Author: Cherian Varghese

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Vi Plans to Clear Rs 2,400Cr Dues by Sept – Top Indian Market Updates

Vi marketfeed

Here are some of the major updates that could move the markets tomorrow:

Vodafone Idea plans to clear about ₹2,400Cr dues by Sept

As per an Economic Times report, Vodafone Idea plans to clear about ₹2,400 crore of dues to the government by September. The company recently cleared pending dues of licence fees and spectrum usage charges of about ₹450 crore for Q4 FY23. Vi had to pay a licence fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Vedanta seeks minimum $9.5 for Rajasthan gas

Vedanta Ltd is seeking a minimum of $9.5 for the natural gas it produces from its Rajasthan block, according to a tender floated by the firm. The company sought bids from users for 0.6 million standard cubic meters per day of gas it plans to produce from the RJ-ON-90/1 block in the Barmer basin of Rajasthan in three months beginning October 1.

Read more here.

Radico Khaitan underpaid ₹1,078 crore excise duty to UP govt: CAG

As per reports, the Comptroller & Auditor General (CAG) of India has claimed that Radico Khaitan avoided paying taxes worth ₹1,078.09 crore to the Uttar Pradesh government. However, the liquor manufacturing company said that there was a lack of accuracy in the information. Radico Khaitan refuted the media reports, adding that the company has complied with all legal requirements, including revenue laws of India. 

Read more here.

Glenmark settles drug pricing case with US Department of Justice

US-based Glenmark Pharmaceuticals Inc (a subsidiary of Glenmark Pharma) has entered into a 3-year deferred prosecution agreement with the US Department of Justice involving historical pricing practices by former employees relating to the generic drug Pravastatin between 2013 and 2015. If the company adheres to the terms of the agreement, including the payment of $30 million, the DOJ will dismiss the pending Superseding Indictment.

Read more here.

India’s banking system liquidity slips into deficit first time in FY24

Indian banking system liquidity slipped into a deficit for the first time since March-end, as the Reserve Bank of India’s (RBI) temporary liquidity withdrawal and tax outflows impacted banks’ funding. According to RBI data, the banking system’s liquidity stood at a deficit of $2.84 billion as of August 2. Earlier this month, RBI told banks to hold an incremental cash reserve ratio (CRR) of 10% on the increase in deposits between May 19-July 28, which has led to the withdrawal of over ₹1 lakh crore.

Read more here.

Minister Nitin Gadkari launches Bharat NCAP crash test ratings

Union Minister of Road Transport & Highways Nitin Gadkari launched the Bharat New Car Assessment Programme (Bharat NCAP). It’s been created in line with Global NCAP standards under the Safer Cars for India initiative. The government expects the program to increase the demand for safer cars and encourage manufacturers to comply with customer needs.

Read more here.

Promoter firm buys 2.2% stake in Adani Enterprises

Promoter firm Kempas Trade and Investment bought 2.53 crore shares or a 2.22% stake in Adani Enterprises Ltd from the open market between Aug 7-18. Post-acquisition, the total promoter holding in the company increased from 67.65% to 69.87%. 

In other news, Adani Enterprises has incorporated a wholly-owned subsidiary, Sirius Digitech International, to provide digital solutions and services.

Read more here.

Brigade Enterprises acquires 6.54-acre land parcel in Chennai

Brigade Enterprises Ltd has acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly ₹139 crore. The real-estate company will develop a residential project on this land parcel with an overall development potential of over 1 million sq. ft. The land parcel is located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai.

Read more here.

TRAI recommends scrapping of DTH licence fee after FY27

The Telecom Regulatory Authority of India (TRAI) has recommended to the Ministry of Information and Broadcasting (MIB) that the govt should discontinue charging direct-to-home (DTH) operators a licence fee after the financial year 2026–2027 to ensure the sector remains viable in the long-term. TRAI argued that DTH platforms should be treated equally with other regulated & unregulated distribution platforms such as multi-system operators (MSOs), DD Free Dish, and OTT services, which are not required to pay any license fee.

Read more here.

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Daily Market Feed Post Market Analysis

No Strength in the Market! – Post-Market Analysis

NIFTY started the day at 19,417 with a small gap-up of 23 points. Throughout the day, the index consolidated within just a 60-point range! Nifty closed at 19,396, up by 2.85 points or 0.01% 

Nifty chart August 22 - post-market analysis

BANK NIFTY (BNF) started the day at 44,125 with a gap-up of 123 points. Similar to Nifty, Bank Nifty also consolidated within a 150+ point range throughout the day with negative bias. BNF closed at 43,993, down by 8.75 points or 0.02%. 

