Stock Market Today: Indian indices may see muted start; GIFT Nifty down, Asia up
Bank NiftyBANK NIFTY continued to underperform the broader markets with sharp profit booking in PSU bank index as it made a double top near 4500 levels.The weekly candle has turned negative and the positive momentum will be above 45,000 levels only and lower top confirms further weakness.On the downside support is placed near the 20 day SMA of 44,350 levels and can witness some bounce from the lower part of the range.Highest call OI is at 45000 strike while on the downside the highest put OI is at 44,500 for the weekly expiry.Wipro Ltd reported a dollar revenue decline of 2.1% in the June quarter, after Tata Consultancy Services (TCS) Ltd and HCL Technologies Ltd posted tepid numbers earlier, stoking growth concerns in India’s $245 billion IT services industry this fiscal year.Worryingly, Wipro has forecast that its revenue could contract again in the September quarter. The country’s fourth-largest IT services firm estimates revenue could fall by 2% or improve by 1% in constant currency terms.
Constant currency does not take into account exchange rate fluctuations.Wipro’s revenue in the first quarter totalled $2.78 billion, a 2.1% sequential decline and only 0.81% better than the year-ago period. In constant currency terms, sequential growth fell by 2.8%.
A Bloomberg survey of 20 analysts estimated profit to come in at $360.9 million on net sales of $2.78 billion. (Read more here)Shares of Wipro, HCL Tech, JSW Energy, Delta Corp, Adani Green, among others, will be in focus today.Bandhan Bank, CCL Products, Coromandel Engineering, Den Networks, GTPL Hathway, Just Dial, Kesoram Ind, Sastasundar Ventures, Tata Steel Long Products, Unichem Laboratories, Vandana Knitwear, and VST Industries are scheduled to announce their
. Read more on livemint.com
