The US Fed approved 25 bps rate hike, taking interest rates to their highest level in 22 years. The 25 bps increase will bring the Fed funds rate to a target range of 5.25 percent-5.5 percent. Dow jones ends up 82 points while S&P 500 and Nasdaq closed flat. Meta surged 7 percent after reporting its second quarter EPS of $2.98 versus the expected $2.91, Its revenue came in at $32 billion versus the estimated $31.08 billion.
Tech Mahindra reported very weak earnings. Its management said the second quarter was challenging. Its revenues were down 4.1 percent at Rs 13,159 crore, compared to Rs 13,718 crore. Its EBIT margin were down to 6.7 percent from the previous quarter's 11.2 percent.
Axis Bank reported an operationally-weak quarter. Its NIM is the lowest in three quarters at 4.1 percent compared to 4.22 percent. Its core operating profit declined 8.2 percent from the previous quarter and was weakest in the last 10 quarters.
Nifty ended with gains of 98 points on Wednesday. Both, foreign and domestic investors bought in the cash markets yesterday. The foreign institutional investors (FIIs) bought Rs 922 crore, while the domestic institutional investors (DIIs) bought Rs 470 crore in cash market.
In results to watch out for today, ACC, Nestle, Bajaj Finserv and Bharat Electronics will be reporting earnings. On another note, watch out for Reliance Industries as Jio Financial ropes in BlackRock to disrupt India’s asset management industry.