Stocks in the news | Axis Bank, Hindustan Unilever, Tata Coffee, JK Paper, SBI, NCL Industries
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Indian markets are likely to see a gap down opening on the back of negative global cues amid investors booking profits at higher levels as caution set in ahead of Union Budget. However, global news flows and sector specific developments will be key monitorables. US markets ended lower amid monetary policy decision and uncertainty over additional stimulus.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session.
At 09:02 IST, the Sensex was down 352.43 points or 0.74% at 47,057.50, and the Nifty was down 226.10 points or 1.62% at 13,741.40.
FII Trading Activity:
DII Trading Activity:
Federal Reserve leaves rate unchanged:
The Federal Reserve on Wednesday left its key overnight interest rate near zero and made no change to its monthly bond purchases, pledging again to keep those economic pillars in place until there is a full rebound from the pandemic-triggered recession.
Asian markets Update:
Asian shares slid on Thursday while the safe-haven dollar rallied as a sudden sell-off on Wall Street and delays with coronavirus vaccines shook investor optimism about an early recovery for the global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2%, with valuations looking stretched given the index had risen more than 6% just this month.
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Nifty may face a strong resistance near 14,250 which is capped under 21-day EMA. On the lower side, support can be seen at 13,700.
Axis Bank Q3 profit plunges 36%:
Axis Bank has reported a significant 36.4 percent year-on-year (YoY) decline in standalone profit for the quarter ended December 2020 with elevated provisions (up 33 percent YoY).
The profit for the quarter stood at Rs 1,116.6 crore against Rs 1,757 crore in the corresponding period.
Provisions and contingencies increased considerably to Rs 4,604.28 crore in Q3FY21, rising 32.7 percent compared to corresponding period and half a percent over previous quarter.
HUL Q3 profit climbs 19%:
FMCG major Hindustan Unilever on January 27 has posted a 19 percent year-on-year growth in profit at Rs 1,921 crore for the quarter ended December 2020 backed by strong revenue growth and operating income. The profit in corresponding period was at Rs 1,616 crore.
Consolidated revenue from operations grew by 21 percent to Rs 11,872 crore in Q3FY21 compared to Rs 9,808 crore reported in the same period last year, with domestic volume growth of 4 percent. Read More
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