Key indices are trading with small losses in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 70.15 points or 0.18% at 37,860.18. The Nifty 50 index was down 18.70 points or 0.17% at 11,143.55. Most Asian stocks were trading lower.
The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was down 0.14%.
The market breadth, indicating the overall health of the market, is negative. On the BSE, 661 shares rose and 819 shares fell. A total of 64 shares were unchanged.
Earnings to watch:
Larsen & Toubro (L&T), Bajaj Auto and Bajaj Holdings will declare their April - June 2020 quarterly results today, 22 July 2020.
Stocks in news:
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Axis Bank jumped 5.37%. The bank's net profit dropped 18.82% to Rs 1,112.17 crore while total income remained almost flat at Rs 19,125.57 crore in Q1 June 2020 over Q1 June 2019. The private lender's profit before tax (PBT) fell 31.28% to Rs 1,427.98 crore in Q1FY21 as against Rs 2,078.18 crore in Q1FY20. Tax expense slumped 55.40% to Rs 315.81 crore in Q1FY21 compared with Rs 708.10 crore in Q1FY20.
Hindustan Unilever (HUL) fell 2%. HUL reported standalone net profit of Rs 1,881 crore in Q1 June 2020 as against net profit of Rs 1,755 crore in Q1 June 2019. The FMCG major's revenue from operations stood at Rs 10,560 crore in Q1 June 2020 as against Rs 10,114 crore in Q1 June 2019. The board of directors approved a special dividend of Rs 9.50 per share. The record date is fixed as 31 July 2020.
Bajaj Finserv rose 1.49%. Bajaj Finserv reported 44% rise in consolidated net profit to Rs 1,215 crore on 16% rise in total income to Rs 14,192 crore in Q1 June 2020 over Q1 June 2019. Profit before tax (PBT) stood at Rs 2,568.08 crore in Q1 FY21, up by 13.9% from Rs 2,255.24 crore in Q1 FY20. Total tax expense fell 19.37% YoY to Rs 645.86 crore during the quarter.
Wipro fell 1.58%. Wipro Gallagher Solutions (WGS), a Wipro company announced its partnership with EXOS Technologies, a division of ServiceLink. EXOS' cutting-edge platform provides techenabled mortgage services throughout the lending life cycle. By combining EXOS with WGS' NetOxygen Launchpad and NetOxygen LOS systems, lenders will experience the first-ever fully integrated, end-to-end digital mortgage solution.
BEML rose 1.15% after the company received order from Ministry of Defence (MoD) for supply of 1,512 Track Width Mine Plough (TWMP) for T-90 S/SK Tanks at an approximate cost of Rs 557 crore.
IndiaMART InterMESH surged 10.75% after the company reported 128.7% rise in consolidated net profit to Rs 74.10 crore on 15.59% rise in total income to Rs 186.80 crore in Q1 June 2020 over Q1 June 2019.
Polycab India dropped 3.66% after the company reported 12.57% fall in consolidated net profit to Rs 117.60 crore on 48.62% fall in total income to Rs 1,019.94 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks are trading mostly lower on Wednesday after U.S. President Donald Trump's comments regarding the country's surge in novel coronavirus cases.
Japan's factory activity contracted for a 15th straight month in July. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 42.6 from a final 40.1 in June, as broader conditions remained fragile though the pace of decline was the slowest in four months.
In US, U.S. stock-indexes finished mostly higher Tuesday as investors snapped up beaten-down energy and financial stocks amid a slate of corporate earnings reports, including Coca-Cola and Lockheed Martin's second-quarter results.
Market sentiment also was encouraged by the promise of additional U.S. fiscal stimulus, after the European Union forged a historic budget package intended to dampen the economic impact of the effects of the COVID-19 pandemic.
Investors were awaiting developments on another fiscal stimulus plan by Congress as a $600 per-week federal unemployment package is set to expire at the end of the month.
President Donald Trump warned Tuesday the coronavirus pandemic in the United States will probably get worse before it gets better.
Joe Biden, the presumptive Democratic presidential nominee, also unveiled an $775 billion plan to revive the economy during the pandemic, called the 21st Century Caregiving and Education Workforce, with a promise to bring 3 million new jobs to workers, while also helping fortify universal child and elder care in the U.S.
On the economic front, the Chicago Fed National Activity Index for June, a composite of 85 indicators, rose to a fresh record 4.11, marking a record high going back to 2000, from a 3.5 in May representing a level that was raised from the previous May reading.
Back home, key equity benchmarks ended with strong gains on Tuesday, rising for the fifth straight session. Global shares advanced as European Union (EU) leaders agreed on a 750 billion euros package aimed at funding post-pandemic relief efforts in the region. The barometer S&P BSE Sensex jumped 511.34 points or 1.37% at 37,930.33. The Nifty 50 index rose 140.05 points or 1.27% at 11,162.25. Both these indices jumped about 5.25% in five sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,265.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 727.39 crore in the Indian equity market on 21 July, provisional data showed.
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