Sensex gains 150 pts driven by Banks; Biocon top midcap Gainer

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Reliance Industries, HDFC, Adani Ports, ITC, SBI, and L&T were leading contributors to Sensex’ gains. The selling in Infosys, ICICI Bank, and HDFC Bank capped gains.

Diversified conglomerate ITC, which is scheduled to report results for the quarter ended December 31, could see a 7.5 percent rise in net profit to Rs 2,843 crore, compared to Rs 2,646.70 crore reported in the corresponding quarter last fiscal.

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Analysts expect some weakness to continue for the salt-to-hotels conglomerate. The sentiment is largely weighed down by regulatory changes, particularly on the GST front, which has hurt cigarette volumes.

More than the results, the Street would be on the watch to see if there is an adverse tax imposition in the Budget to fuel fiscal slippage. The stock has underperformed the benchmark index by a wide margin.

The revenues (excise adjusted) are likely to grow by 9.1 percent on a year-on-year (YoY) basis to Rs 10,086 crore for the quarter ended December, compared to Rs 9,248 crore reported in the corresponding quarter of last fiscal, the poll revealed.


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