Among individual stocks, shares of Larsen & Toubro (L&T) were up by 6 per cent at Rs 1,379 per share on the BSE in early morning trade after the company reported 23 per cent year-on-year (Y-o-Y) jump in its consolidated net profit at Rs 22.30 billion in September quarter (Q2FY19). The consolidated gross revenue during the quarter grew 21 per cent at Rs 320.81 billion on a Y-o-Y basis. That apart, YES Bank too, has surged over 7 per cent to Rs 201.40 so far in intra-day trade.
Among sectoral indices,
Nifty Metal index has risen half a per cent led by Welspun Corp and Tata Steel. On the other hand,
Nifty IT index has slipped over 2 per cent weighed by HCL Technologies and Tata Consultancy Services (TCS).
Going ahead, investors will keep a close watch on any further developments in the RBI – government standoff. Speculation was rife on RBI Governor Urjit Patel’s imminent resignation on Wednesday morning. But by afternoon, he had called a board meeting on November 19 to continue discussions with the government. The finance ministry also issued a statement, saying the central bank and the government “have to be guided by public interest and the requirements of the Indian economy”.
Around 150 companies including Hindustan Petroleum Corporation, HDFC and GlaxoSmithKline Consumer Healthcare are likely to announce their September quarter earnings later in the day.
stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session thanks to upbeat corporate earnings, while the dollar hovered near a 16-month high on further signs of strength in the world’s largest economy.
MSCI’s broadest index of Asia-Pacific
shares outside Japan rose 0.15 per cent, adding to modest gains the previous day, though this came after a brutal October month. The index had fallen 10.2 per cent in October, it worst monthly performance since August 2015, as factors ranging from Sino-US trade tensions to worries about global economic growth, higher US interest rates and company earnings spurred volatility in global
South Korea’s KOSPI put on 0.5 per cent while Japan’s Nikkei slipped 0.3 per cent following two days of big gains.
(with inputs from Reuters)