The Nifty is likely to open higher on Wednesday tracking positive trend seen in other Asian markets. The Nifty closed 98 points lower at 10,146 on Tuesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 55 points or 0.54 percent. Nifty futures were trading around 10,227- level on the Singaporean Exchange.
US stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day’s lows as investors snapped up beaten-down shares late in the session, said a Reuters report.
Asian stocks edged up on Wednesday as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses, although crude oil struggled near two-month lows after Saudi Arabia flagged possible supply increases, it said.
Stocks in news:
Results today: Wipro, Bajaj Auto, Kotak Mahindra Bank, Bharti Infratel, InterGlobe Aviation, IDFC Bank, Jubilant Foodworks, SKF India, Gallantt Ispat, Menon Bearings, Sundaram Clayton, Bharat Financial Inclusion, Geojit Financial Services, Syngene International, Hexaware Technologies, Sterlite Technologies, TTK Prestige, and Lakshmi Vilas Bank.
HCL Technologies Q2: Profit rises 5.7 percent to Rs 2,540 crore versus Rs 2,403 crore; revenue increases 7.1 percent to Rs 14,861 crore versus Rs 13,878 crore.
Ambuja Cements Q3: Profit falls 34.4 percent to Rs 178.6 crore versus Rs 272.4 crore; revenue rises 12.6 percent to Rs 2,613.9 crore versus Rs 2,321.8 crore YoY.
Bajaj Corp Q2: Profit rises to Rs 51.65 crore versus Rs 50.71 crore; revenue increases to Rs 212.72 crore versus Rs 204.13 crore YoY.
MCX Q2: Profit jumps 23.2 percent to Rs 35.9 crore versus Rs 29.1 crore; revenue rises 5.6 percent to Rs 71.1 crore versus Rs 67.3 crore YoY.
Adani Ports Q2: Profit falls 39 percent to Rs 605.5 crore versus Rs 992.1 crore; revenue slips 3.6 percent to Rs 2,608 crore versus Rs 2,706.1 crore; forex loss at Rs 570.4 crore versus forex loss of Rs 78.4 crore YoY.
We spoke to SMC Global Securities Ltd and here’s what they have to recommend:
Colgate Palmolive (India) Limited: Buy| Target: Rs 1,200| Stop Loss: Rs 1,075| Return 7%
Divi's Laboratories Limited: Sell| Target: Rs 1,145| Stop Loss: Rs 1,310| Return 8%
Strides Pharma Science Limited: Sell| Target: Rs 365| Stop Loss: Rs 440| Return 10%Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.