Indian stock markets are likely to open higher on Thursday on the back of optimism revival as the government lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier.
Indian stock markets are likely to open higher on Thursday on the back of optimism revival as the government lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier. The record closing high on Wall Street with Dow Jones Industrial Average finishing above 26,000 for the first time will also be a key driving factor for Asian equities on Thursday. The early indicator of NSE Nifty, SGX Nifty Futures was trading up 0.4% at 10,848 points on the Singapore Stock Exchange. Shares of Adani Ports SEZ, Bharti Airtel, UltraTech Cement and Yes Bank will be in close watch ahead of their respective third-quarter earnings scheduled for later today. Other major companies which are also lined up with Q3 earnings are Deepak Nitrite, Adani Enterprises, Cyient, DB Corp, Hindustan Zinc, Mastek, and Zensar Technologies.
State Bank of India: State Bank of India said its board has given nod to raise Rs 20,000 crore for financing affordable housing and infrastructure projects through long-term bonds.
TCS: India’s largest IT firm TCS has expanded its business relationship with the American audio equipment maker Shure, which entails setting-up of a global development centre.
Bharti Infratel: Mobile tower firm Bharti Infratel posted 6 per cent fall in consolidated net profit to Rs 585 crore for the December quarter of the current fiscal on higher costs.
Zee Entertainment Enterprises: Indian media conglomerate Zee Entertainment Enterprises on Monday reported a 28.27 percent increase in consolidated net profit at Rs 321.72 crore for the December quarter, mainly on account of higher advertisement revenue.
Adani Transmission: Adani Transmission Ltd said its consolidated profit-after-tax saw an eight-fold rise at Rs 842 crore in the quarter through December 2017.
Hindustan Unilever: FMCG major Hindustan Unilever Ltd reported a 27.74 per cent jump in its net profit at Rs 1,326 crore for the quarter ended December 31 on volume growth and improvement in margins across categories.
Mindtree: Mid-sized IT firm Mindtree said its consolidated net profit rose 37.2 per cent to Rs 141.5 crore for the December quarter and it expects to clock “high single-digit growth” in the ongoing fiscal.
Yes Bank: Private sector lender Yes Bank said it will mobilise USD 1 billion by 2023 for financing solar energy projects in India.
Srei Infrastructure Finance: Srei Infrastructure Finance reported consolidated profit after tax of Rs 105.14 crore for the quarter ended December 2017, a growth of 56 per cent year-on-year.
The Indian rupee on Wednesday: The rupee bounced back in style after a brief overnight crash and ended higher by 16 paise at 63.88 against the US dollar.
Indian stock markets on Wednesday
The equity benchmark indices Sensex and Nifty closed at record high levels on Wednesday afternoon, after banking stocks surged in trade following the news of government borrowing requirement being cut. Notably, Sensex closed at a fresh high of 35,081 points, 310 points above its opening, buoyed by a rise in shares of Axis Bank, SBI, ICICI Bank, Infosys and Yes Bank which surged by more than 2.5% each. 21 stocks in the 30 share barometer ended in green on Wednesday afternoon. The broader 50-share Nifty touched 10,800 for the first time in history, however, closed a few points lower at 10,788. It took 17 sessions for the Sensex to reach the 35,000 mark from 34,000 level reached on December 26. Banking stocks ratcheted up after the Centre lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier.
US stock markets on Wednesday
US stocks jumped on Wednesday and the Dow closed above 26,000 for the first time as investors’ expectations for higher earnings lifted stocks across sectors, Reuters said in a report. The Dow also hit an all-time high in intraday trading. It had briefly reached the 26,000 milestone on Tuesday, in its fastest 1,000-point rise to date, before dropping back below that threshold, Reuters added. The Dow Jones Industrial Average rose 322.79 points, or 1.25 percent, to 26,115.65, the S&P 500 gained 26.14 points, or 0.94 percent, to 2,802.56 and the Nasdaq Composite added 74.59 points, or 1.03 percent, to 7,298.28.