Markets witnessed another volatile session on Wednesday, with benchmark indices ending marginally higher amid mixed signals. Technically, the Nifty continues to trade below the crucial resistance zone of 23,800–24,000, indicating that the broader undertone remains cautious. However, analysts say rotational buying in select heavyweight stocks across sectors is helping limit the downside, with the index finding support in the 23,250–23,400 zone so far.
In today's trade, shares of ITC, Nykaa, Lenskart, Ola Electric, IndusInd Bank among others will be in focus due to various news developments and fourth quarter results.
LIC, ITC, LG, GAIL, Nykaa, Honasa
Shares of LIC, ITC, LG, GAIL, Nykaa and Honasa Consumer will be in focus as the companies will announce their fourth quarter results today.
Lenskart
Omnichannel eyewear retailer Lenskart on Wednesday reported 9% year-on-year (YoY) decline in its consolidated net profit at Rs 200 crore in the fourth quarter. The same stood at Rs 219 crore in the last year quarter. Revenue from operations increased 46% YoY to Rs 2,516 crore.
Ola Electric
Ola Electric reported a narrower quarterly loss on Wednesday, as the electric two-wheeler maker reined in costs amid rising competition in a fast-growing market. The company posted a net loss of Rs 500 crore ($51.6 million) in the January-March quarter, compared with a loss of Rs 870 crore a year earlier
Bharti Airtel
Telecom equipment maker Ericsson said with Bharti Airtel introducing India’s first commercial deployment of 5G network slicing, India’s mobile leadership has reached a new milestone. The ITU-APT Foundation (IAFI), a New-Delhi based non-profit which works closely with the United Nations telecommunications union body also hailed the launch as an innovation in 5G spectrum use, aligned with 3GPP standards.
IndusInd Bank
Global ratings agency Moody's Ratings on Wednesday affirmed the ratings of IndusInd Bank and revised the lender’s outlook to “stable” from “negative”, citing stabilisation in senior leadership and easing pressure on funding and liquidity.
Dr Reddy’s
Hyderabad-based drug maker Dr Reddy’s Laboratories has launched its oral semaglutide biosimilar for type 2 diabetes mellitus in India, the company said in a statement on Wednesday. The drug will be sold under the brand name Obeda and will be available in 3 mg, 7 mg and 14 mg tablet strengths for once-daily oral use.
