Nifty futures were trading 191.50 points or 1.32 per cent higher at 14,699 on Singaporean Exchange, indicating a strong opening for BSE Sensex and Nifty 50 on Friday. Currently, Sensex sits at 48,691, while the broader Nifty 50 index is at 14,696 levels. According to analysts, Nifty remains in momentum uptrend with support zone seen at 14,400-14,500. “The market has formed bearish continuation formation, however, as the markets are range bound, till the Nifty/Sensex is not closing below the levels of 14600/48400, we would do a pullback towards, 14800/49000 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Stocks in focus today
L&T, Dr Reddy’s, Cipla: Larsen & Toubro, Dr Reddy’s Laboratories, Cipla, Aditya Birla Capital, Macrotech Developers, Balkrishna Industries, Indigo Paints, Jindal Stainless, Just Dial, Kesoram Industries, Mindspace Business Parks REIT, Oberoi Realty, Reliance Infrastructure, Rossari Biotech, Surbhi Industries, and Welspun India, among others will release their quarterly results on May 14.
Piramal Enterprises: Piramal Enterprises (PEL) on Thursday said its subsidiary Piramal Capital and Housing Finance (PCHFL) has received an approval from the Competition Commission of India (CCI) to take over Dewan Housing Finance Corporation (DHFL).
Vedanta: Vedanta Ltd on Thursday reported a consolidated profit of Rs 6,432 crore for March quarter 2020-21 on the back of various factors, including better volumes and lower cost of production. It had posted a loss (attributable to owners of Vedanta) of Rs 12,521 crore in the year-ago period.
Lupin: Lupin on Thursday reported an 18 per cent increase in its consolidated net profit at Rs 460 crore for the fourth quarter ended March 31, 2021, driven by robust sales across domestic and international markets.
GAIL: The current surge in the prices of Asian spot liquefied natural gas (LNG) seen to improve marketing margins for GAIL, while other gas utilities such as Gujarat Gas (GGL), Mahanagar Gas (MGL) and Indraprastha Gas (IGL) can offset the impact of rising prices owing to their lower exposure to spot markets and increase in supply prices.
Tata Power: Tata Power’s board of directors has approved raising up to Rs 5,500 crore via private placement of secured non-convertible debentures (NCDs) to corporates, banks or financial institutions.