Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Profit booking drags indices
Fri, 23 Jul 01:30 pm

Indian indices shed their gains on profit booking in heavy weights during the last two hours of trade. Stocks from consumer durable and capital goods space are trading firm while stocks from the realty and metal space are trading weak.

The BSE-Sensex is trading up by 21 points while NSE-Nifty is trading 5 pints above the dotted line. BSE-Midcap index is trading flat while and BSE-Smallcap index is trading 0.2% below yesterday's closing. The rupee is trading at 47.01 to the US dollar.

IT stocks are currently trading mixed with HCL Tech and Infosys trading firm and TCS and Tech Mahindra trading weak. IT major, Wipro announced its results today. The company has reported a growth of about 4% QoQ in revenues during the quarter. Growth was largely volume driven, with all its segments (except for IT products) reporting an increase in numbers. The company's IT services business, which contributes to nearly 76% of total revenues, reported a 5% QoQ increase. Wipro's IT products business, which forms nearly 11% of total revenues, reported a decline of 6.5% QoQ. Wipro's operating profits increased at a faster pace (7.4% YoY) as compared to the revenues growth, on the back of a 0.8% QoQ expansion in margins, which stood at 22.6% during the quarter ended June 2010.

The company added 4,854 (net employees) during the quarter, taking its total employee strength to 112,925. However, the attrition rate stood at 15.8%, which is a concern for the company. Further, the company's IT services segment added 22 new clients during the quarter, thereby taking the total count of active clients to 858.

Banking stocks are trading mixed with Indusind Bank and Axis Bank trading firm and Bank of India and HDFC Bank trading weak. As per a leading daily, State Bank of India has raised US$ 1 bn through a bond issue to qualified institutional buyers. The issue is in the form of unsecured bonds due in 2015 and is priced at a coupon rate of 4.5% per annum. This issue will help improve the bank's capital adequacy ratio and help the bank grow its asset book. SBI is also planning a rights issue this fiscal subject to government approval.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Profit booking drags indices". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 22, 2018 (Close)