Targeted actions: Infosys, Wipro, Coal India, SAIL, IndusInd Bank, Reliance Industrial Infrastructure

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Investors will keep a close eye on stock-specific stocks, the COVID-19 vaccine rollout, oil prices, the movement of the rupee and other global indices.

BSE Sensex and Nifty 50 are set to open in the green on Thursday, as indicated by trends from SGX Nifty. The nifty futures were trading 22.50 points or 0.15 percent higher at 14,595 on the Singapore Stock Exchange. Even though Nifty 50 ended flat on Wednesday, but at an all time high, bringing the valuation to an all time high of 39.94. Markets could hit new highs in today’s session on strong corporate earnings. Investors will keep a close eye on stock-specific stocks, the rollout of the COVID-19 vaccine, oil prices, the movement of the rupee and other global indices. Sameet Chavan (Chief Technical and Derivatives Analyst, Angel Broking) said 14650 has become immediate resistance, as on the lower side the last two-day low of 14430 has now become a crux. Any sustained movement below this level would provide a first sign of weakness. Additionally, for the past few days, the markets have been experiencing intraday lows and those lows are easily bought in the last and a half hours of strong buying mode. “Whenever we see this behavior reversing, traders should immediately reduce long positions,” he said.

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Infosys: Large IT firm Infosys posted strong numbers in the third quarter, where revenue rose 5.5% sequentially to Rs 25,927 crore and net profits rose to Rs 5,197 crore, up 7.3% in quarterly shift. The company increased its revenue forecast for 2020-2021 and said it could grow 4.5-5.5% in constant currencies, better than the 2-3% previously projected.

Wipro: Wipro reported a 20.9 percent year-over-year growth in consolidated net profit to Rs 2,968 crore for the December quarter, compared to Rs 2,455.80 crore in the corresponding quarter of the previous year. The company’s consolidated revenue for the quarter was 15,670 crore rupees.

Coal India: Coal India Ltd (CIL) has become the biggest spender among PSUs, increasing its capex for FY21 to Rs 13,000 crore, up 30 percent, from its previous Rs 10,000 crore for the year. Of the additional Rs 3,000 crore injected into CIL’s capex, South Eastern Coalfields, CIL’s largest subsidiary, accounts for Rs 800 crore.

SAIL: The government has offered to offload up to 10 percent of the stake in SAIL and the Offer to Sell (OFS) will open on Thursday. “OFS in SAIL opens Thursday (14.1.2021) for non-private investors. January 15 (Friday) is reserved for retail investors. The GoI would sell 5% of the capital with a 5% greenhoe option, ”tweeted Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey.

IndusInd Bank: Capital market regulator Sebi has given IndusInd Bank promoters two more weeks to inject residual capital instead of converting warrants issued to them last year worth more of Rs 2,695 crore, according to a file.

RIIL: In total, six publicly traded companies, including Den Networks, HFCL, Reliance Industrial Infrastructure, Tata Steel Long Products, among others, are expected to report their October-December quarter results today.

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