BSE ends 128 pts up; NSE closed above 37 pts; Coal India top gainer
"Market is gaining momentum supported by continued FII inflow and expectation that GST will see the light of day in the current session. FIIs till 19th July have pumped in Rs55bn to the market as compared to Rs52bn in June. On the global front, the market expects to maintain status quo in tomorrow’s ECBs interest rate decision and will keenly watch any cues on further stimulus plan,"said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
Infosys was trading below 0.43% at Rs. 1,081.65. On Wednesday, the company's CEO Vishal Sikka sent a letter to about 1.97 lakh employees of Infosys, describing what went wrong with the company's performance in the June quarter. Sikka's email comes a few days after the company disappointed investors with tepid revenue growth.The stock opened at Rs. 1,071 below from its previous closing of Rs. 1,086.30.
Majority of PSU banks were trading higher on NSE index on government move - which on Tuesday infused 75% of the budgeted recapitalisation amount of Rs 22,915 crore in 13 state-owned banks. State Bank of India was top pick among investors. The stock of SBI surged by 0.81% at Rs. 231.45, followed by Andhra Bank at Rs. 59.65 up by 0.68% and Canara Bank above 0.54% at Rs. 260.45. IDBI Bank, Indian Overseas Bank and Union Bank were trading below 0.50% level. However, Bank of India, Punjab National Bank, Bank of Baroda and Syndicate Bank slumped on NSE index.
Wipro has dipped over 26 points or 4.81% to Rs. 523 after it reported decline in net profit during the June quarter ended 2017. In its first quarter the company reported consolidated net profit of Rs. 2,051.9 which witnessed a decline of 8.3% yoy sequentially due to restructuring in some of the clients. The shares of the company opened at Rs. 511 below with huge margins from its previous closing of Rs. 549.40.
Indian markets re-couped their previous sluggish trading session. The domestic equities are trading positive despite mix global cues mainly led by massive buying interest in pharma, auto and banking stocks. Sensex, Nifty both opened in red but managed to recoup. Now, Sensex is trading above 112 points or 0.41% at 27,900.43; while Nifty surged over 21 points or 0.25% at 8,549.90. The 30-stock index was positive with 24 advances and 6 declines and that of 50-stock index stood with 40 advances and 11 declines.