Nifty futures had been trading 19.50 points or .13 per cent down at 14,427.20 on Singaporean Exchange in early trade on Monday. In the week gone by, BSE Sensex and Nifty 50 continued their record-setting run and marked their new peaks nearly each and every other day. Amid hopes of sturdy third-quarter earnings, foreign portfolio investors (FPIs) have pumped in Rs 5,156 crore into Indian capital markets, so far in January. Market participants will preserve tabs on corporate earnings, COVID-19 vaccine rollout, foreign fund inflow, macroeconomic information and other international cues. “We expect Nifty50 to report 19% earnings growth in Q3FY21 with likely upgrades coming in sectors like, automobiles, auto-ancillaries, metals & mining, cement, select banks and pharmaceuticals. Expect Nifty to go anywhere between 14,500 and 15,000 before the budget,” stated Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
Stocks in concentrate today:
TCS: Tata Consultancy Services posted far better than anticipated economic final results for fiscal in the third quarter. IT important announced an interim dividend of Rs 6 per equity. TCS reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore for the third quarter ended December 31, 2020. It had posted a net profit of Rs 7,504 crore in the second quarter.
Tata Steel: Tata Steel India reported a 3% year-on-year development in its crude steel production at 4.60 million tonne for the third quarter of the present fiscal with momentum continuing in sales, although constrained by reduced opening inventory post a stronger sales for the duration of the second quarter of the fiscal.
Corporate earnings: A total of eight firms are set to announce their October-December quarter earnings later in the day today. These incorporate Dolat Investments, GNA Axles Ltd, Zicom Electronic Security Systems, amongst other people.
Sobha: Realty firm Sobha Ltd’s sales bookings rose 29 per cent on-year to Rs 887.6 crore in the third quarter this fiscal on far better housing demand for the duration of the festive season. The company’s sales booking enhanced on account of rise in volume as effectively as price tag realisation. During 2019-20, Sobha had accomplished sales bookings of Rs 2,880.6 crore.
Cipla: Cipla is recalling more than 5.8 lakh packets of a drug for the reduction in the occurrence of gastric ulcers from the US marketplace, PTI cited a report by the US Food and Drug Administration. The drug important is recalling esomeprazole magnesium for delayed-release oral suspension in unit dose packets in strengths 10 mg, 20 mg and 40 mg in the US marketplace, the most up-to-date Enforcement Report by the USFDA stated.