After two days of strong gains, Indian benchmark indices could take a breather amid tepid global market cues and some profit-taking at the higher levels. Although, lack of a fresh spurt in Covid cases could help cap the downside. Besides, the Q4 earnings season has been healthy so far, providing support to market sentiments. At 7.30 am, SGX Nifty was trading 80 points lower at 15,081, indicating a negative start for the benchmark indices. In the overnight session, US stocks declined for a second day with losses steepening in the final 15 minutes of trading as investors weighed the rush to reopen the economy against inflationary pressure from a rise in commodity prices.
Here are the top stocks to track in today s session:
Earnings Today: IOC, Indiabulls Housing Finance, JK Tyre & Industries, Tanla Platforms and Zuari Agro Chemicals are among 25 companies slated to post their March quarter results today.
Tata Motors: Auto major Tata Motors reported a surprise consolidated net loss of Rs 7,605 crore for the quarter ended March 31, 2021, mainly on account of asset write downs in subsidiary Jaguar Land Rover (JLR). According to a consensus estimate of Bloomberg, Tata Motors was expected to report a net profit of Rs 2,774.10 crore.
Axis Bank: The government will sell nearly 2 per cent stake in Axis Bank held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that’s expected to fetch around Rs 3,969 crore to the exchequer in divestment receipts. The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs 680 a share.
After a brief recovery, the domestic equity benchmarks once again slipped into the negative terrain in morning trade. The Nifty managed to hold above the 15,000 mark. Realty shares rose for the third day.
At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 70.91 points or 0.14% to 50,122.42. The Nifty 50 index lost 21.15 points or 0.14% to 15,086.95.
The broader market was trading higher. The S&P BSE Mid-Cap index gained 0.56% while the S&P BSE Small-Cap index rose 0.63%.
The market breadth was strong. On the BSE, 1700 shares rose and 915 shares fell. A total of 128 shares were unchanged.
The undertone of the market was upbeat amid hopes of reopening of economic activity soon as fresh daily Covid cases decline. Encouraging quarterly results also boosted sentiment.
JK Tyre registers net profit of Rs 196 crore for March quarter
JK Tyre registers net profit of Rs 196 crore for March quarter
JK Tyre registered a standalone net profit of Rs 137 crore in O4FY21 as opposed to a loss of Rs 8 crore in the same period last year.
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UPDATED: May 19, 2021 22:09 IST
The consolidated net revenues of JK Tyre stood at Rs 9,145 crore up by 4 per cent.
HIGHLIGHTS
The consolidated net revenues stood at Rs 9,145 crore up by 4 per cent.
The net profit for the company stood at Rs 331 crore, an increase of 134 per cent.
The company registered a standalone net profit of Rs 137 crore in O4FY21 as opposed to a loss of Rs 8 crore in the same period last year.
Q4 earnings, pace of vaccination, global trends to dictate markets this week: Analysts In absence of any major event, participants will be closely eyeing the performance of global indices, US bond yields, movement of rupee against the US dollar, and crude oil prices.
Sensex jumps over 150 pts in early trade; UltraTech Cement, Asian Paints, HCL Tech, HDFC, Tech Mahindra and M&M among top gainers
Representational image/ pexels
Equity markets this week are likely to follow the quarterly earnings outcome of listed companies, pace of vaccination drive in the country and global market trends for further direction, according to analysts.