Markets are taking comfort from rotational buying across sectors amid mixed global cues. The recent participation from the IT majors is certainly encouraging but sustainability would be the key ahead. “Amid all, we reiterate our positive view and suggest continuing with the stock-specific trading approach,” said Ajit Mishra, VP - Technical Research, Religare Broking.
Overall market outlook remains positive with stock-specific action. Over the next few days, investors would take cues from global events like FOMC minutes, GDP numbers in the US, and CPI inflation in UK and Japan. L&T, Indiabulls Housing Finance, ONGC, Welspun among stocks to watch on Tuesday.
Aditya Birla Fashion and Retail (ABFRL) on Monday posted a loss of Rs 186.94 crore in the fiscal fourth quarter as against a profit of Rs 43.59 crore in the corresponding quarter last year. It posted revenue from operations at Rs 2,879.73 crore, up 26.1% from Rs 2,282.83 crore in the same quarter last year.
Adani Enterprises shares soared 19.55% to close at Rs 2,338.55 in the previous session. The stock will be in focus amid reports of Adani Group considering monetisation of select real estate assets. Sebi drawing a blank in investigations into suspected violations in overseas investments in the conglomerate will also act as a catalyst.
Welspun Corp Ltd’s associate firm, East Pipes Integrated Company for Industry (EPIC) on Monday clinched a contract worth 1.8 billion riyal (around Rs 4,000 crore) from Saudi Aramco. EPIC will supply large diameter steel pipes for Saudi Aramco’s Master Gas - Phase 3 project.
India's flagship overseas oil firm ONGC Videsh has reportedly got a new partner in Oil India to replace Indian Oil (IOC) for the potential acquisition of a 50% stake in Tullow Oil Plc's USD 3.4 billion oilfield project in Kenya. But the OVL-OIL duo now faces competition from super-aggressive Chinese energy giant Sinopec.
Larsen & Toubro (L&T) on Monday said it has bagged large orders worth over Rs 2,500 crore in the domestic and offshore markets. The power transmission & distribution (PT&D) business of its arm L&T Construction has secured large orders to be set up on engineering, procurement and construction (EPC) basis.
Renewable energy solutions provider Suzlon has bagged a 204 MW wind energy project from Serentica Renewables for its 3 MW series of wind turbines. Suzlon will install 68 wind turbine generators with a Hybrid Lattice Tubular tower and a rated capacity of 3 MW each for Serentica's wind power project coming up at Koppal in Karnataka.
Indiabulls Housing Finance on Monday reported 14.4% rise in net profit at Rs 262.6 crore versus Rs 306.8 crore YoY. The net interest income increased by 13.5% to Rs 733.6 crore versus Rs 646.3 crore YoY.
“Nifty validated the near hammer bullish pattern formed on Friday and build on gains on May 22. Consistent FPI buying has resulted in extension of upmove in the Nifty. 18218-18432 could be the band for the Nifty in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
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