Sensex falls 450 points, Nifty 50 down 100 on weak global cues, disappointing earnings
- Indian markets opened slightly lower as SGX Nifty, an early indicator of the market, was down 0.26%.
- Most global markets including peers
Asian marketsgave negative cues ahead of a key Fed rate decision due this week.
Infosys, ICICI Bank among stocks to watch out for on July 25.
AdvertisementIndian stock markets opened lower as expected following its Asian peers. The shares of RIL which fell by 4% in early morning trade, dragged the indices further further down. The oil to telecom major missed analysts’ expectations in June quarter in spite of a 46% jump in net profit to ₹17,955 crore.
Infosys stock was also down by 0.75% in early trade, as it announced its results on Sunday, July 24.
Among other top losers was Zomato that lost 12% of its value in opening trade as the one year lock-in period of promoters, shareholders, employees and others ended today.
Markets were largely expected to remain volatile this week as the Fed is to announce its decision on interest rates and the US will release second quarter gross domestic product data; later in the week. The movement of the falling rupee is also expected to impact the direction of the market.
Here are some of the post-market events from Friday that could have a bearing on the stocks today.
Mukesh Ambani-led company RIL reported 46% yearly increase in its net profit thanks to strong performance of its refining segment, while its telecom business Jio reported a modest 5% sequential growth.
The IT major reported a 5.7% sequential decline in its net profit to ₹5,360 crore in the June quarter, as against ₹5,686 crore in the previous quarter largely on account of wage hikes.
The lender posted a growth of 50% in net profit to ₹6,904.94 crore for the quarter ending June compared to ₹4,616.02 crore last year aided by a sharp reduction in provisions.
The company reported 86% on year decline in consolidated net profit of ₹838 crore for June quarter while revenue from operations rose by 31.8% on-year to ₹38,086 crore.
The mortgage lender plans to raise up to ₹11,000 crore by issuing bonds on a private placement basis.
Kotak Mahindra Bank
The private sector lender reported a 26% on year rise in net profit at ₹2,071 crore for April-June as compared to ₹1,642 crore in the year-ago period.
The bank reported a 50% increase in net profit at ₹311 crore for June quarter on a fall in provisions for bad loans, and healthy income growth.
The telecom operator announced that its current chief financial officer Akshay Moondra will replace outgoing chief executive officer Ravinder Takkar next month.
Tech Mahindra, Axis Bank, Tata Steel, Canara Bank, IIFL Wealth Management, Central Bank Of India, Glaxosmithkline Pharmaceuticals, Jindal Stainless, Aether Industries, among companies to report quarterly results.
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