Produced by: Harshita
The domestic benchmarks experienced a strong rally and came close to their lifetime highs in the previous session, primarily driven by positive global cues and robust predictions of domestic economic growth. An in-principle approval from US leaders for raising the US debt ceiling has generated optimism among global investors.
Indian markets are seeing strong momentum driven by banking and other heavyweight stocks. Share market analysts expect the uptrend in Nifty to continue and expect it to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings. Adani Ports, ITC, Patanjali Foods, Brightcom Group among stocks to watch on Tuesday.
Shares of ITC Ltd will turn ex-dividend today. While announcing its Q4FY23 results earlier this month, the board of ITC also announced a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share for FY23.
Shares of Adani Ports, Apollo Hospitals, Torrent Pharma, Mankind Pharma, Patanjali Foods, RHI Magnesita, Suzlon Energy, Lemon Tree Hotels, Welspun Corp, Brightcom Group will be in focus on Tuesday as the companies will report their Q4FY23 results. Some of these firms are also expected to announce dividends for FY23.
IPCA Laboratories Ltd posted a consolidated net profit of Rs 76.52 crore for the March quarter. This is a 41.3% fall from Rs 130 crore a year ago. The company’s consolidated revenue from operation rose by 17.3% to Rs 1,512 crore for the March quarter as compared to Rs 1,289 crore in the year-ago period.
Natco Pharma reported a consolidated net profit of Rs 275.8 crore in Q4FY23, as against a net loss of Rs 50.5 crore a year ago in the same period. The company's revenue climbed by 51.80% to Rs 926.9 crore as against Rs 610.6 crore during Q4FY22. Compared to the preceding quarter, the growth was massive by 82.3%.
AngelOne on Monday announced the final dividend of Rs 4 per share. The record date for the purposes of the Annual General Meeting and Final Dividend is June 16, 2023.
Healthcare provider Global Health (Medanta) on Monday said its net profit surged over fivefold to Rs 101 crore in Q4FY23, aided by increase in bed capacity and higher in-patient footfalls. Revenue in the reporting quarter rose 37% YoY to Rs 732 crore.
“The Nifty managed to break out of its consolidation phase, indicating a potential shift in market direction. There was an increase in call writing activity at the 18,800 level, suggesting a resistance zone, while put writing was observed at the 18,600 level, indicating a potential support zone in the near term. Furthermore, the 18,500 level is expected to act as a significant support level for the index,” said Rupak De, Senior Technical at LKP Securities.
“The next resistance level on the upside for Bank Nifty is now identified at 45,000. In terms of options data, the highest open interest for put options is observed at 43,500, suggesting that traders have significant interest in that strike price as a potential support level. On the other hand, the highest open interest for call options is seen at 45,000, indicating that traders anticipate potential resistance at that level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.