MARKETS LIVE: Sensex surges 300 pts\, Nifty tests 10\,600; Hathway\, DEN up 4%

MARKETS LIVE: Sensex surges 300 pts, Nifty tests 10,600; Hathway, DEN up 4%

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SI Reporter  |  New Delhi 

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Infosys earnings preview   Here's a look at what leading brokerages expect from Infosys' Q2 results:   Edelweiss Securities   We expect revenues to grow 3.4 per cent quarter - on - quarter (QoQ) in CC (constant currency) terms, impacted 100 bps due to cross currency headwinds (US dollar growth 2.4 per cent QoQ). EBITDA margin is expected to rise 120bps QoQ on account of rupee depreciation benefits, the absence of visa cost and efficiencies will be offset by wage hikes to senior employees. Commentary on-demand environment, growth in digital, deal wins will be key monitorable. Maintained 'Buy' rating on the stock. READ MORE EMs in healthy economic shape, bulls start to outweigh the bears: Survey   The bulls are finally starting to outweigh the bears in emerging markets. After two quarters of declines, developing-nation assets will find a floor and remain stable in the final three months of the year as central banks from Argentina to Turkey move to defend their currencies, a Bloomberg survey shows. EMs in healthy economic shape, bulls start to outweigh the bears: Survey Latin America eclipsed Eastern Europe, the Middle East and Africa as the region with the best prospects for currencies and bonds, while Asia was at the top for equities, according to the survey of 26 investors, traders and strategists. Read More IndusInd Bank: Q2 net grows just 5% as IL&FS worries spook Street   IndusInd Bank, one of India’s top private sector lenders, is among the few not to disappoint the Street on the earnings front. But the September quarter (Q2) was different, thanks to IndusInd setting aside Rs 2.75 billion as contingent provision towards the beleaguered Infrastructure Leasing & Financial Services (IL&FS). READ MORE Market check Index Current Pt. Change % Change   S&P BSE SENSEX 35,130.94 +265.84 +0.76   S&P BSE SENSEX 50 11,073.55 +83.88 +0.76   S&P BSE SENSEX Next 50 31,352.67 +382.82 +1.24   S&P BSE 100 10,832.02 +89.59 +0.83   S&P BSE Bharat 22 Index 3,358.70 +21.28 +0.64 RIL may buy controlling stakes in Hathway, DEN Networks; stocks rally   Shares of Hathway Cable and DEN Networks rallied up to 8 per cent in opening deals on Tuesday on reports that Mukesh Ambani led-Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom, and DEN Networks, as it seeks to ramp up coverage of its ambitious high-speed broadband network. Read More Q2 result preview: Petchem likely to boost Mukesh Ambani's RIL profit   Buoyed by its petrochemicals business, Mukesh Ambani-led Reliance Industries (RIL) is expected to report a steady performance for the September quarter. The oil-to-telecom major, however, could see its refining margins come under pressure. RIL will announce financial results for the September quarter on Wednesday. In addition to how the company performs in its various business segments, the Street will watch out for more clarity on the capital expenditure plans. Read More

The benchmark indices are trading higher with Nifty50 trading firmly above 10,500 levels amid steady Asian cues. 
 
Asian stocks bounced modestly on Tuesday, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns capped gains.

Amid individual stocks, shares of Hathway Cable and DEN Networks rallied up to 8 per cent in opening deals on Tuesday on reports that Mukesh Ambani led-Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom, and DEN Networks, as it seeks to ramp up coverage of its ambitious high-speed broadband network.

Infosys was trading higher, up 1.5%, ahead of its September quarter earnings, to be announced later in the day today. Information technology (IT) sector as a whole, analysts say, is expected to deliver an uptick in growth owing to robust demand environment, ramp-up in large deal wins and rupee depreciation. With TCS meeting street expectations last week while announcing its September quarter results, analysts expect Infosys, too, to follow suit. 

Among the others, Heromoto corp, Federal bank are also slated to release their Q2 results today. This week companies like RIL and ACC will also announce their earnings.

On the macro front, the wholesale price index (WPI)-based inflation rate surged to 5.13 per cent in September from 4.53 per cent in the previous month, reflecting an increase in the rate of non-food articles’ price rise. Though CPI inflation also rose in September compared to the previous month, the price rise was higher in WPI. CPI inched up to 3.77 per cent in September from 3.69 per cent in August. 

MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.25 per cent, crawling away from a 19-month trough touched on Thursday. Japan’s Nikkei bounced 0.3 per cent following a decline of nearly 2 per cent the previous day.
First Published: Tue, October 16 2018. 08:08 IST