Trading could be volatile as traders roll over positions in the F&O segment from the near month October 2018 series to November 2018 series. The October 2018 F&O contracts expire today, 25 October 2018. Bharti Airtel, Maruti Suzuki India and Yes Bank will announce their September quarterly results today, on 25 October 2018.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 57 points at the opening bell.
Overseas, Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs. US stocks dropped yesterday, 24 October 2018 as mixed corporate earnings and weak housing data fueled anxiety that rising prices will crimp economic growth.
Back home,the market advanced on Wednesday, snapping four straight sessions of decline, with the sentiment supported by falling oil prices and a firmer rupee. The Sensex settled a tad above the psychological 34,000 level after moving above and below that level in intraday trade. The Sensex rose 186.73 points or 0.55% to settle at 34,033.96.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 2046.54 crore yesterday, 24 October 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1873.51 crore yesterday, 24 October 2018, as per provisional data.
Among corporate news,on a consolidated basis, Wipro's net profit fell 9.94% to Rs 1885.60 crore on 4.03% increase in revenue to Rs 14541 crore in Q2 September 2018 over Q1 June 2018. IT services revenues rose 4.9% to Rs 14,377 crore in Q2 September 2018 as against Rs 13,700 crore in Q1 June 2018. The result was announced after trading hours yesterday, 24 October 2018.
For the quarter ending 31 December 2018, Wipro expects revenue from IT services business to be in the range of $2,028 million to $2,068 million. Comparable revenue excluding India PSU and India Government business for the quarter ended 30 September 2018 was $2,007 million. This translates to sequential growth outlook of 1% to 3%.
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