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Indian shares started the week on a relatively firm footing as investors gauged the ongoing corporate earnings season for signs of a pickup in economic activity.
The S&P BSE Sensex climbed 0.3 percent t0 28,179 while the NSE Nifty gained 0.2 percent to 8,708. The market breadth was in favour of the buyers at 928 advances, 703 declines and 256 stocks remaining unchanged.
The S&P BSE India Oil & Gas Index rose to its highest level since January 2008, while a gauge of 10 lenders added about 1 percent after surging 4 percent last week.
Foreign investors have been bullish on India amid prospects for higher economic growth and more reforms from Prime Minister Narendra Modi’s administration. Mark Mobius, the executive chairman of Templeton Emerging Markets Group, said on Friday that the South Asian nation is its top pick in emerging markets. The Sensex has rallied 23 percent from a February low, sending valuations to near the highest in eight months relative to a gauge of global equities.
Oil & Natural Gas Corp., India’s largest state-owned oil explorer, jumped 4.5 percent to its highest level in 15 months after announcing a free share plan. It was the top gainer on the Sensex. ICICI Bank Ltd., the country’s biggest private lender, rose about 2.5 percent, extending last week’s 15 percent surge. Goldman Sachs Group Inc. and UBS AG both raised the stock to buy.
Wipro Ltd. was the top loser on the Sensex with a 3 percent decline after the nation’s third-biggest software services provider “guided for negative to flat revenues" for the next quarter, brokerage Prabhudas Lilladher Pvt. Ltd. wrote in a report. The company’s second-quarter profit and sales beat estimates.
(With inputs from Bloomberg News)
Indian shares started the week on a relatively firm footing as investors gauged the ongoing corporate earnings season for signs of a pickup in economic activity.
The S&P BSE Sensex climbed 0.3 percent t0 28,179 while the NSE Nifty gained 0.2 percent to 8,708. The market breadth was in favour of the buyers at 928 advances, 703 declines and 256 stocks remaining unchanged.
The S&P BSE India Oil & Gas Index rose to its highest level since January 2008, while a gauge of 10 lenders added about 1 percent after surging 4 percent last week.
Foreign investors have been bullish on India amid prospects for higher economic growth and more reforms from Prime Minister Narendra Modi’s administration. Mark Mobius, the executive chairman of Templeton Emerging Markets Group, said on Friday that the South Asian nation is its top pick in emerging markets. The Sensex has rallied 23 percent from a February low, sending valuations to near the highest in eight months relative to a gauge of global equities.
Oil & Natural Gas Corp., India’s largest state-owned oil explorer, jumped 4.5 percent to its highest level in 15 months after announcing a free share plan. It was the top gainer on the Sensex. ICICI Bank Ltd., the country’s biggest private lender, rose about 2.5 percent, extending last week’s 15 percent surge. Goldman Sachs Group Inc. and UBS AG both raised the stock to buy.
Wipro Ltd. was the top loser on the Sensex with a 3 percent decline after the nation’s third-biggest software services provider “guided for negative to flat revenues" for the next quarter, brokerage Prabhudas Lilladher Pvt. Ltd. wrote in a report. The company’s second-quarter profit and sales beat estimates.
(With inputs from Bloomberg News)
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Shares of the power arm of the Adani Group fell as much as two percent to Rs 27.10 after the company posted its second quarter earnings.
Net Loss for the company narrowed to Rs 113.40 crore compared to Rs 404.74 crore in the year ago period. While the company’s net sales were flat year-on-year, EBITDA margins grew 35 basis points to 31.52 percent compared to 31.17 percent in the same quarter last year.
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Shares of the IT services provider fell as much as 4.8 percent to their lowest since July 2014. The stock is the worst performer on the S&P BSE 200 index and the second worst on BSE500.
The firm reported a net income drop of 37 percent YoY to Rs 94.80 crore in its third quarter earnings. Following the results, the stock was cut to ‘Reduce’ at BNP Paribas, while Anand Rathi Securities reduced its rating to ‘Hold’.
Indian shares climbed along with Asian equities amid a retreat in crude oil prices, as investors adopt a cautious stance before a slew of major companies report earnings this week.
The S&P BSE Sensex gained 0.4 percent to 28,192 while the NSE Nifty advanced 0.3 percent to 8,723. The market breadth was encouraging at 1,079 advances, 394 declines and 389 stocks remaining unchanged on the NSE.
The S&P BSE IT index was the worst performing sectoral gauge, while the S&P BSE Utilities index topped the winners’ list.
Indian shares climbed along with Asian equities amid a retreat in crude oil prices, as investors adopt a cautious stance before a slew of major companies report earnings this week.
The S&P BSE Sensex gained 0.4 percent to 28,192 while the NSE Nifty advanced 0.3 percent to 8,723. The market breadth was encouraging at 1,079 advances, 394 declines and 389 stocks remaining unchanged on the NSE.
The S&P BSE IT index was the worst performing sectoral gauge, while the S&P BSE Utilities index topped the winners’ list.
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Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, was little changed 8,705.
Asian stocks began the week with a mixed performance before a flurry of corporate earnings worldwide, while the dollar edged higher versus most peers and oil retreated.
The Bloomberg Dollar Spot Index was near a seven-month high, while oil declined after Iraq, OPEC’s second-largest producer, balked at joining efforts to trim output to prop up prices.
U.S. equities almost erased their losses on Friday amid deal talks while earning season picked up pace as investors gauge the strength of corporates amid uneven economic growth.
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More than 80 percent of the S&P 500 Index’s companies that have released third-quarter earnings so far beat expectations, while analysts still forecast a contraction in profits. Three of the world’s four biggest companies by market value, including Apple Inc., will release results this week, while China has all four of its biggest listed banks reporting and updates are also due from more than 350 members of Japan’s Topix index.
“The U.S. economy is well-positioned to raise interest rates," Fed's Williams said.
— BloombergQuint (@BloombergQuint) October 23, 2016
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Besides that, initial gauges of this month’s manufacturing activity in the U.S., euro area and Japan are scheduled today. These may influence the monetary policy outlooks for those economies.
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