Bank Nifty chart August 22 - post-market analysis

All indices except Nifty PSU Bank (-0.49%), Nifty Pharma (-0.2%), Nifty IT (-0.11%), and Nifty Finserv (-0.1%) closed flat-to-green. Nifty Metal (+0.85%) moved up the most.

Major Asian markets closed in green. European markets are currently trading up to 1% in the green.

Today’s Moves

Adani Ent (+2.21%) was NIFTY50’s top gainer. ​​Kempas Trade & Investment (a promoter group company) acquired 2.53 crore shares of Adani Enterprises between August 7-18, raising its overall stake in the company to 69.87%.

BHEL (+10%) hit a six-year high of ₹112.85. The company secured an order worth ₹4,000 crore from a wholly-owned subsidiary of Adani Power yesterday.

Linde India (+9.86%) hit a 52-week high of ₹5,900 after the company said it expects healthy growth from the healthcare sector and expansion in the steel sector.

BPCL (-1.46%) was NIFTY50’s top loser. 

Tamilnad Mercantile Bank (-5.2%) fell after its massive 19% rally yesterday. The company has partnered with fintech platform provider Jocata to offer digital lending products to customers.

Markets Ahead

Both indices tried moving up, but there wasn’t enough strength in the market. Nifty and Bank Nifty have been mostly consolidating over the past few trading sessions, and this indicates that there could be a directional breakout or breakdown in the coming days.

Nifty: The immediate support zone for Nifty is 19,380 and 19,350 levels. The immediate resistance is 19,420— and a breakout from this level can give us targets of 19,490, 19,500 and eventually 19,600. On the downside, we can expect a target of 19,300 (a very strong support).

Bank Nifty:  The index has been in a very tight consolidation within a range between 44,100 and 43,700. Let’s wait for a breakout or breakdown from these levels with a re-test for further confirmation of the direction.

Fin Nifty: The index had a bearish day as it fell 130 points from the day’s high. But as the fall was slow and gradual, it never gave trouble for non-directional option sellers. 19,650 remains strong as a resistance level, and 19,500 can act as an immediate support zone.

As per reports, the strong US economy is supporting global growth and global equity markets. However, the sharp spike in US bond yields (the 10-year yield at 4.34% is the highest since 2007) is negatively affecting the flow of capital to emerging markets like India. If bond yields go down and inflation softens, things might improve.

How was FIN NIFTY expiry? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

JFSL Shares Hit Lower Circuit on Listing Day – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Jio Financial Services shares hit 5% lower circuit on listing day

Jio Financial Services Ltd. closed at a 5% lower circuit at ₹248.50 per share after a muted listing on the Indian exchanges. The shares were listed at ₹262 per share on the National Stock Exchange over the discovered price of ₹261.85. On the BSE, the stock listed at ₹265 over the derived price of Rs 251. This is against the expectation of a listing premium widely expected by market analysts.

Read more here.

Wockhardt shareholders reject proposal to raise ₹1,600 crore from promotor

Shareholders of Wockhardt have rejected a proposal to raise ₹1,600 crore from a promoter entity. The board of the Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings & Investments Pvt Ltd (KHIPL) to raise up to ₹1,600 crore for five years. KHIPL is an RBI-registered non-banking financial company.

Read more here.

Tata Technologies joins AUTOSAR as premium partner

Tata Technologies has joined AUTOSAR, a worldwide development partnership of car manufacturers, suppliers, and other firms, as a premium partner. AUTOSAR aims to standardise the software architecture of vehicle electronic control units (ECUs) to improve the overall efficiency of automotive system software development and integration.

Read more here.

TPREL to supply 9 MW green energy to Tata Motors plant

Tata Power Renewable Energy Ltd (TPREL) will supply 9 megawatts (MW) of green energy to Tata Motors’ plant in Pantnagar as part of an agreement. The project will be commissioned within six months from the PPA execution date. It will utilise rooftop and ground-mounted units for installation. It is estimated to make a carbon emission reduction of 25 tonnes annually.

Read more here.

Alembic, Aurobindo Pharma recall drugs in US market

According to the US Food & Drug Administration (USFDA), Alembic Pharmaceuticals and Aurobindo Pharma are recalling different products in the US market due to manufacturing lapses. The US-based subsidiary of Alembic Pharma is recalling 82,400 bottles of Tobramycin Ophthalmic Solution (used to treat bacterial infections of the eye). Aurobindo Pharma’s US arm is recalling 48 bottles of Rufinamide Tablets (used to treat seizure disorders).

Read more here.

Telecom sector AGR up 2.53% QoQ in Q4: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), the telecom industry recorded a 2.53% sequential growth in adjusted gross revenue (AGR) in the fourth quarter of FY23. Reliance Jio’s quarterly AGR (or revenue from licensed services) grew 1.7% sequentially to ₹22,985 crore in Q4, while Bharti Airtel’s rose 1.15% quarter-on-quarter (QoQ) to ₹18,500 crore. Vi’s AGR fell 1.61% QoQ to ₹7,210.63 crore in Q4.

