Experts believe that the third quarter results are set to witness a broad-based earnings recovery, led by revenue growth.
The markets resumed their record-setting streak on Thursday after a day’s pause as gains TCS offset profit booking in the IT pack following strong results by Infosys and Wipro. In a choppy trading session, the Sensex ended at its new lifetime high of 49,584.16, up 91.84 points or 0.19%. The Nifty rose 30.75 points or 0.21% to finish at a record 14,595.60.
TCS topped the Sensex gainer’s chart, spurting 2.89%, followed by IndusInd Bank, L&T, ITC, Reliance Industries, HUL and Sun Pharma.
On the other hand, HCL Tech, Axis Bank, Asian Paints, UltraTech Cement, Infosys and Tech Mahindra were among the laggards, declining up to 2.63%.
Experts believe that the third quarter results are set to witness a broad-based earnings recovery, led by revenue growth. However, margins of companies are expected to flatten as various sectors undergo cost normalisation and prices of raw materials rise. In its report, Jefferies said, “Corporate earnings should grow at 21% year-on-year with the earnings growing across all 13 sectors in the third quarter, against 6 sectors in the previous quarter.”
On NSE’s weekly options expiry, the futures and options segment witnessed a turnover of Rs 62.92 lakh crore and the cash market saw a turnover of Rs 70,350.77 crore, compared with the six-month average of Rs 21.7 lakh crore in the F&O segment and Rs 59,316 crore in the cash market segment.
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