Market gains in early trade

Key benchmark indices edged higher in early trade tracking firmness in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 79.04 points or 0.28% at 28,156.22. The Nifty 50 index was currently up 22.60 points or 0.26% at 8,715.65. Oil and bank stocks led gains on the bourses.

In overseas stock markets, Asian stocks gained. Most US stocks closed slightly lower on Friday, 21 October 2016 after earnings from McDonald's helped offset a fall in energy and healthcare shares.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,174 shares rose and 327 shares declined. A total of 75 shares were unchanged. The BSE Mid-Cap index was currently up 0.39%. The BSE Small-Cap index was currently up 0.65%. Both these indices outperformed the Sensex.

Wipro declined 3.36% after the company's consolidated net profit fell 8% to Rs 2070 crore on 10% increase in gross revenues to Rs 13770 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016.

During the quarter, non-GAAP constant currency IT services segment revenue in dollar terms grew 0.9% over Q1 June 2016 and grew 7.2% over Q2 September 2015. IT services segment revenue was $1916.30 million, a decrease of 0.8% over Q1 June 2016 and an increase of 4.6% over Q2 September 2015.

IT services segment profits fell 5% to Rs 2340 crore on 9% increase in revenue to Rs 13140 crore in Q2 September 2016 over Q2 September 2015. Wipro expects revenues from its IT services business to be in the range of $1,916 million to $1,955 million.

Cairn India gained 0.69% after the company announced strong Q2 results. On a consolidated basis, net profit of Cairn India rose 139.16% to Rs 778.70 crore on 9.08% decline in net sales to Rs 2038.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 21 October 2016.

Sun Pharmaceutical Industries gained 0.42% after the company said it completed the divestment of its seven prescription brands in India to RPG Life Sciences. This has been done after receiving approval of the Competition Commission of India and completion of all the necessary formalities for closure of the transaction, Sun Pharmaceutical Industries said in a filing. On 27 July 2016, Sun Pharma had informed that it had signed an pact with RPG Life Sciences to divest seven brands in India, owned by the company and its subsidiary, for a consideration of Rs 41 crore. The announcement was made after market hours on Friday, 21 October 2016.

Idea Cellular rose 0.57% ahead of its Q2 results today, 24 October 2016.

Power Grid Corporation of India rose 0.57% after the company announced on Saturday, 22 October 2016 that the company's board of directors in a meeting held on 22 October 2016, accorded investment approvals for three projects totalling Rs 1184.45 crore.

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