Stock Market

Sensex, Nifty off to a choppy start as caution prevails ahead of Q3 results

   Download Android App    Share in      FullScreen   CheckVideos

NEW DELHI: Frontline indices Sensex and Nifty trod a shaky road in opening trade on Thursday, tracking mixed Asian cues as investors restricted their bets seeking more clarity on US-China trade talks that concluded on Wednesday. Investors are on wait and watch mode and holding their bets ahead of crucial December quarter numbers.

Bandhan Bank and TCS are two companies whose number will influence mood of market today.

After falling about 86 points, Sensex climbed 56 points within first 10 minutes of trade, taking a swing of 142 points.

Around 9:25 am, BSE Sensex was flat at 36,209, while Nifty index was 11 points down at 10,844. The BSE Midcap and Smallcap indices were outperforming Sensex by trading 0.37 per cent and 0.28 per cent up, respectively, at that time.

Asian shares took a breather on Thursday after an extended rally, as markets awaited more news on US-China trade talks that have raised hopes of a deal to avert an all-out trade war between economic giants, Reuters reported. Oil prices fell by 1 per cent in global markets, giving a leg up to Indian rupee.

Dollar's weakness against it peers on account of increased selling of greenback by exporters and banks, too, improved rupee slightly. After opening 6 paise down, rupee was trading 12 paise higher at 70.35 against US dollar in early trade today. Tata Motors, YES Bank, NTPC, Tata Steel, ONGC and Infosys were trading among top gainers in Sensex index. IndusInd Bank, Axis Bank, Asian Paints, HDFC, Kotak Mahindra Bank and PowerGrid were among top Sensex losers.

Shares of IndusInd Bank declined a day after it posted a 5.21 per cent YoY rise in profit at Rs 985.03 crore for December quarter.

The stock fell after several brokerages, including Citi cut its target price on stock, while maintained buy recommendation.

Credit Suisse has cut FY19E EPS by 12 per cent on stock. IT heavyweight TCS is set to announce its December earnings today.

Centrum Broking expects TCS’ revenues to grow 1.8 per cent QoQ in constant currency (CC) terms and dollar revenues to grow 1 per cent as cross-currency headwind is likely to cut it by 80 bps.

“Ebitda margin may be at 28.5 per cent for Q3FY19, which represents a 60 bps improvement QoQ on a sequential basis.

We expect EBIT margin for Q3 to come in at 27.2 per cent, up 70bps QoQ,” brokerage said.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Stock Market


21