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The lower provisions are in sync with asset quality improvement which is the prevalent trend in the banking sector in the last two quarters. The private sector lender set aside Rs 75 crore towards provisions and contingencies in the March quarter which was 71% lower than Rs 255 crore provision it had made in the year-ago quarter.

The Mukesh Ambani-led telco’s March quarter revenue from operations came in 8% higher sequentially at Rs 20,901 crore compared to Rs 19,347 crore in the fiscal third quarter and Rs 17,358 crore in the year-ago period. Jio’s quarterly revenue from operation, was over 20% higher, year-on-year.

The Dow Jones Industrial Average fell 224.09 points, or 0.68%, at the open to 32,773.88.

“The L&T Info Tech & Mindtree merger will be immensely helpful for both of the companies to participate in the large deals to start with. There will be some cost synergies as well and the biggest benefit is that in the short term, the merger will create a bigger brand to recruit or retain talent.”

In the international market, gold was trading marginally higher at USD 1,878 per ounce and silver was flat at USD 22.39 per ounce.

The fund owned over 1 per cent stake in eight domestic stocks, as per the data compiled with Trendlyne.

“There is always hope when there is a startup that some big story will emerge but currently we are in a situation where people are looking out for hard numbers in terms of cash flow, profitability, ROAs, strong customer franchise, etc. Given all of that, the LIC IPO pricing is definitely looking very fair, reasonable ”

“Sebi will take a very harsh look at this and the perpetrators will face penalties and whatever other consequences that fall under the law. It is a matter of investigation. I am sure the mutual fund house has its own explanation for whatever has happened. Sebi will start the enquiry and once the enquiry is completed, then the consequences will follow.”

The company said its revenue from operations stood at Rs 11,959.96 crore, rising 15.41 per cent from Rs 10,362.60 crore from the corresponding quarter year ago.

“We have not seen panic selling yet. Coming to the Indian Nifty, I expect it to drop to somewhere close to 14,000 before this correction comes to an end. Maybe we can evaluate if it can go a little lower but at the moment, these are the minimum price adjectives.”