Read more here.

Indian Oil Corp begins digitalisation drive

Indian Oil Corporation Ltd (IOCL) has embarked on a major data-driven digitalisation drive to optimise its crude purchase, refinery operations and financial management, which has helped boost its efficiency and revenues. IOCL generates data daily from its refineries, pipelines, petrol pumps, aviation fuel stations, natural gas networks and petrochemical operations.

Read more here.

Vipul Organics enters into paper segment

Specialty chemicals maker Vipul Organics has entered into the paper segment with products like colourants, dispersions and dyes. The company is in the process of setting up a paper lab that will be fully functional shortly. It has already launched products under two categories in the segment. One range of pigment dispersions is developed exclusively for paper application, while the other one is ‘direct dyes’ for paper coating application.

Read more here.

Tanla Platforms ends pact with Vodafone Idea

Tanla Platforms has decided to discontinue its agreement with Vodafone Idea. The company had entered into a term sheet with Vodafone Idea for the provision of platform and firewall services for international A2P (application-to-person messaging) services in November 2021, which was valid for 2 years. The ending of the partnership would have a revenue impact of ₹17 crore and a net profit impact of ₹9 crore on a full-quarter basis after November 2023.

Read more here.

Inox Green Energy secures ₹40 crore order from NLC India

I-Fox Windtechnik India Pvt Ltd (a subsidiary of Inox Green Energy) has secured an order from NLC India for the Operation and Maintenance (O&M) of 51MW wind turbine generators located in Tamil Nadu. The scope of the contract comprises comprehensive O&M (including a power evacuation system) for 5 years with a revenue realisation of ₹40 crore (inclusive of taxes) during the contract period.

Read more here.

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Daily Market Feed Post Market Analysis

Markets at Resistance Zones! Jio Financial Gets Listed – Post-Market Analysis

Nifty - post-market analysis | marketfeed

Post-Market Analysis for August 21, 2023:

NIFTY started the day at 19,320 with a small gap-up of 10 points (above the support zone of 19,300). Initially, the index tested the 19,300 round level, and then there was a steady up-move of 120 points to 19,420 levels (which is also a major resistance zone). Nifty closed at 19,393, up by 83 points or 0.43% 

Nifty chart Aug 21 - post-market analysis

BANK NIFTY (BNF) started the day at 43,952 with a gap-down of 101 points. The index moved in the range of the first 5min candle initially, and then gradually went up to 44,100 levels to make a triple-top near that zone. It took rejection there and fell nearly 150 pts after 3 PM. BNF closed at 44,002, up by 150 points or 0.34%. 

Bank Nifty chart Aug 21 - post-market analysis

All indices except Nifty PSU Bank (-0.6%) and Nifty Media (-0.29%) closed in green. Nifty Metal (+1.3%) moved up the most. 

Major Asian markets closed mixed. European markets are currently trading up to 1.1% in the green.

Today’s Moves

Bajaj Finance (+2.7%) was NIFTY50’s top gainer.

Tamilnad Mercantile Bank (+18.19%) hit a 52-week high of ₹581 amid buying action in banking and financial sector stocks. 

NMDC Steel (+12.49%) surged after reports stated that the company’s disinvestment process could pick up after its new plant gets commissioned.

Reliance (-1.4%) was NIFTY50’s top loser. Shares of Jio Financial Services got listed at ₹265 on BSE and ₹262 on NSE today. The stock hit a 5% lower circuit after listing.

Tanla Platforms (-5.76%) fell sharply after the company said it will be ending its partnership with Vodafone Idea in November.

Brightcom Group (-4.9%) shares were locked in lower circuit despite the company claiming it posted strong Q1 FY24 results.

Markets Ahead

Major indices are currently trading near resistance zones, but good support was taken from important levels in both Nifty and Bank Nifty. The indices are still in a downtrend over the past 4 weeks. And if there’s a gap down or down move after a flat opening tomorrow, the indices can turn bearish again. If there’s a gap up above the resistance zone or a flat opening with upside movement, we can expect the indices to turn bullish. 

Nifty: The index is at the top of the down-trending channel. The important resistance to watch out for is clearly 19,420 levels, and the important support zone is 19,300 and 19,350 levels (which is also the previous swing). A breakout on the upside will clear the down-trending channel resistance and horizontal resistance to give an up-move till 19,500-520 levels.

Bank Nifty: The index is currently trading within a range, consistently encountering resistance around the 44,100 mark and finding support near the 43,750 level. A potential upward breakout could lead to targets of 44,300 and even 44,500, while a breakdown may set targets at 43,400.

