Shares of Tata Consultancy Services, HDFC Bank, ITC, ONGC and Indian Oil Corporation were trading mixed as the third-quarter earnings season has started. Going ahead in this week, the domestic markets are likely to be steered by upcoming quarterly results, along with the release of macroeconomic data including industrial production and inflation. Shares of India’s largest IT company TCS opened marginally up on Monday and zoomed over 1% to hit the day’s high of Rs 2,726.85 as the Tata group’s cash cow is all set to announce its third quarter report card. The stock of HDFC Bank also ticked up a little at opening bell but fell back slightly and was trading 0.3% down at Rs 1,858; shares of India’s FMCG giant ITC and the largest commercial enterprise Indian Oil Corporation rose more than 1% each.
On the other hand, the stock of ONGC was trading little down after opening in red. Meanwhile, Indian stock markets are rising day after day with the key benchmark indices making and breaking record highs led by the third quarter earnings optimism and expectations of a populist full-time budget by Modi government before 2019 general elections. Even today also, domestic markets started on a positive note and very quickly extended the gains to hit all new record highs. Sensex rose as much as 221 points to hit an all-time high of 34,374.85 while Nifty added 64.35 points to mark the record high of 10,623.2.
The global cues such as 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. BSE Sensex was trading 191.28 points or 0.56% higher at 34,345.13 and NSE Nifty was trading up 54.6 points or 0.52% to begin at 10,613.45. The investors seemed to be in a value-buying mode ahead of inflation data and the beginning of third-quarter corporate earnings. Later this week, companies like Tata Consultancy Services, Infosys and IndusInd Bank are scheduled to release the Q3 results.
The domestic currency rupee is also on a rising streak from the last 8 days. On Monday itself, rupee jumped 11 paise to hit a fresh 32-month high of 63.26 against the US dollar. The rupee had been on a rising streak from mid-November 2017 since then it had appreciated by over 200 paise from a level of 65.42 against the US dollar. With today’s appreciation in the rupee, the Indian currency got strengthened by more than 90 paise in last 8-day period against the US dollar.