Indian markets opened little higher as the positive expectations flow ahead of corporate earnings of HDFC and the mixed sentiments of investors as they await the Federal Reserve's policy decision later in the day for more clues on its tightening plans.
Indian markets opened little higher as the positive expectations flow ahead of corporate earnings of HDFC and the mixed sentiments of investors as they await the Federal Reserve’s policy decision later in the day for more clues on its tightening plans. US Federal Reserve will conclude the two-day meet later on Wednesday and is widely expected to keep interest rates unchanged. The broader benchmark Nifty which breached the magical five-digit figure of 10,000 in intraday trade yesterday opened 19 points higher at 9,983.65 points and BSE Sensex opened 27 points higher at 32,255.99 points.
The major corporate earnings lined up for the day are of the largest housing finance firm HDFC and the fifth-largest private sector lender Yes Bank. Other earnings qued up for the day are Adlabs, Bharat Financial Inclusion, Federal Bank, HCL Infosystems, IFB Agro, Inox Leisure, L&T Finance, Mphasis, Nestle India, Orient Cement, PNB Gilts, PVR, Radico Khaitan, Shanti Gears, Siyarams. HDFC shares were little changed at Rs 1,635.35 (up 0.2%) while Yes Bank traded at Rs 1,626.25 (up 0.52%).
Shares of Vedanta rose 2.77% to the 52-week high of Rs 281.85 while Tata Steel (up 1.16%), BPCL (up 0.97%), Eicher Motors (up 0.89%), Mahindra & Mahindra (up 0.84%) and ITC (up 0.79%) were among the other top gainers on Nifty 50.
Bharti Airtel stock was trading in red after India’s largest telecom company, today reported its smallest profit in 18 quarters as the price war triggered by newcomer Reliance Jio led to a massive 75% fall in its April-June earnings. The net profit for the first quarter of 2017-18, at Rs 367 crore, was 74.9%. Hero MotoCorp shares were little changed at Rs 3,720 (up 0.3%) after the company marked its best-ever quarterly unit sales, two-wheeler market leader Hero MotoCorp yesterday reported a 3.5% increase in profit after tax at Rs 914.04 crore for the April-June quarter.
Shares of Axis Bank declined 1.7% to Rs 535.7 after India’s third-largest private sector bank yesterday reported the net profit for the April-June quarter fell down 16% at Rs 13.06 billion. Asian Paints was the second worst loser on the index after reporting 20.23% decline in consolidated net profit to Rs 440.74 crore for the first quarter ended June 30. Most of the sectoral indices stocks traded higher including bank, auto, FMCG, financial services, IT, metal, pharma and realty with gains up to 1.03% while media index was down 0.34%.
Asian stocks steadied on Wednesday and the dollar held firm as a rate hike not in the picture this time, the focus will be on the Fed’s statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates.
Indian markets marked the iconic moment in the history on Tuesday as the broader Nifty 50 index clocked the most awaited five-digit figure of 10,000. Nifty rose 44 points from its previous close on Monday to breach the phenomenal five-digit figure of 10,000. The 50-share barometer opened 0.44% higher at 10,010.55 points yesterday while the oldest Indian benchmark Sensex gained over 100 points to mark a new lifetime high of 32,374.3 points.
US stocks gained on the back of stronger corporate results. The S&P 500 climbed to an all-time high on Tuesday on a heavy day of corporate results highlighted by well-received reports from McDonald’s and Caterpillar and gains for bank shares.
The Nasdaq also managed to set a record high despite declines in Google parent Alphabet after its results. Alphabet shares ended down 2.9%. The Dow Jones Industrial Average rose 100 points to 21,613.43, the S&P 500 gained 0.29%, to 2,477.08 and the Nasdaq Composite added 1.37 points to 6,412.17. The stocks of McDonald’s (up 4.8%) and Caterpillar (up 5.9%) which spurred the Dow industrials, leaving the index close to record territory.