Nifty futures were trading 22 points or 0.14 per cent up at 16,282.50 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Thursday. Markets may remain volatile today due to weekly F&O expiry. In the previous session, benchmarks indices clinched fresh record high levels. Technical analysts say that Nifty, as per long term charts, is strongly up and a sharp upside breakout as per weekly timeframe chart is visible. Hence, any profit booking from the highs could be a buy on dips opportunity. “Having moved up sharply in last two sessions and a weak market breadth is likely to pull the market into profit booking from the highs in the next 1-2 sessions. Any dips down to 16K mark is going to be a buy on dips opportunity. Our initial upside target of 16300 has almost been reached (made a high of 16290 on Wednesday). The next upside levels to be watched around 16500 in next one week,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks to watch
Adani Transmission, Cipla: Over 100 companies BSE-listed companies such as Adani Transmission, Cipla, GAIL (India), Gujarat Gas, Honeywell Automation, Adani Power, REC, Aditya Capital, Ipca Labs, Tata Chemicals, KIOCL, Escorts, Thermax, Quess Corp, Indiabulls Housing Finance, Birla Corp and Narayana Hrudayalaya, will announce their quarterly earnings today.
RIL: Reliance Industries Limited is doubling its PET recycling capacity by setting up a recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh. Under this, Srichakra Ecotex India Pvt. Ltd. will build and operate exclusively for RIL the new recycled PSF – Recron GreenGold and PET flakes wash-line in Andhra Pradesh
Titan Company: Rakesh Jhunjhunwala’s favorite Tata group firm reported a consolidated profit of Rs 18 crore in the April-June quarter of FY22. The company had reported a net loss of Rs 297 crore in the corresponding period of the preceding fiscal.
Vodafone Idea: KM Birla has stepped down as the non-executive chairman of financially-troubled Vodafone Idea, the company said in a regulatory filing on Wednesday. “The board of directors of Vodafone Idea, at its meeting held today (Wednesday), have accepted the request of Kumar Mangalam Birla to step down as non-executive director and non-executive chairman of the board with effect from close of business hours on August 4, 2021,” the filing said.
SBI: State Bank of India’s standalone net profit rose 55 per cent on-year to Rs 6,504 crore in Q1FY22 on the back of a 48 per cent jump in non-interest income. However, the bank reported a deterioration in asset quality across segments of retail credit as collections were hit by the second wave of Covid-19.
Adani Green Energy: AGEL, the renewable energy arm of the Adani Group, posted a profit of Rs 190 crore in Q1FY22 on a consolidated basis, against a loss of Rs 4 crore recorded by the firm in the corresponding quarter in FY21.
HPCL: Hindustan Petroleum Corporation reported a net profit of Rs 1,795 crore on a standalone basis for the quarter ended June 30, which is 36.2 per cent lower than the profit posted in the same quarter a year ago.
Devyani, Windlas, Krsnaa, Exxaro Tiles IPO: All four ongoing IPOs — Devyani International, Windlas Biotech, Krsnaa Diagnostics, and Exxaro Tiles — were fully subscribed on the first day of the bidding process.