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25-Jul-2017 16:07:51
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You Are On : News | Pre-Session
Market may open higher
14-Jul-17   08:26 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 22 points at the opening bell. IT major Infosys is scheduled to announce Q1 June 2017 results today, 14 July 2017.

Overseas, most Asian stocks were trading higher as investors await US inflation data and earnings from some of America's biggest banks.

In US, the Dow yesterday, 13 July 2017 closed at a record for the 24th time in 2017, as gains in the financial sector helped the broader market book modest gains. The Dow Jones Industrial Average, rose 20.95 points, or 0.1%, to close at 21,553.09. The S&P 500 index, gained 4.58 points, or 0.2%, to end at 2,447.83. The Nasdaq Composite Index finished up 13.27 points, or 0.2%, at 6,274.44.

US Federal Reserve Chairwoman Janet Yellen reiterated a dovish stance in her second day of congressional testimony yesterday, 13 July 2017. Yellen told a Senate Banking Committee yesterday, 13 July 2017 the federal-funds rate wouldn't need to rise significantly to get to a neutral policy stance.

Back home, the key benchmark indices logged strong gains yesterday, 13 July 2017 led by ITC, ICICI Bank and HDFC. The Sensex rose 232.56 points or 0.73% to settle at 32,037.38, its record closing high.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 59.15 crore yesterday, 13 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 279.13 crore yesterday, 13 July 2017, as per provisional data.

Among corporate news, TCS' consolidated net profit fell 10.13% to Rs 5940 crore on 0.19% decline in net sales to Rs 29584 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 13 July 2017.

Commenting on the company's Q1 performance, TCS CEO and MD, Rajesh Gopinathan said that the company has seen steady growth across industries in Q1. Robust volumes from major markets driven by good client additions across revenue bands and accelerating Digital adoption among customers have given it the right start to the year. The company had excellent wins across all markets and has a good deal pipeline across industries that position it well for growth in FY18, Gopinathan said.

V. Ramakrishnan, Chief Financial Officer, TCS, said that during the quarter high currency volatility including sharp rupee appreciation against the dollar resulted in Rs 650 crore loss in reported revenues. TCS focused on generating strong cash flows and invest in its digital business. Despite the impact of wage hikes in Q1, TCS continues to drive profitability to its targeted range, Ramakrishnan added.

TCS' board declared interim dividend of Rs 7 per share for the year ending March 2018.

Housing finance major HDFC turns ex-dividend today, 14 July 2017, for final dividend of Rs 15 per share for the year ended March 2017.

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