Focus on HCL Tech, Infosys, Reliance, Wipro, Zee Entertainment, Mindtree, Coal India

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Markets can experience some volatility due to weekly F&O expiration. Image: Reuters

Nifty futures were at 18,258, up 78 points or 0.43% on the Singapore Stock Exchange, hinting at a new record start for BSE Sensex and Nifty. Markets can experience some volatility due to weekly F&O expiration. Investors will be guided by oil prices, the movement of the rupee against the US dollar, second quarter earnings and other global indices. “We are of the opinion that the short term chart formation is still on the long side, but due to an exaggerated intraday rally, the bulls may take a cautious position between the 18250-18275 levels. For day traders, 18100 would be a key level of support, ”said Shrikant Chouhan, head of equity research (retail), Kotak Securities.

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Actions to watch

HCL Technologies: ESB-listed companies such as HCL Technologies, Indiabulls Real Estate, Benares Hotels, Century Textiles, Cyient, Den Networks, Ganesh Housing Corporation, Inox Wind Energy, Mahindra CIE Automotive, Radhe Developers, Vikas EcoTech and Vikas Lifecare will release their second quarter results as of October 14, 2021.

Coal from India: The government said on Wednesday that coal supplies were improving, even as fuel stocks for thermal power plants still hovered around extremely low levels and hit electricity supplies in many parts of the country. Coal stocks at power plants stood at around 7.3 million tonnes (MT) on Wednesday, enough to meet the needs of just 4 days.

Infosys: The country’s second-largest exporter of software services, Infosys beat Street’s estimates on all fronts in its July-September results on Wednesday. The company also raised its full-year revenue forecast to 16.5-17.5%, from 14-16% forecast earlier due to a sustained and continued pace of activity. Revenue forecasts are higher than analysts’ expectations.

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ZEEL: The struggle between Zee Entertainment Enterprises (ZEE) and its largest shareholder, Invesco Developing Markets Fund, continues unabated. A day after ZEE issued a letter indicating that Invesco had tried to pressure its CEO and Managing Director, Punit Goenka to strike a deal with the entities of a large Indian group, Invesco hit back saying it was Goenka and family members of the developer who had negotiated a potential deal with Reliance Industries (RIL).

Spirit tree: Computer company Mindtree on Wednesday posted a 57.2% increase in net profit to Rs 398.9 crore in the September quarter. The company posted a net profit of Rs 253.7 crore in the corresponding quarter a year ago.

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RIL: Reliance Industries said Wednesday that it made a proposal a few months ago to merge its media properties with Zee, but dropped the offer due to differences over the participation of Zee’s founders.

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