The domestic stock markets are likely to open in the red, post the nearly 2 per cent rally in the previouus session, going by early indications from SGX Nifty futures trading. Trends on SGX Nifty indicate a negative opening for the index in India, with a 60-points loss. At 7:30 am, the Nifty futures were trading at 14,496, lower by 60 points or 0.56 per cent on the Singapore Stock Exchange.
The S&P BSE Sensex and NSE Nifty 50 indexes had clocked their best single-day gains since September 25, 2020 on Tuesday (January 20,2021) on the back of a broad-based buying interest. The Sensex climbed 834 points or 1.72 per cent to close at 49,398 and Nifty rose 240 points or 1.68 per cent to settle at 14,521.
Stocks to watch in trade in Wednesday’s session (January 20, 2021):
Larsen & Toubro Infotech
The company reported a 37.85 per cent jump in net profit to Rs 519.3 crore for the December quarter, mainly driven by a surge in revenue and margin expansion. It reported a 12 per cent increase in revenues to Rs 3,152.80.
India’s largest non-bank lender will report its December quarter earnings during the day. The company’s consolidated net profit fell 36 per cent to Rs 965 crore in the September quarter on higher provisioning; provisions had risen 181 per cent to Rs 1,635 crore during the quarter.
The tyre manufacturer reported around 149 per cent year-on-year jump in consolidated net profit to Rs 132 crore for the quarter ended December, as vehicle production returned to pre-covid level and sales in the after-market segment made a strong comeback. Net sales during the quarter surged 26 per cent year-on-year to Rs 2,221 crore.