Nifty futures were trading 30.50 points or 0.17 per cent up at 18277 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Friday. In the previous session, S&P BSE Sensex ended 336 points or 0.55% lower at 60,923, gaining 437 points from the day’s low. NSE Nifty 50 closed at 18,178, down 88.5 points or 0.48%. Analysts say that weak global cues triggered selling pressure for the third day in a row on Thursday, while for one more time bears took the aggressive stance near the 18350 resistance level. “Technically, after a short term price correction, the Nifty took support near the 18050 level and reversed sharply. The index has formed a bearish candle on daily charts but at the same time it took support near the important retracement level of 18030. We are of the view that the intraday texture of the market is weak and is likely to continue in the near future,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.
Stocks to watch
RIL: Reliance Industries Ltd will announce its second-quarter (July-September) results today. Analysts expect RIL to post strong growth in net profit led by a rise in EBITDA in the July-September quarter of FY22. In another development, ahead of Q2 results, shareholders of RIL have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal.
Yes Bank, Gland Pharma: BSE-listed companies such as HDFC Life Insurance Company, Yes Bank, Apollo Pipes, Bharat Seats, Crompton Greaves Consumer Electricals, Dodla Dairy, Federal Bank, Gland Pharma, Hindustan Zinc, Inox Leisure, Jubilant Pharmova, Kajaria Ceramics, Kirloskar Ferrous Industries, Kwality Pharmaceuticals, Mahindra Holidays & Resorts India, Omkar Speciality Chemicals, Polycab India, ABB Power Products and Systems India, PVR, Steel Strips Wheels, Subros, Sundaram-Clayton, Supreme Industries, Tata Consumer Products, Tata Elxsi, and Zenotech Laboratories will release their second quarter earnings on 22 October 2021.
NTPC: State-run power generation company NTPC has invited tenders to import 2 million tonne (MT) of coal, soon after the Centre asked power plants to step up imports of the key fuel for thermal power.
Future Retail: Following the order by the Singapore arbitration tribunal, which largely goes in its favour, Amazon.com has filed a fresh plea in the Supreme Court against the National Company Law Tribunal’s order which allowed Future Retail (FRL) to convene meetings of its shareholders and creditors for seeking approval to sell its retail assets to Reliance Retail.
ZEEL: The Bombay High Court on Thursday asked Zee Entertainment Enterprises (Zee) to convene an extraordinary general meeting (EGM), as requisitioned by its single largest investor Invesco Developing Markets Fund.
Bank of Maharashtra: Bank of Maharashtra reported a 102.71% Y-o-Y rise in its net profit to Rs 264 crore for the September quarter. The net interest margin improved to 3.27% on a Y-o-Y basis against 2.3% in the comparable quarter last year. Net interest income increased by 33.84% to Rs 1,500 crore, compared with Rs 1,120 crore during Q2FY21.
IDBI Bank: IDBI Bank reported a 75% year-on-year (y-o-y) jump in net profit to Rs 567 crore for the quarter ended September, driven by a reduction in employee costs and an improvement in net interest income (NII).
South Indian Bank: South Indian Bank reported a net loss of Rs 187.06 crore in its second quarter results largely due to higher provisions. The Thrissur-based lender had reported a net profit of `65.09 crore during the second quarter of FY21. SIB sources said that as a prudent measure the bank has made an additional provision of Rs 160 crore.