The FOMC meet outcome would be one of the key events to watch out for. Besides, the key economic data points would provide more clarity on the recovery in the economy
Nifty futures were trading 23.25 points or 0.21 per cent higher at 11,322.50 on Singaporean Exchange, signalling a positive start for BSE Sensex and Nifty 50 on Wednesday. A host of factors will keep the market participants busy such as Apr-Jun quarter earnings by index heavyweights and PM Modi’s virtual meeting with the bankers. Besides, expiry of derivative contracts of July series tomorrow and US Fed monetary policy will keep the investors on edge. “The FOMC meet outcome would be one of the key events to watch out for. Besides, the key economic data points would provide more clarity on the recovery in the economy. We advise continuing with a positive yet cautious approach,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks to watch today:
Airtel, Maruti: A total of 180 companies including Bharti Airtel, Maruti Suzuki, InterGlobe Aviation, TVS Motor Company and Dr Reddy’s Laboratories are scheduled to announce their quarterly earnings later in the day today.
Yes Bank: Yes Bank’s net profit fell 60 per cent on-year to Rs 45 crore in the April-June quarter, on the back of a 33 per cent on-year drop in total income to Rs 6,107 crore. Non-interest income declined 51 per cent to Rs 621 crore.
Nestle India: Nestle India recorded an 11.14 per cent rise in net profit at Rs 486.60 crore in the April-June quarter. The company had posted a profit of Rs 437.79 crore in the corresponding quarter of the previous year.
ITC: FMCG major ITC has completed its acquisition of spices-maker Sunrise Foods in an all-cash deal valued at Rs 2,150 crore as the diversified conglomerate looks to augment its product portfolio and significantly scale up its spices business across the country.
IDBI Bank: IDBI Bank reported a net profit of Rs 144 crore in the April-June quarter of the current fiscal. The Bank had earlier reported a net loss of Rs 3,801 crore in the corresponding quarter last year. Total provisions declined 86 per cent on-year to Rs 888 crore in the first quarter.
RBL Bank: RBL Bank posted a net profit of Rs 141 crore in the April-June quarter of FY21, down 47 per cent on-year. The Bank made COVID-related provisions of Rs 240 crore in the first quarter and provisions on this count stood at Rs 350 crore as at June 30, 2020.
IndusInd Bank: IndusInd Bank’s consolidated net profit plunged 64.37 per cent on-year to Rs 510 crore in the April-June quarter. The total provisions increased 425 per cent on-year to Rs 2,259 crore as compared to Rs 431 crore in the same quarter last year.