BSE Sensex and Nifty 50 are once again looking to open in red on Wednesday, after ending nearly a per cent lower in the previous session.
BSE Sensex and Nifty 50 are once again looking to open in red on Wednesday, after ending nearly a per cent lower in the previous session. S&P BSE Sensex sits at 48,253, down 465 points while the Nifty 50 index closed just below 14,500. Trends on SGX Nifty were hinting at a gap-down opening for the domestic equity market indices. Technical analysts believe that Nifty 50 index has not broken the 14,400 level on a closing basis which means the support still holds. “If it crack this level, Nifty could see levels closer to 14000-14100. On the upside, there is stiff resistance at 14700 and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Stocks in focus today
Tata Steel, Adani Green Energy: As many as 20 BSE-listed companies including Adani Green Energy, Tata Steel, SRF, Adani Enterprises, Deepak Nitrite, Craftsman Automation, and Angel Broking among others will announce their January-March quarter earnings on May 5.
RBL Bank: RBL Bank reported a 34 per cent on-year drop in net profit to Rs 75 crore as core income declined and provisions rose. The lender’s net interest income (NII) declined 11 per cent on-year to Rs 906 crore.
Steel stocks: Steel mills have raised prices by up to Rs 4,500 per tonne from the beginning of the month taking the benchmark hot rolled coil (HRC) price in the Mumbai market to a record high of nearly Rs 68,000 per tonne.
Adani Total Gas: Adani Total Gas (ATGL) on Tuesday reported an 8.2 per cent on-year increase in net profit to Rs 471.9 crore in FY21 on a standalone basis, as the company utilised lower natural gas prices amid drop in demand during lockdowns.
Coal India: With the second wave of Covid-19 affecting more than 5,400 Coal India (CIL) employees and their wards, including contractual workers across subsidiaries, operations have slowed down. However, offtake in April grew on the strength of a stockpile of above 99 million tonne.
Hindustan Aeronautics Ltd: Hindustan Aeronautics Limited (HAL) and Rolls-Royce have signed an MoU to establish packaging, installation, marketing and services support for Rolls-Royce MT30 marine engines in India. Through this MoU. Rolls-Royce and HAL will expand their long-standing partnership in India and work together in the area of marine applications for the first time.