Mumbai: Supported by strong Asian markets, Indian stocks are trading firm. Index heavyweights Reliance Industries and TCS are expected to declare their March quarter results Thursday. Analysts expect Reliance Industries to report a 15-17% growth in net profit to Rs 5,400-5,500 crore in the fourth quarter. KG D6 gas production numbers and the company’s comments on the production problems in the gas fields will be keenly tracked.
TCS is expected to post a 21% year-on-year growth in profits to Rs 2,340 crore. The markets will track the company’s comments on business outlook and the impact of wage inflation on margins.
Better than expected results from Apple and Intel helped Asian markets open firmly. Stock markets in Japan and Hang Seng gained in morning deals as better-than-expected corporate earnings in the US helped revive investor sentiment. (read here)
Sensex: 19,605 +0.69%
Nifty: 5,881 +0.51%Nikkei: 9,659 +0.55%Hang Seng: 24,099 +0.85%All sectoral indices are trading with gains on the BSE. Metals, oil & gas and information technology indices are leading the gains.
BSE Metal: 16,513 +0.73%
BSE Oil & Gas: 10,238 +0.59%BSE IT: 6,278 +0.49%
Share of metal companies are tracking the gains in Asian markets.
Hindustan Zinc: Rs 151 +2.85%
Hindalco Industries: Rs 216 +1.38% Sterlite Industries: Rs 178 +2.21%
With an eye on March quarter results, investors are buying stocks of TCS and Wipro. HCL Technologies, which rallied close to 10% Wednesday is trading flat on profit booking.
TCS: Rs 1,232 +1.10%
Wipro: Rs 469 +1.30%