Indian share markets ended at record closing highs on Thursday as investors remained optimistic ahead of key corporate earnings later this week and the federal budget next month.
At the closing bell, the BSE Sensex finished higher by 70 points. While, the NSE Nifty finished higher by 23 points. Meanwhile, the S&P BSE Midcap Index ended up by 0.3% while S&P BSE Small Cap Index ended up by 0.4% respectively.
Sectoral indices ended the day on a mixed note with realty stocks and information technology stocks leading the gainers. While, energy stocks and consumer durables stocks ended the day in red.
India' IT major TCS reported a flat growth in earnings, as net profit came in at Rs 65.5 billion against Rs 67.8 billion in the comparable quarter last fiscal, as lower other income weighed on the company's October-December earnings.
Notably, revenue in rupee terms rose 4% percent sequentially to Rs 309.04 billion, from Rs 297.4 billion last fiscal. Income from operations rose 4.3% to Rs 305.41 billion in the quarter under review.
Meanwhile, IT bellwether Infosys is all set to release its third quarter results today.
IndusInd Bank share price will be in focus following December quarter results. The company reported a net profit of Rs 9.36 billion in the quarter ended 31 December, compared to Rs 7.51 billion. The company's total NPAs also increased to 1.2% in the quarter from 1.1% in the year-ago period.
Cochin Shipyard Ltd said that the company signed a memorandum of understanding with Mumbai Port Trust for management and operation of management and operation of the ship repair facilities. The stock will be in focus.
State Bank of India will hog the limelight as it has initiated corporate insolvency resolution process against the company with the NCLT.
Bank of Baroda is reportedly seeking to sell Nainital Bank as it sheds non-core assets to bolster its balance sheet. The decision on the size of the stake to be sold will depend on approvals from the Reserve Bank of India (RBI).
Yes Bank has partnered with Wharton India Startup Challenge, hosted by the Wharton India Economic Forum (WIEF) to offer a global platform to Indian startup to help strengthen the ecosystem and facilitate better resource exchange.
Worry about a US-led trade war put world stocks at risk of their first two-day loss of the year on Thursday, while bond markets bounced as China poured cold water on reports that it might stop buying US debt.
Europe's main bourses dipped in and out of the red and MSCI's world index was down 0.2% after Asian and emerging-market indices had been pulled lower by warnings from Canada and Mexico that North American Free Trade Agreement's (Nafta's) days could be numbered.
Bitcoin also took a major beating, falling as much as 11% as South Korea - one of the crytocurrency's biggest markets - said it was drawing up laws to ban trading in it.
Here are some of the main events to watch for in the rest of the week:
The initial public offering (IPO) of Apollo Micro Systems (AMSL) was subscribed 5.1 times on Day 2 of the bidding process.
The offer will be open till today and the company intends to raise Rs 1.5 billion from its public offering.
The price band of the IPO is finalised at Rs 270 to Rs 275 per share.
Should you subscribe to its IPO? We have analyzed this IPO and have released our analysis on the company. You can access it here (subscription required).
Speaking of IPOs, the demand for IPO's had reached sky-high levels last year.
One shall note that, more than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high.
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Recently, at the Welspun India counter on NSE, about 47 million shares changed hands in block deals, with a single trade involving over 36 million shares. On BSE, a big deal worth 1.6 million shares took place at the counter.
Our team of Equitymaster analysts have been working on a project to track the smartest minds in value investing. They have compiled a special report on them, called The Superinvestors of India.
Now, because of insights from these interactions, the team has glued their eyes on insider activity and bulk and block deals...
As per them...
Crude oil inched away from three-year highs on signs that a 13% rally since early December may have run its course, although a surprise drop in US production and lower crude inventories offered prices some support.
To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.
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