Nifty futures had been trading 191.50 points or 1.32 per cent larger at 14,699 on Singaporean Exchange, indicating a sturdy opening for BSE Sensex and Nifty 50 on Friday. Currently, Sensex sits at 48,691, although the broader Nifty 50 index is at 14,696 levels. According to analysts, Nifty remains in momentum uptrend with help zone seen at 14,400-14,500. “The market has formed bearish continuation formation, however, as the markets are range bound, till the Nifty/Sensex is not closing below the levels of 14600/48400, we would do a pullback towards, 14800/49000 levels,” mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Stocks in focus today
L&T, Dr Reddy’s, Cipla: Larsen & Toubro, Dr Reddy’s Laboratories, Cipla, Aditya Birla Capital, Macrotech Developers, Balkrishna Industries, Indigo Paints, Jindal Stainless, Just Dial, Kesoram Industries, Mindspace Business Parks REIT, Oberoi Realty, Reliance Infrastructure, Rossari Biotech, Surbhi Industries, and Welspun India, amongst other people will release their quarterly final results on May 14.
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Piramal Enterprises: Piramal Enterprises (PEL) on Thursday mentioned its subsidiary Piramal Capital and Housing Finance (PCHFL) has received an approval from the Competition Commission of India (CCI) to take more than Dewan Housing Finance Corporation (DHFL).
Vedanta: Vedanta Ltd on Thursday reported a consolidated profit of Rs 6,432 crore for March quarter 2020-21 on the back of different elements, such as improved volumes and decrease price of production. It had posted a loss (attributable to owners of Vedanta) of Rs 12,521 crore in the year-ago period.
Lupin: Lupin on Thursday reported an 18 per cent raise in its consolidated net profit at Rs 460 crore for the fourth quarter ended March 31, 2021, driven by robust sales across domestic and international markets.
GAIL: The present surge in the rates of Asian spot liquefied organic gas (LNG) seen to increase advertising and marketing margins for GAIL, although other gas utilities such as Gujarat Gas (GGL), Mahanagar Gas (MGL) and Indraprastha Gas (IGL) can offset the influence of increasing rates owing to their decrease exposure to spot markets and raise in provide rates.
Tata Power: Tata Power’s board of directors has authorized raising up to Rs 5,500 crore by way of private placement of secured non-convertible debentures (NCDs) to corporates, banks or monetary institutions.