Nifty futures were trading 58 points or 0.33 per cent up at 17437 on Singaporean Exchange on Wednesday, indicating a gap-up start for BSE Sensex and Nifty 50. In the previous session, BSE Sensex slipped 17 points to end at 58,279. Nifty 50 was down 15.7 points on closing bell settling at 17,362. Analysts say that the market seems to have shifted into a consolidation mode with range bound action. “The present choppy movement with minor weakness could continue for the next 1 or 2 sessions before showing another round of upside bounce from the lows. Immediate support is placed at 17250 and the crucial overhead resistance to be watched around 17500 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks to watch
Wipro: Wipro announced a partnership with Securonix, a Gartner Magic Quadrant Leader SIEM (Security Information and Event Management) vendor, and provider of the Securonix Security Operations & Analytics Platform.
Shoppers Stop: K Raheja Group-owned retailing firm Shoppers Stop has collaborated with global IT and professional services company Accenture to accelerate its digital commerce transformation across retail channels, a joint statement said on Tuesday.
Vodafone Idea: Vodafone Idea, which is struggling financially and has sought the government’s support, is hopeful that the latter will respond favourably and help the telecom sector tide over the ongoing crisis.
Embassy Office Parks REIT: Embassy Office Parks REIT said it has raised Rs 300 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The proceeds will primarily be used to refinance existing construction finance debt.
HDFC Life Insurance Company: HDFC Life will seek shareholders’ approval later this month for the issuance of preference shares to Exide Industries in the Rs 6,687 crore deal to acquire Exide Life.
Dr Reddy’s Laboratories: Dr. Reddy’s Laboratories announced the launch of the prescription drug Minoxidil topical solution USP 2% and 5% for the treatment of female pattern hair loss (FPHL). Dr. Reddy’s will sell its products under the brand names Mintop TM 2% and Mintop Eva 5% respectively.
Britannia Industries: The pandemic has brought significant shifts in consumer preferences and behaviours, including the growth of online business channels, which are likely to strengthen and present new opportunities for food business in future, according to Britannia Industries.
Stove Kraft: Sequoia Capital sold 8.05 lakh shares of Stove Kraft at Rs 932.9 apiece through a bulk deal on the National Stock Exchange. In another transaction, HSBC Global Investments Fund picked up 5.37lakh shares of Stove Kraft at Rs 929.9 per share through a bulk deal on the NSE.