BSE Sensex and Nifty 50 were staring at a positive start on Thursday, after surging nearly one per cent higher in the previous session. S&P BSE Sensex sits at 48,677.55, while NSE’s Nifty index closed at 14,617. Trends on SGX Nifty were positive with Nifty futures up 57 points or 0.39 per cent at 14,757.50. Technical analysts believe that Nifty May series might trade with a positive bias. “Currently support is seen at 14400 levels with resistance seen at 14800/14900. Breach of 14400 can result in increase of short term volatility. Expect an extended phase of consolidation before markets make a directional move,” said Sahaj Agrawal, Head of Research, Derivatives at Kotak Securities.
Stocks in focus today
Hero MotoCorp, Tata Consumer Products: As many as 25 BSE-listed firms including Adani Power, Adani Transmission, Coforge, Hero MotoCorp, Procter & Gamble Health Ltd, Praj Industries, Raymond Ltd, Solara Active Pharma Sciences Ltd and Tata Consumer Products are scheduled to announce their January-March quarter results on May 6.
Maruti Suzuki: Maruti Suzuki India (MSI) on Wednesday said its total production in April 2021 stood at 1,59,955 units. Production of mini cars comprising Alto and S-Presso models stood at 29,056 units last month. “There was no production in April 2020 due to COVID -19 related lockdown. A comparison between April 2021 production volume and that of April 2020 doesn’t have any meaning,” it said.
IDBI Bank: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the strategic sale of IDBI Bank, an official statement said on Wednesday. GoI and LIC together own 94.72 per cent of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter.
Adani Green Energy: Adani Green Energy (AGEL), the renewable energy arm of the Adani Group, posted a profit of Rs 182 crore in FY21 on a consolidated basis, against a loss of Rs 68 crore recorded by the firm in FY20.
Tata Steel: Tata Steel posted a consolidated net profit of Rs 7,162 crore for the quarter ended March 31, 2021, against a net loss of Rs 1,615 crore in the corresponding quarter last year. However, the net profit was slightly below Bloomberg consensus estimates of Rs 7,421 crore.
Indian Bank: Indian Bank said it has declared the NPA account of Saravana Stores with an outstanding balance of Rs 231 crore as fraud. “We have to inform that non-performing account (NPA) Saravana Stores (Gold Palace) has been declared as fraud and reported to RBI as per regulatory requirement,” Indian Bank said.