On Friday, Nifty opened on a flat note but hit a new all-time high of 15,733. Nifty Midcap (+0.7%) and Smallcap (+0.4%) outperformed the major index. 50% of Nifty50 stocks closed higher led by Tata Motors (+3.4%) and Grasim Industries (+3.3%). On the sectoral front, Nifty Metal (+1.4%) was the top gainer, followed by Nifty Media (+1%) . Nifty continues to make fresh highs and is currently trading 3.3% and 5.6% above its 21- and 50-DMA, respectively. We would like the index to hold its 21-DMA and/or 50-DMA and trade above that. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.
Foods & Inns reported its Q4 FY21 results. PAT was up 61.1% y/y to Rs 4.64 crore. Revenue surged 17.5% y/y to Rs 162.7 crore.
IFGL Refractories reported its Q4 FY21 results. Revenue grew 27% y/y to Rs 283.5 crore. The company posted a loss of Rs 2.53 crore as compared to loss of Rs 13.93 crore for the same period last year.
RBL Bank received the RBI’s approval to reappoint Vishwavir Ahuja as the Managing Director & CEO of the bank for one year, effective June 30.
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