Indian stock market is expected to remain positive to sideways with the start of Q4 earnings season. Investors would watch for the release of inflation data by US, China and India to get cues on central bank action. Investors will also await FOMC meeting minutes for further insights.
Stock-specific action in the market and the upcoming results, global cues will largely dictate the Indian share market trend in the near term. TCS, Vedanta, IndusInd Bank, Glenmark Pharma among stocks to watch on Wednesday.
Tata Consultancy Services (TCS) on Wednesday, April 12, 2023, is likely to report a double-digit growth in top and bottom line growth for the March quarter.
Small businesses focused-fintech Ugro Capital will raise Rs 340 crore in equity capital through a preferential allotment and qualified institutional placement. Another Rs 101 crore will be raised from long-term shareholders.
Japanese lender JICA has teamed up with Citibank to provide a $125 million funding line to domestic private sector lender IndusInd Bank. IndusInd will be utilising the co-finance funding for lending to the agricultural sector in the country.
US hedge fund Farallon Capital Management is reportedly in advanced negotiations to fund $1.5 billion to $2 billion to cash-strapped mining billionaire Anil Agarwal, superseding discussions with Vedanta Group’s traditional foreign lenders or Gulf entities like International Holding Corporation. The structure being worked out involves part of the funding, $800-$900 million against corporate guarantees of Vedanta Limited (VDL).
Glenmark Pharma is considering selling a majority of its 82% stake in unit Glenmark Life Sciences in a bid to trim the debt burden, according to reports. Kotak Mahindra Capital has reportedly been hired to oversee the sale. Buyout funds have been contacted to gauge interest in the purchase.
“The underlying trend of Nifty continues to be positive. Though Nifty is advancing gradually on the upside, its consistent upmove above the hurdles signals more upside ahead. A decisive movement above 17,800 levels is expected to open the next upside target of 18,200 levels in the near term. Immediate support is at 17650 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“If Bank Nifty fails to sustain above the level of 41,200, it can witness some profit booking towards 40,600-40,500 levels. The upper resistance, if taken out, will lead to further short covering towards the 42,000 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
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