“After making a fresh high of 19,992 on 20th July, Nifty witnessed profit booking on Tuesday on account of mixed corporate results and weak global cues. We expect cautiousness in the market, ahead of the Federal Reserve's policy meeting on Wednesday where a 25bps hike is expected,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Financial Services
“Indications are in favour of further consolidation in index and upcoming monthly expiry of July month derivatives contracts would keep the volatility high,” said Ajit Mishra, SVP - Technical Research, Religare Broking. L&T, TVS Motor Co, Bajaj Finance, Axis Bank, Tech Mahindra, Tata Consumer Products, L&T among stocks to watch on Wednesday
Larsen & Toubro Ltd (L&T) on Tuesday announced a Rs 10,000 crore in share buyback and said its board has declared a special dividend of Rs 6 per share for FY23. The move would cheer L&T investors, as the engineering and construction major had in the past talked about its strategic target of increasing return on equity (RoE) to 18% plus by FY26. It stood at 12.2% in FY23
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Tata Motors on Tuesday reported a consolidated profit of Rs 3,202.80 crore for the June quarter compared with a loss of Rs 5,006.60 crore in the same quarter last year. Consolidated revenue for the quarter came in at Rs 1,02,236 crore, up 42.1%, Ebitda for the quarter stood at Rs 14,700 crore, up 177%. EBIT came in at about Rs 8,300 crore, driven by JLR and CV businesses whilst the PV business was steady
Suzlon Energy Ltd on Tuesday reported a 95.85% YoY drop in net profit at Rs 100.90 crore for the June quarter compared with Rs 2,392.87 crore in the same quarter last year. The group had, in the year-ago quarter, disposed off investments in few of its associates, which were classified as "held for sale"
Asian Paints on Tuesday reported a 52.5% YoY rise in consolidated net profit (after minority interest) at Rs 1,550.40 crore compared with Rs 1,016.9 crore in the corresponding quarter last year. Consolidated sales for the quarter rose 6.7% to Rs 9,153.80 crore from Rs 8,578.90 crore in the same quarter last year
Private sector lender Federal Bank on Tuesday said it has raised Rs 3,099 crore through qualified institutional placement route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value Rs 2 each to eligible qualified institutional buyers at an issue price of Rs 131.90 per unit, including a premium of Rs 129.90 per share, reflecting a discount of 0.52% on the floor price of Rs 132.59
Bajaj Finance, Axis Bank, Tech Mahindra, Dr Reddys Laboratories, Bharat Petroleum Corporation, Shree Cements, TATA Consumer Products, Schaeffler India, REC, Oracle Financial Services Software, Syngene International, Jindal Stainless, Embassy Office Parks REIT, GlaxoSmithKline Pharmaceuticals, Kajaria Ceramics, Fine Organics Industries, Aether Industries, Aegis Logistics, and more
20 Microns, 3M India, Associated Alcohols & Breweries, Cummins India, Goodyear India, Gujarat Pipavav Port, Orient Electric, Pearl Green Clubs and Resorts, Simplex Realty, Steelcast, Tube Investments of India, Vinyl Chemicals, VR Films stocks will trade ex-dividend on Wednesday
"The short-term movement of Nifty is choppy. Having placed at the support, there is a possibility of an upside bounce in the short term towards the immediate resistance of 19,800-19,850 levels in the coming sessions. The next support is placed at 19,600 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Bank Nifty faced selling pressure as it slipped below 46,000. Profit booking has been evident for the past two days. The Relative Strength Index (RSI) indicates a bearish crossover. The support level is positioned at 45,500, and resistance is at 46,000. Traders should closely monitor these levels as they may influence the index's future direction," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position