Hindalco Industries posted a 99.7 per cent rise in its consolidated profit after tax at Rs 3,851 crore for the quarter ended March, 2022. The company had posted a consolidated PAT of Rs 1,928 crore in the year-ago quarter.
ONGC said it will invest Rs 31,000 crore over the next three years in exploring the Indian sedimentary basin for fuel reserves which could augment the nation’s production in its attempt to be self-reliant in the energy sector.
NMDC said its consolidated net profit fell 36 per cent to Rs 1,812.98 crore for the quarter ended March 31, weighed down by higher expenses. The company had clocked Rs 2,835.54 crore net profit during the January-March quarter of 2020-21.
Tata Power announced the commissioning of a 100 MW solar project for Maharashtra State Electricity Distribution Company at Partur in Maharashtra. According to the statement, the installation comprising over 4,11,900 monocrystalline PV modules is expected to reduce around 234 million tonnes of CO2 annually.
Cummins India reported a marginal growth in its standalone profit after tax at Rs 189.15 crore in the quarter ended March, 2022. The company had posted a standalone PAT at Rs 185.69 crore in the year-ago quarter.
Page Industries reported an increase of 64.86 per cent in net profit at Rs 190.52 crore for the fourth quarter ended March 31, 2022. The company had posted a net profit of Rs 115.56 crore during the January-March period a year ago.
Muthoot Finance reported a marginal decline in its consolidated net profit at Rs 1,006.23 crore for the quarter ended March as core interest income fell. It had registered a net profit of Rs 1,023.76 crore in the same period a year ago.
What to Expect?
NIFTY opened with a gap-up at 16,111 and fell heavily. But there was a strong recovery from 15914 and NIFTY broke all the resistances. The index closed the day at 16,174, up by 144 points or 0.9%.
BANK NIFTY opened with a gap-up at 34,690 and moved down in a bearish channel. There came the breakout and BNF crossed 34,800. The index finally closed at 35,095, up by 755 points or 2.2%.
IT moved up by 1.3%.
The US markets moved higher. The European markets also closed in the green.
The Asian markets are trading higher. but NIKKEI. The U.S. Futures and the European futures are flat to red.
SGX NIFTY is trading at 16,270 indicating a gap-up opening.
NIFTY has supports at 16,150, 16,080 and 16,000. We can expect resistances at 16,210, 16,250 and 16,340.
BANK NIFTY has supports at 34,800, 34,400 and 34,000. Resistances are at 35,300, 35,900 and 36,300.
INDIA VIX dropped to 22.7
Foreign Institutional Investors net sold shares worth Rs 1,600 crores. Domestic Institutional Investors net bought shares worth Rs 2,900 crores.
It was an amazing recovery! No one thought that such a bounce back would happen with such a momentum. There was no pull-back and Nifty fired up.
15,900 acted as a very good support today where the base was created. Let us watch this level if a fall happens. After all, this rally can be attributed to short covering.
US quarterly GDP data came out yesterday. It was expected to shrink by 1.3% and it shrank by 1.5%.
The global markets are on the recovery mode! Let us see if NIFTY gives a follow-up on the day chart.
I will be watching 16,400 on the upside and 16,000 on the downside in the coming days.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!