Market Live: Nifty opens above 10,200, Sensex gains 100 pts; Infosys rises further:-
9:35 am FII View: "While corporate transformations are usually bullish for stock markets in the longer term, our conclusion is that the current slow pace of these transformations does not give us enough reason for us to be revisiting Indian equities," Herald van der Linde of HSBC said.Earnings expectations are too high, economic growth is slowing, and valuations are still stretched, according to him. Markets now reflect this reality, he feels.the grs solution
"We have seen a notable decline in (foreign) mutual funds' exposure to Indian equities, but we believe it is too early for us to change our stance. Thus, we remain underweight on the market in a regional context," Herald said.
9:27 am Earnings Poll: Infosys, the country's second largest software services provider, will announce its July-September quarter earnings today after market hours. Outlook will be key thing to watch out for, especially after co-founder Nandan Nilekani joined as non-executive chairman in August.
Profit for the quarter is expected to be flat at Rs 3,496 crore against Rs 3,483 crore in previous quarter, according to average of estimates of analysts polled by CNBC-TV18.
Analysts expect revenue to increase 3.2 percent sequentially to Rs 17,630 crore and dollar revenue to grow 3.3 percent to USD 2,738 million in the quarter ended September 2017.
Constant currency revenue growth is expected to be at 2.2 percent for the quarter against 2.7 percent in Q1.
9:20 am Nod for merger: The Department of Telecom (DoT) has cleared the merger of Sistema Shyam Teleservices with Reliance Communications, a deal that will reduce the number of mobile operators in the country to ten.
"Reliance Communications Limited (RCOM) has received the Department of Telecommunication's (DoT) approval for the demerger of the wireless business of Sistema Shyam Teleservices Limited (SSTL) into RCom," the Anil-Ambani led telecom firm said in a statement.
According to a source, the deal was cleared by the DoT on October 20.
Under the deal, all wireless business assets of SSTL will come under RCom. However, brand MTS will continue to operate. hemraj prajapat
SSTL will get 10 per cent stake in RCom as per the terms of the deal.
9:15 am Market Check: Equity benchmarks extended previous day's gains in opening on Tuesday, backed by positive Asian cues. Metals, technology, cement and select banks stocks gained strength.
The 30-share BSE Sensex was up 131.99 points at 32,638.71 and the 50-share NSE Nifty rose 22.00 points to 10,206.90.
Indiabulls Housing Finance, Ambuja Cements, BPCL, Zee Entertainment, Tata Steel and UltraTech Cement were early gainers.
Ahead of earnings later today, Infosys was up 0.6 percent while HDFC Bank was flat.
Bharti Infratel, Sun Pharma, Bajaj Finance, HCL Technologies and Mahindra & Mahindra were losers in early trade.
Nifty Midcap was up 0.2 percent.
Zuari Agro Chemicals, S Chand, Rico Auto, Saregama India, Jaiprakash Associates, NIIT Technologies, NIIT, Sobha, Puravankara, Godrej Properties and Brigade Enterprises gained 1-6 percent.shashank pathak
The Indian rupee continued hovering around 65 against the US dollar. It has opened higher by 4 paise at 64.97 a dollar on Tuesday.
