 "Markets to witness stock specific action; ICICI Bank in focus")
Markets are likely to kick off the February derivative series on a cautious note with stock specific action seen post the third quarter earnings announcement.
Further, mixed Asian cues, movement of oil and rupee coupled with selling pressure from foreign institutional investors are likely to dictate the trend on the bourses.
"Nifty now needs to cross and hold above 7,450 zones to witness an up move towards 7,480 and 7,539 levels, while on the downside if it sustains below 7,420 zones a profit booking decline may drag it towards 7,380 and 7,365 zones. Traders are required to remain cautious ahead of the 3rd quarterly result season which may give stock specific action to the market," points out a morning note from Anand Rathi Research.
Further, mixed Asian cues, movement of oil and rupee coupled with selling pressure from foreign institutional investors are likely to dictate the trend on the bourses.
"Nifty now needs to cross and hold above 7,450 zones to witness an up move towards 7,480 and 7,539 levels, while on the downside if it sustains below 7,420 zones a profit booking decline may drag it towards 7,380 and 7,365 zones. Traders are required to remain cautious ahead of the 3rd quarterly result season which may give stock specific action to the market," points out a morning note from Anand Rathi Research.
GLOBAL MARKET
Asian shares are trading mixed with Japan’s Nikkei down nearly 1% aheasd of the Bank of Japan (BOJ) stance. On the flip side, Chain’s benchmark index Shanghai Composite, Hang Seng and Starits Times have gained between 0.7%-2% each mirroring a strong finish on the Wall Street after oil prices rallied. The Dow gained 0.8%, while the S&P 500 added 0.5%.
STOCK IN FOCUS
L&T, YES Bank and NTPC among others are scheduled to post their third quarter numbers today.
Bharti Airtel posted a 22% decline in its net income at Rs 1,117 crore in the third quarter on the back of higher interest and spectrum costs. It registed a net income of Rs 1,436 crore in the same period last year.
Car maker, Maruti Suzuki clocked a 27% y-o-y surge in net profit in Q3 FY16. Profit for the quarter stood at Rs 1,019 crore against Rs 802 crore in the same quarter last year. However, the profits stood below the street estimates. Also, the margins contracted on account of higher spend in advertisement.
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ICICI Bank reported a net profit of mere 4% in the third quarter at Rs 3,018 crore on account of higher provisioning. RBI has articulated the objective of early recognition of NPA resulting pressure on asset quality.
Syndicate Bank has posted a loss of Rs 139 crore for the third quarter ended December 2015 on a sharp rise in provisioning for bad loans. It had posted a net profit of Rs 305 crore in October-December 2014.
Muthoot Finance, reported a 21% rise in net profit for the quarter ended December, aided by its Sri Lankan subsidiary Asia Asset Finance.
Vedanta reported a steep 98.9% fall in its consolidated net profit at Rs 17.91 crore for the third quarter ended December, weighed down by challenging market conditions.
Titan posted 18% growth in profits to quote Rs 225 crore and increase in revenues by 17 percent to Rs 3426 crore as it pushed discounts to prop up sales in December.