Indian shares edged higher on Wednesday tracking mixed cues from global markets. The Sensex rose nearly 50 points to 32,277.85 while the Nifty50 index added over 20 points to 9,986.90. Metal stocks were the prominent gainer in the market with the Nifty Metal sub-index of NSE rising 0.90 per cent. Vedanta, Tata Steel were the top two gainers in Nifty rising 2.13 per cent and 1.07 per cent respectively. BPCL, Eicher Motors, Mahindra & Mahindra were the other prominent gainers in the Nifty.
Meanwhile, Axis Bank was the top loser in Nifty, down 1.11 per cent followed by Asian Paints and Bharti Infratel, which fell 1.07 per cent and 1.03 per cent respectively. Axis Bank yesterday reported a smaller-than-expected 16 per cent drop in quarterly profit at Rs. 1,306 crore, beating analysts’ estimate(Reuters’ average analyst’s estimate) of Rs. 1,282 crore.
It also said that outstanding loans on its “watch list”, or potential troubled loans that risk turning sour, fell 16 per cent from the previous quarter to Rs. 7,941 crore as of end-June.
Bharti Airtel, which also reported its June quarter earnings post market hours on Tuesday, was down 0.3 per cent. India’s biggest telecom operator said its consolidated profit fell 75 per cent to Rs. 367 crore in the three months to June 30.
The pricing disruption in the Indian telecom market caused by the entry of a new operator has led to industry revenue declines and created further stress on sector profitability, cash flows and leverage, said Gopal Vittal, MD and CEO, India & South Asia, said in a company statement.
However, Bharti Airtel’s profit, the lowest since December 2012, came in above analyst estimates of Rs. 335 crore, according to Thomson Reuters data.
As of 9:37 am, Nifty was up 14.45 points at 9,979 and the BSE benchmark, Sensex traded 45.77 points higher at 32,274.04.
Elsewhere, other Asian shares traded mixed. Nikkei was up 0.51 per cent, Hang Seng rose 0.06 per cent while China’s Shanghai Composite fell 0.37 per cent. Overnight, US stock indices hit record high on the back of gains in banking shares and positive earnings from McDonald’s and Caterpillar.
The Dow Jones Industrial Average rose 100.26 points, or 0.47 per cent, to 21,613.43, the S&P 500 gained 0.29 per cent, to 2,477.08 and the Nasdaq Composite added 1.37 points to 6,412.17.