Indian benchmark indices are likely to open on soft note on Wednesday, tracking weak cues from Nifty futures on the Singapore Stock Exchange and mixed trend across global peers. Markets across Asia were trading lower after the Wall Street ended lower in overnight trade as investors remained wary over whether the US government will get tax reform done at all this year.
SGX Nifty is trading down by 37 points at 10191, indicating a negative opening. Indian shares fell modestly on Tuesday as rising crude prices as well as domestic data revealing upward pressure on both consumer and wholesale inflation helped spur worries over likely fiscal slippages. India's consumer inflation quickened to 3.58% in October, from 3.28% increase in September, the wholesale inflation rate touched a six-month high of 3.59% in the month.
U.S. stocks slipped amid signs of a commodities glut and uncertain prospects for American tax cuts. Stocks Climb Off Worst Levels But Close Modestly Lower.
A global equity selloff deepened in Asia amid signs of an oversupply in commodities and uncertainty lingered over U.S. tax policy.
Major Headlines of the day:
Godrej Industries says Q2 profit rose 53% from a year ago to Rs95 crore on the back of growth in the agriculture, consumer and property business. Total income during the period rose 11% year on year to Rs2,523 crore.
GAIL Q2FY2018 results: Improved profitability in LPG-LHC, gas transmission and gas marketing segments lifts EBITDA by 34.8% YoY and PAT by 41.6% YoY.
Bank of Baroda (BoB) has posted decent set of numbers for Q2FY18 with net interest income growing by 8.6% YoY to Rs3720.5 crore Overall asset quality for the quarter improved as GNPA ratio declined by 24BPS on a sequential basis to 11.16. Growth in the domestic loan book was strong at 13.81%.
Cox & Kings today said its consolidated net profit jumped over two-fold to Rs 202.24 crore for the second quarter ended September 30. EBITDA was up 85% and margins improved to 21.8% Vs 7.3%.
Laurus Labs Limited has received the Establishment Inspection Report (EIR) from US Food and Drug Administration (US FDA) for its Unit 1& 3, located at Parawada, Visakhapatnam, for the inspection conducted in August 2017
Trend in FII flows: The FIIs were Net Value of Rs 2576.98 the cash segment on Tuesday while the DIIs were Net Value of Rs -1.3 as per the provisional figures.
UPCOMING- RESULTS:- CARE, WONDERLA, AUTOMOTIVE AXLE, UNIVERSAL CABLE, SOMANY CEREMIC.
Securities in Ban For Trade Date 15-NOV-2017: