Check the latest financial results analysis and know the upcoming quarterly session here. As per some veteran analysts, quarterly results are likely to remain the main driver of the market in the weeks ahead. At a time when strong gains have raised concerns about valuations.
Quarterly results from blue-chips TCS and Infosys will surely drive the market sentiment. According to the industry expert, the announcement of macroeconomic data will also drive the market sentiment. Some traders have forecasted that in coming weeks, second-quarter corporate earnings and key economic data release will set the trend in a truncated trading session in stock markets. Since there are too many uncertainties such as the Fed rates, US presidential election and corporate earnings season. It is also predicted that trading will remain range-bound in the near term.
In the beginning, Indian markets along with other Asian markets might react to the outcome of the crucial US non-farm payrolls data that was announced after the close of markets as per the expectation of the experts.
On the other hand, Mphasis surges 9% after Q3 results. The company Shares of Mphasis climbed 9 percent after the company reported a better-than-expected profit for the upcoming quarter. The company has reported 4.9 percent sequential growth in QoQ dollar revenues at $242 million that beat the consensus estimates. On a sequential basis, this was the second consecutive quarter of 4 percent plus growth for the IT firm. However, the target prices of a couple of brokerages suggest the stock hold limited to no upside going ahead.
The stock climbed 9.34 percent to hit a high of Rs 735 on BSE. According to the experts, the results were strong, both on growth as well as deal won basis. And may lead to some earnings upgrades. The total profit of the company for the quarter 2 rose by 5.6 percent. But it was down on year-on-year basis. During the quarter, operating margins expanded by 64 basis points sequentially to 14.4 percent.
In opening trade on 13 March, the analysts found that the shares of Tata Consultancy Services tumbled over 5 percent. As soon as the news scattered that 3.2 crore shares worth Rs 8,992 crore traded in block deals on both BSE and NSE, the shares of the company plunges. At that time, the shares were trading at Rs 2,892 apiece.
It was reported that Tata Sons sold a 1.48 percent stake in the IT services firm to raise Rs 8,127 crore. This was because it seems to retire debt and invest in group firms across sectors like auto and steel.