SHARE MARKET UPDATE
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The market started off Thursday's trade on a positive note after three-day consolidation and pricing in Union Budget as well as RBI policy. Q3 earnings will be closely watched. The 30-share BSE Sensex was up 150.45 points at 28440.37 and the 50-share NSE Nifty gained 47.40 points at 8816.45. Hero Motocorp and Cipla rallied 1.5-2 percent after quarterly earnings. ICICI Bank, ONGC, SBI, Aurobindo Pharma, Bharti Infratel, Axis Bank and Tata Motors were other gainers. BHEL, HUL and Asian Paints were early losers. The Indian rupee gained further in early trade today. It has opened higher by 15 paise at 67.04 per dollar versus previous close of 67.19. Mohan Shenoi of Kotak Mahindra Bank says US dollar is in a tight range against most currencies despite strong US payroll data indicating exhaustion in the rally. He expects rupee to strengthen against the dollar in-line with other Asian currencies. The USD-INR pair is expected to trade in a range of 66.90-67.20/dollar, according to him. The dollar pressured by the decline in US treasury yields amid uncertainty about President Donald Trump's economic policies. Asian markets barring Japan traded higher today while the S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports.
Share price of Polaris added 4.4 percent intraday on the back of strong Q3 numbers. The company's third quarter (Oct-Dec) consolidated net profit increased by 15 percent at Rs 47.6 crore against Rs 41.1 crore, reported in the quarter ended September 2016. Total income of the company was up at Rs 515.4 crore versus Rs 506.7 crore. In the board meeting held of February 8, the company has given in principle approval in respect of the investment to be made by Polaris Consulting Services Pte, Singapore in Virtusa Malaysia SDN BHD.
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