9:28 am Earnings growth: Ridham Desai of Morgan Stanley said broad market revenue and net profit growth gained pace at 10 percent YoY and 20 percent YoY, respectively. Earnings growth was the fastest since June 2013, he added.
Even as corporate India witnessed EBITDA margin compression, net margins expanded during the quarter, he said.
Desai expects revenue growth acceleration to persist in the coming quarters. He sees FY18 YoY earnings growth for Sensex of 18 percent and for the broad market of 20 percent.
9:15 am Market Check: Equity benchmarks started off Wednesday's trade on a flat note as investors await the outcome of two-day Federal Reserve policy meeting due tonight.
The 30-share BSE Sensex was up 28.79 points at 31,132.28 and the 50-share NSE Nifty rose 2.85 points to 9,609.75. About 596 shares advanced against 364 declining shares on the BSE.
Reliance Industries, ICICI Bank, TCS, Infosys, Lupin and Dr Reddy's Labs were early gainers while Asian Paints, HDFC, ITC, HDFC Bank and Tata Steel were losers.
Stressed assets stocks like Videocon, Bhushan Steel and Electrosteel Steels fell more than 5 percent while Hexaware declined 4 percent on a media report that revenue from EY declined.
Raymond was down 3 percent as SEBI initiated enquiry on company while tyre stocks fell further, Ceat and Balkrishna Industries down 1 percent each.
The Indian rupee opened flat at 64.34 per dollar today against previous close 64.33 a dollar.
Pramit Brahmbhatt of Veracity feels the rupee will appreciate and may test 64.20/dollar. Trading range for the spot USD-INR pair for the day will be 64.20-64.50/dollar, he said.
Equities in Asia were mixed as oil prices fell after a surprise build in US stocks and as markets awaited the release of economic data from China. Japan's Nikkei 225 was up 0.1 percent and South Korea's benchmark Kospi index slipped 0.18 percent.
Oil prices fell after data showed a build in US crude stocks and OPEC reported a rise in its production despite its pledge to cut back. Brent crude futures were at USD 48.37 per barrel, down 0.72 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at USD 46.05 per barrel, down 0.88 percent.
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