Fin Nifty: Being Fin Nifty expiry tomorrow, it’s crucial to monitor key levels. The significant support level to observe is today’s low of 19,500. On the other hand, the imp resistance point is at 19,620, where the index has faced repeated rejections. A successful breakout above this could lead to targets of 19,700 and 19,770. On the other hand, if there’s a breakdown, targets could be at 19,440 and 19,340 levels.

What levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

Jio Financial Services to Get Listed on Aug 21 – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Jio Financial Services to get listed in NSE, BSE on Aug 21

Shares of Jio Financial Services Ltd (JFSL) will get listed on stock exchanges on August 21. The company’s shares were credited to demat accounts of eligible RIL shareholders last week in a 1:1 ratio. This means for every RIL share held as of the record date of July 20, shareholders got one share of JFSL. As part of a special price discovery session held on the record date, the stock’s pre-listing price came out to be ₹261.85 per share.

Read more here.

Adani says TAQA is not in talks for $2.5 billion investment

Adani Transmission denied reports Abu Dhabi National Energy Co. PJSC (TAQA) will deploy $1.5-2.5 billion in Adani Group firms or in a single entity. Earlier today, Economic Times reported TAQA is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.

Read more here.

Jalan-Kalrock Consortium seeks more time to pay ₹350 cr to Jet Airways’ lenders

The Jalan Kalrock Consortium (JKC) has sought an extension to make payments of up to ₹350 crore to the Committee of Creditors of bankrupt airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) has asked JKC to file an application stating the conditions for seeking an extension to make the payments. Jet Airways, which stopped operations due to financial crunch, went through lengthy insolvency proceedings and JKC emerged as the winning bidder.

Read more here.

Tata Comm challenges DoT’s Rs 991.5 cr demand in TDSAT

Tata Communications has challenged the Department of Telecom’s (DoT) ₹991.5 crore licence fee demand pertaining to past years in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). DoT has raised certain license-fee demands of ₹991.54 crore for FY 2006-07 (international long-distance or ILD and internet service provider or ISP) and FY 2007-08 (National long-distance or NLD, ILD, and ISP).

Read more here.

NLC India signs pact to supply 300 MW solar power to Rajasthan

NLC India has signed an agreement to supply 300 MW of solar power for 25 years to Rajasthan Urja Vikas Nigam under the Central Public Sector Undertaking (CPSU) Scheme. The company currently has 1,421 MW of renewable energy capacity. The 300 MW solar project capacity is under execution at Barsingsar, Bikaner District, Rajasthan.

Read more here.

Amazon Data Services, L&T signs 18-year lease for 4-acre land in Powai

Amazon Data Services India has picked up a land parcel spread over four acres in Mumbai’s Powai suburb from Larsen & Toubro through a long-term lease of nearly 18 years. The subsidiary of Amazon is planning to develop a data centre on this land parcel and pay rent of over ₹562 crore over the total lease tenure (excluding the rent escalation). The agreement includes a clause to escalate lease rental by 3% every year.

Read more here.

Venus Remedies launches flagship R&D drug Elores in Oman

Venus Remedies Ltd on Friday said it has launched its flagship R&D drug, Elores, in the $1.4-billion pharmaceutical market in Oman. The drug is clinically proven to be effective against ICU infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo beta-lactamase (MBL)-producing gram-negative bacteria. The antibacterial market in Oman is worth $7.5 million, and Elores is looking to capture 0.5% of this segment by 2025.

Read more here.

Indian Hume Pipe secures order worth ₹639 crore from Odisha

Indian Hume Pipe Company Ltd has received a letter of award (LoA) for a project worth ₹639.16 crore from Rural Water Supply & Sanitation, Odisha. The company will execute a Rural Piped Water Supply Project, which pertains to a total of six blocks in the Puri district of the state. The project is set to be completed within two years.

Read more here.

Route Mobile to manage Vi’s international A2P SMS traffic

Route Mobile has entered into an exclusive partnership with Vodafone Idea Ltd (VIL) to deploy and implement its suite of end-to-end application-to-person (A2P) monetisation solutions for all A2P SMS traffic on VIL’s network. A2P SMS is a type of messaging technique where a text is sent from a software application run by an enterprise to a consumer’s device.

Read more here.

Lupin acquires Ondero & Ondero Met to expand diabetes portfolio

Lupin has acquired German brands Ondero and Ondero – Met from Boehringer Ingelheim International. The company entered into an acquisition agreement in August 2022 through a cash consideration of €26 million. The pharma company said this acquisition strengthens its commitment to providing superior treatment options for patients navigating the complexities of diabetes.

Read more here.

