Market to remain range bound with positive bias driven by results from index heavyweights. This week companies having ~18% of Nifty weightage are scheduled to announce their results. Investors would also keep an eye on key global events viz. BoJ interest rate decision and US, Eurozone GDP data.
Mounting uncertainty in both global and domestic markets has kept Indian equities highly volatile. IndusInd Bank, Bank of Maharashtra, Zydus Lifesciences among stocks to watch on Tuesday.
IndusInd Bank reported a 46% rise in net profit for the quarter ended March 2023 at Rs 2,043. Interest income climbed 27% to Rs 10,020.71 crore in the last quarter against Rs 7,859.89 crore for the March 2022 quarter.
Bank of Maharashtra recorded a net profit of Rs 840 crore in the fourth quarter of fiscal year 2022-23, up 135% higher from Rs 355.2 crore recorded in the year-ago period.
Zydus Lifesciences has received approval from the US Food and Drug Administration (USFDA) to market Icosapent Ethyl Capsules in strength of 0.5 g and 1 g, which is used to lower triglycerides, in the American market.
Vedanta Resources Limited (Vedanta), the parent company of Mumbai-listed mining giant Vedanta has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further $1 billion.
Bajaj Auto will announce its Q4FY23 results today. The auto major is likely to report a mixed quarter for the January-March period. Revenue may grow in low-single-digits, while net profit may fall. However, EBITDA margin may expand from last year.
“Nifty is showing signs of upside breakout of the small narrow range. But, a decisive upside breakout could only occur on Nifty surpassing crucial area of 17,865 levels in the coming sessions. That could possibly result in a sharp positive reversal for the Nifty. Immediate support is at 17,600 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty index remains in a strong buy mode and any dip should be an ideal opportunity to add on the log positions. The lower-end support is visible at 42,300 which will act as a cushion for the bulls and the potential upside targets are 43,000/43,300,” said Kunal Shah, Senior Technical & Derivatives Analyst 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