News Shots

Ashok Leyland net profit surges 274% YoY in March quarter. Ashok Leyland Ltd reported a 274 percent YoY jump in net profit at Rs 901.4 crore for the fourth quarter. CNBC-TV18 Polls had predicted a profit of Rs 252 crore for the quarter. Total income stood at Rs 8,744.3 crore during the quarter, up 24.9 percent against Rs 7,000.5 crore in the corresponding period of the preceding fiscal. 

Gland Pharma reports 10% rise in net profit for March quarter. Gland Pharma net profit rose 10 percent to Rs 285.90 crore in the quarter ended March 2022 as against Rs 260.41 crore during the previous quarter ended March 2021. Net sales rose 24.25 percent to Rs 1103.01 crore as against Rs 887.75 crore a year ago. EBITDA margin contracted sharply to 35 percent from 40 percent on-year.

Eros board approves raising funds. Eros International said its board approved raising Rs 405 crore by issuing 13.50 crore warrants at Rs 30 a share.

HAL gets type certification for light transport civil aircraft. Hindustan Aeronautics announced that Type Certification of first Indigenous Light Transport civil passenger aircraft ‘Hindustan 228-201’ was handed over today by Directorate General of Civil Aviation (DGCA) to Transport Aircraft R&D Center, HAL Kanpur at DGCA HQ New Delhi. The company said this is the first Type Certified fixed wing aircraft in India complying with the latest FAR 23 certification requirement which is a major milestone towards the vision of building a new Atmanirbhar Bhara

Godrej Consumer reports 1% fall in net profit for March quarter. Godrej Consumer reported a 1 percent fall in net profit for the March quarter to Rs 363 crore year-on-year as a slowdown in consumption and high commodity inflation weighed. Revenue rose 7 percent to Rs 2920 crore.

What to expect? 

NIFTY opened with a gap-down at 15,942 and formed a double top at 15,950 and fell heavily. 15,860 acted as a good support and rejection from the level led to another down-move and NIFTY closed the day at 15,809, down by 431 points or 2.65%.

BANK NIFTY opened with a gap-down at 33,533 and the candles were low in volume. There was stiff resistance and BNF moved down breaking 33,400. The index finally closed the day at 33,315, own by 848 points or 2.48%.

IT fell by more than 5%.

The US markets fell again yesterday. The  European markets closed in the red.

The Asian markets are trading higher. The U.S. Futures and the European futures are trading higher.

SGX NIFTY is trading at 16,003 indicating a gap-up opening. 

NIFTY has supports at 15,780, 15,700 and 15,630. We can expect resistances at 15,860, 15,970 and 16,080.

BANK NIFTY has supports at 33,120, 32,870 and 32,160. Resistances are at 33,380, 33,600 and 34,000.

INDIA VIX is at 22.3.

Foreign Institutional Investors net sold shares worth Rs 4,900 crores. Domestic Institutional Investors net bought shares worth Rs 3,200 crores. 

That was another bearish expiry day. Positional traders might have lost a huge sum as the fall came unanticipated. However, the intraday price action was clean with pull-backs and momentum falls.

HPCL Chaiman said that govt-govt talk going on to purchase Russian oil at discount. China also is in talks to buy oil for strategic reserves.

Note that Indonesia has lifted palm oil ban. Sri Lanka has reached a point where they have defaulted for the first time and the Central Bank Governor said that inflation may surge to 40%. China has cut interest rate for long term loans and this has boosted the sentiments leading to Asian markets trading higher despite the US fall yesterday.

I will be watching 15,670 on the downside if another round of sell-off happens.

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