Indian stock markets opened higher on Wednesday following the better-than-expected third-quarter earnings reported by several blue-chip companies and the 2-day recovery on Wall Street with Sensex rising over 100 points. The S&P BSE Sensex surged as much as 136.51 points or 0.4% to open at 34,436.98 whereas NSE Nifty gained 84.8 points or 0.81% to begin the day at 10,539.75. Shares of Bharti Airtel, HDFC, Adani Ports, RIL, HDFC Bank, Wipro and L&T were the top gainers among the Sensex components. Shares of GAIL India advanced 1.9% to Rs 473.8 after the state-run company reported a rise of 28% in Q3 net profit to Rs 687.93 crore on better margins from gas marketing and transportation business. Shares of Power Grid, ICICI Bank, State Bank of India, Axis Bank, and ONGC were the major laggards in the opening trades.
Other than the headline indices, all the broader and most of the sectoral indices of NSE traded in green. Among the broader market indices of NSE, Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free rose up to 0.8%. While seven out of 11 sectoral indicators traded in positive territory with Nifty Realty, Nifty Metal, Nifty IT and Nifty Media leading the charge. Nifty PSU Bank index was the biggest loser as most of the public sector banks shed witnessing the first earnings reaction today. Shares of DLF surged over 1.5% to Rs 239.7 after India’s largest realty firm reported a nearly 42-fold rise in its consolidated net profit to Rs 4,091.27 crore for the October-December period of 2017, driven by a deemed gain from stake sale in the rental arm to GIC.
The stock of Bank of India tumbled 4% to the day’s low of Rs 139.05 after the state-run lender reported a net loss of Rs 2,341.23 crore in the quarter to December as it had to make up for under-reporting of bad loans worth Rs 14,057 crore and also driven down by treasury losses. Shares of Sun Pharmaceuticals dropped as much as 2.03% to Rs 577.4 ahead of its Q3 results. Up until 9:30 am, the benchmark Sensex made a day’s high of 34473.43, up by 172.96 points whereas broader Nifty marked the day’s peak at 10,590.55, up by 50.8 points.
The stock of Grasim Industries, Tata Power, NLC India, Nestle India, Godrej Industries and Infibeam Incorporation will be in close watch ahead of their respective third-quarter results. Other major companies which are also lined up with their Q3 results are 8K Miles Software Services, Allahabad Bank, Apollo Hospitals Enterprise, Balkrishna Industries, Cox & Kings, Dena Bank, Indo Count Industries, Jet Airways, Repco Home Finance, Speciality Restaurants, Sunteck Realty, Vivimed Labs and Welspun Enterprises.
Wall Street climbed on Tuesday for a third straight session, buoyed by Amazon.com and Apple, while investors focused on inflation data on Wednesday that could upset the market’s fragile recovery – or clear the way for additional gains, Reuters said in a report. The Dow Jones Industrial Average rose 0.16 percent to end at 24,640.45 points, while the S&P 500 gained 6.94 points to close at 2,662.94. The Nasdaq Composite added 0.45 percent to 7,013.51.