis Bank in the spotlight.

Summary: Asian markets were also seeing a decline in value as a result of the overnight decline in US stocks brought on by poor performance from large corporations.

Thursday's opening of benchmark indexes is expected to be lower as investor sentiment solvers in the wake of the government's rises in taxes on derivatives trading and gains from equities investments. Axis Bank's and Larsen & Toubro's (L&T) quarterly results will also be highlighted.

As of 8:10 a.m., the GIFT Nifty was 24,174.5 points, suggesting that the Nifty 50 index (.NSEI) will open lower than its Wednesday finish of 24,413.5. The Nifty 50 has lost money for four straight sessions and is down 1.5% from its all-time high levels set last week.

Following the government's publication of the union budget on Tuesday, which increased taxes on both short- and long-term capital gains as well as on derivatives trading, there were two of these losing sessions.

The founder and CEO of treasury and wealth management company IFA Global, Abhishek Goenka, stated, "The increase in LTCG (long-term capital gains) is regressive, especially the optics of it. While the increase in short-term capital gains tax is understandable given the need to reduce excessive short-term speculation." Goenka continued by saying that while the LTCG tax increase might not lessen the allure of stocks as an asset class, it is a step in the wrong direction for encouraging long-term savings.

Asian markets were also seeing a decline in value as a result of the overnight decline in US stocks brought on by subpar results from large corporations.

When it came to earnings, the market was captivated by the performance of infrastructure behemoth Larsen & Toubro (LART.NS), which reported a quarterly profit beat propelled by excellent order execution. Axis Bank, a private lender, will also be under tight observation after revealing a first-quarter profit that was lower than anticipated because of increased provisions made in the face of declining asset quality.

For the second straight session, foreign investors were net sellers, unloading shares valued at around $1 billion in the two sessions after the union budget.

Stocks to watch: 

• Sun Pharma: Mayne Pharma (MYX.AX), an Australian company, has sued Sun Pharma in a US court for patent infringement.
• Jindal Steel: A decrease in first-quarter earnings was reported as a result of increased expenses and poor demand.
• Earnings in focus: Adani Green (ADNA.NS), Tech Mahindra (TEML.NS), and Nestle (NEST.NS).

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