Indian stock markets dropped marginally on Wednesday to close in negative territory after making all-new record highs in the opening session following a little caution ahead of the major corporate earnings beginning tomorrow with companies such as TCS and IndusInd Bank.
Indian stock markets dropped marginally on Wednesday to close in negative territory after making all-new record highs in the opening session following a little caution ahead of the major corporate earnings beginning tomorrow with companies such as Tata Consultancy Services and IndusInd Bank. BSE Sensex shed 10.12 points or 0.03% to settle at 34,433.07 while NSE Nifty lost 4.8 points or 0.05% to conclude at 10,632.2. The domestic stock markets started on a positive note for the sixth straight day on Wednesday on the back of value buying. The benchmark Sensex rose as much as 122.44 points to hit a fresh record high of 34,565.63 while the wider share indicator Nifty jumped 18.5 points to hit a fresh lifetime peak at 10,655.5.
Shares of Tata Consultancy Services rose 3.64% to Rs 2,807.1; Wipro gained 2.66% to Rs 326.05; Coal India surged 1.33% to Rs 308.1; Adani Ports zoomed 1.05% to Rs 423.75; Infosys soared 0.99% to Rs 1,051.6 while IndusInd Bank ended up 0.64% at Rs 1,734.75. These six shares emerged as the only notable gainers on S&P BSE Sensex while, on the other hand, shares of Dr Reddy’s, NTPC, Asian Paints, Bajaj Auto, SBI, Tata Motors, HDFC, Bharti Airtel, L&T, Power Grid, Axis Bank, ITC, Hero MotoCorp and Yes Bank lost in a range of 0.4% to 1.5%. In morning session, BSE Sensex gained 95.59 points to start at 34,538.78 and NSE Nifty added 15.05 points to open at 10,652.05, both the key indices marked their respective opening record highs today.
Going ahead in this week, the domestic markets are likely to be steered by upcoming quarterly results, along with the release of macroeconomic data including industrial production and inflation. Tomorrow, 11 January 2018, India’s largest IT company TCS and one of the prominent private sector lender IndusInd Bank are all set to release their respective third-quarter earnings report card while India’s second-largest IT company Infosys will announce its Q3 earnings on 12 January 2018. Following the Q3 earnings of TCS, shares of other IT companies such as HCL Tech, Tech Mahindra rose up 1.88% and 1.84% respectively.
In the week ahead, the global cues such as rising crude oil prices, combined with the direction of foreign fund flows and the rupee’s movement against the US dollar, will also impact investors’ risk-taking appetite.
Shares of Welspun India Ltd topped the exchange turnover and the value traded on Wednesday on NSE and BSE, up until 12 pm today. Share prices of Welspun India jumped over 12% in Wednesday’s trade taking the stock to crest the stock exchange turnover. Welspun India zoomed as much as 12.4% to the day’s high of Rs 82.5 before closing up 4.16% at Rs 76.45. Among the group ‘A’ of BSE, shares of Aban Offshore, Tata Sponge Iron, Great Eastern Shipping, Himachal Futuristic Communications, and Sterlite Technologies surged between 7% and 15%.