The Supreme Court had postponed the AGR Verdict to today. The verdict is likely to come out after 3 pm only. So, the market might not get a chance to react to the verdict. (Let’s hope the verdict is not postponed again and is declared today itself! ????♂️)
The India business of TikTok, valued at around $5 billion (Rs 37,408 crore) is in talks with Reliance Industries and its telecom unit Jio to close a deal.
Zydus Cadila launches cheapest remdesivir version in India at Rs 2,800 per vial
Private equity firm Westbridge Capital on Wednesday bought a 1.41% stake in InterGlobe Aviation Ltd, which runs India’s biggest airline IndiGo. The transaction was worth Rs 559 crores and was completed through the open market.
Eicher Motors Ltd has inked a deal to acquire the bus business of Volvo Group India Pvt. as it looks to strengthen operations in the country. Also, The company reported a loss of Rs 55.2 crore in Q1FY21 versus a profit of Rs 451.8 crore in Q1FY20.
Tata Steel posted a net loss of Rs 4,373.6 crore in Q1FY21 as against a profit of Rs 699.7 crore in the year-ago period.
Tata Motors has launched the country’s first 47.5-tonne multi-axle tipper truck for surface transport of coal and construction goods, priced at Rs 52.81 lakh (ex-showroom Mumbai).
Hero MotoCorp net profit in Q1FY21 fell 95.1 percent to Rs 61.3 crore from Rs 1,257.3 crore while revenue declined 63 percent to Rs 2,971.5 crore from Rs 8,030.3 crore, YoY.
Bharat Petroleum Corporation Ltd (BPCL) reported its consolidated net profit in the quarter ended June rose 21.6 per cent to Rs 2,187.74 crore.
Major Q1 Results Announcement Today:
NTPC
Berger Paints
Glenmark Pharmaceuticals
Sun TV Network
What to expect today?
This week is in ultra consolidation mode. NIFTY has been trading in a range of 11,250-11,370 – just 120 points! The consolidation might continue today as AGR verdict will mostly be out only after market hours. Click here for a detailed analysis of yesterday’s market and stock movements.
US Markets are mixed. Asian markets are also mostly positive. SGX NIFTY is currently trading at 11,328, indicating a flat to positive opening in the Indian Market.
NIFTY is likely to trade between 11,250 and 11,400 today. There is support at 11,320, 11,280 and 11,250 and resistance at 11,340 and 11,370.
Highest Call Open Interest at 11,500, followed by 11,300. Highest Put Open Interest at 11,000, followed by 11,200.
Foreign institutional investors (FIIs) bought shares worth Rs 416.28 crore while domestic institutional investors (DIIs) sold shares worth Rs 763.54 crore in the Indian equity market
Even though the market is consolidating, there are stock specific moves, like Ashok Leyland’s 15% move yesterday and Tata Motor’s 11% move this week. As I always say, NIFTY is consolidating because Reliance and HDFC Bank haven’t moved considerably this week. They are also on the brink of a breakout which can then take NIFTY to 11,500 levels.
