Sensex and Nifty are likely to open lower on Wednesday following a lower-than-expected second-quarter earnings reported by few companies led by Axis Bank. The early indicator of NSE Nifty — SGX Nifty Futures — was trading 0.4% lower at 10,221 points on the Singapore Stock Exchange. Meanwhile, most of the Asian shares consolidated recent gains in the early trade today.
Stocks in focus on account of Q2 earnings
Ultratech Cement, NIIT Technologies, Alfred Herbert, SIL Investments.
These stocks will be in focus today
Wipro: India’s IT bellwether Wipro reported more than 5 per cent quarter-on-quarter rise in consolidated net profit at Rs 2,190 crore for quarter ended September 30, 2017 against Rs 2,083 crore in the previous quarter ended June 30, 2017. Wipro posted IT service revenue at Rs 13,169 crore as against a CNBC-TV18 poll of Rs 13,200 crore. The EBIT also came in higher than expected, as Rs 2,278.4 crore, as against CNBC TV18’s poll estimate of Rs 2,191.2 crore.
Axis Bank: Private sector Axis Bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect despite a spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank, PTI reported. The bank, which already has highest bad loans among the top three private sector lenders, saw fresh slippages — assets turning sour — to the tune of Rs 8,936 crore, including Rs 4,867 crore in “divergence” found by the Reserve Bank on its FY17 provisions treatment. The bank had a net profit of Rs 319 crore in the year-ago period and Rs 1,305 crore in the June 2017 quarter.
Bajaj Auto: Bajaj Auto, which reported a marginal dip in net profit at Rs 1,193.6 crore in the three months to September, said it will start exporting its premium bikes to Australia and Thailand this fiscal, PTI reported.
ACC: Cement maker ACC reported over two-fold jump in its consolidated net profit to Rs 181.53 crore for the third quarter ended September 30, mainly driven by increased productivity and cost optimisation.
Bajaj Holdings and Investment: Bajaj Holdings and Investment reported a 19 per cent rise in its consolidated profit after tax (PAT) at Rs 834 crore for the September quarter of the current fiscal.
Nalco: Aluminium major Nalco is planning to set up two joint ventures – one with US-based Almex and another with Russia’s Rusal – at the upcoming Angul Aluminium Park in Odisha, a senior company official said.
ICICI Lombard: The largest private sector non-life insurer ICICI Lombard reported a 19.3 per cent growth in net profit at Rs 204.04 crore for the three months to September driven by an improvement in its combined ratio and lower underwriting losses.
Bajaj Allianz General Insurance: Driven by a near four-fold growth in underwriting profit, private sector Bajaj Allianz General Insurance reported 11 per cent growth in net profit at Rs 260 crore for the three months to September.
Crisil: Credit rating firm Crisil reported net profit of Rs 69.42 crore — flat from a year ago — for the September quarter.
HT Media: HT Media reported over two-fold jump in consolidated net profit at Rs 66.22 crore for the quarter ended September 30, 2017, mainly on account of lower expenses.
Blue Dart Express: Logistics major Blue Dart Express reported 3.29 per cent fall in standalone net profit to Rs 41.39 crore for the September quarter, 2017-18.
Tata Sponge Iron: Tata Sponge Iron reported a 72 per cent rise in its standalone net profit to Rs 27.61 crore for the quarter ended September 30.
Indian Rupee on Tuesday: The rupee’s tumbled by a sharp 28 paise to close at 65.02 a dollar.
Indian markets on Tuesday
Sensex and Nifty closed flat in a muted trade activity on Tuesday as investors waited for the second-quarter earnings of Wipro and Axis Bank. BSE Sensex dropped 24.48 points to end at 32,609.16 points while NSE Nifty closed 3.6 points higher at 10,234.45. The sell-off in the blue-chip shares such as Infosys, Axis Bank, HDFC Bank led the benchmark indices to settle flat. The stock of Bharti Airtel advanced for the third day in a row, hit a fresh 52-week high, rose as much as 2.86% at Rs 465.95 on BSE.
US markets on Tuesday
The Dow Jones Industrial Average briefly broke above the 23,000-point mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, but finished the session just below that milestone. The blue-chip index, which surpassed similar 1,000-point marks three times previously this year, has been steadily inching higher and is up 2.6 percent so far this month, putting it on track for a seventh straight monthly advance, Reuters reported. The Dow Jones Industrial Average rose 40.48 points, or 0.18 percent, to end at 22,997.44, a record closing high. It rose as high as 23,002.20 during the session. The S&P 500 gained 1.72 points, or 0.07 percent, to 2,559.36, also a record high close. The Nasdaq Composite dipped 0.35 point, or 0.01 percent, to 6,623.66.