News Shots
Axis Bank registered a massive 54 percent year-on-year growth in standalone profit at Rs 4,118 crore, largely driven by significant fall in provisions and improved asset quality performance for the quarter ended March 2022.
IIFL Finance clocked nearly 30 percent year-on-year growth in consolidated profit at Rs 321 crore on healthy growth in topline and operating profit. Revenue from operations during the quarter grew by 16 percent to Rs 1,856.2 crore compared to the year-ago period.
Profit after tax of Fineotex Chemical has increased by 42 percent year-on-year to Rs 17 crore on strong topline and operating income. Revenue rose by 62 percent YoY to Rs 121.4 crore in the quarter ended March 2022, and operating EBITDA surged 67 percent to Rs 21.52 crore in the same period.
Ambuja Cements profit fell sharply by 30.3 percent year-on-year to Rs 856.5 crore due to higher power & fuel cost and muted topline growth in the quarter ended March 2022. Revenue increased by 2.4 percent to Rs 7,900 crore during the same period.
Sterlite Technologies in a BSE filing said the board has approved raising of funds up to Rs 1,000 crore.
Earnings today: Maruti Suzuki India, IndusInd Bank, UltraTech Cement, Wipro
What to expect?
NIFTY opened with a gap-up at 17,189 and moved down initially yesterday. There was a tremendous rally and NIFTY broke the major resistances. There was a sell-off towards the end. The index closed at 17,245, up by 206 points or 1.21%.
BANK NIFTY opened with a gap-up at 36,241 and followed the general market. 36,000 offered good support and BNF moved higher. The index closed at 36,422, up by 393 points or 1.09%.
All the major sectoral indices closed in the green.
The US markets and the European markets rallied and closed well in the green.
The Asian markets are trading higher. The U.S. Futures are flat to red and the European futures are trading in the green.
SGX NIFTY is trading at 17,290 indicating a gap-up opening.
NIFTY has supports at 17,230, 17,200, 17,150 and 17,080. We can expect resistances at 17,300-25, 17,400 and 17,500.
BANK NIFTY has supports at 36,300, 36,150 and 36,000. Resistances are at 36,500, 36,850 and 37,000.
INDIA VIX is at 19.4.
Foreign Institutional Investors net bought shares worth Rs 700 crores. Domestic Institutional Investors net bought shares worth Rs 800 crores.
That was a great rally seen everywhere. The west has recovered much from the fall.. The US GDP data was worse than expected. But the Meta results were good and the stock surged by more than 17% lifting the sentiments. Let us see if this adds to the positivity in NIFTY.
Reliance hit another all-time high but there was sell-off towards the end. Being the largest heavyweight, focus should be laid on the stock’s movement today especially when the market is volatile.
Axis Bank posted a much better results above the estimates. Let us watch the movement in BANK NIFTY. 36,850 is a major level to watch on the upside and 36,000 can be watched on the downside.
I will be watching 17,320 on the upside and 17,200 on the downside in NIFTY.
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