Nifty futures were trading 70.50 points or 0.47 per cent down at 14,922 on Singaporean Exchange, suggesting a weak start for BSE Sensex and Nifty 50 on Monday.
Nifty futures were trading 70.50 points or 0.47 per cent down at 14,922 on Singaporean Exchange, suggesting a weak start for BSE Sensex and Nifty 50 on Monday. In the previous week, Indian stock markets were closed on Monday (Holi) and Friday (Good Friday) for holidays. The 30-share index gained 1,021.33 points or 2 per cent during the week. After the fiscal year-end investors are back into the market with more action seen in the mid and small cap space. “The Nifty-50 has once again bounced above the 50 DMA which is a good sign,” said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities. He added that there is a golden crossover in the Nifty Mid Cap 100 Index wherein the 50 WMA has gone above the 200 WMA which signals long term bullish trend. “The start of FY22 has been very good and April month could likely see more action with the start of the earnings season,” Oza said.
Stocks in focus today:
Reliance Industries Ltd: Mukesh Ambani’s RIL said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit. As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary – Reliance O2C Limited.
SBI Cards: SBI Cards and Payment Services (SBI Card) has been seeing over 50 per cent of its transactions via online payments such as on groceries, utility bills, insurance premium, and hopes the trend to go up further as point of sale purchases are yet to pick up, PTI quoted a top company executive as saying.
Vedanta: Vedanta Resources has said it contributed Rs 34,018 crore to the public exchequer in India during 2019-20 fiscal. Its overall contributions to public exchequers of various countries stood at Rs 34,310 crore during the fiscal year, Vedanta Resources said in its latest report.
Adani Enterprises: The company said its wholly-owned subsidiary, Adani Road Transport Ltd (ARTL), has won a Rs 1,169.10 crore highway project in Odisha from the National Highways Authority of India (NHAI).
Future Retail: The company has informed that Reliance Retail Ventures Limited (RRVL) has extended the timeline for Long Stop Date from March 31, 2021, to September 30, 2021, to complete its Rs 24,713 crore deal with Future group to buy its retail and wholesale business.
Britannia Industries: The board of directors of the company have declared interim dividend at 6200 per cent i.e., Rs. 62 per equity share of face value of Re 1 each for the Financial Year 2020-21. The record date for determining the eligibility of shareholders for payment of interim dividend has been fixed as Saturday, April 10, 2021.