Nifty futures were trading 50 points or 0.33 per cent down at 15,176 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50 on Monday
Nifty futures were trading 50 points or 0.33 per cent down at 15,176 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50 on Monday. In the previous session, headline indices gained 2 per cent each. With fresh COVID-19 cases subsiding continuously in India, investors seem positive on suplifting of the restrictions by several states. Global economic revival, the risk of pickup in inflation and development on the Covid-19 front domestically would decide the market direction going ahead, said an analyst. “Technically, Nifty formed a strong Bullish candle on daily and weekly scale while has been forming higher top – higher bottom from the last three weeks. Now, it has to hold above 15050 zones to witness an up move towards 15300 then life time high of 15431 marks while on the downside support exists at 15000 and 14900 zones,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus today
India Cements, Ramco Cements: BSE-listed companies such as Grasim Industries, India Cements, JK Paper, Mahanagar Gas, Barbeque-Nation Hospitality, Dalmia Bharat Sugar and Industries, India Cements Capital, JSW Holdings, Lakshmi Machine Works, Loyal Textile Mills, Pharmaids Pharmaceuticals, Poly Medicure, Ramco Cements, Ramco Industries, Sparc Systems, Summit Securities, Tiaan Consumer, Tirupati Tyres, UTL Industries, and Wall Street Finance, among others will announce January-March quarter earnings today.
State Bank of India: SBI reported an 80 per cent surge in standalone net profit at Rs 6,450.75 crore for the fourth quarter ended March 2021, aided by a decline in bad loans. State Bank of India (SBI) had earned a profit of Rs 3,580.81 crore during the January-March period of 2019-20.
Steel stocks: Domestic steel prices are at historical highs (HRC at Rs 66,000-67,000/t), despite demand being impacted as a result of local lockdowns across several states in view of the COVID-19 surge. Steel consumption at 6.72mnt in Apr-21 was down 26% m-m (up 516% y-y) due to demand in key segments like auto and consumer durables being hit.
Reliance Industries Ltd: Since 2017, Reliance Industries Ltd along with its JV Partner bp had embarked on concurrent development of three deepwater fields in the Krishna Godavari basin block, KG-D6, to monetise 3 trillion cubic feet of resources with an overall capital investment of Rs 35,000 crore.
JSW Steel: JSW Steel posted a consolidated profit of Rs 4,191 crore in the fourth quarter of FY21 against just Rs 188 crore in the corresponding quarter of previous year.
Shree Cement: Shree Cement clocked a standalone profit of Rs 767.6 crore in Jan-Mar quarter of FY21 against Rs 588.1 crore in the same quarter of previous fiscal.