News Shots

Dr Reddy’s Laboratories has launched generic Albendazole tablets, used in the treatment of a variety of parasitic worm infestations, in the US market.

Farm equipment major Escorts will temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3 amid the deteriorating Covid-19 situation in the country.

Manappuram Finance is considering various options for raising funds through borrowings including by the way of issuance of debt securities.

Wipro has partnered with Citrix and Hewlett Packard Enterprise to accelerate remote working solutions and bring modernisation into workspaces.

Titan reported an increase of 65.6 percent in its consolidated net profit to Rs 568 crore for the fourth quarter ended March 31, helped by a strong growth in jewellery segment.

Ambuja Cements reported a 65 percent jump in consolidated net profit to Rs 1,228.24 crore for the first quarter ended March 2021, helped by volume growth.

AU Small Finance Bank reported an over 38 percent rise in net profit at Rs 168.98 crore for the last quarter of fiscal ended March 2021.

Equitas Small Finance Bank reported a 162 percent jump in its profit after tax to Rs 113 crore in the quarter ended March 31, 2021.

Exide Industries reported a 36 percent increase in consolidated profit after tax at Rs 320.17 crore in the fourth quarter ended March riding on robust sales growth.

Major Q4 Result Announcements Today:

  • Reliance Industries
  • IndusInd Bank
  • YES Bank
  • Trent
  • Indian Hotels
  • Can Fin Homes

What to expect today?

Yesterday, NIFTY opened with a gap up and moved up to cross the ever important mark of 15,000, went till nearly 15,050 and then fell heavily to 14,820. NIFTY consolidated with volatility to close below 14,900. You can read all about yesterday’s movements here.

Bank Nifty, also opened with a gap up and crossed 34,000 but could not sustain it. It fell till nearly 33,300 and closed at 33,714.

NIFTY METAL moved 4.53% up yesterday with JSWSTEEL up nearly 10%, all owing to the rising metal prices.

The European markets closed flat, slightly in the red. The US markets opened with a gap up, moved down and then climbed back up to close in the green and at record highs!

Asian markets are mostly down. European and US Futures are also down. SGX Nifty is currently trading lower at 14,777 indicating a gap down opening in the Indian market. 

A selling pressure was expected to kick in when NIFTY reached around 15,000. So, today’s gap down is understandable. If the strength in the rally was original, NIFTY shouldn’t fall much further. It should either consolidate or move a bit up.

So, it looks like 15,000 will act as a strong resistance for NIFTY.

34,000 and 34,500 are the immediate resistances to be watched out for in BANK NIFTY.

The immediate supports for NIFTY is at 14,700 – 14,750. Below that, we have supports at 14,600 and 14,500. 

Bank Nifty has supports at 33,200 and 32,900.

Foreign institutional investors (FIIs) net bought shares worth Rs 809 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 942 crores in the Indian equity market. 

When FIIs have started buying, DIIs have started selling!

Reliance and IndusInd Banks are majors who will announce their result today. So, they can be focussed.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!

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