Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to open higher on Thursday, a day of weekly F&O expiry. Nifty futures were ruling 136 points or 0.75 per cent up at 18352 on Singaporean Exchange. In the previous session, BSE Sensex rose 533.15 points or 0.88% to end at 61,150.04, Nifty settled 156.50 points or 0.87% higher at 18,212.30. Analysts say that the short term trend of Nifty continues to be positive. “There is a possibility of Nifty reaching another crucial resistances of around 18340 and 18600 levels in the next one week. The formation of unfilled opening upside gap of Wednesday could hint at another 1-2 such upside gaps in the short term. Immediate support is placed at 18090 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks to watch
TCS: Tata Consultancy Services (TCS) on Wednesday reported a consolidated net profit of Rs 9,769 crore for the October-December quarter, up 1.5% sequentially, missing the Street’s expectations of Rs 9,988 crore. The company reported a margin contraction of 60 basis points at 25% against 25.60% in the preceding quarter, impacted by increased focus on hiring and retention of talent.
Federal Bank: Federal Bank on Wednesday said it has received approval from its board of directors to raise up to Rs 700 crore by issuing bonds on a private placement basis.
Infosys: Infosys reported a 12% jump on-year basis in net profit during the October-December quarter of the current fiscal year, beating street estimates. India’s second-largest information technology company Infosys reported a net profit of Rs 5,809 crore, against Rs 5,197 crore during the same period last year.
NTPC: Delhi Electricity Regulatory Commission (DERC) has asked the state government to deallocate allocate Delhi’s share of 206 megawatt (MW) power from NTPC’s gas-based generating stations, given that power from these units are very expensive. Deallocation would mean stopping the procurement of power from the units.
Telecom stocks: Telecom operators Vodafone Idea Ltd (VIL), Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd (TTML) will not become public sector undertakings after their interest payable on dues are converted into government equity, the communications ministry said on Wednesday.
Wipro: IT services major Wipro on Wednesday posted a consolidated net profit of Rs 2,969 crore for the December 2021 quarter, and said it has logged strong performance in revenues and order bookings.
Aditya Birla Fashion and Retail: ABFRL on Wednesday announced collaboration with Germany’s GIZ, a move aimed at strengthening circular business practices for the Indian market. The joint project will focus on material innovation, reducing inputs of harmful substances, increasing textile-to-textile recycling, developing alternatives to plastic packaging, and fostering traceability, said a joint statement from ABFRL and GIZ.
Vodafone Idea: The slew of reforms announced by the government have helped assuage investor concerns in the sector, and Vodafone Idea expects to continue its fundraising plans, VIL CEO Ravinder Takkar said on Wednesday.
Q3 results today: BSE listed companies such as MindTree, CESC, Tata Metaliks, GPTL Hathway, Mishtann Foods, Plastiblend India, Aditya Birla Money, Surana Solar, Mega Corporation, Palm Jewels and Gautam Gems are among the companies that will announce their October-December quarter results today.
Tata Motors: The retail sales of Tata Motors’ JLR dropped 37.6 per cent to 80,126 units in Oct-Dec quarter of FY22, with China sales falling 6.9 per cent and Europe sales down 6.8 per cent compared to the previous quarter.