News Shots

Bank of Baroda has reported a standalone net profit of Rs 1,778.77 crore for the fourth quarter of 2021-22 as against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, the lender’s net profit fell 19 percent from Rs 2,197.03 crore in the third quarter of last fiscal.

Tech Mahindra reported a 10 percent sequential rise in its consolidated net profit to Rs 1,506 crore for the quarter ended March 2022, which was above analysts’ expectations of Rs 1,411 crore. The IT services major reported a 5.8 percent quarter-on-quarter rise in consolidated revenue from operations to Rs 12,116 crore for the reported quarter. The firm won deals worth over $1 billion in the January-March period.

Maruti Suzuki India completed the process of allotment of an 800-acre site in Haryana state for its proposed plant, according to a statement on exchanges. They have planned an investment of more than Rs 11,000 crore in the first phase. The first plant with a manufacturing capacity of 2.5 lakh vehicles a year is expected to be commissioned by 2025. The site will have space for capacity expansion to include more manufacturing plants.

Amber Enterprises reported net profit for the fourth quarter that missed the average analyst estimate. Net profit for the quarter stood at Rs 57.22 crore, down 24 percent year-on-year against the estimates of Rs 117 crore. Revenue rose 21 percent from a year ago to Rs 1,940 crore versus an estimate of Rs 2,144 crore. The firm also approved raising Rs 500 crore via securities.

Eicher Motors reported net profit for the fourth quarter that beat the average analysts’ estimates. Net profit for the quarter rose 16 percent year-on-year to Rs 610 crore versus an estimate of Rs 596 crore. Revenue grew 9 percent from a year ago to Rs 3,190 crore against estimates of Rs 3,183 crore. The growth was led by a YoY increase in average selling prices (ASPs) due to a richer model mix and price hikes taken over the past few quarters. This, however, was partly offset by YoY decline in volumes for Royal Enfield.

Alkem Laboratories said on exchanges that the Medicines and Healthcare products Regulatory Agency (MHRA) has pointed out no critical or major observations at its Taloja Plant. The company said the MHRA has closed its inspection.

What to expect? 

NIFTY opened with a gap-up at 15,994 and was rather volatile. The index faced resistance at 16,070 and fell heavily after the SBI results. NIFTY closed the day at 15,782, down by 26 points or 0.16%.

BANK NIFTY opened with a gap-up at 33,960, took support at 33,500 and moved higher. But there was a heavy fall towards the end and the index closed the day at 33,121, down by 411 points or 1.23%.

Metals fell by 2%.

The US markets and the European markets moved higher.

The Asian markets are mixed with Nikkei trading 0.4% in the green. The U.S. Futures and the European futures are trading in the red.

SGX NIFTY is trading at 15,808 indicating a gap-up opening. 

NIFTY has supports at 15,740, 15,670 and 15,600. We can expect resistances at 15,860, 15,920 and 16,000.

BANK NIFTY has supports at 33,000, 32,850 and 32,200. Resistances are at 33,450, 33,900 and 34,000.

NIFTY has the highest call OI build-up at 17,000 followed by 16,800. The highest put OI build-up is at 15,000 followed by 15,500.

BANK NIFTY has the highest call OI build-up at 34,000 and the largest put OI build-up is at 32,500.

INDIA VIX is at 23.5.

Foreign Institutional Investors net sold shares worth Rs 3,800 crores. Domestic Institutional Investors net bought shares worth Rs 3,200 crores. 

That was an eventful week with inflation rates shaking the markets worldwide. Focus has shifted from war to inflation and interest rates.

I hope you remember the report mentioning that we were near the low created during the Ukraine war. But look at Bank Nifty which is almost near the low created during the initial Covid days. 32,800 will be crucial for BNF.

SBI results was the highlight on Friday. The results missed the estimates and thus BNF fell heavily along with SBI.

Asian markets were trading much higher earlier but then fell indicating a lack of strength in the global markets. We can expect volatile moves as long as VIX stays this high.

I will be watching 15,670 on the downside and 15,900 on the upside. 

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