Stock market: BSE, Nifty open flat with Bajaj Auto sharing quarterly report

The BSE, NSE opened flat 50 on Wednesday, while oil and gas shares traded with losses. For domestic cues, investors wait for Indian Inc's.

New Delhi: The benchmarks for Indian equity, the BSE Sensex and the NSE Nifty 50 opened flat on Wednesday. IT shares advanced while oil and gas shares traded with losses. Investors will have to wait longer for domestic cues from Indian Inc.’s financial results, as Bajaj Finance, HDFC Life, Maruti Suzuki, and SBI Life are scheduled to release their earnings later today.

Bajaj Auto, Tata Consumer Products, and Dalmia Bharat reported their quarterly numbers today.

Mahindra CIE Automotive’s shares have increased by 4.1%. The quarter that ended in March 2023 saw a 73% increase in net profit for the business. The net benefit came to Rs 279 crore versus Rs 161 crore year-on-year. The income rose 18.4 per cent to Rs 2,440 crore versus Rs 2,061 crore in the comparing period in the earlier year.

Maruti is supposed to report a decent March quarter profit. Revenue growth of 23 per cent is likely led by volume growth and price increases undertaken in the quarter. Due to price increases, realisations are anticipated to rise 16% annually.

Key things to look out for in Room Air Conditioners (RAC) are competitive pressure and pricing technique, steps to regain market share, and the outlook on EMPS revenue and margin.

L&T Technology Services is expected to deliver 2.4 per cent growth in dollar revenue. The street further expected CC revenue to grow 1.8 per cent on a quarterly basis.

Shares of Bajaj Finance are down by 0.7 per cent at this hour. Bajaj Auto also declared a dividend of Rs. 140 per share. The company had a surplus of Rs 17,445 crore as of March 31, 2023.

The Nifty Metal index is down by 0.7 per cent. Ten of the 15 index stocks are losing money. Jindal Steel, APL Apollo Cylinders, and JSW Steel, down by 1.4 to 1.6 per cent, are the top index losers. On the other hand, the top gainers are Adani Enterprises, Welspun Corp., and JSL, which are up 0.3% to 1.1%.

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