Top four IT companies kicked off the March quarter earnings season with positive commentary for the year ahead (FY15), though numbers were mixed. The BSE IT index climbed gained 0.8 percent as Wipro and TCS rallied 3 percent each while HCL Technologies and Tech Mahindra climbed 1.7 percent.
It was a polling day, when the fifth phase of general elections for 121 Lok Sabha seats (maximum number of seats in a single phase) across 12 states (including all of Karnataka, Maharashtra and Rajasthan states) was held today.
Private sector lender ICICI Bank, commercial vehicle maker Tata Motors and aluminium major Hindalco Industries rallied nearly 4 percent.
Wipro is set to announce its fourth quarter (January-March) earnings on Thursday. According to CNBC-TV18 poll, the revenue is likely to rise 2.07 percent sequentially to Rs 10,541 crore and dollar revenue may increase 2.5 percent to USD 1719.6 million during the quarter.
Private sector lenders ICICI Bank and Axis Bank are lead gainers, rising over 2 percent. Commercial vehicle maker Tata Motors and software services exporter Wipro (ahead of Q4 earnings) advance 2.6 percent and 2.3 percent, respectively.
Tata Motors, ICICI Bank, Wipro, Hindalco and Axis Bank are top gainers in the Sensex. Among the losers are HDFC Bank, ONGC, NTPC and Coal India.
Commercial and luxury vehicles maker Tata Motors tops the buying list, rising 2 percent while software services exporter Wipro advances nearly 2 percent ahead of Q4 earnings.
The Indian rupee opened flat at 60.29 per dollar versus 60.37 Wednesday. The yen wallowed at one-week lows against the dollar, having eased broadly overnight as a rally in global stocks dented demand for the safe-haven currency.
Technology and capital goods stocks saw heavy selling pressure today with the BSE IT and Capital Goods indices losing 2.5 percent while metals and private banks outperformed.
IndusInd Bank rose 1.6 percent after the bank beat analysts' forecast by reporting net profit at Rs 396 crore in the quarter ended March 2014, up 29 percent compared to a year-ago period.
IT and realty stocks drag markets and FMCG stocks gain. Infosys, TCS, BHEL, Hero Motocorp and HDFC are under heavy selling presurre. Maruti, ITC, Tata Steel, GAIL and ICICI Bank are among the gainers in the Sensex.
Banks and metals stocks continue to see buying interest while capital goods, technology and healthcare stocks are under pressure. Top lenders SBI, ICICI Bank, HDFC Bank and Axis Bank gain 0.6-1 percent.
Infosys, TCS, Wipro, Cipla and Dr Reddy's Labs are laggards in the Sensex. Among the gainers are Hindalco, ITC, Maruti, Tata Steel and ICICI Bank.
Equity benchmarks see consolidation with the Sensex hovering around 22500 level. Banks, metals, auto and FMCG stocks continues to support the market while technology stocks are under pressure.
The Indian rupee opened lower at 60.29 per dollar on Wednesday, down 7 paise compared to previous closing value of 60.22 a dollar.
Prime India Opportunity on Thursday has offloaded 0.9 percent equity stake in RS Software. It had bought 1,96,092 equity shares of the company at Rs 175 on April 1.
German-based promoter Bayer AG, which held 15.65 percent stake as of March 2014, has reduced stake by selling 5.1 percent equity in Bayer CropScience on Thursday to its Gujarat-based 100 percent subsidiary Bilag Industries Private Limited (new name is Bilag Vapi Private Limited).
Bridge India Fund, the largest non-promoter shareholder, has raised its stake in Gulf Oil Corporation by 0.5 percent to 8.25 percent on Thursday.
Huge buying is taking place in Tata Metaliks shares on Thursday as Tata Steel says its shareholders will meet on May 16 to discuss merger of Tata Metaliks with the company. The stock gained as much as 20 percent intraday while Tata Steel climbed over a percent.
The brokerage expects Hathwayâs subscriber base to grow to 11 million from 7.6 million currently. "With 11 million subscriber realised, average revenue per users (ARPU) will rise by around 75 percent," it explains.
Brokerages recommended buying the stock further. Citi remains a buyer with a revised target of Rs 1600 from Rs 1580. Mindtree is one of its top picks and reassuring commentary impresses the brokerage house.
According to CNBC-TV18âs sources investment in Shriram Capital will be to the tune of over USD 300 million and that would mean that the existing promoter of Shriram Capital, R Thyagarajan, is likely to dilute his stake in the company.
On April 16, 2014 HDFC Midcap Opportunity Fund bought 8,99,200 shares of Dhanuka Agritech at Rs 231.
Gautam Thapar owns 42.7 percent of the power transmission and distribution company. According to the media report, the entire stake is on the block.
Reliance Communications says headline tariffs will increase from 1.5 paise per second to 1.6 paise per second, while tariffs on discounted and promotional plans will increase by up to 20 percent.
Analysts feel the net interest margin may be stable due to wholesale funds being stable sequentially and guided by the management to be stable while some expect NIM to moderate 10-12 basis points Q-o-Q.
According to CNBC-TV18 poll, profit after tax of the company is likely to fall 2.9 percent sequentially to Rs 5,175 crore but revenues (in rupee terms) may increase 1.7 percent Q-o-Q to Rs 21,662 crore and (in dollar terms) 2.2 percent to USD 3515 million during March quarter.
Brokerage house Nomura says it maintains buy rating on Maruti Suzuki with increased target price of Rs 2295 (from Rs 2135 earlier).
The board of directors of AstraZeneca Pharma on Tuesday deferred consideration of seeking approval of shareholders through postal ballot for the delisting of equity shares proposed by the promoters.
Titan Company shares gain 1.4 percent after Credit Suisse upgrades the stock to "outperform" from "neutral" and raises target to Rs 310 from Rs 250 on expectations gold regulatory frameworks would be dismantled in 6-12 months.