Nifty last week remained largely range bound between 15,620-15,900 with action mainly restricted to small cap and midcap segment. With negative weekly closing, the Nifty remains weak and we may see renewed selling on close below 15,760. So far, major contributor for Nifty’s upward journey has been non-financial segment which contributes 65% weightage within Nifty 50. We may see significant decline in markets if selling or profit booking occurs in same. Thus, one can expect sharp decline if prices sustain below 15,760 in early hours of trade today. Trends on SGX Nifty indicate a negative opening for the index in India with a 116 points loss. Results today- Larsen & Toubro, Axis Bank, Tata Motors, Kotak Mahindra Bank, SBI Life Insurance Company, Vedanta, Alembic Pharmaceuticals, Apollo Pipes & DLF
U.S indices rallied to records on Friday, and the Dow Jones Industrial Average closed above the 35,000 level for the first time, up 0.7%. The S&P 500 index climbed 44.31, or 1%, to 4,411.79 to top its earlier all-time high, set early last week. The Nasdaq composite gained 152.39, or 1%, to 14,836.99.
Stocks in news
ICICI Bank– Reports strong operating performance, but misses on the asset quality front (annualized slippages higher at 3.9%). NIM at all-time high of 3.89%
Reliance Industries– Q1FY22 numbers in-line with estimates, Jio reports a beat in performance.
ITC– Revenue and EBIDTA above estimates, Cigarette revenue growth at 33%
JSW Steel– Revenue up 145%, margin at 35.5% vs 11.4%
PVR/Inox in focus– Cinemas in Delhi to re-open today with 50% occupancy
USL– Q1 earnings better than expectations, volumes growth at 61%.
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