Market Ahead, October 23: All you need to know before the Opening Bell
The trend in the domestic equity market will today be dictated by corporate earnings, global cues, and stock-specific action.
Private sector lender Axis Bank on Tuesday reported a 109 per cent rise in its profit before tax (PBT) for the September quarter. But the bank suffered a net loss of Rs 112 crore for the quarter due to a Rs 2,138-crore one-off deferred tax asset (DTA) which it decided to fully adjust the impact in this quarter itself.
Kotak Mahindra Bank and RBL Bank also announced their results yesterday. Investors will react to all these results today.
A total of 78 companies, including Torrent Pharma, Havells, HCL Tech, Larsen & Toubro, JSW Steel, Bajaj Auto, Biocon, are scheduled to announce their September quarter results today.
Apart from these, market participants will continue to track oil price movement, rupee's trajectory against the US dollar and foreign fund flow.
In Tuesday's session, Infosys dragged the benchmark indices lower following an anonymous whistle-blower complaint, which alleged that the company used irregular practices to shore up profits. The Sensex declined 0.9 per cent, to end at 38,964, while the Nifty slipped 0.6 per cent, to end at 11,588.
Globally, U.S. stocks ended lower on Tuesday after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union.
The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson's October 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long.
The Dow Jones Industrial Average fell 0.15 per cent, the S&P 500 lost 0.36 per cent, and the Nasdaq Composite dropped 0.72 per cent.
Asian shares also dipped in Wednesday's early trade. Japan's Nikkei dipped 0.3 per cent and MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.17 per cent.
As for SGX Nifty, it's indicating a flat to positive start for the domestic indices. At 7:15, the SGX Nifty was trading 8 points higher at 11,625.
In commodities, oil prices rose on Tuesday after China signaled progress in trade talks with the United States. Brent crude oil settled up 74 cents, or 1.3 per cent at $59.70 a barrel.
September quarter earnings and global cues will be the top factors guiding the markets today. Industry leader Tata Consultancy Services (TCS) yesterday reported weaker than expected numbers in the September quarter, indicating that double-digit growth may
Top cues for today Equity markets are likely to take cues from Asian markets today as fresh trade war concerns could keep investors cautious. The United States has opened a new trade war front by saying
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