BSE Sensex and Nifty 50 were staring at a negative start on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 97.50 points or 0.58 per cent down at 16,785.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex rallied 935 points or 1.68% to end at 56,486 while the NSE Nifty 50 index zoomed 240.85 points to settle at 16,871. “The short term trend of Nifty continues to be positive. The market is now showing an early signs of decisive upside breakout of cluster resistance of around 16800-17000 levels. A strong upside breakout could bring upper levels of 17500 in a quick period of time. Any failure to sustain above 16800 levels in the next 1-2 sessions could trigger another round of downward correction from the highs. Immediate support is placed at 16750 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks to watch
Hindustan Unilever, Nestle India: Facing inflationary pressure due to rising input prices, FMCG majors Hindustan Unilever (HUL) and Nestlé have hiked prices of some of their key products. While HUL has reportedly raised prices of products like tea, coffee, milk, and noodles, Nestlé has increased prices for Maggi noodles and its milk and coffee powder.
Vodafone Idea, Nazara Technologies: Unable to match the capex spends of rivals Reliance Jio and Bharti Airtel, loss-making Vodafone Idea is betting on partnerships to increase its average revenue per user (Arpu). The company, which has tie-ups with several leading over-the-top (OTT) platforms, on Monday marked its foray into the online gaming market through a partnership with Nazara Technologies.
Jubilant FoodWorks: Analysts see the sudden departure of Pota from Jubilant FoodWorks as a setback for the company, which has already come under criticism for its capital allocation strategy in recent times.
DLF: Realty developer DLF is building an office campus of 1 million sq-ft for Standard Chartered Global Business Services (GBS), at its upcoming office project christened DLF Downtown, in Chennai. Touted to be Standard Chartered’s largest office campus globally, this will have first its kind futuristic workspace with open, experiential offices in the post-pandemic era.
RIL: Billionaire Mukesh Ambani’s Reliance Industries Ltd on Monday announced acquisition of assets of cobalt-free lithium battery technology company Lithium Werks for USD 61 million, as it builds technology and material wherewithal for setting up an end-to-end battery manufacturing.
Wipro: Wipro: The IT services major has bagged a contract from Speira which has operations in Germany and Norway. Over the next five years, Wipro will work to strengthen the technology infrastructure and cybersecurity requirements of Speira.
