Indian stock markets are likely to open on a higher note following the third-quarter earnings optimism and another record closing on Wall Street on Friday last week.
Indian stock markets are likely to open on a higher note following the third-quarter earnings optimism and another record closing on Wall Street on Friday last week. The early indicator of NSE Nifty, SGX Nifty Futures was trading 0.37% higher at 10,726 on the Singapore Stock Exchange. Shares of Federal Bank, Zee Learn, ABC Bearings, Delta Corp, and India Grid Trust will be closely watched today ahead of their respective Q3 results.
These shares will be in focus today
IDFC Bank and Capital First: IDFC Bank and Warburg Pincus-backed non-banking financial company Capital First had announced a merger in an all-stock deal, creating a Rs 88,000-crore combined entity. The boards of both companies fixed the share swap ratio at 139:10, which means IDFC Bank will issue 139 shares for every 10 shares of Capital First.
Airtel, RIL, Idea: Telecom regulator Trai today slashed international incoming call termination rate to 30 paise from 53 paise, mainly to curb the “grey route” and enhance revenues of Indian telecom operators. “The Authority has reduced the termination charges payable by an International Long Distance Operator (ILDO) to the access provider in whose network the call terminates from Rs 0.53 per minute to Rs 0.30 per minute,” Trai said in a statement.
Infosys: India’s second-largest IT company Infosys on Friday reported a rise of 38.22% in the net profit to Rs 5,129 crore for the October-December quarter for the current fiscal as compared to Rs 3,708 in the same period last year. The total revenues from operations rose marginally to Rs 17,794, up by 3.01% for the third quarter ended 31 December 2017. Infosys posted a total revenue of Rs 17,273 crore for the October-December quarter of the financial year 2016-2017. Interestingly, the EPS (earnings per share) jumped 38% while the cash and cash equivalents declined by 33% due to the mega share buyback of worth Rs 13,000.
HDFC: HDFC had approved raising up to Rs 13,000 crore primarily to maintain its holding in its banking arm and enter segments like stressed assets and health insurance.
Indian Rupee on Friday: The rupee ended 3 paise higher at 63.63 against the US dollar.
Indian stock markets on Friday
A sustained rise in the shares of heavyweight companies such as ICICI Bank, Reliance Industries, HDFC, and Maruti Suzuki elevated stock markets to conclude at fresh record highs on Friday with Sensex topping 34,592.39 at the close, up by 88.9 points. The wider share indicator NSE Nifty rose 30.05 points to settle at 10,681.25. In the mid-morning trades, domestic markets got a jolt with Sensex and Nifty sliding into negative territory after four of India’s senior-most judges of the Supreme Court raised concerns over the administration of the apex court. Following which, S&P BSE Sensex tumbled 296 points from the day’s high, falling to the day’s low of 34,342.16 points; while NSE Nifty slid about 100 points from the intra-day high to hit the day’s low at 10,598.6. Within an hour of choppy trade, key equity indices recovered all of the losses, thanks to the shares of above mentioned blue-chip firms.
US stock markets on Friday
Wall Street continued its rally on Friday with record closing highs as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales drove investor optimism about economic growth, Reuters said in a report. The S&P 500 and Nasdaq both registered their eight record closing highs out of the first nine trading days of 2018, while the Dow boasted its sixth closing high of the year, Reuters added. The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24 and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.