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Daily Market Feed Post Market Analysis

Bearish Weekly Closing in Nifty! Big Move Incoming? – Post-Market Analysis

NIFTY started the day at 19,301 with a gap-down of 63 points. The index tried moving up initially, but it took rejection from yesterday’s low of 19,330 levels and fell to 19,250 levels. Then, it mostly consolidated in a 50-point range. Post 1:30 PM, good buying kicked in, which took the index all the way up to 19,375 levels. However, the index couldn’t sustain the up-move and fell back below 19,300 zones. Nifty closed at 19,310, down by 55 points or 0.28% 

Nifty chart August 18 - post-market analysis

BANK NIFTY (BNF) started the day at 43,724 with a gap-down of 166 points. The index mostly consolidated throughout the day between 43,770 and 43,960 levels with a negative bias. BNF closed at 43,851, down by 40 points or 0.09%. 

Bank Nifty chart August 18 - post-market analysis

All indices except Nifty Media (+0.65%), Nifty PSU Bank (+0.23%), Nifty FMCG (+0.22%), and Nifty Metal (+0.2%) closed in the red. Nifty IT (-1.47%) fell the most.

Major Asian markets closed up to 2% in the red. European markets are currently trading in the red.

Today’s Moves

Adani Ent (+3.94%) was NIFTY50’s top gainer. Adani Ports (+%), Adani Green (+6.5%), Adani Power (+6.3%), and Adani Trans (+6.04%) rose sharply today.

Adani Group stocks were in focus after reports suggested that the Abu Dhabi National Energy Company PJSC (TAQA) is planning an investment of up to $2.5 billion in the group’s power business. However, both parties have denied all reports.

Vardhman Textiles (+7.9%) surged on the back of strong volumes.

Hero MotoCorp (-2.14%) was NIFTY50’s top loser.

TCS (-2%), Mphasis (-2.09%), INFY (-1.6%), TechM (-1.7%), Wipro (-1.4%), and other IT stocks fell today.

Manappuram Finance (-3.89%) fell the most in over three months after a block trade.

Markets Ahead

Markets are holding the major support levels but are clearly bearish and facing selling pressure in every uptick. On a weekly time frame, both indices have closed in the red for the 4th consecutive week.

If there’s a negative opening on Monday, we can expect the bearishness to continue!

Nifty: The index closed just above 19,300 zones but is still under heavy selling pressure. The immediate supports to watch out for are 19,300 and 19,250 levels (the lows from today and Wednesday). The immediate resistance will be 19,400 levels.

On a daily time frame, Nifty is moving in a down-trending channel. If there’s a gap-up opening, the markets could take a pause and be volatile. On the other hand, a weak opening can trigger a fall to 19,200 and 18,900 levels.

Bank Nifty: The index is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides as long as it trades in this range. The immediate resistance now will be 44,100 and immediate support will be 43,650 levels.

Do wait for the volatile range to be broken to get better clarity on the upcoming trend.

Meanwhile, Jio Financial Services will list on NSE and BSE on Aug 21. Reliance moved up with strength following the news today.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Selling Continues! Reliance, ITC Drag Nifty – Post-Market Analysis

Post-Market Analysis for Aug 17, 2023:

NIFTY started the day at 19,450 with a small gap-down of 14 points. From opening itself, the index was under selling pressure, and it fell steadily to 19,320 levels— a fall of nearly 120 points. Then, it gave a small retracement and closed at 19,365, down by 99 points or 0.51% 

Nifty chart Aug 17 - post-market analysis

BANK NIFTY (BNF) started the day at 43,897 with a gap-down of 49 points. While Nifty was weaker, Bank Nifty went sideways and moved between 43,750 and 44,050 levels. BNF closed at 43,891, down by 55 points or 0.13%. 

Bank Nifty chart Aug 17 - post-market analysis

All indices except Nifty PSU Bank (+1.4%) and Nifty Realty (+0.12%) closed in the red. Nifty FMCG (-0.89%) fell the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

Adani Ports (+4.32%) was NIFTY50’s top gainer on the back of strong volumes.

Apar Industries (+9.8%) surged after the company’s management gave a positive outlook on its business.

Cochin Shipyard (+9.4%) continued its strong rally after posting robust Q1 FY24 results. The stock has zoomed 40% in three trading sessions.

ITC (-2.05%) was NIFTY50’s top loser. The company’s board approved the demerger of its hotels business yesterday. Meanwhile, analysts said that the next-term outlook for ITC remained strong.

Heavyweight stock Reliance (-1.4%) also dragged down the markets.

IRFC (-7.02%) fell sharply after reports stated that the Indian government was planning to sell its stake in the company.

Markets Ahead

Both indices gave mixed signals today: Nifty was weak, while Bank Nifty was holding strong. If we look broadly, we can say that the indices are mostly consolidating within a range.

Nifty The index is stuck in a range between 19,300 and 19,500— and these levels could act as strong support and resistance levels, respectively. But the immediate resistance to watch out for is 19,420. If the support level is breached, Nifty can give us targets of 19,200 and 18,900 eventually. Meanwhile, the upside target of 19,630 can be attained if the market crosses 19,500.

