The market will look forward, with high hopes on Q2 results and an end to the moratorium saga. IT, Banks and FMCG will be the sectors under focus, in the near-term
Nifty futures were trading 38 points lower at 11,930 on Singaporean Exchange, indicating a lower opening for BSE Sensex and Nifty 50 on Tuesday. Positive global cues coupled with other factors drove the Indian share markets to 8th straight day of gains. A host of factors such as weak macroeconomic data, along with COVID-19 cases, oil prices, corporate earnings induced stock-specific developments, rupee movement and other global cues will continue to sway investor sentiment. “The market will look forward, with high hopes on Q2 results and an end to the moratorium saga. IT, Banks and FMCG will be the sectors under focus, in the near-term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks in focus today:
Wipro: IT bellwether is scheduled to announce its July-September quarter earnings later in the day today. Along with quarterly earnings, the Wipro board is set to consider a share buyback plan today. Research and brokerage firm Centrum Broking expects Wipro to deliver 1.5 per cent QoQ constant currency revenue growth.
Lakshmi Vilas Bank: Lakshmi Vilas Bank (LVB) on Monday said its board will meet later this week to consider issuance of shares on rights basis to existing shareholders. Last week, the lender said it has received a non-binding offer from Clix group for a merger.
Reliance Industries: RIL’s digital arm Reliance Jio has become the first mobile service provider to top 40 crore customers mark in India with a net addition of over 35 lakh subscribers in July, according to data released by telecom regulator Trai on Monday.
Airtel, Vodafone Idea: In July, Bharti Airtel added 3.26 million users, while Vodafone Idea lost 3.72 million subscribers. As per data shared by Telecom Regulatory Authority of India (Trai), at the end of July 2020, the mobile subscriber base of Bharti Airtel stood at 319.93 million and Vodafone Idea at 301.37 million.
Infosys: Infosys on Monday, announced that it has completed the acquisition of Kaleidoscope Innovation, a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets, bolstering capabilities in the design of smart products.