The domestic equity market continued its winning run in the new Samvat as both the Nifty50 and BSE Sensex ended with hefty gains despite tumbling into the red zone earlier in the session. Investor sentiments have been boosted by the government’s move to cut excise duty on retail fuel last week. Market participants are also positive that foreign investors will return to the Indian market after being net sellers for all of October and the beginning of November. On tech charts, Nifty formed a hammer candle pattern on the daily chart which stands for bullish reversal pattern so above 18100 we may see more extension in a current pullback.
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V-Mart Retail Q2 loss at Rs 14 crore
V-Mart Retail Ltd on Monday reported narrowing of net loss to Rs 14.14 crore for the second quarter ended September 30, 2021. The value fashion and lifestyle products retailer had posted a net loss of Rs 18.96 crore in July-September period a year ago, it said in a regulatory filing. Revenue from operations was up 92.58 per cent to Rs 337.97 crore during the period under review as against Rs 175.50 crore in the corresponding period of the previous fiscal year.
KRBL Q2 net profit down 9% at Rs 136 crore
Basmati rice firm KRBL Ltd on Monday reported a 9 per cent decline in its consolidated net profit at Rs 136.22 crore for the quarter ended September. Its net profit stood at Rs 149.81 crore in the year-ago period. Total income also fell to Rs 1,059.22 crore in the second quarter of this fiscal year from Rs 1135.94 crore in the corresponding period of the previous year.
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IT solution provider Inspira Enterprise India has received markets regulator Sebi’s go-ahead to raise Rs 800 crore through an initial public offering (IPO). The initial share-sale consists of fresh issuance of equity shares to the tune of Rs 300 crore and an offer of sale (OFS) of of equity shares worth Rs 500 crore by Prakash Jain, Manjula Jain Family Trust and Prakash Jain Family Trust, according to the draft red herring prospectus (DRHP).
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Continue with stock-specific approach: Ajit Mishra, Religare Broking
The recent buoyancy in the global markets has relieved the participants amid mixed domestic cues however it’s too early to call it a trend reversal. As the festive season is behind us, focus will shift back to earnings announcements. Besides, domestic macro data outcome (IIP & CPI) and global cues will be closely tracked. Nifty should make a decisive move above 18,100 to resume the trend else consolidation/profit taking would resume. Meanwhile, we recommend continuing with a stock-specific trading approach and focusing on the themes/sectors which are seeing noticeable buying interest.
Can Nifty extend its recent pullback rally?
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