Bank Nifty: The index is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides as long as it trades in this range. So wait for this range to be broken.

The day was fairly easy for both option buyers and sellers!

As per reports, there are two negative factors weighing on global stock markets now: (1) US Federal Reserve’s minutes indicate that one more rate hike may be needed in this rate-hiking cycle to curb inflation. (2) Chinese macro data indicate that the economy is slowing more-than-expected earlier, and this will impact global economic growth.

How was expiry trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Govt Plans to Sell IRFC Shares – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Govt plans to sell IRFC shares through offer for sale

The government is planning to sell a part of its holding in state-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current financial year (FY24). The govt currently holds an 86.36% stake in the financing arm of the Indian Railways. To make the central public sector enterprise compliant with SEBI’s minimum public shareholding (MPS) norm, the government has to dilute its 11.36% stake in IRFC.

Read more here.

Petrol, diesel sales fall in Aug as rains hit demand

According to preliminary data from state-owned oil firms, India’s petrol and diesel consumption fell in the first half of August compared to the previous month and a year ago as monsoon rains hit mobility and slowed industrial activity. Consumption of diesel fell 5.7% YoY to 2.67 million tonnes from August 1 to 15. Petrol sales fell 8% YoY to 1.19 million tonnes during the same period.

Read more here.

Coal India capex spending grows 8.5% to Rs 4,700 cr in Q1

Coal India Ltd’s capital expenditure (capex) rose 8.5% YoY during April-July (Q1) to ₹4,700 crore as it continued to invest heavily in evacuation infrastructure, land, and mining machinery. The capex spend during the first four months of FY24 was almost 100% of the target of ₹4,754 crore and 28.3% of the annual target of ₹16,600 crore.

Read more here.

Lupin gets USFDA approval for Bromfenac Ophthalmic Solution

Lupin has received approval from the US Food & Drug Administration (USFDA) to market its generic Bromfenac Ophthalmic Solution. The drug is used to treat post-operative inflammation in patients who have undergone cataract surgery. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh

Read more here.

Amara Raja to expand into 2-wheeler market to power growth

Amara Raja Batteries plans to expand into the two-wheeler electric vehicle (EV) market through chargers and batteries as part of an expansion to triple its lithium-ion business this financial year. The company is also banking on its upcoming lithium cell and battery pack manufacturing units to increase production by Q1 FY25.

Read more here.

Cabinet approves 7 projects for Indian railways

The Union Cabinet has approved seven multi-tracking projects targeted at Indian Railways with an outlay of ₹32,500 crore. The said projects will add 2,339 kilometres to the existing network of Indian Railways. They will cover 35 districts across Andhra Pradesh, Bihar, Gujarat, Jharkhand, Maharashtra, Odisha, Telangana, Uttar Pradesh and West Bengal.

Read more here.

Telecom services industry revenue growth may slow to 7-9% in FY24: ICRA

Ratings agency ICRA said the telecom services industry is expected to report moderate revenue growth of around 7-9% in FY24 due to muted average revenue per user (ARPU) expansion in the absence of tariff hikes. The capital expenditure levels of telecom firms are expected to remain elevated as they expand 5G coverage. This would keep the debt levels of the industry high at around ₹6.1-6.2 lakh crore as of March 2024.

Read more here.

Nazara Technologies invests ₹4.15 crore in Snax Games

Nazara Technologies Ltd has invested approx ₹4.15 crore (via its wholly owned Singapore subsidiary Nazara PTE Ltd) in Israel-based game developer Snax Games Ltd. The company entered into a publishing agreement with Snax Games through which it has acquired the exclusive rights to publish the games in the Indian subcontinent and the Middle-East region on a revenue-sharing basis for five years.

Read more here.

GQG picks up 8.1% stake in Adani Power

US-based investment firm GQG Partners has invested $1.1 billion (~₹9,150 crore) in Adani Power for an 8.1% stake. GQG Partners bought 31 crore shares of Adani Power in the largest ever secondary market equity deal, and promoter Adani family sold the stake for over ₹9,000 crore. With this investment, GQG Partners has bought ₹34,000 crore ($4.2 billion) in Adani group companies since March this year.

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Market News Top 10 News

India’s Retail Inflation Surges to 7.44% in July – Top Indian Market Updates

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Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

Here are some of the major updates that could move the markets on Wednesday:

India’s retail inflation surges to 7.44% in July

India’s retail inflation (measured by the Consumer Price Index) surged 7.44% on an annual basis in July, compared to 4.81% in June. The consumer food price index (CFPI) rose from 4.49% in June to 11.51% in July. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

Read more here.

