News Shots
ITC reported an 11.8 percent year-on-year (YoY) jump in net profit at Rs 4,191 crore for the fourth quarter ended March 31, 2022 as against Rs 3,755 crore recorded a year ago, due to strong growth across all operating segments. Consolidated revenue rose 15.3 percent on-year to Rs 17,754 crore versus Rs 15,404 crore a year ago.
IGL reported a rise in net profit of 9.24 percent to Rs 361.60 crore in the quarter ended March 2022 as against Rs 331.00 crore during the previous quarter ended March 2021. Revenue rose 55.16 percent to Rs 2,405.92 crore in the quarter ended March 2022 as against Rs 1,550.63 crore during the previous quarter ended March 2021.
Sugar stocks like Triveni Engineering, Uttam Sugar Mills, Bajaj Hindusthan, Balrampur Chini will be in focus after the government approved amendments to the National Policy on Biofuels, 2018, to advance the date by which fuel companies have to increase the percentage of ethanol in fuel to 20 percent, from 2030 to 2025. The policy of introducing 20 percent ethanol will take effect from April 1, 2023.
Manappuram Finance reported a 44 percent decline in its net profit for the March quarter to Rs 261 crore against analysts’ estimates of Rs 451 crore a year ago. Revenue fell 9 percent year-on-year to Rs 1,480 crore. Total cost rose 13 percent to Rs 1,140 crore.
LIC Housing Finance reported a 174 percent surge in net profit for the March quarter to Rs 1,114 crore from Rs 406 crore a year ago. Revenue for the quarter rose 6.3 percent year-on-year to Rs 5,207.53 crore.
What to expect?
NIFTY opened with a gap-up at 16,327 and moved higher. There was a strong resistance at 16,400 and the index fell heavily. There was an attempt to move higher but the sellers pushed the index lower and NIFTY closed the day at 16,240, down by 19 points or 0.12%.
BANK NIFTY opened with a gap-up at 34,455. BNF reversed from 34,630 and consolidated before it fell to 34,150. BNF closed the day at 34,163, down by 1328 points or 0.4%.
FMCG moved up by 1.25% yesteday.
The US markets fell heavily yesterday. The European markets closed more than 1% in the red.
The Asian markets are trading lower. The U.S. Futures and the European futures are trading flat.
SGX NIFTY is trading at 15,940 indicating a gap-down opening.
NIFTY has supports at 16,080, 15,970, 15,870 and 15,800. We can expect resistances at 16,140, 16,250 and 16,370.
BANK NIFTY has supports at 33,700, 33,500 and 33,400. Resistances are at 34,150, 34,400 and 34,700.
NIFTY has the highest call OI build-up at 16,500. The highest put OI build-up is at 16,000.
BANK NIFTY has the highest call OI build-up at 34,500 and the largest put OI build-up is at 33,000.
INDIA VIX is at 22.3.
Foreign Institutional Investors net sold shares worth Rs 1,300 crores. Domestic Institutional Investors net bought shares worth Rs 400 crores.
There is more to speak about the US markets rather than our markets. The indices fell heavily and everyone was surprised to see a fall of this magnitude after the up-move on the previous day. Powell’s speech as we discussed yesterday might have made an impact. As you remember, the markets had reacted to the CPI data next day only.
UK CPI inflation came out at 9%, which is a forty-year high but was expected. The Auto sales went down by 10%. On top of Powell’s speech, there came a Fed member’s statement that there will be back to back 50 bps hikes. All of these added to the negativity.
Though FII net sell value is just 1,300 crores, the gross amount of transaction was huge. This can make the market volatile in the coming days. Traders who hold overnight positions will find it hard to trade in this market condition where the US market jumps 2% and falls by 3% the next day.
Let us closely watch the levels on the downside and see if NIFTY attempts to take support as the gap-down would be huge.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!