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Here are a few stocks that are likely to be in focus today:
Clariant Chemicals will react to its Q4 numbers. The company reported a 29.6% drop in its net profit for the recently concluded quarter at Rs 10.6 crore compared to Rs 15.1 crore in the previous corresponding quarter.
Rallis India, too, will react to a iits March quarter numbers in trade today. The consolidated net profit surged 10.5% year-on-year to Rs 21.3 crore despite 2.8% fall in its consolidated net sales at Rs 314.8 crore.
Mahindra & Mahindra (M&M), according to reports, is planning to invest Rs 2,500 crore in expaniding its existing auto manufacturing facility in Telangana., which will increase its capacity to 1.5 lakh vehicles per year.
Jet Airways is also likely to be in focus today on reports that the airline plans to sell all its wide-body Boeing 777 and Airbus A330 planes to raise cash and retire a portion of its Rs 12,000-crore debt. It is also seeking shareholders' nod to raise about $400 million (about Rs 2,500 crore) through debentures or bonds to finance its business plans
Real estate player, Sobha Developers, could also see some action on reports that the Bengaluru-based property developer has created a new segment – Sobha Dream Series – to mark its foray into affordable housing segment
Reliance Power's Sasan UMPP achieves commercial operation 12 months ahead of schedule. This could see the stock gain some traction in trade today
Rakesh Jhunjhunwala, according to reports, has sold or trimmed his holdings in two stocks — Pipavav Defence and Offshore Engineering Company and Prime Focus after the Anil Dhirubhai Ambani Group (ADAG) bought large stakes in these companies
According to reports, Biocon has moved to list its subsidiary Syngene. The company has filed a draft red herring prospectus (DRHP) and is expected to start trading by July
Standard & Poor's has revised upward its outlook on Tata Power to 'stable' and reaffirmed its B+ rating citing the progress, though slow, on tariff revision and stake sale
Ashoka Buildcon has approved qualified institutional placement (QIP) issue price of Rs 175.8/share.
Ramco Systems is also looking to raise 300 - 325 crore via a QIP, reports suggest.
M&M Financial, Gujarat Gas, HCL Info, HDFC Bank and Cairn India will be reporting their numbers today
MARKET COMMENTARY
The outlook is a positive start led by positive global cues. The Dow and S&P 500 gained around 0.5% each, while Nasdaq added 0.42%. In other Asian markets, Topix index climbed 0.5% to 1,629.12 and the Nikkei 225 added 0.3% to 20,202.08 after closing above 20,000 Wednesday for the first time in 15 years.
A Business Standard report suggests that foreign institutional investors (FIIs) from countries with which India has double taxation avoidance agreements (DTAAs) that specifically exempt them from capital gains tax may escape minimum alternate tax (MAT) demands from the income tax department. This should bring some relief to the markets and help prop-up sentiment. CLICK HERE TO READ THE REPORT
In other news, China's factory activity contracted at its fastest pace in a year in April. The flash HSBC/Markit Purchasing Managers' Index (PMI) fell to 49.2 in April, below the 50-point level that separates growth in activity from a contraction on a monthly basis.
The India Meteorological Department said Southwest monsoon received by the country this year could be below normal, at 93% of the long-period average.
TECHNICAL OUTLOOK
Analysts at Nirmal Bang suggest since Nifty has managed to sustain and close above the resistance of 8400 levels is a positive signal. "The immediate support level for the index is now placed at 8340, as long as 8340 remains intact the upside target of 8500 to 8570 levels may be achieved," they said in a morning note.
