Produced by: Harshita Tyagi
With the major earnings done, market participants are eyeing global markets for cues but they’re not offering any clarity as of now. In between, sectors like banking and financials, which have considerable weight in the index, are largely dominating the move.
“While the tone is still positive, we feel participants should limit positions and wait for further clarity,” said Ajit Mishra, VP - Technical Research, Religare Broking. Hindalco, Nykaa, Cummins India, Fortis Healthcare among stocks to watch on Thursday.
Hindalco posted a 37% drop in consolidated net profit at Rs 2,411 crore for the quarter compared with Rs 3,851 crore in the same quarter last year. Consolidated revenue for the quarter came in at Rs 55,857 crore compared with Rs 55,764 crore in the same quarter last year.
Cummins India posted fiscal Q4FY23consolidated profit at Rs 348.91 crore, up 61.3% from Rs 216.27 crore in the same quarter last year. It clocked revenue from operations at Rs 1933.85 crore, up 28.7% as compared to Rs 1502.12 crore in the fourth quarter of FY22.
FSN E-Commerce Ventures (Nykaa) on Wednesday reported a 71.83% YoY plunge in net profit at Rs 2.41 crore for the March quarter compared with Rs 8.56 crore in the corresponding quarter last year. Its revenue from operations jumped 33.74% YoY to Rs 1,301.72 crore compared with Rs 973.32 crore in the same quarter last year.
Fortis Healthcare on Tuesday said its consolidated net profit increased 59% to Rs 138 crore for the March quarter. The healthcare major had reported a net profit of Rs 87 crore in the January-March quarter of 2021-22 fiscal. Total income rose to Rs 1,656 crore in the fourth quarter over Rs 1,384 crore in Q4FY22.
Deepak Nitrite arm Deepak Chem Tech has signed an MoU with the Gujarat government with an intent to invest around Rs 5,000 crore in the next four years for setting up projects to manufacture Speciality Chemicals, Phenol/Acetone and Bisphenol at Dahej/Nandesari in the state.
“The ongoing battle between bulls and bears has resulted in Nifty trading within a consolidated range between 18,200 and 18,400 levels. However, a break above or below this range has the potential to trigger trending directional moves in the market. Traders and investors should closely monitor the index for a potential breakout or breakdown, as it may indicate a shift in market sentiment and the beginning of a new trend,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Bank Nifty closed with selling pressure, breaking below the previous consolidation level. The Relative Strength Index (RSI) is in a bearish crossover, indicating a negative sentiment. The support level is placed at 43,500; a fall below 43,500 may trigger further correction in the Bank Nifty. Resistance levels are situated at 43,700 and 44,000, where call writers are waiting with their positions,” said Rupak De, Senior Technical 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.