Sensex Opens Marginally Lower; Wipro Falls 6%

Wed, 14 Oct 09:30 am

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Asian stock markets are trading mixed today. The Hang Seng is trading up by 0.1% and the Nikkei is trading down by 0.2%.

In US markets, Wall Street indices edged lower on Tuesday, with halted Covid-19 vaccine trials and an elusive US stimulus agreement dampened sentiment.

The Dow fell 0.6%, and the Nasdaq Composite dropped 0.1%.

Back home, Indian share markets have opened the day on a negative note.

Market participants will be tracking WPI inflation data for September due later today.

The BSE Sensex is trading down by 104 points.

The NSE Nifty is trading lower by 33 points.

Tata Steel and Asian Paints are among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened the day on a flat note.

Sectoral indices are trading mixed with stocks in the banking sector and finance sector witnessing selling pressure.

Energy stocks, on the other hand, are trading in green.

The rupee is trading at 73.37 against the US$.

Gold prices are trading up by 0.2% at Rs 50,350 per 10 grams.

Speaking of the current stock market scenario, note that the markets have climbed back to their highest levels since the pandemic began.

The Sensex breached the 40,000-mark earlier this month. Meanwhile, the Nifty went past the 12,000-mark earlier this week on Monday.

The smallcap index is up 68% since 23 March.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

Every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to stock specific news...

Wipro is among the top buzzing stocks today.

The IT major on Tuesday posted a 3.4% year-on-year (YoY) fall in consolidated net profit at Rs 24.7 billion for the quarter ended September 30. It had reported a net profit of Rs 25.5 billion in the corresponding quarter last year.

Consolidated revenue remained nearly unchanged at Rs 151.2 billion.

IT services operating margin was 19.2% as against 18.1% a year ago. The Bengaluru-based company added 97 new customers during the quarter.

Wipro's board also approved up to Rs 95 billion buyback plan at Rs 400 per share, which is a 6.4% premium to yesterday's close of Rs 375.5 on BSE.

The IT firm will repurchase 237.5 million shares at Rs 400 per share. The buyback size stands at 4.16% of the total paid-up equity share capital.

Promoter Azim Premji, who through individual shareholding entities controls about 74% of the company, intends to participate in the buyback.

Note that this is Wipro's fourth buyback in the last five years. Wipro did its largest share buyback ever last year.

In another update, the company announced that it has signed a definitive agreement to acquire Eximius Design, a leading engineering services company with strong expertise in semiconductor, software and systems design.

Wipro share price has opened the day down by 5%.

To know more, you can read Wipro's Q2FY21 result analysis on our website.

Moving on to news from the finance sector, financial stocks including banking and non-banking finance companies (NBFCs) will be in focus today.

The Supreme Court has listed the interest waiver case for hearing today.

In an affidavit filed in the SC, the RBI has warned of risks to the banking sector if the stay on the classification of bad loans isn't lifted right away.

A loan moratorium exceeding six months might result in vitiating the overall credit discipline, which will have a debilitating impact on the process of credit creation in the economy, the Reserve Bank of India told the Supreme Court.

Earlier this year in March, the RBI had announced a moratorium on repayment of term deposits for three months, which was later extended till August 31.

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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