BSE Sensex and Nifty 50 are expected to open in the positive territory on Wednesday, as suggested by trends in SGX Nifty. Nifty futures were trading 40.50 points or 0.28 per cent up at 14,641 on Singaporean Exchange.
The selloff in index heavyweights such as HDFC, RIL, HDFC Bank, Bajaj Finance and Kotak Mahindra Bank caused the benchmarks to give up on their gains and break their three-session record high streak.
BSE Sensex and Nifty 50 are expected to open in the positive territory on Wednesday, as suggested by trends in SGX Nifty. Nifty futures were trading 40.50 points or 0.28 per cent up at 14,641 on Singaporean Exchange. In the previous session, Sensex ended just shy of 50,000-mark, while Nifty rallied over half a per cent and settled above the crucial 14,550. Today, corporate earnings are likely to induce stock-specific action while COVID-19 vaccine rollout, oil prices and rupee movement will sway the market sentiment. According to the technical analyst, the Nifty 50 index would take hold at the level of 14650/49800 or at 14700/50000 on Wednesday. “On the downside, the Nifty should find support between 14450 or at 14400. Our strategy should be to buy select stocks on dips or Index between 14460/14430 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Bharti Airtel: Bharti Airtel said pursuant to the FDI approval in January 2020 granted to it by the DoT, the company has received necessary approvals for its relevant downstream investments. Telecom giant further said it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 per cent with immediate effect.
Tech Mahindra: Tech Mahindra said it will acquire Payments Technology Services Ltd (PTSL) for USD 9 million (about Rs 66 crore). The acquisition will give Tech Mahindra access to IPs and licenses for two products – Open Payment Framework (OPF) and Multi-Bank System (MBS).
Bharat Rasayan: The company’s board approved the proposal of buyback of up to 93,472 equity shares or 2.2 per cent shares at Rs 11,500 apiece.
State Bank of India: According to the shareholding data on BSE, mutual funds reduced their stake to 12.72 per cent in the October-December quarter from 12.95 per cent in the previous quarter. Similarly, LIC also lowered its shareholding to 9.74 per cent from the previous 10 per cent and while foreign portfolio investors (FPIs) increased their stake to 9.82 per cent from 7.75 per cent in the said period.
Tata Elxsi: Tata Elxsi on Tuesday said its net profit has increased 39.5 per cent to Rs 105.2 crore for the December 2020 quarter. The company had registered a net profit of Rs 75.4 crore in the year-ago period, Tata Elxsi said in a regulatory filing. Its revenue from operations rose 12.7 per cent to Rs 477.1 crore for the said quarter.
Tata Consultancy Services:TCS said it will acquire GE’s stake in Tata Consultancy Services Saudi Arabia for USD 12,471 (about Rs 9.13 lakh). In September 2013, TCS announced the creation of an all-women business process services centre in Riyadh (Saudi Arabia) in partnership with GE.