SGX Nifty was trading in the positive territory surging nearly 100 points higher before the opinion bell on Dalal Street.
SGX Nifty was trading in the positive territory surging nearly 100 points higher before the opinion bell on Dalal Street, hinting at a gap-up start for domestic markets. However, on the charts, the short term trend is expected to bumpy for Sensex and Nifty. “The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls. Normally, this action could eventually result in a decisive downside breakout of the support/range in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Analysts suggest going for stock-specific trades at this juncture.
ICICI Bank: The private sector lender reported a massive 260% jump in net profits during the January-March quarter when compared to the previous year. The Bank has kept additional provisions for the pandemic which is in line with what HDFC Bank did. ICICI Bank also announced a dividend of Rs 2 per share.
HCL Technologies: IT major HCL Technologies posted a 5.7% jump in total revenue during the last quarter but net income was down 25% from the previous quarter and 6% down from the previous year. For this fiscal year, HCL Technologies said that its revenue is expected to grow in double digits in constant currency for FY’22. HCL Technologies has also announced an interim dividend of Rs 6 per equity share and a special interim dividend of Rs 10 per equity share of for FY 2021- 22.
ONGC: The oil ministry has told ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
Hathway Cable: Mukesh Ambani’s Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband holdings will be selling an 11.61% stake or 20.5 crore equity shares in Hathway Cable. The floor price for the OFS is Rs 21.5 per share.
Results today: Tech Mahindra, HDFC Life Insurance, SBI Cards and Payment Services, Castrol India, Alok Industries. Roselands Finance, Snowman Logistics, Schaeffler India, and Tata Teleservices (Maharashtra) are some of the companies that will report their quarterly numbers today.