Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and NSE Nifty50 held on to green territory amid choppy trade on Thursday, tracking cautious across global markets in a rebound from the previous day’s sell-off triggered by economic growth-related concerns.
The company had a one-time other income during the quarter from the intercompany sale of inventory.
Shares of Persistent Systems rose more than 5 percent in intraday trade on Thursday, a day after the IT firm posted a strong quarterly performance for the January to March 2022 period, beating Street estimates.
ICICI Bank’s results were better than market expectations and the stock is a consensus top buy among a large number of brokerages, he says.
The Nifty50 holds continues to defend 17,100 in late morning deals so far on the F&O expiry day.
The company reported a 10.3 percent year-on-year increase in net profit to Rs 1,469 crore for the three-month period.
Ridham Desai of Morgan Stanley says domestic share owners remains marginal setters of price with their persistent bids, explaining India’s surprising outperformance.
He believes support at 16,800 is a crucial base of long positions and immediate resistance placed at 17,150.
The S&P 500 ended higher on Wednesday following a steep drop the day before, with strong revenue forecasts from Microsoft and Visa helping to alleviate worries about slowing global economic growth and rising interest rates.