Five buzzing stocks to watch today

Srinagar, Apr 4: Indian markets are poised for a positive start on April 4, with the GIFT Nifty indicating a gain of 71 points for the broader Nifty index. This comes after a volatile session on April 3, where the Sensex closed marginally lower at 73,876.82, and the Nifty ended at 22,434.70.

Market experts suggest that the Nifty 50 may face resistance at 22,501, followed by 22,542 and 22,609 levels, while finding immediate support at 22,367, 22,326, and 22,260 levels.

On the global front, US markets witnessed a mixed performance, with the S&P 500 and Nasdaq closing higher, despite Federal Reserve Chair Jerome Powell indicating that interest rate cuts are still not on the horizon. Asian markets, however, rebounded after digesting Powell's comments, with the Nikkei and Straits Times indices rising 1% each in early trade.

In a significant development, the Department of Telecom (DoT) has postponed the spectrum auction by two weeks due to the upcoming Lok Sabha elections. The auction, now scheduled for June 6, is expected to fetch the government Rs 96,300 crore if the bands are sold at the base price.

The National Stock Exchange (NSE) has announced the launch of four new indices, effective from April 8, in both the capital markets and Futures & Options segments. These indices are Nifty Tata Group 25% Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare.

In corporate news, Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million metric tonnes per year (MTPA) by commissioning a 1.5 MTPA capacity refinery in Lanjigarh, Odisha.

HCL Infosystems has received a final arbitration award of Rs 4.5 crore, along with interest, in its favor against the Government of the National Capital Territory of Delhi (GNCTD).

Avenue Supermarts, the D-Mart operator, reported standalone revenue of Rs 12,393.46 crore for the quarter ended March FY24, growing 19.9% year-on-year.

Sun Pharmaceutical Industries appointed Dheeraj Sinha as its Executive Vice President and Chief Information Officer, effective April 3.

Poonawalla Fincorp, a non-banking finance company, reported the highest ever disbursements during Q4 FY24 at Rs 9,680 crore, growing 52% year-on-year and 11% quarter-on-quarter. Its assets under management grew by 54% year-on-year and 13% quarter-on-quarter to Rs 24,800 crore as of March 2024.