News Shots
Bharat Petroleum announced that it will buy a 36.62 per cent stake in Bharat Oman for around Rs. 2,400 crore.
The Competition Commission of India approved Bank of India’s acquisition of a 49 per cent stake in BOI AXA Investment Managers.
The government will sell 20 percent of its stake in National Fertilizers through an offer for sale.
Adar Poonawalla-controlled Rising Sun Holdings has agreed to take over majority shareholding (60%) in Magma Fincorp worth Rs 3,456 crore. The lender would be renamed to Poonawalla Finance.
TCS announces further deepening of ties with Amazon Web Service (AWS). Launches AWS Business Unit to help customers accelerate innovation and unlock business value.
Shriram City Union Finance to consider the issue of NCDs, to raise upto Rs 125 crore in one or more tranches on February 15.
Raymond has allotted 2000 Secured NCDs of face value of Rs 10 lakh each, aggregating to Rs 200 crore on Private Placement basis. The coupon/interest offered is 9% per annum.
Titan reported lower-than-expected consolidated net profit of Rs. 420 crore for the December quarter. However, the company’s revenue for the quarter surpassed analysts’ estimate.
Indraprastha Gas reported an 18 per cent increase in net profit to Rs 334.87 crore for the December quarter, compared with Rs 283.59 crore for the corresponding period a year ago.
Renuka Sugars to invest Rs. 200 crore on capacity expansion projects.
Major Q3 results to be announced today:
- ITC
- ACC
- Ashok Leyland
- MRF
- Bayer Crop Science
- Bosch
- Piramal Enterprises
- Petronet LNG
What to expect today?
NIFTY consolidated with wild volatility yesterday. It tested 15,000 multiple times but couldn’t be broken as FII’s poured in money. NIFTY closed just above 15,100. You can read all about yesterday’s movements here.
Bank Nifty is clearly moving within a range, with high volatility. It has been trading in the range 35,600 – 36,600 for the last 4 days. Yesterday, the low of this range was tested but could not break with strength. Let’s see whether it will happen today.
After 2 days of consolidation, global markets are in the red today.
US markets closed with a negative bias. Europe saw a huge sell off towards its closing. They ended significantly in red, even though there was a small recovery. Asian markets are mixed. SGX NIFTY is trading lower at 15,070, indicating a gap down opening in the Indian Market.
NIFTY will face stiff resistance at 15,200 – 15,260 in the coming days. Looking down, NIFTY has immediate support at 15,000. Looking at the global conditions and the fact that 15,000 was tested multiple times yesterday, do you think 15,000 will be broken today?
Highest Call Open Interest at 15,300, followed by 15,200. Highest Put Open Interest at 15,000, followed by 14,500.
Foreign institutional investors (FIIs) net bought shares worth Rs 1,786 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 2,075 crore in the Indian equity market.
It will be difficult for the markets to move up if the DIIs keep selling for more than how much the FIIs are buying. On the other hand, if the FIIs also start selling, we might see another major selloff and correction happening.
Reliance gained strength in the final hour yesterday. It has resistance at 1980 and 2000, and can be watched. HDFC Bank has been moving down for many days and can be watched today.
We have seen wild consolidation between 15,000 and 15,260, and that may continue. If these levels are broken, we will see trend in that direction.
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