Future Retail, Bharti Airtel HDFC Bank, Yes Bank, HUL, GAIL, ONGC, Dr Reddy’s stocks in focus

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative start on Wednesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 63.50 points or 0.36 per cent down at 17,811.50 on Singaporean Exchange.

Future Retail, Bharti Airtel HDFC Bank, Yes Bank, HUL, GAIL, ONGC, Dr Reddy's stocks in focus
Chartists say that the short term trend of Nifty 50 index is sharply up and this upside momentum is likely to continue for the short term. Image: Pixabay

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative start on Wednesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 63.50 points or 0.36 per cent down at 17,811.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex zoomed 672 points or 1.14% to close at 59,855 while NSE Nifty 50 index jumped 179 points or 1.02% to end at 17,805. Chartists say that the short term trend of Nifty 50 index is sharply up and this upside momentum is likely to continue for the short term. “The next upside target to be watched at 18200 levels and this could be achieved in the next one week. Immediate support is placed at 17650 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Stocks to watch

Future Retail: In a major setback for Future group companies, the Delhi High Court on Tuesday dismissed their plea seeking to quash the ongoing arbitration proceedings in Singapore with Amazon relating to the Rs 24,500-crore merger deal with Reliance Retail.

Bank stocks: HDFC Bank, YES Bank, IDFC First Bank and Bank of Maharashtra on Tuesday reported a 10.5%-26% year-on-year (y-o-y) rise in their deposit base for the quarter ended December.The three lenders also saw a double-digit on-year growth in their advances, based on provisional data.

Bharti Airtel: Airtel Payments Bank on Tuesday said it has been categorised as a scheduled bank by the Reserve Bank of India (RBI). In another development, Withdrawing its scheme for a new corporate structure announced in April 2021, Bharti Airtel on Tuesday said it will merge wholly-owned subsidiary Telesonic Networks with itself, resulting in consolidation of fibre assets into the company, while Nettle Infrastructure Investments too will be merged with Airtel.

Hindustan Unilever Ltd: FMCG distributors on Tuesday suspended their boycott of certain brands of HUL in Maharashtra after talks with the company over issues of price disparity between the traditional distributors and organised business-to-business channel.

GAIL (India), ONGC: GAIL (India) on Tuesday said it has completed the acquisition of bankrupt Infrastructure Leasing and Financial Services’ (IL&FS) 26 per cent stake in ONGC Tripura Power Company (OTPC).OTPC is a special purpose vehicle set up by Oil and Natural Gas Corporation (ONGC) to build a 726.6 megawatt combined cycle gas turbine (CCGT) thermal power plant at Palatana, Tripura.

Yes Bank: Yes Bank’s net advances grew by nearly 4 per cent to Rs 1,76,422 crore on a provisional basis as of December 31, 2021, the bank said on Tuesday. Net advances amounted to Rs 1,69,721 crore as of December 31, 2020.

Dr. Reddy’s Laboratories: Dr Reddy’s Laboratories will launch Molflu (Molnupiravir) at Rs 35 per capsule to treat COVID-19 in the country. With 10 capsules per strip, the total course of 40 capsules over 5 days would cost Rs 1,400, making it one of the most afforadable course.

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