Domestic markets are expected to open in a narrow range on Thursday, as signals from global markets are mixed. Investors have also turned cautious on the back of rising new variant of Covid-19 and ahead of second first-quarter results of FY22, said market men.
Currently, SGX Nifty is ruling at 15,769.80, almost at the same level of Nifty futures Wednesday's closing of 15,752.15.
The US stocks overnight ended on a mixed note with Dow, S&P-500 edging up 0.61 per cent and 0.21 per cent respectively, while tech-heavy Nasdaq fell 0.17 per cent. In Thursday's morning trade, equities across Japan, Hong Kong, China, South Korea and Australia are down even as Taiwan market is ruling firm.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, said: "Nifty continues to remain in medium-term uptrend with buying advisable on aggressive dips; Expect volatility before momentum support gets triggered. In the near term, expect range bounce movement as short term indicators are stretched. IT, Metals and Pharma are expected to do well while BFCI and Midcap stocks can be bought on corrections.."
Rohit Singre, Senior Technical Analyst at LKP Securities, "Index opened with a positive gap but unable to sustain on highs and profit booking in second half dragged index in negative & closed a day at 15,721 with small loss forming a bearish candle for the third consecutive day. Good support for the index is coming near 15675 zone if managed to hold then good bounce can expect but any break below said levels can see some more pressure, strong resistance is coming near 15,800-15,900 zone and traders can book profit on any rise as the index is not moving above 15,900 zone."
Stocks to Watch
The Ramco Cements has commissioned the Line III of its Jayanthipuram Plant, with a clinker manufacturing capacity of 1.50 Million Tonnes Per Annum.
Sakthi Sugars has made one-time settlement (OTS) on June 29 of the loan availed from Indian Overseas Bank at Rs 28.90 crore as against the amount outstanding of Rs 50.16 crore (Principal and Interest) as at March 31, 2021. With this OTS the Bank has agreed to withdraw its application before National Company Law Tribunal.
Embassy Office Parks REIT India's first listed REIT and the largest office REIT in Asia by area, is pleased to announce that the trading lot size for Embassy REIT units on the Indian stock exchanges will be reduced to 1 unit from the current trading lot size of 200 units. The announcement follows the Securities and Exchanges Board of India's (SEBI) approval of the amendments to the appropriate regulations to reduce trading lots for both REITs and Infrastructure Trusts (InVITs) which was outlined at its Board Meeting on June 29, 2021.
Lupin has received tentative approval from the United States Food and Drug Administration (FDA) under the US President's Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) Tablets, 50 mg/300 mg/300 mg, and antiretroviral Fixed Dose Combination (FDC). This product would be manufactured at Lupin's Nagpur facility in India.
The board of Triveni Engineering & Industries has approved expansion of distillation capacity of the existing and upcoming distilleries located at Muzaffarnagar, Milak Narayanpur sugar unit at Distt Rampur and Sabitgarh Distt Bulandshahar (UP), subject to receipt of necessary statutory clearances, raising total distillation capacity from 520 to 660 KLPD at an aggregate cost of Rs 100 crore (approx.) through low capital cost incidental expansion / debottlenecking through internal accruals. Such expansion will be completed before the commencement of the Sugar season 2022-23.
Macrotech Developers , listed as Lodha, on Wednesday announced that the promoters repaid the entire debt owed by them to the Company. According to the regulatory filing, the promoters owed the company a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore together with interest accrued thereon has been repaid. Thus, the entire debt has been repaid expeditiously, in just over 2 months from the listing of the company.