News Shots

Hindustan Construction Company, in joint venture with KEC International won a Rs 1,147 crore order from Chennai Metro Rail. The stake of HCC in the JV is 51 per cent (Rs 585 crore).

TVS Motor Company has appointed Robert Hentschel as the Chief Executive Officer (CEO) of iconic British brand Norton Motorcycle, which it acquired last year.

Co-founder of Infosys SD Shibulal purchased shares worth Rs 100 crore through an open market transaction at an average price of Rs 1,317.95 apiece.

Tata Power to raise up to Rs 5,500 crore through issuance of non-convertible debentures.

Coal India’s arm Central Coalfields Ltd (CCL) has recorded 112 per cent increase in production at 4.84 million tonne (mt) in April.

Asian Paints reported an 81.13 per cent jump in its consolidated net profit to Rs 869.89 crore for the fourth quarter ended March 31, 2021, helped by volume growth in the domestic as well as in the international market.

Apollo Tyres reported a close to a four-fold increase in its consolidated net profit at Rs 289 crore for the fourth quarter ended March 31.

Pidilite Industries reported a 96.43 per cent increase in consolidated net profit to Rs 307.44 crore for the fourth quarter ended March 2021.

Piramal Enterprises reported narrowing of its consolidated net loss to Rs 510.39 crore for the quarter ended March 31, 2021.The company had posted a net loss of Rs 1,702.59 crore for the corresponding period of the previous fiscal year.

Indian Energy Exchange posted over 33 per cent rise in its consolidated net profit at Rs 60.85 crore in the March 2021 quarter, mainly on the back of higher revenues.

Polycab India reported a 32 per cent growth in net profit at Rs 283.2 crore in the March quarter on higher revenue.

BSE, the leading stock exchange reported a net profit of Rs 31.75 crore for the three months ended March 31, 2021. In comparison, the exchange had posted a net loss of Rs 1.91 crore in the same quarter of the preceding fiscal.

Lupin reported an 18 per cent increase in its consolidated net profit at Rs 460 crore for the fourth quarter ended March 31.

Happiest Minds Technologies has reported a manifold growth in consolidated net profit at Rs 36.05 crore in the March 2021 quarter, compared to Rs 5.3 crores last year.

Some major Q4 result announcements today:

  • Larsen & Toubro
  • Dr. Reddy’s Laboratories
  • Cipla
  • Balkrishna Industries
  • Macrotech Developers
  • Aditya Birla Capital
  • Escorts
  • Cholamandalam Finance Holdings

What to expect today?

Wednesday, NIFTY opened with a small gap down above 14,800 and moved down strongly till 14,650. NIFTY moved up towards the end to close just below 14,700. You can read all about Wednesday’s movements here.

BANK NIFTY, also opened with a gap down below 32,750 and then moved down to close 32,452. 32,500 acted as a good support.

Metals saw heavy profit booking on Wednesday. And PSU Banks continued to outperform on days when the general market falls, by going up 3.24%.

The European markets were trading deep in the red but then regained strongly towards the end to close barely in the green. UK’s FTSE closed 0.59% down.

After multiple days of down movement, US markets moved up yesterday to close more than 1% up in the green.

The US had announced bad inflation data, the worst since 2008, and that is a matter of concern for investors.

Asian markets are mostly up. SGX NIFTY is currently trading flat at 14,680 indicating a flat opening in the Indian market. 

SGX NIFTY was trading at 14,450 at one point yesterday which pointed at a major down move in the market but then has moved up today after the US markets showed strength yesterday. But, it’s good be a little cautious.

The global cues are slightly negative now and thus, there is volatility in the global markets, with US moving up and down by more than 1% every day.

The local cues are improving with good economic data – inflation at 4.2, increased Index of Industrial Production and narrowing COVID cases. But the country is still looking at another 1-2 months of lockdown, which is not great.

The immediate supports for NIFTY are at 14,650, 14,600 and 14,500. 

14,750, 14,850-14,900 and 15,000 are important resistances for NIFTY.

32,900 33,000, 33,300, 33,500 and 34,000 are the immediate resistances to be watched out for in BANK NIFTY.

BANK NIFTY has supports at 32,300, 32,000 and 31,500. Slipping below 32,000 can cause weakness in BANK NIFTY.

Foreign institutional investors (FIIs) net sold shares worth Rs 1260 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 704 crores in the Indian equity market. 

FIIs continue to sell vigorously. Also, they have huge short positions in the derivatives market. In fact, FIIs’ long-to-short ratio in Nifty futures has hit 7-month low!

There are many good companies announcing results today. You may focus on them to get good stock specific actions.

I will turn bearish for the day if NIFTY moves down and go below 14,650. Likewise, NIFTY will show strength if it goes above 14,750.Today’s movement is decisive for next week’s action.

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