Stocks in focus: The GIFT Nifty recorded a 0.03% loss during Wednesday’s early trading session, with a value of 19,561.5 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended Wednesday’s session in the red. The Nifty 50 sank 0.28% to 19,384.30 and Sensex tumbled 223.94 points to 65,393.90.
“The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings. While optimism about moderation in US inflation supported the broad index. Further, an uptick in domestic food inflation on the back of higher mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious. Monsoon progress and the Kharif sowing trend in July are the keys to the future inflation trend,” said Vinod Nair, Head of Research at Geojit Financial Services.
HCL Tech
HCL Tech, the country’s third largest Indian IT firm missed estimates on the net profit and revenue front in its April-June quarter earnings. The company’s net profit at Rs 3,534 crore was down 11.2% sequentially. Revenues during the period was down 1.1% quarter-on-quarter to Rs 26,296 crore.
Patanjali Foods
Baba Ramdev-led Patanjali Ayurved Ltd will sell up to 2.53 crore shares in its group firm Patanjali Foods Ltd on stock exchanges in a bid to increase public float to meet listing requirements. The floor
Wipro
Wipro is set to announce its quarterly earnings results for the current fiscal year on Thursday. The IT major is expected report a marginal revenue decline of 3-5% sequentially in cc terms in Q1FY24, majorly impacted by macro weakness and soft discretionary spending environment. The revenue decline is likely to be led by broader weakness in financial services, hi-tech verticals, and softness in its consulting business.
LTIMindtree
LTIMindtree is expected to join the benchmark Nifty 50 index from 13 July as HDFC shares will be delisted.
JSW Steel
JSW Steel will replace HDFC shares in the 30-stock BSE Sensex index, following HDFC’s delisting.
Reliance Industries
Reliance Industries futures and options (F&O) contracts for July, August and September will expire on 19 July, as 20 July has been set as the record date for the Jio Financial demerger.
Aurobindo Pharma
Aurobindo Pharma’s unit APL Healthcare has received final approval from the US FDA to manufacture and sell Sevelamer Hydrochloride tablets of doses 400 mg and 800 mg, which is used to treat chronic kidney disease.