Sensex, Nifty trade little up as caution prevails ahead of major Q4 earnings; HCL Tech falls 5%

By: |
Published: May 2, 2018 9:44:17 AM

Indian equities extended gains after opening marginally higher on Wednesday with Sensex rising nearly 200 points and firming above 10,750-level on the back of fourth-quarter earnings optimism while most of the Asian peers traded unchanged ahead of US Federal Reserve's policy.

The benchmark Sensex gained 196.79 points to mark a day’s top of 35,357.15 after opening slightly higher at 35,328.91 on Wednesday. (Image: Reuters)

Indian equities extended gains after opening marginally higher on Wednesday with Sensex rising nearly 200 points and firming above 10,750-level on the back of fourth-quarter earnings optimism while most of the Asian peers traded unchanged ahead of US Federal Reserve’s policy. Shares of Kotak Mahindra Bank, Bajaj Auto, Tata Motors and Maruti Suzuki emerged as the top gainers among the components of BSE Sensex today. IT sector stocks were the biggest losers on the bourses on Wednesday with shares of HCL Technologies falling more than 4% after the Noida-based company posted a drop in the net profit.

The benchmark Sensex gained 196.79 points to mark a day’s top of 35,357.15 after opening slightly higher at 35,328.91 while NSE Nifty edged to a fresh three-month high of 10,784.65 after opening at 10,783.85, up by 44.5 points on Wednesday.

India’s fourth-largest IT company HCL Technologies reported a decline of 9.9% in the net profit to Rs 2,228 crore for the quarter ended 31 March 2018 as compared to Rs 2,473 crore in the comparable quarter a year earlier. The stock of HCL Technologies shed as much as 4.74% to a day’s low of Rs 1,001.55 on BSE today. HCL Technologies also declared a dividend of Rs 2 per equity share of face value Rs 2.

“The board of directors has declared an interim dividend of Rs 2 per equity share of Rs 2 each of the company for the financial year 2018-2019,” HCL Technologies said in an exchange filing. Further, 10 May 2018 has been as the record date for determining the entitlement of the shareholders to the aforesaid interim dividend and the payment date of the interim dividend shall be 17 May 2018.

Earlier yesterday, Apple’s shares rose about 4% after the company beat revenue and profit expectations in its March quarter. The S&P 500 edged higher on Tuesday after comments from a Trump administration official on trade with China and the Mexican economy minister on the renegotiation of the North American Free Trade Agreement provided cause for optimism, Reuters said in a report.  The Dow Jones Industrial Average fell 64.1 points or 0.27% to 24,099.05, the S&P 500 gained 6.75 points or 0.25% to 2,654.8 and the Nasdaq Composite added 64.44 points or 0.91% to 7,130.70.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

FinancialExpress_1x1_Imp_Desktop