Nifty futures were trading 77.50 points or 0.50 per cent higher at 15,707.50 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Thursday
Nifty futures were trading 77.50 points or 0.50 per cent higher at 15,707.50 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Thursday. In the previous session, BSE Sensex settled in red while Nifty 50 managed to recover all the intraday losses and ended in the green. Markets could remain volatile on Thursday due to weekly expiry of F&O contracts. Investors will also keep tabs on COVID-related newsflow, Brent crude price, services PMI data, corporate earnings and other global developments. Chartists say tha the Nifty seems to have an immediate resistance at 15650 levels while support is placed at around 15400 levels.
Stocks in focus
RIL: In the company’s latest annual report, Mukesh Ambani said Reliance Industries Ltd now has a strong balance-sheet with high liquidity that will support growth plans for its three hyper-growth engines – telecom arm Jio, retail and oil-to-chemicals business. The company sold minority stakes in Jio Platforms and retail arm for almost Rs 2 lakh crore, 49 per cent in fuel retailing venture for Rs 7,629 crore and raised another Rs 53,124 crore through rights issue.
General Insurance, APL Apollo Tubes: A total of 29 BSE-listed companies including General Insurance Corporation of India, APL Apollo Tubes, Gujarat State Petronet Ltd, Quess Corp, Nucleus Software Exports, Arvind Fashions, Kovai Medical Center & Hospitals, GTL Infrastructure, TGV SRACC Ltd, Roto Pump, and Cupid Ltd will announce their quarterly results on June 3.
Wipro: Wipro and Finastra announced a partnership to help corporate banks across AsiaPacific accelerate their digital transformation. The companies will create a unique offering that combines Wipro’s comprehensive services catalogue with Finastra’s front-to-back trade finance
and cash-management solutions.
Tata Power: Tata Power Solar said on Wednesday it has received a letter of award for an engineering, procurement and construction (EPC) contract to build 210 mega-watt (MW) solar projects for TPC. The total order value of the projects is about Rs 686 crore and the commissioning date for NTPC is set for November 2022.
Steel stocks: Domestic wholesale steel prices have seen a hike of 4.5-6.2% from the beginning of the current month. The prices doubled in the last one year. Industry sources said, with effect from June 1, steelmakers have raised the wholesale price of hot-rolled coils (HRC) by up to Rs 3,000 per tonne taking it to Rs 69,000/tonne in the wholesale Mumbai market.
Muthoot Finance: Muthoot Finance on Wednesday reported a 22.5 per cent on-year (y-o-y) increase in its fourth quarter consolidated net profit to Rs 1,023.76 crore, largely due to good performance of the gold loan division.