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Key equity benchmarks opened in green after the US equity markets rallied near their best levels on Tuesday. The Dow closed above 15,000 for the first time ever and European markets hit 52-week high on better- than-expected data from Germany. Japan’s Nikkei hit a fresh five-year high today.
Foreign funds continued their buying spree in the Indian shares. Foreign institutional invetsor bought shares worth Rs 665 crore in cash on Tuesday, as per provisional data on the National Stock Exchange.
Optimistic Ajay Srivastava, Ceo - Dimensions Consulting feels that Karnataka election results, which will be announced today will give some buoyancy to market. He expects the Indian equity market to give good returns in May and sees the Nifty touching the psychological 6100 mark anytime.
Key gainers in the Nifty were Lupin, DLF, Hindalco, Tata Motors and Jaiprakash Associates.
Laggards included Mahindra and Mahindra, Ranbaxy Labs, Bajaj Auto, Bharti Airtel and Hero Motocorp.
Stocks in focus
Index heavyweights like HDFC, Lupin and Ranbaxy Labs will report their earnings today. In the midcap space, shares of SKS Microfinance, Corporation Bank, Piramal Life, Future Retail, Jubilant Industries, KEC International, Orient Paper, Talwalkar, Simplex Realty, Sudaram Clayton and Triveni Engineering will also announce their quarterly earnings.
Shares of Oracle Financial Services dropped more than 5 percent after promoters of the company announced plans to sell stake via offer for sale to meet shareholding norms of 75 percent. Oracle Global Mauritius holds 80.3% stake in the company.
UCO Bank disappointed the street with its quarterly earnings. The stock was down 3 percent after bank's net profit slumped by 75 percent to Rs 49.5 crore from Rs 253 crore a year earlier.
Dewan Housing Finance surged more than 6 percent as company's topline and bottomline shot up by more than 100 percent to Rs 1727 crore and Rs 197 crore respectively.
The Indian rupee opened with 8 paise gains at 54.05 per dollar on Wednesday as against previous day's closing of 54.13 per dollar. Himanshu Arora of Religare feels the rupee is likely to strengthen against the dollar on surging inflows.
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Economy turning for sure but cant say for mkts: DSP