Sensex, Nifty open in green; Infosys gains 1.38% ahead of Q4 result
Indian markets open in green on Tuesday as investors prepare to enter fourth quarter (January 2017 – March 2017) earning seasons.
At 9.43 am, Sensex was trading at 29,646.51 up by 70.77 points or 0.24%, while Nifty 50 was trading at 9,192.75 higher by 11.30 points or 0.12%.
HDFC Securities said, “Global sentiments gradually recover from geopolitical tensions and prepare to enter earnings season. PSU Banking is expected to trade in positive zone whereas IT and Realty sector is expected to trade in negative zone. Crucial support for Nifty is at 9135 level, while strong immediate resistance is at 9250.”
Motilal Oswal said, “Overall sentiment remains positive but near term range bound trend could continue with market focusing on results which could lead to more stock specific movements."
Motilal added, “Given the sharp run up in markets, there could be some nervousness ahead of the results.”
Gainers on BSE involved Infosys on top trading at Rs 965.80 a piece above 1.38%. Followed by others gainers - State Bank of India (Rs 290.60 a piece), Dr Reddy Laboratories (Rs 2,647.60 a piece), Sun Pharma (Rs 669.95 a piece), ONGC (Rs 187.15 a piece), Maruti Suzuki (Rs 6,285.55 a piece) and Wipro (Rs 505.20 a piece) trading in the range of 0.30% - 0.70%.
Shares of Infosys surged as the company is set to announce it's Q4 results on April 13, 2017. This earning would be keenly watched by investors as they would want to know major IT companies views on guidance for financial year 2017 - 18 taking into account Trump's Administration tightening H-1B visa norms in order.
Losers were Bajaj Auto (Rs 2,818.75 a piece), Mahindra & Mahindra (Rs 1,272 a piece), Tata Steel (Rs 492.25 a piece), Reliance Industries (Rs 1,376 a piece), Hindustan Unilever (Rs 922 a piece) and ITC (Rs 273 a piece) trading negative in the range of 0.10% - 0.90%.
Meanwhile, INR was trading higher against USD. The rupee was trading at 64.665 up by 0.067 paisa or 0.10% against dollar.
Asian markets were trading on a negative note on Tuesday, following the tension in Middle East. A Reuters report said, "Global stock markets were pressured on Tuesday as rising tensions in the Middle East and political uncertainty in Europe kept investors on edge, underpinning safe assets such as the yen, gold and Treasuries."
Japan's Nikkei was below 89 points or 0.48% trading at 18,708.49, while Hong Kong's Hang Seng was lower by 189.90 points or 0.78% trading at 24,072.28.
China's Shanghai Composite Index was also down 14 points or 0.43% trading at 3,255.28.