“Market is witnessing consolidation at higher levels in the absence of any positive trigger. We expect this trend to continue in the near term as a series of macro data around the world and FOMC meeting minutes will be released during the week which could keep markets subdued. Indian equities remained closed on Tuesday on the occasion of Independence Day and might stay lacklustre on Wednesday on account of the Parsi New Year,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Markets started the week on a volatile note and ended almost unchanged. We feel it is prudent to stay focused on trade management amid mixed signals and wait for clarity,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. ITC, Divi's Lab, SJVN, Adani Enterprises, SpiceJet, Crompton Greaves among stocks to watch on Wednesday
ITC board has approved the scheme of arrangement amongst ITC and ITC Hotels and their respective shareholders and creditors under Sections 230 to 232 read with other applicable provisions of the Companies Act, 2013. The scheme involves the demerger of the demerged undertaking comprising the Hotels business of the demerged company into the resulting company on a going concern basis and in consideration. For every 10 ordinary shares of face and paid-up value of Re 1 each held in the demerged company, one equity share of face and paid-up value of Re 1 in the resulting company will be issued
State-owned SJVN Ltd. on Monday signed two power purchase agreements with Punjab State Power Corp. Ltd. (PSPCL) for setting up a 200 MW solar project in the state, and a 1,000 MW solar project anywhere in the country
In the Credit Suisse versus SpiceJet case, the Supreme Court has summoned the low-cost carrier's CMD Ajay Singh for personal appearance. The apex court decided to issue contempt notice against Ajay Singh for failure to repay Credit Suisse as per consent terms. SC has asked Singh to respond to the contempt notice in four weeks
SEBI filed an application with the Supreme Court seeking 15 more days to submit the report on the allegations made by US-based short-seller Hindenburg Research against the Adani Group, saying that it has completed investigating 17 out of the 24 transactions it had taken up for probe. The market regulator sought more information from other regulators and foreign jurisdictions to plan a further course of action
Crompton Greaves Consumer Electricals Ltd posted its Q1FY24 profit at Rs 122.03 crore, down 3.1% as against Rs 125.95 crore during the first quarter of FY23. It posted revenue from operations at Rs 1876.85 crore, marginally up from Rs 1,862.94 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 186 crore
Divi’s Laboratories on Monday posted Q1FY24 at Rs 356 crore, down 49.3% in comparison to Rs 702 crore during the first quarter of FY23, missing estimates. It posted revenue from operations at Rs 1,778 crore, down 21.2% as against Rs 2,255 crore during the corresponding quarter of last year
"Monday's low of 19,257 could now be considered as a new lower bottom of the sequence. Hence any attempt of upside bounce from here could find strong resistance at 19,600 levels (down-sloping trend line). Immediate support is placed at 19,250," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“After falling for three consecutive weeks, Bank Nifty has reached the 20-week moving average (43,880) which can restrict a sharp decline from hereon. The daily and hourly momentum indicators are providing divergent signals. Thus, under such a situation a consolidation is highly likely. However, the overall trend is still negative, and we expect levels of 43,500 from a short-term perspective," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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