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  1. Earnings caution: Sensex, Nifty trade flat as Infosys drops for 2nd day; Bajaj Electricals jumps 7%

Earnings caution: Sensex, Nifty trade flat as Infosys drops for 2nd day; Bajaj Electricals jumps 7%

Indian equities started flatly on Tuesday with Sensex and Nifty opening marginally up in positive territory following a decline in the volatility as investors stay cautious over Q4 and year-end corporate earnings.

By: | Published: April 17, 2018 9:46 AM
Up until 9:30 am, BSE Sensex shuttled between a high of 34,398.09 and a low of 34,303.69 after opening at 34,381.8, up by 76.37 points. (Image: Reuters)

Indian equities started flatly on Tuesday with Sensex and Nifty opening marginally up in positive territory following a decline in the volatility as investors stay cautious over Q4 and year-end corporate earnings. Shares of metal and real estate sector traded higher while that of IT, media and bank turned down. Up until 9:30 am, BSE Sensex shuttled between a high of 34,398.09 and a low of 34,303.69 after opening at 34,381.8, up by 76.37 points. The broader Nifty index began the day at 10,557.3, little up from yesterday’s close edged lower but managed to trade above 10,500-level.

The stock of Power Grid was the top gainer among the constituents of BSE Sensex on Monday rising as much as 4% to Rs 207. Other shares which also gained include M&M, Tata Steel, NTPC and Tata Motors.  Shares of India’s second-largest IT services company Infosys dropped for the second straight day falling by over 1% to Rs 1,121 on BSE. Shares of Axis Bank, Wipro, Hero MotoCorp, ITC, TCS, Sun Pharma and Maruti Suzuki also lost ground on Tuesday.

Shares of Bajaj Electricals jumped more than 7% on Monday after the Bajaj group’s consumer electronic equipment maker bagged orders for rural/urban electrification projects in Uttar Pradesh from Madhyanchal Vidyut Vitaran Nigam Limited (MVVNL) aggregating worth Rs 3,577.93 crore. The stock of Bajaj Electricals surged 7.53% to a day’s high of Rs 665.85 on BSE today.

US stocks closed higher on Monday, with the biggest boosts from the technology and healthcare sectors as investors turned their focus to earnings season and appeared less worried about US-led missile attacks in Syria, Reuters said in a report. The Dow Jones Industrial Average rose 212.90 points or 0.87% to 24,573.04, the S&P 500 gained 21.54 points or 0.81% to 2,677.84 and the Nasdaq Composite added 49.64 points or 0.7% to 7,156.29.

Oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East, Reuters reported. Brent crude oil traded up 0.32% at $71.65 per barrel while US West Texas Intermediate crude traded 0.44% higher at $66.51 a barrel.

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