Markets have gained momentum in the last three sessions and are gradually inching higher towards 18,450 – 18,500 levels. Sector rotation is expected to continue, with midcap particularly gaining strength. On the global front, investors would watch for Japan, UK, Europe and US PMI data
“Traders should continue with a positive bias while maintaining focus on stock selection. Apart from the key sectors, participants can selectively choose from midcap and smallcap space as well,” said Ajit Mishra, VP - Technical Research, Religare Broking. Hindalco, Nykaa, LIC, Ashok Leyland among stocks to watch on Wednesday
LIC and FSN E-Commerce Ventures Ltd (Nykaa) shares will be in focus on Wednesday as the companies will report their Q4FY23 results on May 24, 2023
Hindalco and India Cements shares will be in focus on Wednesday as the companies will report their Q4FY23 results on May 24, 2023
Bajaj Electricals’ profit for the March quarter grew 34.10% YoY to Rs 52 crore from Rs 39 crore in the same quarter last year. Revenue for the quarter grew 11.7% to Rs 1,490 crore from Rs 1,334 crore YoY
Ashok Leyland on Tuesday said its profit after tax for the March quarter fell 16.64% to Rs 751 crore compared with a Rs 901 crore in the corresponding quarter last year. Revenue for the quarter rose 33% YoY to Rs 11,626 crore compared with Rs 8,744 crore in the corresponding quarter last year
Dixon Technologies announced its Q4FY23 results on May 23, reporting a net profit of Rs 80.6 crore, registering a growth of 27.7%, compared to Rs 63.1 crore in the corresponding quarter last year. The company's revenue from operations in the January-March quarter stood at Rs 3,065.5 crore, posting a rise of 3.8%, compared to Rs 2,953 crore in the year-ago period
Kirloskar Industries has recommended a dividend of Rs 11 (110%) per equity share of Rs 10 each for FY23. For every share of Kirloskar that an investor holds, they will receive a dividend payment of Rs 11. However, this recommendation is subject to approval by the company's members at the Annual General Meeting. If approved, the dividend will be paid on or before September 11, 2023
"Despite the lack of significant fluctuations, market sentiment remained optimistic as the Nifty managed to sustain its position above the support level of 18,300. However, a notable resistance was observed at 18,500. If the Nifty manages to break through this resistance decisively, it could potentially trigger a rally towards the 18,800 level,” said Rupak De, Senior Technical Analyst at LKP Securities
“The banking index has been trading in a narrow band around its record high. A decisive close above 44,000 mark would prompt fresh momentum while the 43,200-43,500 zone would act as a cushion in case of any dip. Maintain focus on accumulating private banking counter,” Religare Broking said
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