Sensex, Nifty under pressure ahead of TCS Q3 results; Symphony jumps 10%, Fortis healthcare cracks 7%

By: | Published: January 11, 2018 9:54 AM

India's stock markets started on a cautious note on Thursday as investors were keenly awaiting the major third-quarter earnings beginning with the blue-chip firms such as TCS and IndusInd Bank.

Within minutes of trading activity, both the key equity indices Sensex and Nifty fell into negative territory and continued to hover around opening marks. (Image: Reuters)

India’s stock markets started on a cautious note on Thursday as investors were keenly awaiting the major third-quarter earnings beginning with the blue-chip firms such as TCS and IndusInd Bank. BSE Sensex started at 34,471.48, up by 38.41 points while NSE Nifty began the day at 10,637.05, just 4.85 points up from Wednesday’s closing. Within minutes of trading activity, both the key equity indices fell into negative territory and continued to hover around opening marks. Shares of TCS and IndusInd Bank shed a little due to profit booking ahead of their respective third-quarter earnings. Going ahead in this week, the domestic markets are likely to be steered by upcoming quarterly results of TCS, IndusInd Bank and Infosys and also with the release of macroeconomic data including industrial production and inflation. Among the ‘A’ group shares on BSE, stocks of Aban Offshore, Symphony, Jubilant Life Sciences, Jai Corp, and Jindal Saw surged between 6% and 10% whereas Fortis Healthcare, RCom, and Videocon lost between 2% to 7%.

Today, 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. Shares of Infosys, Tata Motors, ONGC, Tata Steel, HDFC, Kotak Mahindra Bank emerged as the only notable gainers among the Sensex stocks today rising up to 1.1% while shares of Coal India, Wipro, ICICI Bank, Yes Bank, Sun Pharma, Axis Bank, Asian Paints and Bajaj Auto lost up to 1.2%. 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.

The three major US stock indexes ended lower on Wednesday after a choppy trading session as investors worried that China would slow US government bond purchases that US President Donald Trump would end a key trade agreement, Reuters said in a report. The S&P and the Nasdaq snapped a six-day rally after Bloomberg reported that China, the world’s biggest holder of US Treasuries, could slow or stop buying the government bonds, Reuters added. The report sent Treasury yields to a 10-month high. The Dow Jones Industrial Average fell 16.67 points, or 0.07 percent, to 25,369.13, the S&P 500 lost 3.06 points, or 0.11 percent, to 2,748.23 and the Nasdaq Composite dropped 10.01 points, or 0.14 percent, to 7,153.57.

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