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Business News/ Market / Stock-market-news/  Opening Bell 22 October | Wipro results, US jobs data to guide markets
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Opening Bell 22 October | Wipro results, US jobs data to guide markets

Asian markets trading on cautious note as investors await US jobs data

A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/MintPremium
A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/Mint

Mumbai: All eyes are on Wipro Ltd as it will announce its September quarter results on Tuesday. The IT major is expected to lag larger peers in sales growth, continuing what has been a trend of under-performance for about two years, reports Economic Times. Analysts expect Wipro to post revenue growth between 2% and 4%, in line with its own guidance, lower than the 3.8% of Infosys Ltd, 5.4% of Tata Consultancy Services Ltd (TCS) and 3.5% of HCL Technologies Ltd.

US markets ended marginally higher ahead of the non-farm payrolls report for September which has been delayed because of the government shutdown, reports Financial Times. The Dow Jones Industrial Average closed flat, while the S&P 500 advanced 0.4% and the Nasdaq Composite gained 0.2%.

Asian markets were trading on a cautious note as investors awaited US jobs data which will determine when the Federal Reserve would start tapering. Japan’s Nikkei Stock Average was trading flat, Hong Kong’s Hang fell 0.5% and China’s Shanghai Composite was down 0.3%.

In India, pharma shares will be in focus after the Supreme Court directed the health ministry to review the approvals granted to 157 clinical trials cleared by the drug regulator in less than two months after allegations of irregularities in the approval process.

Housing Development Finance Corp. Ltd announced a 10% increase in its stand-alone net profit in the September quarter as individuals continued to buy houses and apartments even though the economy remains sluggish.

Sales of consumer goods slowed close to a 10-year low to 7.1% in August from 21.1% earlier, suggesting that consumers are making deep cuts in spending amid high inflation and economic slump, reports Economic Times. Companies are torn between raising prices because of higher raw material costs and taking a hit on their margins to revive demand.

Telecom stocks such as Bharti Airtel Ltd may see some action on expectations that the department of telecommunications may raise the limit on the market share of a merged entity in a circle to 50% from 35% earlier, which would prevent companies from acquiring rivals, reports Economic Times.

Jet Airways India Ltd shares will in focus following reports that it may shift focus to medium-haul international routes with its margins under pressure in the domestic market. It will partner with Etihad Airways PJSC which will control most of the long-haul traffic in their combined network.

Hindalco Industries Ltd shares will be under pressure as the CBI probe into the coal block allocation case will continue despite the Prime Minister’s rebuttal on the case in which an FIR was filed against Kumar Mangalam Birla, chairman of the Aditya Birla Group, reports Business Standard.

Besides Wipro, Yes Bank Ltd, Cairn India Ltd, Polaris Financial Technology Ltd and Coromandel International Ltd will be in focus as they will announce their September quarter results today.

Lastly, a family rift has resurfaced at Kasturi and Sons, publisher of The Hindu after chairman N. Ram used his casting vote to effect a change in top management. Siddharth Varadarajan, the paper’s editor resigned after the owners decided to revert to it being a family-run and edited newspaper.

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Published: 22 Oct 2013, 08:07 AM IST
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