Sensex, Nifty to open tad higher; Delhivery, Venus Pipes & Tubes listing eyed

Indian equity benchmarks, the BSE Sensex and the NSE Nifty, are likely to open on a subdued note on Tuesday, tracking weak cues from Asian peers which slipped after a fall in U.S. stock futures. In the overnight trade, Wall Street ended higher, driven by a strong rally in bank and tech stocks. The muted trends on SGX Nifty also indicated a flat opening for the domestic bourses, with SGX Nifty futures trading 39 points, or 0.24%, higher at 16,214 on the Singapore Stock Exchange at 8:10 AM. Investors will keep a close eye on the listing of logistics firm Delhivery and stainless steel pipes and tubes manufacturer Venus Pipes & Tubes, which will make their debut on domestic bourses today. On the earnings front, Adani Ports, Bank of India, RailTel, RITES, Strides Pharma Science, and Zee Media will unveil their results today.

On Monday, the domestic bourses closed flat in choppy trade as gains in auto and capital goods sectors were offset by sharp losses in metal and oil and gas space. In a highly volatile session, the BSE Sensex ended 38 points lower at 54,289, while the broader NSE Nifty declined 51 points to settle at 16,215. The top losers on the BSE Sensex pack were Tata Steel, UltraTech Cement, ITC, Power Grid, HDFC, HDFC Bank, HCL Technologies, and Reliance Industries. On the flip side, M&M, Maruti, Hindustan Unilever, Larsen & Toubro, Asian Paints, and Kotak Mahindra Bank were among notable gainers.

Shares to watch

Zomato: The food delivery platform saw its net loss growing by nearly-three fold to ₹359.7 crore in the quarter ended March 2022, compared with ₹134.2 crore in the corresponding quarter last year. The food ordering app’s revenue from operations jumped 75% year-on-year to ₹1,211.8 crore, as against ₹692.4 crore in the same quarter of the previous fiscal.

Marico: The FMCG major has acquired a majority stake in HW Wellness Solutions Pvt Ltd, the owner of direct-to-consumer snacks brand True Elements. The Mumbai-headquartered company bought a 53.98% equity stake in the digital-first “healthy breakfast” brand through primary infusion and secondary buyouts.

Jet Airways: Days after it received the regulator’s nod to resume operations, Jet Airways has announced names of new appointments to its leadership team. The airline has appointed Mark Turner as the vice president of inflight product and services, Prabh Sharan Singh as chief digital officer, HR Jagannath as vice president of engineering, and Vishesh Khanna as vice president of sales, distribution, and customer engagement.

Steel Authority of India (SAIL): The state-owned firm reported 29% YoY decline in consolidated net profit at ₹2,479 crore for the quarter ending March 31, 2022. The consolidated revenue from operations jumped 32% to ₹30,759 crore as against ₹23,285 crore in Q4FY21.

Oil and Natural Gas Corporation (ONGC): The oil and gas major has become the first gas producer to trade domestic gas on the Indian Gas Exchange. The gas traded was from ONGC Krishna Godavari 98/2 block, however the volume was not specified.

Maruti Suzuki India (MSI): The auto major on Monday said it will acquire a 12.09% stake in artificial intelligence software company Sociograph Solutions Pvt Ltd (SSPL) for about ₹2 crore.

Olectra Greentech: The company has bagged the biggest ever order worth ₹3,675 crore for 2,100 electric buses from Brihanmumbai Electric Supply and Transport (BEST).

Rupa & Co: The company’s CEO Dinesh Kumar Lodha and its CFO Ramesh Agarwal have resigned. The company said in an exchange filing that it has accepted their resignations.

F&O ban: Shares of Delta Corp, GNFC, and Indiabulls Housing Finance will be under F&O ban today as their securities have crossed 95% of the market-wide position limit.