Sensex Falls 400 Points, Nifty Near 17,000; Wipro Dips 5% Post Q2 Results

Thu, 13 Oct 10:30 am

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Asian share markets are lower today after shares on Wall Street eased overnight ahead of the release of US inflation data.

The Nikkei fell by 0.5% while the Hang Seng was down 1%. The Shanghai Composite is trading higher by 0.2%.

Stocks in the US ended down in volatile trading on Wednesday before highly anticipated consumer price data on Thursday, which is expected to show that price pressures remained elevated in September.

Both the Dow Jones and the tech heavy Nasdaq Composite ended lower by 0.1%.

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened on a negative note today following the trend on SGX Nifty. As the session progressed losses were extended.

At present, the BSE Sensex is trading lower by 310. Meanwhile, the NSE Nifty is trading down by 82 points.

Dr Reddy's Laboratories and HCL Technologies are among the top gainers today.

Wipro and Bajaj Finserv are among the top losers today.

HCL Tech declared its results yesterday and rose 2.5% today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading lower by 0.6% and the BSE Small Cap index is trading down by 0.4%.

If you are looking for smallcaps, start your search with the fundamentally strong smallcap stocks that offer cushion in this volatile period.

Sectoral indices are trading on a negative note. Stocks in the realty sector and finance sector witness selling.

Shares of ZF Commercial and KSB hit their 52-week high today.

In the commodity markets, gold prices trade higher. Today, gold prices are trading higher by Rs 35 at Rs 50,940 per 10 grams.

Meanwhile, silver prices are trading higher at Rs 57,428 per 1 kg.

The rupee is trading at 82.3 against the US dollar. Recently, the rupee touched record low. If you're wondering how to profit from a falling rupee, check out our editorial on how a weaker rupee benefits you.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

In news from the power sector, Tata Power to set up a solar power project in Patnagar.

Tata Motors and Tata Power have entered into a Power Purchase Agreement (PPA) for a 7 MW captive solar power project at its Pantnagar plant in Uttarakhand.

This installation will set to generate 215 m units of electricity, and will also help mitigate over 1.7 lakh tonnes of CO2, equivalent to planting 2.7 lakh teak trees over a lifetime.

To date, Tata Power has cumulatively installed 45 MW of solar rooftops across Tata Motors' PV and CV plants in Pune, Pantnagar, Jamshedpur, and Dharwad.

On the other hand, Tata Motors, as a signatory to the RE100, is committed to using 100% renewable energy in its operations and has taken many objectives to achieve this objective.

Speaking of Tata Motors, its share price has remained volatile for the past couple of weeks. The share price has been moving in tandem with the market. It has witnessed quite a lot of ups and downs in 2022.

Despite its aggressive plans in the EV sector, Tata Motors share price is falling. It has lost 20% on a YTD basis.

Further in news from the FMCG sector, one of the best FMCG stocks ITC is in focus today.

The FMCG major said its subsidiary ITC Infotech India has incorporated a wholly owned subsidiary in Brazil under the name of ITC Infotech Do Brasil LTDA on 10 October 2022.

ITC Infotech has received registration certificate evidencing incorporation of the subsidiary.

ITC is a diversified conglomerate with businesses spanning fast-moving consumer goods, hotels, paperboards and packaging, agribusiness and information technology.

Moving on to news from the IT sector, Wipro posted its quarterly results yesterday.

Wipro on Wednesday reported a 9.3% drop in its September quarter net profit, weighed down by rising staff expenses and lower non-US earnings.

The company had reported a consolidated net profit of Rs 29.3 bn in the same period last year.

However, on a quarter on quarter basis, profit rose 3.7% in the current quarter, from Rs 25.6 bn in the previous quarter.

The Bengaluru-based company's revenue from operations stood at Rs 225.4 bn, a 14.6% growth over Rs 196.7 bn in the previous year.

Operating margin for the quarter came in at 15.1%, an increase of 16 bps quarter-on-quarter.

The firm promoted over 10,000 employees and its attrition rates recorded a third consecutive quarter of moderation.

Wipro's voluntary attrition measured in the trailing 12 months for the quarter was at 23% -- a moderation of 30 bps from the June 2022 quarter. Its attrition rate was low at 20.5% during Q2 of FY22.

Wipro said earnings from its clients in non-US markets fell in the second quarter.

Earnings from Europe dropped to Rs 7.9 bn, from Rs 9.2 bn a year back.

Similarly, the Asia Pacific/Middle East/Africa (APMEA) region saw lower earnings of Rs 2.2 bn, as compared to Rs 3 bn last year.

Speaking of Wipro, did you know it is one of the 5 Indian companies which have consistently declared bonus shares?

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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