June quarter earnings, global cues, and stock-specific action are likely to dominate investor sentiment today.
On Wednesday, Wipro, YES Bank, and Mindtree announced their June quarter results. Wipro reported a 12.6 per cent rise in consolidated net profit at Rs 2,387.6 crore on a year-on-year (YoY) basis while its consolidated revenues rose 5.3 per cent to Rs 14,716 crore.
YES Bank, on the other hand, reported a 91 per cent YoY decline in net profit at Rs 113.8 crore because of a mark-to-market provisioning of Rs 1,109 crore for bad loans and decline in non-interest income.
And, Mindtree posted a 41.4 per cent YoY rise in consolidated net profit to Rs 92.7 crore while revenues rose 11.9 per cent to Rs 1,834.2 crore for the quarter.
The market will react to all these results.
Foreign fund flow, crude oil prices and rupee movement against the US dollar could also steer indices.
On Wednesday, the benchmark S&P BSE Sensex rose 0.22 per cent to 39,216 levels. The Nifty50 also gained 0.21 per cent to close at 11,687 levels.
The rupee ended 11 paise lower at 68.82 against the US dollar.
In the global market, US stock indices fell on Wednesday over trade war worries. The Dow Jones fell 0.42 per cent to 27,220, the S&P 500 lost 0.65 per cent to 2,984 and the Nasdaq Composite dropped 0.46 per cent to 8,185.
Tracking the Wall Street, Asian shares wobbled in early Thursday trading. MSCI’s broadest index of Asia-Pacific shares outside Japan was down a touch, while Japan’s benchmark Nikkei fell 1.3 per cent and Australian shares dropped 0.4 per cent.
In the results corner, ACC, Colgate Palmolive, DB Corp, and 12 other companies are scheduled to announce their June quarter results today.
Next up are some stock calls by top brokerages:
Tradebulls Securities recommends buying Hindustan Petroleum for the target price of Rs 309 and stop loss at Rs 290.
And, now let's have a look at the top headlines at this hour -
-- Govt clears changes to insolvency law; secured lenders to get preference
-- Jalan panel proposes 'nominal' transfer of RBI funds to govt over 3-5 years
-- Inflow of $25-billion foreign cash riding on three key FPI proposals include increasing the public float in listed companies to 35 per cent from 25 per cent, increasing the minimum statutory limit for FPI investment in a firm from 24 per cent to the sectoral foreign investment, and lowering government holding in listed public sector undertakings.