Domestic equity markets, after rising for the three consecutive trading sessions, are now looking to halt the rally on Wednesday.
Domestic equity markets, after rising for the three consecutive trading sessions, are now looking to halt the rally on Wednesday. SGX Nifty was down 84.25 points or 0.56 per cent on Wednesday morning hinting at a gap-down start for BSE Sensex and Nifty 50. The 30-stock BSE Sensex ended Tuesday’s trading session up 612 points to sit at 50,193, while the Nifty 50 index jumped to end the day at 15,108. Nifty breached the earlier resistance of 15044 with an up gap and closed with sharp gains, said an analyst. “The next resistance for the Nifty is at 15186-15240 while the support for the near term could come in at 14938-14988,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Stocks in focus today
Bharti Airtel: Amid the second wave of Covid, Bharti Airtel, is feeling some softening of demand with migrants returning home, leading to consolidation of SIMs as well as reduced acquisition of new customers as most of the physical stores are closed.
Tata Motors: Tata Motors on Tuesday reported a narrowing of consolidated net loss at Rs 7,585 crore for the fourth quarter ended March 31, 2021, aided by improved sales. The company had posted a consolidated net loss of Rs 9,864 crore in the January-March period of 2019-20, Tata Motors said in a BSE filing
IOCL, Shriram Asset Management: Companies such as Indian Oil Corporation, Indiabulls Housing Finance, Endurance Technologies, JK Tyre & Industries, MAS Financial Services, SML Isuzu, Shriram Asset Management, Tanla Platforms, TCI Express, and Zuari Agro Chemicals among others will release quarterly earnings on May 19.
Yes Bank: Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd. The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
Brigade Enterprises: Brigade Enterprises Ltd., reported an all-time high, yearly sales at 4.60 Mn Sqft with a total value of Rs 2,767 crore against Rs 2,377 crore during the previous comparable period for the financial year ended March 2021. The company also reported the highest ever presales of 1.66 Mn Sqft valued at Rs 1,018 crore during Q4 FY21.
Infosys: Infosys and Majesco on Tuesday announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey. This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
Coal India: CIL will install 25 medical oxygen plants in 22 hospitals, 20 of which will together produce 12,700 litre of oxygen per minute. Four other plants will together generate 750 cubic metre per hour and one will be a refilling plant.
Canara Bank: Canara Bank on Tuesday reported a net profit of Rs 1,010 crore for the quarter ending March 31, 2021, against a loss of Rs 6,567 crore during the corresponding quarter last year. The lender is back in black due to 10% year-on-year (y-o-y) growth in its net interest income (NII) to Rs 5,589 crore.
Federal Bank: Federal Bank said on Tuesday that its board has approved an investment of Rs 148 crore in Fedbank Financial Services (FFSL), a subsidiary, through a rights issue.