Indian markets are likely to open higher on Thursday ahead of the better expectations of the corporate earnings and F&O expiry. As broadly anticipated by investors, the US Federal Reserve kept the benchmark lending rates unchanged and said it was continuing the slow path of monetary tightening. The early indicator for the domestic markets, SGX Nifty Futures are trading higher on the Singapore Stock Exchange. Today the markets are queued up with the six major corporate earnings with ICICI Bank, Dr Reddy’s Labs, HCL Tech, ITC, Maruti Suzuki and ONGC.
Other stocks which will be in focus ahead of their corporate earnings are: AB Fashion, Biocon, Blue Dart, Chola Investment, CG Consumer, Exide, Glenmark, Idea Cellular, IDFC, IDFC Bank, Motilal Oswal, Novartis, Reliance Capital, Syngene, Tata Coffee, Tata Elxsi.
Indian Markets on Monday:
The domestic stock markets ended record higher on yesterday after making the historic record intraday highs on Tuesday. The NSE Nifty ended above the most awaited five-digit mark of 10,000 today. The broader benchmark Nifty settled 56 points higher at 10,020.65 points after making the record high of 10,025.95 points. BSE Sensex too advanced 185 points to hit a lifetime high of 32,413.63 points.
NSE’s CEO message: With the NSE benchmark index closing above the 10,000 mark for the first time in history, its chief Vikram Limaye today said Nifty 50 will continue to symbolise India’s growth story across the world.
Stocks which will witness the earnings impact:
HCL Tech: HCL Technologies Ltd posted about 8 percent growth in first-quarter consolidated profit, beating analysts’ forecasts, helped by higher revenues from its software services segment and client additions. Consolidated profit came in at Rs 22.11 billion for the April-June, while total income rose about 7 percent to 124.62 billion rupees, the country’s fourth-largest software services exporter said on Thursday.
Yes Bank: Shares of the fifth-largest private lender Yes Bank zoomed as much as 6.23% to the record high of Rs 1,718.8 yesterday after the bank announced a 32% rise in the net profit for the April-June quarter as compared to the previous year net profit in the same period. The board of directors of the bank at the meeting held today also approved sub-division of one equity share into five i.e., in the ratio of 1:5, the private bank said in a regulatory filing.
HDFC: Shares of the country’s largest housing finance company HDFC were little changed yesterday, closed marginally higher 0.36% at Rs 1,637.95 after the mortgage player reported a marginal decline in consolidated net profit at Rs 2,734 crore for the first quarter of the financial year 2017-2018.
Nestle: FMCG major Nestle India today reported an increase of 9.66 per cent in net profit to Rs 263.43 crore for the second quarter ended June 30, 2017 led by volume increase and rebuild of Maggi noodles. The company, which follows January-December period as a financial year, had posted a net profit of Rs 240.22 crore for the April-June quarter of previous fiscal.
Inox Leisure: Multiplex operator Inox Leisure today reported a 28.56 per cent increase in consolidated net profit at Rs 32.09 crore for the first quarter through June.
Radico Khaitan: Liquor firm Radico Khaitan yesterday reported an increase of 16.67 per cent in its standalone net
profit to Rs 25.68 crore for the first quarter ended June 30, 2017.
L&T Finance Holdings: L&T Finance Holdings, financial services arm of the engineering major L&T, yesterday reported consolidated net profit growth of 49 per cent at Rs 309 crore for the three months to June driven by higher advances that clipped at 96.4 per cent and better asset quality.
Federal Bank: Private sector lender Federal Bank yesterday reported a healthy set of numbers with a 25.6 per cent rise in net profit at Rs 210.15 crore for three months to June on higher core income and improvement in asset quality.
Mphasis: IT company Mphasis yesterday reported a 6.5 per cent fall in consolidated net profit at Rs 187.1
crore for the period ended June 30, 2017.
Axis Bank: Shares of Axis Bank ended nearly 3 per cent lower today after the company reported 16 per cent decline in net profit for the first quarter ended June 30. The stock settled at Rs 528.85, down 2.90 per cent on BSE. During the day, it lost 3.6 per cent to Rs 525.
BSE’s ebidxchange on Wednesday:
Corporate bonds today received an overwhelming response from foreign investors and attracted bids worth USD 1.6 billion, against USD 1.15 billion on offer. The auction was conducted on BSE’s ebidxchange platform from 1530 hours to 1730 hours, after the market hours. At the end of the two-hour auction, as many as 23 bids were declared successful out of 36, the exchange data showed. Foreign portfolio investors (FPIs) bid for investment limits in corporate debt securities worth Rs 10,442 crore (USD 1.62 billion) as against Rs 7,418 crore (USD 1.15 billion) on offer.
Indian Rupee closing on Wednesday:
Snapping its two-day downtrend, the rupee today managed to cross over to positive territory by finishing at 64.37, up by a marginal one paisa in a cautious trade on a day domestic equity markets scripted history. Besides, weak US dollar overseas along with abundant capital inflows into domestic equities largely supplemented strength to the local currency.
Asian Stocks on Thursday:
Stocks, bonds and commodities were all on a roll in Asia on Thursday as bulls scented a softening in the Federal Reserve’s confidence on inflation that promised to keep U.S. interest rates low for longer. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.5 percent to heights not seen since January 2008. It has gained nearly 5 percent so far this month.
Wall Street Shares:
US stocks climbed modestly on Wednesday to record closing highs after the Federal Reserve kept interest rates unchanged and strong earnings reports from Boeing and AT&T. The Dow Jones Industrial Average rose 97.58 points, or 0.45 percent, to 21,711.01, the S&P 500 gained 0.7 points, or 0.03 percent, to 2,477.83 and the Nasdaq Composite added 10.57 points, or 0.16 percent, to 6,422.75. Telecommunications were the best performing sector, propelled higher by a 5.0-percent gain in AT&T after its results.
As broadly expected by investors, the Fed maintained its benchmark lending rate and said it was continuing the slow path of monetary tightening. Boeing shares soared 9.9 percent after the plane maker posted quarterly profit and cash flow well ahead of Wall Street estimates. The stock gave the biggest lift to the Dow and the S&P 500.