Infy and Wipro come with great results, time for reversal in the IT sector?

Good Morning Everyone, Yesterday the Nifty raced ahead and closed at 18161 crossing 18000 as if nothing happened. Infy and Wipro came with good results yesterday after market hours, which probably can support the IT sector that has been seeing some selling after TCS results.


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Global Markets:


Consumer prices rose 0.4% last month, slightly higher than August's gain and pushing annual inflation back to the highest increase in 13 years.


The consumer price index rose 5.4% in September from a year ago, the Labor Department said Wednesday, up slightly from August's gain of 5.3% and matching the increases in June and July, which were the highest since 2008. Excluding the volatile food and energy categories, core inflation rose 0.2% in September and 4% compared with a year ago. Core prices hit a three-decade high of 4.5% in June.


The Dow Jones Industrial Average fell 0.53 points to 34,377.81, the S&P 500 gained 13.15 points, or 0.30%, to 4,363.8 and the Nasdaq Composite added 105.71 points, or 0.73%, to 14,571.64.


Asian shares rose Wednesday, tracking gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.35 percent higher. Japan's Nikkei index surged a percent higher. Chinese blue chips were flat. And South Korea’s Kospi advanced over 1 percent. Elsewhere, Australian shares rose 0.81 percent.


China’s annual factory gate prices rose more quickly than expected in September, driven by soaring raw material prices, piling pressure on businesses already grappling with energy curbs and supply bottlenecks.

The producer price index (PPI) rose 10.7% from a year earlier in September, it's the fastest pace since the data began to be compiled in October 1996, the National Bureau of Statistics (NBS) said on Thursday. That compared with an increase of 10.5% forecast in a Reuters poll and a 9.5% rise in August.


Indian Market:


Trends on the SGX Nifty again show a gap-up opening, so let us keep keen eyes on Infy and Wipro along with HCL that will announce its results today, seems like IT will get rolling again!


Our focus will also remain in the banking sector as HDFC Bank is set to release their earnings tomorrow and a little birdie says, that should also be a good one! However, since today is the weekly expiry and last trading day of the week, let's look forward to some volatility in the market.


Results on October 14:


HCL Technologies, Indiabulls Real Estate, Benares Hotels, Century Textiles, Cyient, Den Networks, Ganesh Housing Corporation, GTPL Hathway, Inox Wind, Inox Wind Energy, Mahindra CIE Automotive, Radhe Developers, Superior Finlease, Vikas EcoTech, and Vikas Lifecare will release their September 2021 quarter earnings on October 14.


Results on October 16:


HDFC Bank, Avenue Supermarts, Aarnav Fashions, Artson Engineering, Infomedia Press, Sangam (India), and VR Woodart will release September 2021 quarter earnings on October 16.


FII and DII data


Foreign institutional investors (FIIs) net bought shares worth Rs 937.31 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 431.72 crore in the Indian equity market on October 13


Stock Specific News:


Infosys | The company reported higher-than-expected revenue for Q2 FY22 while raising its constant currency guidance to 16.5-17.5 percent for FY22, from 14-16 percent.


Wipro | The company posted a 17 percent jump in consolidated net profit to Rs 2,930.6 crore for the September quarter, while its revenue increased by about 30 percent.


Mindtree | The company’s net profit for the quarter rose 16.2 percent sequentially and it reported a better-than-expected growth of 13.4 percent in constant currency terms.


IT companies | Infosys, Wipro and Mindtree reported their earnings after market hours on Wednesday while HCL Technologies and Cyient will declare their quarterly numbers today.


Vodafone Idea | The telecom operator is in advanced talks to sell a minority stake to global private equity investors including Apollo Global Management and Carlyle to raise up to $1 billion over the next 2-3 months, a report said.


Banks | HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, and DBS India are reportedly in the race to bid for Citi India consumer businesses before the deadline of October 26.


Mahanagar Gas | The company announced revised prices of CNG as Rs 57.54/Kg and PNG as Rs 33.93/SCM in and around Mumbai with effect from midnight of October 13.


Westlife Development | The company will look at adding another 150-200 stores in the next 3-4 years. It will strengthen its leadership position in the burger, chicken and beverage segments further and aid the growth of the organised eating out market. Westlife Development is looking to invest Rs 800-1000 crore across the business over next 3-4 years.


DB Realty | Income Tax Authorities carried out search and seizure operations at the premises of the company and key managerial personnel from October 7-12.


KEC International | The company has completed the acquisition of Spur Infrastructure Private Ltd which is now a wholly-owned subsidiary of KEC International.



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