Indian indices yesterday finished the session weak in line with global indices due to below-par earnings results, adding fresh concerns to elevated inflation, oil prices, war uncertainties and supply issue. The Nifty failed to test the support of the trading range, which is placed at 16671.
The Nifty Bank outperformed the markets and ended on a positive note led by resilience in HDFC twins. The overall view on the market remains positive with final target seen at 19867 by May end.
Stocks on Wall Street recovered from lows to close at session highs. Investors remained concerned about Covid- 19 lockdowns in China and inflation currently running at a 4-decades high, which has already prompted the Federal Reserve to signal big increases in the Fed funds rate this year.
Media reports say that SEBI has approved the updated DRHP for the LIC IPO with the issue likely to open on May 4 with a reduction in issue size to 3.5 pct. Today, the results of Bajaj Finance will be tracked closely.
Nifty 50 Eq Wt Index and Ratio of Nifty Inverse Index to India VIX
Positive Read Through
- Biocon bags a 3-year contract worth USD 90 million for Biocon Biologics Insugen from Malaysian Health Ministry.
- IndiaMART will consider buyback on April 28th, 2022.
- Tata Motors signs MoU with Lithium Urban Technologies
- Ramco Cements to commission 5th integrated cement plant in Andhra
- GMDC- Revenue up 87 pct, profit Rs 177 cr vs loss of Rs 185 cr
- Varun Beverages- to consider bonus issue along with results on April 28
- Bank of India Board approves raising up to Rs 2500 cr via equity
- IT company Cyient to acquire Finland-based Citec for nearly Rs 800 cr
Negative Read Through
- Veranda Learning- to buy T.I.M.E Coaching Institute for Rs 287 cr.
- Zee Learn – Yes Bank files plea for Insolvency against Zee Learn.
- Va Tech Wabag- Russia Aug 2021 order suspended on geopolitical tension.
- Maharashtra Scooters- profit down 46 pct, revenue slips 22 pct YoY.
- Eveready- loss at Rs 38.4 cr vs Rs 441 cr loss YoY, Operating income down 12 pct YoY
- Tatva Chintan revenue down 9.3 pct, margin at 22.3 pct vs 22.5 pct YoY.
- Zee Learn Says Yes Bank Initiates Resolution Process Against Company.
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