Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a positive start on Wednesday, a day after Union Budget 2022 presentation. Nifty futures were trading with a gain of 118.50 points or 0.67 per cent at around 17,716 level on the Singaporean Exchange. In the previous session, S&P BSE Sensex closed 848.40 points or 1.46% higher at 58,862.57, while NSE Nifty 50 added 237 points or 1.37% to settle at 17,576.80. “Strong resurgence across sectors could be seen post the growth-oriented budget. Going forward, the Nifty has the immediate hurdle of 17650 and any decisive closure above the same could direct the short-term bullish trajectory for the index to reclaim its lifetime high zone. The recent correction across bourses could be seen as a buying opportunity for investors waiting for the mega event of our economy. This hypothesis holds true as long as the key support zone of 17000 – 16800 is not violated,” said Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One Ltd
Stocks to watch
APSEZ: Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 6.20 per cent decline in consolidated profit to Rs 1,478.76 crore for the third quarter ended December 2021. The country’s largest integrated logistics player had clocked a consolidated profit of Rs 1,576.53 crore in the corresponding period a year ago, according to a regulatory filing.
Bharti Airtel, Vodafone Idea: The telecom minister Ashwani Vaishnaw on Tuesday said that the Telecom Regulatory Authority of India’s recommendation on 5G spectrum is expected to come by March, after which spectrum action will be held expeditiously for the rollout of the next generation service.
Indian Hotels: Tata group hospitality firm Indian Hotels Co Ltd (IHCL) on Tuesday reported a consolidated net profit of Rs 95.96 crore for the third quarter ended December 31, 2021. The company had posted a consolidated net loss of Rs 133.22 crore in the same period last fiscal, IHCL said in a regulatory filing.
NMDC: NMDC iron, NMDC iron output, iron ore companies India, iron ore production, iron ore production india. State-owned NMDC on Tuesday said its iron ore production surged over 28 per cent to 32.88 million tonnes (MT) in April-January 2021-22.
Future Retail: The Supreme Court Tuesday set aside three Delhi High Court orders including the refusal to grant a stay on the final arbitral award which had restrained Future Retail Ltd from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and ordered fresh adjudication.
HDFC, Dabur India: BSE-listed companies such as Housing Development Finance Corporation, Adani Green Energy, Adani Total Gas, Dabur India, Tata Consumer Products, Jubilant Foodworks, Indian Overseas Bank, Zee Entertainment, M&M Financial Services, Alkyl Amines Chemicals, Gillette India, Sheela Foam and Timken India are among the companies that will announce their December quarter results today.
Laxmi Organic Industries: Laxmi Organic Industries reported higher consolidated profit at Rs 82.09 crore in Q3FY22 against Rs 45.21 crore in Q3FY21, revenue jumped to Rs 859.87 crore from Rs 435.5 crore YoY.