BSE Sensex snapped a two-day losing streak on Friday as the benchmark index gained marginally, while Nifty ended with flat to negative bias. Monday could start on a positive note for domestic indices with the SGX Nifty gaining 58 points or 0.39 per cent on Singaporean Exchange during the early hours of trade. According to analysts the short term trend of Nifty is choppy with weak bias. “The present market action signal chances of an upside bounce in the coming sessions. The confirmation of higher bottom at 14591 (Friday’s Low) is expected to pull the market on upside. The next upper levels to be watched around 14900-15000 in the next one week. Immediate support is placed at 14590,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks in focus today
Bharti Airtel, Federal Bank: BSE-listed companies such as Bharti Airtel, Colgate-Palmolive (India), Federal Bank, Gland Pharma, Gujarat Narmada Valley Fertilisers Chemicals (GNFC), Indo Count Industries, Manglore Refinery Petrochemicals (MRPL), Orient Cement, Shakti Pumps, Sun Pharma Advance and Wabco India, will announce their January-March quarter results on May 17.
Granules India: The company has earmarked a capex of around Rs 1,000 crore which it aims to invest over the next three financial years on expansion of operations, according to a top company official.
Larsen & Toubro: Larsen and Toubro (L&T) on Friday reported a 3 per cent on-year increase in the net profit to Rs 3,293 crore during the January-March quarter of FY21. The company’s consolidated revenue was up 9 per cent on-year at Rs 48,088 crore.
Vedanta: Vedanta-owned Sterlite Copper has temporarily paused production at its oxygen plant in Tuticorin due to a technical snag in the cold box. The company recently reopened the plant to produce medical oxygen, and the first set of tankers was dispatched to beneficiaries on Thursday.
Tata Motors: Moody’s Investors Service on Friday changed the outlook on Tata Motors to stable from negative. At the same time, it affirmed TML’s B1 corporate family rating (CFR) and B1 senior unsecured ratings.
Cipla: Drug major Cipla posted 73 per cent rise in consolidated net profit at Rs 412 crore for the fourth quarter ended March 31, 2021 on the back of robust sales across markets. The Mumbai-based firm had reported a net profit of Rs 238 crore in January-March 2019-20.
Jindal Stainless: JSL on Friday reported a consolidated net profit of Rs 292.61 crore for the fourth quarter ended March 2021. The company had registered a net loss of Rs 66.20 crore in the year-ago period, JSL said in a BSE filing.