MARKET UPDATE:Sensex up by 263 points to hover around 38,334 levels, and Nifty around 11,270 level
Published On: Thursday, July 30, 2020 | By: Team KnowMyStock
Equity markets in India were trading half a percent higher today(30th July 2020). The S&P BSE Sensex added 263 points to hover around 38,334 levels and the Nifty50 index was trading around 11,270 levels. IT stocks-HCL Tech, TCS, and Infosys-rose over 1 percent. Bharti Airtel gained 2 percent after posting a 15 percent growth in Q1 revenue. while InterGlobe Aviation slipped 4 percent before recouping losses after posting its biggest-ever quarterly loss. The Nifty sectoral indices were trading in the green, led by the Nifty IT index, up 1 percent. Four hundred and three companies, including Reliance Industries, HDFC, and Dabur India, are slated to report their quarterly earnings today.
Reliance Industries’ retail and energy verticals expect a dent in earnings in the June quarter, because of the pandemic. However, higher earnings in the telecom business may partly cushion the hit.
Analysts expect HDFC to report tepid loan disbursal, elevated provisioning, and contraction in net interest margin for Q1FY21 as credit demand remained weak amid the ongoing Covid-19 pandemic.
Tags: Indian equity market
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