The earnings reports, primarily from the IT and banking sectors, will influence market trends in the coming days. Analysts expect Nifty50 earnings to grow by 10% in Q4 FY23, driven by banking and finance, auto, telecom, and FMCG.
In the near term, markets will take cues from global events including China’s GDP, US corporate earnings as well as UK and Japan inflation data. Consumer Durable stocks are likely to remain in limelight on the back of rising heat temperatures in many parts of India. Vedanta, SBI Cards, Adani Total Gas among stocks to watch on Tuesday.
Vedanta Group has signed a memorandum of understanding (MoU) with 20 Korean companies from the display glass industry in a bid to develop an electronics manufacturing hub in India. The agreement was signed during the Korea Biz-Trade Show 2023 event.
Adani Group and French company TotalEnergies’ newly built Rs 6,000 crore facility to import LNG at Dhamra on the Odisha coast will start commercial operations at the end of May, the French firm said on Monday. The 5 million tonne a year capacity terminal received its first-ever shipment of LNG on April 1.
Shares of FMCG major ITC crossed the Rs 400-mark to touch a fresh all-time high on Monday. Investors have been keeping a close watch on ITC shares after it emerged as the top pick of brokerage houses ahead of its fourth-quarter earnings. So far this year, ITC share price has jumped 20%.
SBI Cards and Payment Services on Monday appointed Shantanu Srivastava as Chief Risk Officer (CRO) of the company with effect from April 21, 2023. He is currently associated with the HSBC Group since 2001.
Internet service providers company, Hathway Cable & Datacom, in its board meeting on April 17, approved the appointment of Tavinderjit Singh Panesar as Chief Executive Officer (CEO). Prior to his current role, he has worked, lead, and managed companies like Dsport, Star India, and ESPN Star Sports among others.
“Over the near term, the trend is likely to remain sideways, as, after a rally of 900 points, buyers at 17,000 would want to take some profits. On the lower end, support lies at 17,550, below which Nifty may fall towards 17,400. On the higher end, 17,800 is likely to remain resistance for the Nifty,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Bank Nifty took support at 41,800 on the back of the good performance of PSU Bank. As per the current closing index, it is still in the breakout zone for 42,600/43,000 levels, Downside support stands at 42,000-41,800,” said Rupak De, Senior Technical Analyst at LKP Securities.
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