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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
16-Apr-2018     08:29

Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 58 points at the opening bell. Shares of IT major Infosys will react to its Q4 March 2018 results declared after market hours on Friday, 13 April 2018.

Overseas, Asian stocks were mixed as traders assessed the likelihood the fallout of an American-led strike on Syria could be contained. US stocks fell on Friday, 13 April 2018 as weakness in shares of banks and finance firms added to the political and trade tensions weighing on the market.

US President Donald Trump declared mission accomplished via Twitter on Saturday, a day after the US, France and the UK launched military strikes in response to Syrian leader Bashar al-Assad's suspected chemical attack on civilians.

Back home, domestic stocks logged modest gains in a volatile trading session on Friday, 13 April 2018 led by gains in index heavyweights Reliance Industries, HDFC and Infosys. The barometer index, the S&P BSE Sensex, rose 91.52 points or 0.27% to settle at 34,192.65. The Nifty 50 index rose 21.95 points or 0.21% to settle at 10,480.60.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 399.59 crore on Friday, 13 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 306.05 crore on Friday, 13 April 2018 as per provisional data.

Among corporate news, IT major Infosys announced after market hours Friday, 13 April 2018, that consolidated net profit fell 28.1% to Rs 3690 crore on 1.6% increase in revenues to Rs 18083 crore in Q4 March 2018 over Q3 December 2017. The result are under International Financial Reporting Standards (IFRS).

On a consolidated basis, Infosys expects revenues to grow 6%-8% in constant currency in the fiscal year ending 31 March 2019 (FY 2019). It expects revenues to grow 8.2%-10.2% in rupee terms in FY 2019.

On 13 April 2018, Infosys entered into a definitive agreement to acquire WongDoody Holding Company, Inc., a US-based digital creative and consumer insights agency for a total consideration of up to $75 million including contingent consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions.

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