Nifty can kiss 15,000 again


Indian markets are expected to open higher on Monday, thanks to positive global indices. The SGX Nifty, which currently settles at 15,006 (8 a.m. IST) on the Singapore Stock Exchange, indicates at least 130 spread opening points for Nifty futures, which closed Friday at 14,869.55.

After a strong close in the United States on Friday, Asian markets are also in power on Monday. The benchmarks of Japan, Australia and Korea rose more than 1%. Last week, US indices such as the Dow Jones Industrial Average and the S&P 500 closed at a record high; even the high-tech Nasdaq, which has been facing headwinds lately, closed with strong gains on Friday.

Also Read: Movers & Shakers: Stocks That Will See Action This Week

However, analysts remain cautious due to the increase in Covid cases and the resulting lockdown in various states. The second wave of coronavirus infections with localized or statewide restrictions poses a downside risk to economic activity in the first quarter of the current fiscal year, according to the Ministry of Economic Affairs. The momentum of economic recovery since the first wave moderated in April.

The silver lining, analysts said, is that the fourth quarter results, reported so far by India Inc, are better than expected. Analysts are also relieved, as comments from key executives in various industries have so far been positive.

Vinod Nair, Head of Research at Geojit Financial Services, said: “Over the coming week, the market trend will be driven by developments in the spread of Covid, upcoming results and global indices. Industrial production data for March and inflation data for April are expected to be released this week. IPI data is expected to show robust growth due to the economic recovery seen in March, while inflation rates are expected to remain at high levels.

Stocks to watch

Amara Raja Batteries Limited resumed operations at its Nunegundlapalli and Karkambadi factories in the Chittoor district from May 8 after the Andhra Pradesh High Court granted a temporary stay of orders issued by the Andhra Pradesh Pollution Control Board (APPCB).

By continuing to focus on best-in-class systems and processes for environmental, safety and health practices, the company will continue to work closely with APPCB to resolve any potential issues, he said.

Due to an increase in the number of Covid-19 cases in Goa, the District Magistrate’s Office, North Goa extended the lockdown and ordered North Goa casinos to remain closed until 7:00 a.m. on May 24. As a result, casinos operated by Delta Corp and its subsidiaries in Goa will remain closed during this period. The company is unable to estimate the quantum of potential losses due to this temporary shutdown and the pandemic at present.

Hero MotoCorp informed the exchanges that due to the current Covid-19 situation across the country, it has decided to extend the shutdown of its manufacturing facilities in India, its Global Parts Center (GPC) in Neemrana and its R&D facility – the Center for Innovation and Technology (CIT) in Jaipur – by another week, until May 16.

Jubilant Pharma said that the company’s subsidiary Jubilant Pharmova received a favorable and unanimous judgment from the United States Court of Appeals summarily upholding Jubilant’s previous favorable rulings from the US Patent Office (PTAB) and US International Trade Commission (ITC). . These two Court of Appeal decisions dismiss appeals by Bracco Diagnostics, Inc

Housing Development Finance Corporation Ltd. (HDFC), in accordance with the Reserve Bank of India’s directive to reduce its stake in HDFC ERGO to 50% or less, has entered into a share purchase agreement with ERGO International for the sale of 44.12,000 equity shares of ₹ 10 each, representing 0.62 percent of the issued and paid-up share capital of HDFC ERGO. ERGO International AG does not belong to the promoter / promoter group of HDFC.

TT canceled a memorandum of understanding for the sale of spinning assets located in Rajula, Gujarat, Resilient Cotspin, Bhavnagar, Gujarat. Last November, the company entered into a pact with Resilient Cotspin for the sale of the company’s spinning assets located in Rajula, Gujarat.

Results schedule:

Nearly two dozen companies including Artemis Medicare Services, Chambal Fertilizers & Chemicals, Dai-Ichi Karkaria, DE Nora India, Escorts Finance, Ganges Securities, Gayatri Tissue & Papers, HFCL, HSIL, Inspirisys Solutions, Intellect Design Arena, JMC Projects (India), Nutricircle, Oriental Aromatics, Onesource Ideas Venture, Paushak, PPAP Automotive, Sangam Renewables, Satia Industries, Suryalakshmi Cotton Mills, TTI Enterprise, Venky’s (India) and Zydus Wellness will release their quarterly results on Monday.


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