Wipro posted a 35.6 percent jump in June quarter consolidated net profit to Rs 3,242.6 crore, which is higher than expectations.
Reliance Industries clarified that it won’t comment on Justdial acquisition reports. “The company evaluates various opportunities on an ongoing basis,” RIL said.
The power giant NTPC said its group companies in this fiscal have achieved the cumulative power generation mark of 100 billion units faster than the previous fiscal. Last year, the group generation had crossed the 100 BU mark on August 7, 2020.
The auto component maker Sona Comstar has joined hands with Israel’s IRP Nexus Group (IRP) to initiate a project to co-develop a new electric motor that would avoid usage of rare earth elements.
Indian Oil Corp Paradip refinery in Odisha hit by glitches, partial shutdown planned.
Tata Motors to consider Rs 500 crore bond issue on July 20.
Angel Broking reported higher consolidated profit at Rs 121.36 crore in Q1FY22 against Rs 101.9 crore in Q4FY21. The revenue rose to Rs 462.66 crore from Rs 408.6 crore, in the preceding quarter.
The design and technology services provider Tata Elxsi said its net profit has increased by 64.6 per cent to Rs 113.4 crore for the June 2021 quarter. The company had registered a net profit of Rs 68.9 crore in the year-ago period.
Major Q1 result announcements today:
- HDFC Asset Management Company
- L&T Finance Holdings
- Just Dial
- Den Networks
- GNA Axles
- Quint Digital Media
- Smruthi Organics
What to expect today?
Yesterday, NIFTY closed at its all time high after opening with a gap up and successfully crossing 15,900. Strength was majorly contributed by IT and Banking stocks. You can read all about yesterday’s movements here.
BANK NIFTY also opened with a gap up and later crossed the important resistance of 35,800, and shot up to take resistance at 36,000. Then, it consolidated between 35,800 and 36,000 to close at 35,907.
IT stocks continued to do well yesterday, with more positive results being announced by IT companies.
The European markets all closed more than 1% down. US markets also displayed consolidation with a negative bias.
Asian markets are mostly trading negatively. US and European futures are also trading considerably in the red. In fact, European futures are trading more than 1% down currently!
Even though there is weakness everywhere, SGX NIFTY is trading higher at 15,960 indicating a small gap up opening in the Indian market.
There is massive strength in our market given that we have just broken out from major levels. The stellar results being posted by the IT companies have acted as the trigger.
But, if the weakness in the global markets continues today, our market might also struggle at one point of time. Let’s see.
The immediate supports for NIFTY are at 15,900, 15,840 and 15,800.
The immediate resistance for NIFTY will be 15,950 and 16,000.
36,000 is the important resistance to be watched out for in BANK NIFTY.
BANK NIFTY has good supports at 35,800 and 35,500-35,400.
Foreign institutional investors (FIIs) net sold worth Rs 264 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 439 crores in the Indian equity market.
Looking into weekly and monthly OI buildup, we can see more put buildup than call buildup indicating that the market is strong and can move above 16,000 soon.
HDFC BANK will be announcing its result tomorrow. If banks also move up like IT stocks, NIFTY and BANK NIFTY will see real heights.
It’s just about time that NIFTY will hit 16,000. Local cues look all set for that. It’s just that the global cues are a bit worrying.
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