“As we move towards the end of Q1FY24 results season, action will shift to macro factors, with many economic data due for release during the week. Investors await key inflation data from US, India, and China for further market direction. Also locally, RBI meeting kicked off, the result of which would be declared on Thursday. We thus expect market to consolidate, while interest sensitive sectors are likely to be in focus,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Apart from the mixed global cues, the continued underperformance from the key sectors viz. banking, auto and FMCG are weighing on the share market investors’ sentiment. Tata Power, Coal India, Adani Ports, ICICI Bank, IRCTC, Bharat Forge among stocks to watch on Wednesday
Tata Power and the Government of Maharashtra have signed a memorandum of understanding to develop two large Pumped Hydro Storage projects (PSP) with a combined capacity of 2800 Megawatts (MW) in the state. These projects, with an estimated investment of approximately Rs 13,000 crore will be situated at Shirawta, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW) districts
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State-owned Coal India on Tuesday reported a 10% YoY fall in its consolidated net profit to Rs 7,941 crore for the quarter ended June 2023. Revenue from operations also beat the estimates at Rs 35,983 crore in the reporting period, rising by a marginal 3% YoY
Adani Ports and Special Economic Zone Ltd on Tuesday reported an 82.57% YoY rise in net profit at Rs 2,114.72 crore for the June quarter compared with Rs 1,158.28 crore in the same quarter last year. Revenue for the quarter rose 23.51% YoY to Rs 6,247.55 crore compared with Rs 5,058.09 crore in the corresponding quarter last year
Maruti Suzuki India (MSI) has announced that Japan's Suzuki Motor Corporation's (SMC) stake in the company will increase by about 1.8%, after the sale of the Gujarat plant. Suzuki Motor's stake is likely to increase to 58.28% from 56.48% currently
Tata Power, Berger Paints, Trent, PI Industries, IRCTC, Bharat Forge, Abbott India, Uno Minda, ZEE, SJVN, Ratnamani Metals, Kalyan Jewellers, Natco Pharma, Max Financial and others will announce their June quarter results on Wednesday
LT Foods, ICICI Bank, Motherson Sumi Wiring, Sarthak Metals, West Coast Paper Mills, Planter Polysacks stocks will trade ex-dividend on August 9, 2023
"The short-term trend of Nifty remains choppy. A move below 19,500 levels could open further weakness down to the next lower supports of 19,400-19,350 levels. A decisive move above the hurdle of 19,700 is likely to bring sharp upside momentum in the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Bank Nifty on Tuesday traded within the range of the penultimate trading session (44,520 – 45,120). Until the extremes of the range are not breached on either side, we can expect the consolidation to continue. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44,000 from a short-term perspective," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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