Resuming their upward trend, Sensex and Nifty closed higher on the weekly expiry yesterday. On the charts, Nifty could surge higher with strength. “The two days consolidation movement seems to have ended and the bulls are now ready to make a comeback in the market. One may expect further upside towards 15257 and higher in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that a sustainable move above 15260 could pull Nifty towards new upside of 15400-15500 levels in the near term, whereas immediate support is placed at 15050.
Stocks to watch
ITC: The FMCG major reported a net profit of Rs 3,587 crore in the third quarter of the financial year 2021. This was down from Rs 4,050 crore that the company had reported in the same period last year. On-quarter basis ITC did record growth of 5% in gross revenues. The board of the cigarette to hospitality giant recommended an interim dividend of Rs 5 per share.
Sun Pharma: The drug-maker settled a whistle-blower case yesterday. Capital Markets regulator SEBI said that the company and Managing Director Dilip Singhvi paid nearly Rs 56.11 lakh and Rs 62.35 lakh to settle the matter. Complaints against the company said that it had been diverting funds.
Coal India: The state-owned firm said that its consolidated net profit declined 21% during the quarter ending December 2020. Coal India reported a net profit of Rs 3,084 crore for the quarter, against Rs 3,921.81 crore in the same period a year ago.
Spice Jet, IndiGo: The government of India has allowed domestic carriers to increase their fairs by 30%. However, there still remains an 80% cap on capacity. This could help aviation stocks like Spice Jet and IndiGo Surge. Additionally, IndiGo will also be starting 22 new flights at the end of March.
BPCL: DIPAM Secretary Tuhin Kanta Pandey has said that the government is targetting to conclude the strategic sale of BPCL in the June quarter of the next fiscal year. The second-largest fuel retailer, BPCL, has received three bids for a controlling stake.
Results today: Bharat Forge, Glenmark Pharma, Grasim Industries, Anant Raj, Apollo MicroSystems, Apollo Hospitals, Bharat Dynamics, Embassy Office Parks REIT, Dilip Buildcon, GMR Infrastructure, PC Jewellers, NALCO, HAL, Indiabulls Housing Finance, among others will report their third-quarter earnings today.