Indian equity markets opened flat on Wednesday, February 11, with benchmark indices trading near key levels amid investor focus on third-quarter earnings and developments in the primary market.
The 30-share BSE Sensex opened marginally higher at 84,339. In early trade, the index extended gains, and at 9:21 am it was trading at 84,413.21, up 139.29 points or 0.17 percent.
Similarly, the NSE Nifty-50 opened in positive territory and approached the 26,000 mark in early trade. At 9:22 am, the index was trading at 25,990.90, up 55.75 points or 0.21 percent.
Market sentiment was supported by gains in heavyweight Reliance Industries (RIL) and auto sector stocks, while selling pressure in realty and public sector banking shares weighed on the indices.
Asian markets traded higher on Wednesday. Japan’s Nikkei index was trading with b gains, while markets in Australia and South Korea recorded mild to moderate advances.
Globally, US markets closed on a mixed note on Tuesday. The S&P 500 and Nasdaq declined, while the Dow Jones Industrial Average closed at a record level for the third consecutive day. Investor sentiment in the US was influenced by weak December retail sales data. According to the report, there was no growth in consumer spending, while the market had expected an improvement. Investors are now focused on upcoming US labour market data.
Third-quarter earnings remain a key focus for the domestic market. Investors are particularly tracking results from the auto, pharma and consumer sectors.
The following companies are scheduled to announce their Q3 results today: Mahindra & Mahindra, Divi’s Laboratories, Ashok Leyland, Max Financial Services, Patanjali Foods, SJVN, AstraZeneca Pharma, Kirloskar Oil Engines, TBO Tek, Bayer CropScience, Amara Raja Energy, Avanti Feeds, IRCON, Jupiter Wagons, P&G Health and Mrs. Bectors Food.
These quarterly results may influence trading direction in the market. Investors may adjust portfolio allocations and stock positions, particularly in companies that report improved quarterly performance.
Activity remains elevated in the primary market. In the mainboard segment, the issues of Fractal Analytics and iFinance are in their final day of subscription. In the SME segment, Grover Jewels and Brandman Retail are scheduled to list on the NSE SME platform.
Developments related to subscription status and share allotment decisions are expected to remain in focus for IPO investors.
