We had mentioned in Tuesday’s closing report that Nifty, Sensex were on the rise. The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 403 advances, 1,345 declines and 312 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
The barometer Sensex, which had risen 300 points after opening, thanks to a strong overseas market, surrendered the gains and traded lower. IT (information technology) and FMCG (fast moving company goods) sectors were the only bright spot in an otherwise subdued trading session. Selling pressure was witnessed in oil and gas, banking and finance counters. The domestic currency was trading at Rs73.51 to a dollar after it had closed at 73.46 on Tuesday. The Brent crude has trader higher at $81.73 a barrel.
Global software major Infosys bets on digital technologies and would invest more on its platform to spur growth, a top official said on Tuesday. "We are focusing extensively on digital where we see growth and will keep investing in it, as it has contributed 31% ($905 million) to our total revenue (Rs20,609 crore) in the second quarter," Infosys Chief Executive Salil Parekh told IANS. Upbeat about the company winning a $2-billion in the quarter under review (Q2), Parekh said such deals were quite lumpy, as they were huge in some quarters and not so huge in other quarters. "We anticipate that the $2-billion deal wins this quarter will fluctuate ahead. We have a good pipeline. Large deal wins will have an impact over the next several quarters," said Parekh at a presser on the company's robust revenue and net profit growth in Q2. Infosys shares closed at Rs705.50, up 1.47% on the NSE.
Two-wheeler major Hero MotoCorp reported a decline of over 3% in its net profit for the quarter ending September 30, 2018. The profit after tax (PAT) for the quarter declined to Rs976 crore from Rs1,010 crore reported for the corresponding period of the previous fiscal. However, the two-wheeler major's net revenue from operations grew 8.6% during the quarter under to Rs9,091 crore over corresponding period last year. As per the quarterly result, earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter stood at Rs1,379 crore reflecting a 15.2% EBITDA margin. Further, the company reported its best-ever sales performance for the second quarter of any financial year - selling 21,34,051 units of two-wheelers in the three-month period. "Hero MotoCorp, backed by sustained demand for its popular range of motorcycles and scooters, continued its sales growth in Q2FY'19 compared to the corresponding quarter in the previous fiscal," said Pawan Munjal, Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp. HeroMotoCorp shares closed at Rs2,803.55, down 3.17% on the NSE.
ABB India has won an order of about Rs115 crore from Indian Railways, Varanasi to supply traction transformers. These transformers are customised for the WAP-7 type electric locomotive. The 6000 HP locomotive is capable of hauling 24 coaches at speeds of up to 140 kmph. ABB India shares closed at Rs1,281.85, down 1.19% on the NSE.
Reserve Bank of India (RBI) has approved the appointment of Sandeep Bakhshi as Managing Director and CEO of ICICI Bank. On October 4, ICICI Bank appointed its Chief Operating Officer Bakhshi as the new CEO and MD with immediate effect for a period of five years until October 3, 2023, subject to regulatory and other approvals. Bakhshi succeeded Chanda Kochhar, who is facing allegations of conflict of interest. ICICI Bank shares closed at Rs316.00, down 1.45% on the NSE.
Zydus Cadila has received the final approval from the USFDA (US Food and Drug Administration) to market Clobetasol Propionate Cream. The cream is a topical steroid used to treat inflammation and itching caused by various skin conditions like allergic reactions, eczema and psoriasis. Cadila Healthcare shares closed at Rs378.25, down 0.47% on the NSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: