After posting gains for seven straight days, Indian share market looks set for extending rally into the eighth session on Wednesday. Nifty futures were trading 58.50 points higher at 12,713.50 on Singaporean Exchange, pointing a gap-up start for indices. In the previous session, headline indices climbed to new record highs, where Sensex closed at 43,277 while Nifty 50 breached the 12,600 mark on the upside. According to the analysts, the overall structure of the market remains positive and expect it to continue to track global cues.
Stocks in focus today:
Coal India, Aurobindo Pharma: Over 600 listed companies including Coal India, Aurobindo Pharma, Abbott India, Ashoka Buildcon, Bharat Forge, Computer Age Management Services, Godrej Industries, Indiabulls Housing Finance, Indraprastha Gas, Reliance Infra and LIC Housing Finance, among others are scheduled to announce their July-September quarter earnings today.
Infosys: Infosys launched Infosys applied AI to help enterprises adopt a comprehensive approach and roadmap to scaling enterprise-grade AI for their businesses. With Infosys applied AI, businesses can readily access, deploy and contextualize services from the applied AI cloud.
State Bank of India: The bank in a BSE filing informed that its board of directors has approved the divestment of 8,510 equity shares constituting 8.51 per cent of Bank’s stake in UTI Trustee Company Private Limited.
Wipro: Wipro announced that it has won a multi-year contract for software engineering services from ThoughtSpot, which is a search and Artificial Intelligence-driven analytics platform.
Yes Bank: The private lender informed that CARE Ratings has upgraded ratings assigned to the debt instruments following the improvement in the credit profile of the bank post the implementation of the reconstruction scheme announced by the Reserve Bank of India (RBI).
Mahindra & Mahindra: M&M managed to beat estimates on most counts in the second quarter ended September 30. Had it not been for an exceptional item of Rs 770 crore, the company’s net profit would have been Rs 1,311 crore, marginally lower by 3 per cent on a year-on-year basis.
Hindalco Industries: Hindalco Industries reported an on-year decline of 60 per cent in the consolidated net profit at Rs 387 crore for the quarter ended September 30 due to a loss of Rs 1,398 crore in the sale of Aleris’s Lewisport plant.