MAHARASHTRA, India – Indian stocks were trading higher on Wednesday after the gains in the global market following the strong earnings report.
Despite the ongoing caution towards the spreading of the coronavirus in China, Indian equity markets aren’t likely to get the brunt of it.
At around 10:32 IST, the BSE Sensex index was recorded with 270 points higher from its previous close on Tuesday. The Nifty index was also trading higher early in the session, reclaiming the current 12,150 points after a series of declines in the past three trading sessions. Meanwhile, broader markets were seen outperforming Indian benchmarks with the Nifty Small-cap and Mid-cap indices going up by 0.5% each.
Among the top gainers in the Indian stock market today were Tata Motors, Tata Steel, JSW Steel, Adani Ports, and Hindalco. On the other hand, Yes Bank, TCS, UltraTech Cement, and Eicher Motors were the top laggards early in the session.
On shares on the move, the Maruti Suzuki stocks recorded around 2% increase during the intraday session following the company’s report of a 5.1% YoY increase for their earnings profits from October to December. The latest figure is at Rs 1,565 crore compared to the Rs 1,489.3 crore for the third quarter in the previous year. Despite the increase, it has, however, missed analyst estimates of Rs 1,676 crore for the biggest passenger car maker in India.
M&M Financial Services shares also jumped by more than 7% early on trade following the net profit report of the company for the third quarter, which increased by 14% from the previous year.
Meanwhile, Jubilant Foodworks, which operates Dunkin Donuts and Dominos, is scheduled to release in 3rd quarter figures later today. The stocks for Jubilant Foodworks was trading around its record highs but dramatically fell on Tuesday’s session ahead of its scheduled earnings report release.
Tata Coffee shares, on the other hand, rallied on the BSE. It traded 8% higher to hits its 52-week high at Rs 107 following the company’s report on its strong 61% advance for its 3rd quarter profit.
Rallis India shares also rallied on the BSE, adding 7% on Wednesday after delivering robust 3rd quarter earnings. Rallis India currently recorded a 47% surge in its stock price for January 2020.
Meanwhile, new headlines on the coronavirus, with over 130 recorded deaths, has affected most in the global market. However, according to the recent research report from Credit Suisse, the Indian stock market is not likely going to be affected by the rapid spread of the potentially deadly virus.