ITC Q1 Results: Net profit rises 17.5% YoY to ₹4,902 crore

ITC reported a 17.5% YoY rise in net profit to ₹4,902.74 crores for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations fell 7.23% at ₹16,995.4 crore during the same period. EBITDA stood at ₹5,083 crore in Q1, up 10% YoY. Revenue from ITC’s core cigarette business grew 13% to ₹7,465.27 crore.

In other news, ITC’s board has approved the scheme of arrangement for the demerger of its hotels business into a separate listed subsidiary. Shareholders of ITC will get 1 share in the demerged hotels business for every 10 shares held in the parent company.

Read more here.

Axis AMC launches private credit fund

Axis Asset Management (the mutual fund arm of Axis Bank) has launched a private credit alternative investment fund (AIF) and is aiming to raise nearly ₹1,250 crore from investors. The private credit fund is part of Axis Mutual Fund’s alternative assets business, which includes late-stage private equity and real estate AIFs on the private markets side and portfolio management services and long-only equity AIFs on the public markets side.

Read more here.

Divi’s Labs Q1 Results: Net profit falls 49% YoY to ₹356 crore

Divi’s Laboratories reported a 49% YoY decline in consolidated net profit to ₹356 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 21% YoY to ₹1,778 crore during the same period. Total expenses stood at ₹1,367 crore in Q1, down 8% YoY. 

Read more here.

SEBI seeks 15-day extension to complete probe in Adani-Hindenburg case

The Securities and Exchange Board of India (SEBI) has requested the Supreme Court to grant 15 more days to conclude the investigation into allegations made by US short-seller Hindenburg Research against the Adani Group. SEBI has completed investigating 17 out of the 24 transactions it had taken up for probe. The regulator has sought more information from other regulators and foreign jurisdictions to plan a further course of action.

Read more here.

SpiceJet Q1 Results: Net profit at ₹198 crore

SpiceJet Ltd reported a consolidated net profit of ₹197.64 crore for the quarter ended June (Q1 FY24). The airline reported a loss of ₹783.72 crore in Q1 FY23. its revenue from operations fell 19% YoY to ₹2,371.53 crore during the same period. The company’s profit was on the back of a 36% Yoy decline in total expenses to ₹2,069.24 crore in Q1.

Read more here.

Domestic air passenger traffic rises 25% in July

According to the Directorate General of Civil Aviation (DGCA), India’s domestic air passenger traffic volume rose 25% year-on-year (YoY) to 1.21 crore passengers in July. IndiGo carried 76.75 lakh passengers, securing a market share of 63.4% during July. SpiceJet flew 5.04 lakh passengers in July, with a market share of 4.2%.

Read more here.

Ramkrishna Forgings secures $13.65 million order in North America

Ramkrishna Forgings has secured a $13.65 million (~₹107 crore) order from clients in the North American region. The order is for the supply of rear axle and transmission components. The company said it is strategically expanding its footprint in North America and strengthening its position within the light vehicle sector.

Read more here.

Ashok Leyland to fully acquire OHM India

Ashok Leyland will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd. The automaker will invest ₹300 crore into the acquired entity. The acquisition is a part of the company’s EV strategy to engage in the business of e-Mobility as a Service (eMaaS). OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.

Read more here.

L&T secures contract to build international cricket stadium

Larsen & Toubro (L&T) Construction has secured an order from the Uttar Pradesh Cricket Association to construct a cricket stadium in Varanasi on a Design & Build Turnkey basis. The scope of work for L&T includes the main ground as per ICC standards, display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen & dining areas, and a practice ground.

Read more here.

Happy Independence Day to all our readers! 🇮🇳

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Daily Market Feed Post Market Analysis

Supports Respected! Nifty Closes Above 19,400 – Post-Market Analysis

NIFTY started the day at 19,383 with a gap-down of 44 points. Within just 10min of opening, the index fell nearly 130 points to 19,260— breaching the support zones of 19,300. After the fake breakdown, Nifty moved up sharply by nearly 200 points throughout the day to 19,460 levels. Nifty closed at 19,434, up by 6.25 points or 0.03% 

Nifty chart Aug 14 - post-market analysis

BANK NIFTY (BNF) started the day at 44,066 with a small gap-down of 132 points. In the first 10min, the index fell over 300 points to 43,770 levels. It then slowly moved up to 44,200 levels— a rally of more than 430 points from the day’s low. BNF closed at 44,090, down by 108 points or 0.24%. 

Bank Nifty chart Aug 14 - post-market analysis

All other indices except Nifty Media (+0.8%), Nifty IT (+0.68%), and Nifty FMCG (+0.49%) closed in the red. Nifty Metal (-2.1%) fell the most. 

Major Asian markets closed in the red. European markets are currently trading mixed.

