Markets

News Details

( 12 Oct 2017)
Markets open higher in early trade

The key domestic benchmark indices opened higher in the morning trading session tracking firm cues and positive trend across global peers.

The IT bellwether Tata Consultancy Services (TCS) will kick-off second quarter earnings season today. According to brokerage Edelweiss Securities, the IT major may report revenue growth of 1.6 per cent in dollar terms and 0.7 per cent sequentially in constant currency terms.

On the banking front, private sector lender IndusInd Bank will also report quarterly earnings today. Lakshmi Vilas Bank will remain in focus after the private sector lender reported an 83.4 per cent drop in net profit at Rs 10.50 crore during the July-September quarter ended September 30, compared to Rs 64.84 crore in Q2FY17, due to higher provisioning for bad loans.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 31912.63 up by 78.64 points or by 0.25 per cent, while the NSE Nifty was at 10020 up by 35.20 points or by 0.35 per cent.

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 544.20,+3.50 per cent), Lupin Ltd. (Rs. 1056.00,+1.00 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 2398.00,+0.97 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 400.00,+0.74 per cent), Larsen & Toubro Ltd. (Rs. 1141.00,+0.68 per cent), among others.

Meanwhile, Coal India Ltd. (Rs. 281.20,-0.88 per cent), Axis Bank Ltd. (Rs. 514.20,-0.26 per cent), ICICI Bank Ltd. (Rs. 267.05,-0.09 per cent), Infosys Ltd. (Rs. 930.00,-0.06 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 509 shares traded, 379 shares advanced, 104 shares declined while 26 were unchanged.

On the global front, Asian stocks were trading higher taking cues from signs of confidence in the US, while the Wall Street closed higher in the previous trading session amid easing geopolitical tensions such as the secessionist push in Spain and cooling tensions on the Korean peninsula.