“Tomorrow, we expect the market to see some volatility as RBI will announce its policy decision outcome on the weekly F&O expiry day. Further, RBI’s commentary would be largely tracked to understand their future course of action,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
“Bulls are trying hard to reclaim some strength but it would be tough without the participation from the banking majors. Traders should continue with stock-specific trading approach and focus on sectors that are attracting buying interest,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. Hero MotoCorp, LIC, Pidilite Industries, Grasim, Page Industries, Mazagon Dock, Jubilant Pharmova among stocks to watch on Thursday.
Indian tax authorities are reportedly investigating Hero MotoCorp's relationship with a vendor suspected of reporting about 900 million rupees ($10.87 million) in false expenditure. Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about Rs 160 million, reported Reuters.
Vadilal Industries on Wednesday posted Q1FY24 profit at Rs 10.49 crore, down 32.8% in comparison to Rs 15.61 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 434.73 crore. This was up 4.6% from Rs 415.81 crore during the first quarter of FY23.
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Delhivery announced that it has won a contract to design, build, and operate the factory-to-customer supply chain for Havells India Limited. Covering Havells’ product portfolio of electrical and consumer goods, Delhivery will deploy its technology-led integrated warehousing and transportation solutions to deliver speed, precision, and faster complete end-to-end visibility.
Berger Paints on Wednesday said its board has approved a proposal of bonus issue of one bonus share of face value of Re 1 each against five shares of the face value of Re 1 each. The announcement came along with the paints maker's June quarter results. Berger Paints said its net profit for the quarter climbed 39.9% YoY to Rs 354.91 crore, compared with Rs 253.71 crore in the corresponding quarter last year.
LIC, Pidilite Industries, Grasim, Samvardhana, Hero MotoCorp, Alkem Labs, Page Industries, CCI, SAIL, Honeywell Automation, Mazagon Dock, Torrent Power, Biocon, Apollo Tyres, Ipca Labs, Sanofi India, among others will declare quarterly results on August 10.
Man Infraconstruction Allied Digital Services, Alkem Laboratories, Aditya Vision, Goa Carbon, Jubilant Ingrevia, Jubilant Pharmova, KCPL, Linde India, Lumax Industries, Lumax Auto Tech, Nitin Castings, Hitachi Energy, Rama Phosphates, Sunshield Chemicals, Thomas Cook, Vaibhav Global stocks will be trading ex-dividend on Thursday.
"Nifty is currently placed at the important resistance of down sloping trend line around 19,650-19,700 levels. A decisive move above this hurdle is expected to negate the bearish chart pattern and could open the next upside target of around 19,900-20,000 levels in the near term. Immediate support is placed at 19,460 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty key hourly moving averages placed in the range 45,000–45,100 acted as a resistance and faced selling pressure. It did witness a pullback however it closed in the negative. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44000 from a short-term perspective," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
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