Nifty futures were trading 43 points or 0.24 per cent up at 18,047 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50. Investors will closely watch stock-specific actions, as the earnings season has gained momentum. Market participants will also react to CPI numbers and IIP data, released yesterday. “Zooming into the Nifty 60 min charts, we can observe that although the index has corrected from the highs of Monday, it bounced back on Tuesday and managed to close on a strong note above the 20 period MA. This indicates that the short term uptrend looks set to continue,” Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities, said. He also believes that further upsides are likely once the immediate resistance of 18009 is taken out. Next upside targets are at 18100. Immediate support to watch for weakness is at 17958, he added.
Stocks to watch
RIL: Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries Limited, and Denmark-based Stiesdal A/S (Stiesdal) signed a cooperation agreement for technology development, and manufacturing of Stiesdal’s HydroGen Electrolyzers in India. In another development, NexWafe GmbH (NexWafe) announced the induction of RNESL as a strategic lead investor in its EUR 39 million ($45 million) Series C financing round with an investment of EUR 25 million ($29 million) in phase one.
Tata Motors: Indian automaker Tata Motors has raised 75 billion rupees ($994 million) from private equity firm TPG’s Rise Climate Fund and Abu Dhabi’s ADQ to expand its passenger electric mobility business, the company said on Tuesday.
ONGC, Oil India: India’s latest bid round for 21 oil and gas blocks attracted just three bidders, two of whom were state-owned explorers Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL), according to upstream regulator DGH.
Infosys, Wipro: A total of 15 BSE-listed companies such as Infosys, Wipro, Mindtree, Advik Laboratories, Aditya Birla Money, Morarka Finance, National Standard, Perfect-Octave Media Projects, Plastiblends India, Raghav Productivity Enhancers, SDC Techmedia, Sanathnagar Enterprises, Stratmont Industries, and Unistar Multimedia were scheduled to release quarterly earnings on 13 October 2021.
Coal India: In a tacit acknowledgment of the grave crisis being faced by the country’s power sector owing to paucity of coal, the Centre has asked the state governments to step up imports of the key fuel for thermal power, notwithstanding its elevated prices in the global markets.