Stocks in focus: The GIFT Nifty recorded a 0.04% gain during Wednesday’s early trading session, with a value of 19,865 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex continued its sideways trend, ending flat after a session of volatile trade. The Nifty 50 rose 8.25 points to close at 19,680.6. On the other hand, Sensex slipped 0.04% to end marginally in the red, at 66,355.71.
“Indian indices hovered along the flat line, waiting ahead for the crucial decision of Fed policy. Metal stocks rose due to China’s commitment to provide policy support to its realty sector, while utilities were up in anticipation of demand & improvement in operating margin. The recent correction of the domestic market can be attributed to several factors, including muted start to Q1 results, a reversal in FII activity, a rising dollar index, and an increase in crude oil prices,” said Vinod Nair, Head of Research at Geojit Financial Services.
L&T
Larsen & Toubro (L&T) said it would buy back 33.3 million equity shares of a face value of Rs 2 each, at a maximum price of Rs 3,000 per equity share. This represents 2.4% of its paid- up capital.
Jubilant Foodworks
Jubilant FoodWorks, which owns Domino’s pizza franchise in India, posted fiscal first quarter profit at Rs 28.92 crore, down 74.4% as compared to Rs 112.75 crore during the first quarter of FY23.
SBI Life
SBI Life Insurance reported a 45% surge in its first-quarter profit, aided by higher income from premiums. SBI Life, one of India’s largest life insurers, said its profit after tax for the quarter ended June 30 rose to Rs 3.81 billion from Rs 2.63 billion during the corresponding quarter, a year earlier.
UTI AMC
UTI Asset Management Company on Tuesday reported a more than two-fold jump in profit after tax to Rs 234 crore in the June quarter. The company had posted a profit after tax of Rs 92 crore in the same quarter in the preceding fiscal.
Can Fin Homes
India’s Can Fin Homes Ltd said employees at the Ambala branch committed fraud of nearly Rs 38.53 crore by transferring funds to different personal bank accounts.
Axis Bank, Bajaj Finance, Cipla, Dr Reddy’s Laboratories
Shares of Axis Bank, Bajaj Finance, Cipla, Dr Reddy’s Laboratories will be in focus today as they gear up to announce their first fiscal quarter earnings results.