The Nifty futures were trading at 8919.30 on the Singaporean Exchange, indicating a flat to positive opening for the BSE Sensex and Nifty 50 on Wednesday. Foreign institutional investors (FIIs) sold shares worth Rs 1,328.31 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,659.74 crore on net basis on Tuesday in the Indian equity market, according to the provisional data available on the NSE. “The earnings season and the management commentaries so far has not been encouraging. Thus, markets are expected to remain volatile in the near term given weak fundamentals and fear of second wave of infections amid re-opening of many countries from lockdown. Till the earnings don’t revive and the FIIs continue to be net sellers, markets is likely to remain under pressure,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus today:
Reliance Industries: Mukesh Ambani led RIL’s Rs 53,125 crore rights issue will open today and close on June 3, 2020, with the shares of the company being offered at Rs 1,257 per share, a 14.8 per cent discount from the current market price. This rights issue will help the company cut its net debt to the targeted zero, along with various deals that the oil-to-telecom conglomerate has been bagging in the recent weeks.
Q4 results today: Bajaj Auto, Dr Reddy’s Laboratories, JK Lakshmi Cement, JSW Energy, Ultratech Cement, Jubilant Foodworks, Ajanta Pharma, Kalpataru Power, and Tata Steel Bsl are among 22 companies which are scheduled to announce their March quarter earnings today.
Bajaj Finance: Around 27% of Bajaj Finance’s consolidated AUM were under repayment moratorium as on April 30, the company’s management has said in an analyst call, adding that not all applicants for the moratorium were extended the facility. Managing director Rajeev Jain said of that 27 per cent, 68 per cent customers have no recent bounce history, which means they did not default in January, February and March.
Tata Power: Tata Power reported a consolidated net profit to Rs 475 crore in the quarter ended March 31. The company’s consolidated net profit was Rs 172 crore in the quarter ended on March 31, 2019.
Embassy Office Parks REIT: Embassy REIT reported an 8 per cent year-on-year increase in revenue from operations for the three months of January to March 2020 at Rs 543 crore. The REIT’s net operating income witnessed a 10 per cent on-year rise to Rs 462 crore.