Indices Open Lower On Mixed Global Cues; IndusInd Bank Top Loser

Indian equities after three straight days of gains since the Budget 2021 opened lower on mixed global cues. At around 9:18 am, Nifty traded lower by at 14759, down 30 points, while Sensex eased by 0.31% or 154 points at 50088. Broader markets however outperformed headline indices with Nifty Midcap 100 up over 0.54%. Nifty Bank also traded with losses of as much as 0.7% at the time of writing this copy.

Indices Open Lower On Mixed Global Cues; IndusInd Bank Top Loser

Hero Motocorp, Hindalco, M&M, ONGC and Bajaj Auto are among the top gainers in early trade, while laggards have been IndusInd Bank, HDFC Bank, Asian Paints, ICICI Bank and Larsen and Toubro.

On Wednesday, Bharti Airtel posted consolidated net profit of Rs 854 crore in Q3FY21, after six consecutive quarterly losses. Also, the telco major reported the highest-ever consolidated quarterly revenue of Rs 26,518 crore, up 24.2 per cent year-on-year (YoY). Scrip of the company hit a fresh 52-week high of Rs. 623 per share post its Q3 earnings.

SBI stock shall be in focus today as the PSU lender is slated to announce its Q3 earnings today. During the Q3FY21 period, analysts expect the lender's profit after tax to decline in the range of 15-58 percent on a year on year basis. Further there are estimates that the loan boon shall expand by 7 percent on a yearly basis and 3 percent on a quarterly basis.

Future group stocks shall again be in limelight after SEBI restrained Kishore Biyani and other Future Retail promoters' for engaging in insider trading in the shares of the company.

Meanwhile, Asian indices trade with losses on cautious stance following Wall Street's mixed session, with Hong Kong's Hang Seng, Japanese Nikkei and Singapore's Straits Times down in the range of 0.76-1.2 percent at the time of writing this copy.

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