Apart from global cues and Q4 earnings, Indian share market will watch for the Karnataka assembly election that will start on Wednesday. The outcome of the election will be announced on May 13. While the Nifty is finding some profit booking at higher levels, the overall market structure remains positive, according to analysts
The sustained support from FIIs is guarding the domestic market against a steep correction. Raymond, Zomato, Mahanagar Gas, Birlasoft among stocks to watch on Wednesday
Raymond Ltd reported a 25.84% fall in net profit to Rs 196.48 crore in Q4FY23 against Rs 264.97 crore in the March 2022 quarter. The firm logged a 9.8% rise in sales to Rs 2,150.18 crore in the March 2023 quarter against Rs 1,958.10 crore in the March 2022 quarter
Mahanagar Gas recorded a net profit of Rs 268.8 crore in Q4FY23. The net profit is more than double as compared to Rs 131.8 crore clocked in the corresponding period of the previous financial year. The revenue from operations in Q4FY23 came in at Rs 1,771.8 crore, which is 67% higher against Rs 1,187.6 crore clocked in the year-ago period
Zomato share price fell more than 5% on Tuesday. The stock has come under pressure ever since screenshots comparing prices of food items on Zomato and ONDC took social media by storm. In the last 5 days, the stock has fallen 4.5%
Adani Ports and Special Economic Zone said on Tuesday that it would pay $130 million of its debt early, after nearly $413 million worth of debt has been tendered for early payment. The company had floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds late last month
Shares of Indiabulls Real Estate plunged 20% in the previous session after the real estate developer said the sanction to the merger of NAM Estates Private Ltd and Embassy One Commercial Property Developments (Embassy One) into Indiabulls Real Estate has been withheld by NCLT, Chandigarh Bench
The company reported a net profit of Rs 112.17 crore in Q$FY23. It clocked a bottomline of Rs 132.9 crore in the March 2022 quarter. The company reported an 11% YoY rise in the revenue from operations at Rs 1,226.39 crore
“The outlook for the Nifty index remains positive, with technical indicators signalling potential for further upside. The sentiment remains positive until it falls below 18,200 decisively,” said Rupak De, Senior Technical analyst at LKP Securities
“Bank Nifty support is at 42,800, which is expected to act as a cushion for the bulls. This means that if the index falls to this level, buyers are expected to enter the market and push the price back up. Resistance is at 43,500, which is a level that the index needs to surpass in order to reach an all-time high. If the price manages to break through this level, it could indicate a shift toward a bullish trend for the index,” said Kunal Shah, Senior Technical and Derivative analyst at LKP Securities
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