Domestic markets are trading higher today on the back of earnings optimism with the benchmark Sensex gaining over 200 points to climb above 31,900. First quarter corporate earnings boost the markets further with shares rising up to 20% after announcing results.
Domestic markets are trading higher today on the back of earnings optimism with the benchmark Sensex gaining over 200 points to climb above 31,900. First quarter corporate earnings boost the markets further with shares rising up to 20% after announcing results. The drugmaker Aurobindo Pharma shares went up on hopes of higher US sales and the FMCG major Hindustan Unilever hit a record high after its June-quarter profit beat expectations.
The benchmark Sensex rose 0.65% at 31,919.29, rebounding after a 1.1 percent fall on Tuesday, its biggest daily percentage fall this year. The broader Nifty 50 was up 0.63% to 9,889/35 after falling 0.9% on Tuesday.
Shares of Mastek Ltd spiked 20% after the company’s April-June quarter consolidated net profit rose more than six times to Rs 14.66 crore. The stock went up to Rs 358.8 within minutes of trading after results were announced. While Bajaj Finance Ltd shares gained 4.29% to Rs 1,577.85 after the company’s net profit jumped 42% to Rs 602 crore from Rs 424 crore in the same period previous fiscal.
Shares of optical fibre cable maker, Sterlite Technologies rose as much as 7.84% to Rs 170.5 after the company’s consolidated net profit increased 63% to Rs 67.83 crore from 41.64 crores in the same quarter last year. Shares of GNA Axles gained 7.54% at Rs 286.5 after the company’s net profit rose 41.86% to Rs 11.08 crore from 7.81 crores a year ago in the same period. One of the largest electrical equipment makers in India, Havells shares zoomed 5.49% to Rs 483. However, the company’s April-June quarter net profit declined 17.12% to Rs 121 crore versus profit of Rs 1.46 crore last year in the same quarter.
Other shares which are mostly trading higher on the account of better earnings are Jubilant Industries (up 4.04%), Canara Bank (up 0.8%), KPIT Technologies (up 2.51%), Amtek Auto (up 1.37%), Bajaj Finserv (up 2.67%), MindTree (up 0.29%) and Sutlej Textiles (up 1.32%) while MPS is trading down 2.01%.