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Markets pared early gains to slip into negative terrain as investors turned cautious ahead of the outcome of the US Fed meet and expiry of July derivative contracts on Thursday.
At 13:55 pm, the S&P BSE Sensex was up 1 point at 27,977 and the Nifty50 was up 10 points at 8,600. In the broader markets, the BSE Midcap and Smallcap indices were trading with a mixed bias. Market breadth was weak with 1097 gainers and 1194 losers on the BSE.
Market participant will scrutinize the Fed statement for clues on policy direction. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015.
Foreign portfolio investors were net buyers in equities worth Rs 671 crore on Tuesday, as per provisional data released by the stock exchanges.
Bharti Airtel, HDFC, Asian Paints, Yes Bank and Bajaj Auto are scheduled to unveil Q1 June 2016 results today.
Dr Reddy’s Labs slumped over 9% after its quarterly profit slumped 75%, hurt by fierce competition in its largest market, the United States.
Maruti Suzuki was up nearly 3%. The company reported a 23% jump in its net profit for the quarter ended June 30, 2016. The net profit at Rs 1,486 crore was also the result of other factors like favourable Rupee-Yen rate and higher non-operating income.
Axis Bank eased 2% after rising nearly 3% in the previous session. The private lender reported 21% year on year (YoY) decline in net profit at Rs 1,556 crore for the quarter ended June 30, 2016 (Q1FY17), due to higher provisioning for bad loans.
German carmaker Volkswagen is in talks with Tata Motors to partner for a small car development programme, a German business magazine Manager Magazin has reported. Shares of Tata Motors are up 3%.
Ambuja Cements gained 3% after the company’s net profit rose 76.5% to Rs 399.51 crore on 2.44% growth in total income to Rs 2677.93 crore in Q2 June 2016 over Q2 June 2015.
Among others, Shares of Bharti Infratel were up nearly 5% at Rs 380 on the Bombay Stock Exchange after the company reported 71% growth in consolidated net profit at Rs 756 crore for the first quarter ended June 30, 2016 compared with Rs 442 crore in the same quarter last fiscal.
