News Shots

Tech Mahindra reported 42.91 per cent growth in June quarter consolidated net profit at Rs 1,365.7 crore on higher revenue and an expansion in profit margins. Profit in the year-ago period stood at Rs 955.6 crore.

PVR reported a consolidated net loss of 219.55 crore for the first quarter ended June 2021, against a net loss of Rs 225.73 crore in the April-June quarter a year ago.

Container Corporation of India reported 409.67% YoY increase in consolidated net profit to Rs 251.22 crore for the first quarter ended June 30. 

TVS Motor reported a consolidated net loss of Rs 15 crore for the first quarter ended June 30, against a net loss of 183 crores last year in the same quarter.

Privi Speciality Chemicals said it will set up a joint venture with Swiss fragrance firm Givaudan for setting up a production facility in Maharashtra.

Olectra Greentech reported Rs 5.65 crore profit after tax for the quarter ended June 30 against Rs 3.62 crore loss during the same quarter in FY21.

Mangalore Refinery and Petrochemicals approved raising up to Rs 5,000 crore through issue of NCDs. Enhanced the company’s borrowing powers to Rs 33,500 crore from Rs 25,000 crore

.Hindalco’s non-convertible debentures ratings has been upgraded to AA+/stable from AA/positive by CRISIL Ratings.

Major Q1 result announcements today:

  • Sun Pharmaceuticals
  • UPL
  • Britannia Industries
  • Indian Oil Corporation
  • Bandhan Bank
  • Dr. Lal PathLabs
  • Marico
  • JSW Energy
  • Kansai Nerolac Paints
  • Shriram Transport Finance
  • Rossari Biotech

What to expect today?

Yesterday, NIFTY opened with a small gap up and had a net consolidation day, closed exactly where the day opened. It was the monthly expiry, and formed a green candle to close at 15,778, up 70 points. It broke a 3-day losing streak. You can read all about yesterday’s movements here.

BANK NIFTY also tried to move up, with good power from SBI near the end. Closed just under 34,700.

METAL sector shot up once again, it was 5% up yesterday showing that power is surely back in the sector.

The European markets moved up and closed in the green. The US markets closed at record highs even after GDP data from the country was worse than expected. Jobs data was taken well by the market.

The Asian markets are trading mostly in the red. US and European futures are also trading in the red.

SGX NIFTY is trading slightly lower at 15,762 indicating a flat to gap-down opening in the Indian market. 

The immediate supports for NIFTY is at 15,700-15,690, then at 15,630.

The immediate resistance for NIFTY will be 15,820 and 15,893

34,900, 35,000 and 35,200 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400 then at 34,100 and 34,000.

Foreign institutional investors (FIIs) net sold worth Rs -866.26 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2046.96 crores in the Indian equity market. 

NIFTY is once again, just like yesterday, in its consolidation zone of 15,700 – 15,800. With not so strong cues from the Asian markets, Nifty will have to close above this zone to show it has strength.

Markets may see lower volume after the monthly expiry yesterday. Do keep an eye out for how metal stocks perform today, after yesterday’s sharp rally.

I will be watching the market today to understand cues for next week. Will be keenly looking at if Nifty can stay flat in a day when Asian markets are mostly in the red.

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