A healthy result season and consistent FII buying have been providing support to the market. The overall trend remains positive, however, some consolidation may not be ruled out given the sharp up move in the last few weeks, according to analysts
Markets seem to be running out of steam as the Q4 results are soon coming to an end. Bharti Airtel, Bank of Baroda, Sona Comstar, Jindal Steel, IOC among stocks to watch on Wednesday
Indian Oil Corp reported a 52% growth in its consolidated net profit at Rs 10,841 crore for the quarter ended March 31, 2023. Revenue from operations jumped 10% YoY to Rs 2.30 lakh crore in the March quarter. The Board has also recommended a final dividend of 30% for FY23, which is Rs 3 per equity share
Bharti Airtel on Tuesday recorded a nearly 50% YoY jump in its profit during Q4FY23. Its consolidated net profit came at Rs 3,006 crore as against Rs 2,008 crore in the same period a year ago. Airtel's revenue from operations jumped to Rs 36,009 crore in the quarter. It also declared a dividend of Rs 4 per fully paid-up equity shares
Bharat Petroleum Corporation Ltd (BPCL) on Tuesday said its board has approved the ethylene cracker project at Bina Refinery including downstream petrochemical plants and expansion of the refinery with capital expenditure of approximately Rs 49,000 crore. The board has approved the setting up of two 50 MW wind power plants for captive consumption, one at Bina refinery in Madhya Pradesh and another at Mumbai refinery in Maharashtra
Sona BLW Precision Forgings on Tuesday said it has inked a technology licensing agreement with the UK-based Equipmake for production of electric vehicle components. Under the agreement, Equipmake will license certain patented spoke motor and inverter technology in the power range of 100kW to 440kW to Sona BLW Precision Forgings
Bank of Baroda will report its March quarter (Q4) results for FY23 on Tuesday, May 16. Analysts expect the bank's financial performance to weaken sequentially, due to lower interest income. On a YoY basis, however, profit after tax (PAT) may rise up to 140%
Jindal Steel shares will remain in focus on Wednesday as the company reported its Q4FY23 number yesterday. So far this year, Jindal Steel & Power shares price has tumbled more than 5%
“Over the short term, it is expected that the Nifty will continue to exhibit weakness and could potentially drift towards the support level of 18,200. A decisive drop below this support level may trigger additional selling pressure in the market. On the upside, resistance is observed at 18,300 and 18,500,” said Rupak De, Senior Technical analyst at LKP Securities
“Bank Nifty index, if it sustains below 44,000, can witness further correction towards 43,500 where the highest open interest is built up on the put side. The momentum indicator RSI is showing negative divergence which confirms the bearishness,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
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