Domestic equity markets, soon after increasing for the 3 consecutive trading sessions, are now searching to halt the rally on Wednesday. SGX Nifty was down 84.25 points or .56 per cent on Wednesday morning hinting at a gap-down start out for BSE Sensex and Nifty 50. The 30-stock BSE Sensex ended Tuesday’s trading session up 612 points to sit at 50,193, whilst the Nifty 50 index jumped to finish the day at 15,108. Nifty breached the earlier resistance of 15044 with an up gap and closed with sharp gains, stated an analyst. “The next resistance for the Nifty is at 15186-15240 while the support for the near term could come in at 14938-14988,” stated Deepak Jasani, Head of Retail Research, HDFC Securities.
Stocks in focus today
Bharti Airtel: Amid the second wave of Covid, Bharti Airtel, is feeling some softening of demand with migrants returning home, major to consolidation of SIMs as properly as decreased acquisition of new consumers as most of the physical retailers are closed.
Tata Motors: Tata Motors on Tuesday reported a narrowing of consolidated net loss at Rs 7,585 crore for the fourth quarter ended March 31, 2021, aided by enhanced sales. The enterprise had posted a consolidated net loss of Rs 9,864 crore in the January-March period of 2019-20, Tata Motors stated in a BSE filing
IOCL, Shriram Asset Management: Companies such as Indian Oil Corporation, Indiabulls Housing Finance, Endurance Technologies, JK Tyre & Industries, MAS Financial Services, SML Isuzu, Shriram Asset Management, Tanla Platforms, TCI Express, and Zuari Agro Chemicals amongst other folks will release quarterly earnings on May 19.
Yes Bank: Fair trade regulator Competition Commission of India (CCI) on Tuesday authorized the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd. The proposed mixture envisages the acquisition of one hundred per cent equity shares of the two entities by GPL.
Brigade Enterprises: Brigade Enterprises Ltd., reported an all-time higher, yearly sales at 4.60 Mn Sqft with a total worth of Rs 2,767 crore against Rs 2,377 crore for the duration of the prior comparable period for the monetary year ended March 2021. The enterprise also reported the highest ever presales of 1.66 Mn Sqft valued at Rs 1,018 crore for the duration of Q4 FY21.
Infosys: Infosys and Majesco on Tuesday announced a strategic collaboration to work collectively to assistance joint consumers accelerate their digital transformation journey. This will assistance unlock new possibilities, address the demand for personalised consumer experiences, operational effectiveness, and digital adoption across the insurance coverage small business worth chain.
Coal India: CIL will set up 25 healthcare oxygen plants in 22 hospitals, 20 of which will collectively generate 12,700 litre of oxygen per minute. Four other plants will collectively produce 750 cubic metre per hour and one will be a refilling plant.
Canara Bank: Canara Bank on Tuesday reported a net profit of Rs 1,010 crore for the quarter ending March 31, 2021, against a loss of Rs 6,567 crore for the duration of the corresponding quarter last year. The lender is back in black due to 10% year-on-year (y-o-y) development in its net interest revenue (NII) to Rs 5,589 crore.
Federal Bank: Federal Bank stated on Tuesday that its board has authorized an investment of Rs 148 crore in Fedbank Financial Services (FFSL), a subsidiary, by way of a rights problem.