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Infosys, Wipro, Bharti Airtel, Sterlite Technologies, HDFC Bank, Coal India stocks in focus

Market participants will closely watch rising COVID-19, on-going vaccination drive, oil prices, Q4 results, rupee movement and other global cues.

Nifty futures were trading 111.50 points or 0.75 per cent down at 14,663.50 on Singaporean Exchange. While, it was quoting higher than Nifty’s Tuesday’s closing, indicating that headline indices were staring at a positive start on Thursday. Market participants will closely watch rising COVID-19, on-going vaccination drive, oil prices, Q4 results, rupee movement and other global cues. On Thursday the market could trade between the levels of 14550/49000 and 14250/47690, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. “Above 14550/49000 level, Nifty could reach 14650/14670 (49400 – Sensex) level On the other hand, 14450/48550 and 14250/47690 will serve as the major support in the market. Below 14250/47690 levels, the Nifty/Sensex would fall to 14000/47000 levels,” he added.

Stocks in focus:

Infosys: Infosys clocked a 17.1 per cent per cent on-year rise in net profit at Rs 5,078 crore in the January-March quarter. Infosys’ revenue grew 13.08 per cent to Rs 26,311 crore on-year and 1.5 per cent sequentially. Infosys today said that its board has approved a Rs 9,200 crore buyback of equity shares from the open market.

Wipro: Wipro is scheduled to announce its January-March 2021 quarter earnings later today. Hathway Bhawani Cabletel & Datacom and Tinplate Company of India will also announce quarterly numbers today.

HDFC Bank: HDFC Bank on Wednesday said it is planning to raise up Rs 50,000 crore during the next 12 months through issuing bonds. The bank’s board of directors will take up the proposal at its meeting on April 17, it said in a regulatory filing.

Sterlite Technologies: Sterlite Technologies announced a strategic collaboration with Openreach, the UK’s largest digital network business. Openreach has chosen STL as a key partner to provide optical cable solutions for its new, ultra-fast, ultra-reliable ‘Full Fibre’ broadband network.

Bharti Airtel: Bharti Airtel on Wednesday announced a new corporate structure to sharpen the company’s focus on driving the rapidly-unfolding digital opportunities while enabling it to unlock value. The new structure involves Airtel Digital Limited folding into the listed entity Bharti Airtel.

Coal India: State-owned CIL allocated 37.21 million tonnes of coal during the April-February period of FY20-21 under spot e-auction scheme, registering a year-on-year increase of 36.3 per cent. Coal India Ltd (CIL) had allocated 27.30 MT of coal in the April-February period of FY 2019-20, according to government data.

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