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Market may extend gains

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by April 26, 2017 General

Trading of 50 index futures on the stock exchange indicates that the could rise 13.50 points at the opening bell on positive global cues.

Overseas, Asian indices traded higher following the rise in US stocks on the back of strong earnings announcements and on expectations for US President Donald Trump’s impending tax reforms. In the US, stocks soared as McDonald’s and Caterpillar reported strong earnings, with the Nasdaq surpassing the 6,000 mark for the first time. The Dow Jones industrial average surged 1.12% to close at 20,996.12.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 178.82 crore yesterday, 25 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 998.26 crore yesterday, 25 April 2017, as per provisional data.

Among corporate news, Wipro’s consolidated net profit rose 7.2% to Rs 2267 crore on 4.86% rise in total income to Rs 15033.80 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 25 April 2017.

Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board said that the company is confident that the recovery in energy and utilities and demonstrated strength in digital will help improve growth trajectory during the course of the current financial year.

LIC Housing Finance’s net profit rose 18.12% to Rs 529.18 crore on 11.85% rise in total revenue to Rs 3661.86 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 April 2017.

Key benchmark indices logged strong gains yesterday, 25 April 2017, in sync with upbeat global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election on Sunday, 23 April 2017. The barometer index, the S&P BSE Sensex, jumped 287.40 points or 0.97% to settle at 29,943.24. The 50 index surged 88.65 points or 0.96% to settle at 9,306.60. The Sensex hit its highest closing level in almost three weeks. The hit a record high on intraday as well as closing basis.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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