Nifty futures were trading in red at 15,617 on Singaporean Exchange. On Wednesday, BSE Sensex and Nifty 50 could start in the negative territory amid mixed global cues. Technical analysts say that Nifty’s pattern on a weekly time-frame suggests further upside movement in the counter. “The index has been trading above all the moving average in daily time frame, which points out strength in the counter. In addition, an indicator MACD & Stochastic witnessed positive crossover. At present, the nifty seems to have resistance at 15700 levels while immediate support shifted to around 15450 levels,” said Sumeet Bagadia, Executive Director, Choice Broking
Stocks to watch
Motherson Sumi, PVR: Motherson Sumi Systems, Muthoot Finance, Ranami Metals & Tubes, PVR, MTAR Technologies, Panacea Biotec, NRB Bearings, Dhunseri Ventures, among BSE-listed companies that are scheduled to announce their quarterly earnings on June 2.
Infosys: On Tuesday, Infosys was informed of an interim ex-parte SEBI Order where two of its employees, amongst other third parties have been named, in an ongoing insider trading investigation. Infosys said that it has a well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information.
ITC: ITC on Tuesday reproted 1.28 per cent on-year fall in its standalone net profit to Rs 3,748.41 crore for the fourth quarter ended March 31, as its gross revenue from sale rose 24.10 per cent on-year. The company’s board has recommended a final dividend of Rs 5.75 per share, including interim dividend of Rs 5 per share. The total dividend for FY21 stands at Rs 10.75 per share.
Reliance Industries Ltd: Reliance BP Mobility Ltd, the Indian fuels and mobility joint venture between RIL and bp that operates under the “Jio-bp” brand has started a program in collaboration with Reliance Foundation to provide fuel free of charge to COVID emergency services vehicles across the country.
Route Mobile: Route Mobile announced an agreement with Emirates Integrated Telecommunications Company (EITC) – du, UAE’s second Integrated Telecom Service Provider, by offering a turnkey solution using Route Mobile’s Smart Messaging Hub which enables du to launch a highly scalable revenue-generating messaging platform to enable A2P wholesale transit business.
Manappuram Finance: Gold loan business is expected to gather pace in the second quarter of the fiscal with the gradual unlocking of the economy, according to leading gold loan lender Manappuram Finance. The NBFC expects growth to be in the range of 10-15% for the complete fiscal, with fewer loan defaults compared to FY21.