Today’s Moves

LTIMindtree (+1.68%) was NIFTY50’s top gainer on the back of strong volumes.

Olectra Greentech (+9.59%) broke its 5-day losing streak, surging up to 10% today.

Mazagon Dock Shipbuilders (+7.6%) jumped after the company’s Chairman Sanjeev Singhal said he anticipates a strong FY25 with major order deliveries.

Adani Ent (-3.29%) was NIFTY50’s top loser. Other Adani Group stocks also fell sharply after Deloitte Haskins & Sells resigned as the statutory auditor of Adani Ports.

Nykaa (-8.14%) crashed after several brokerage firms highlighted challenges in the company’s growth in their post-earnings stock reviews. 

Markets Ahead

As mentioned earlier, the markets were weak, and a flat or gap-down opening could take the indices further down. And that’s what happened today. After the gap-down, Nifty went on to hit our target of 19,300, and Bank Nifty was in our volatile zone.

Nifty: There is strong buying from 19,300 levels, but the markets can still be bearish until the 19,500 resistance is breached. In that case, the index may turn bullish and go on to hit targets of 19,630. If today’s swing of 19,350 is breached, the index will test 19,300 again, and if that’s broken, Nifty can fall to bigger targets of 19,200 and 18,900 in the coming weeks.

Bank Nifty: The index is looking weaker than Nifty, and is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides, so wait for this range to be broken.

Finnifty: The index moved in a similar pattern as Bank Nifty today. Being expiry today, it was relatively easy for non-directional option sellers as the IV (which spiked initially) was cooling off gradually.

Meanwhile, India’s retail inflation surged 7.44% on an annual basis in July, compared to 4.81% in June. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

How did FIN NIFTY expiry trading go? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

The markets will remain closed tomorrow on account of Independence Day. marketfeed wishes all our readers a very Happy Independence Day!

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Daily Market Feed Post Market Analysis

Bearishness to Continue? – Post-Market Analysis

Post-market analysis for Aug 11, 2023:

NIFTY started the day at 19,554 with a gap-up of 11 points. The index made a nearly 70-point red candle at opening (crossing yesterday’s low and the round level support of 19,500) and made lower lows to hit 19,440 levels. At 1 PM, the index made a sharp rebound of 40 points in a single candle but couldn’t sustain it as the selling pressure kicked in. Then, the index continued the fall to breach the day’s low. Nifty closed at 19,428, down by 114 points or 0.59% 

Nifty chart Aug 11 - post-market analysis

BANK NIFTY (BNF) started the day at 44,568 with a small gap-up of 26 points. Bank Nifty fell 250 points in the first 5min itself (breaching the important support zone of 44,500) and fell to 44,270 levels. The index then consolidated within a 150-point range with volatility and broke down from the consolidation at 3 PM. BNF closed at 44,199, down by 342 points or 0.77%. 

Bank Nifty chart Aug 11 - post-market analysis

All indices except Nifty PSU Bank (+1.25%) closed in red. Nifty Media (-1.8%) fell the most. 

Major Asian markets closed mixed (the Chinese market fell 2%). European markets are currently trading in the red.

Today’s Moves

HCL Tech (+3.2%) was NIFTY50’s top gainer. The IT major announced a global strategic partnership with Verizon for managed network services.

Indian Overseas Bank (+13.36%) rallied after CARE Ratings assigned a fresh rating of CARE A1+ to the bank’s proposed certificate of deposits of ₹10,000 crore.

Kalyan Jewellers (+11.5%) jumped after HSBC raised its target price for the jewellery stock after the company posted its Q1 earnings.

IndusInd Bank (-2.3%) was NIFTY50’s top loser.

Apollo Tyres (-8.2%) crashed after the company reported lower-than-expected revenue growth in Q1.

Alkem Labs (-7.7%) fell sharply after the company reduced its India business revenue growth forecast to “high single-digit” from low double digits for FY24. BofA sees a downside of 15% to ₹3,500 for the stock.

Markets Ahead


The Indian markets are still looking very weak.

Nifty: The index has closed near the support zone of 19,420. So if there’s a flat or gap down opening on Monday, the index can further fall to 19,360 and 19,300 eventually. The important resistance level to watch out for is 19,500.

Nifty has filled the gap created near 19,420 levels and has taken support. So the index might move back up from here or take a pause. If the fall continues, then the levels mentioned above could be achieved.

Bank Nifty: The immediate support for the index can be 44,200 levels, and the major resistance will be 44,500 levels. But Bank Nifty is in a volatile zone between 44,500 and 43,400. So as long as the index is in this zone, there can be movements happening on both sides.

Monday’s opening will be crucial. If there’s a flat opening and selling continues or if it’s a gap-down opening, both indices may continue to fall.

The inflation rate in the US climbed 3.2% YoY in July, as compared to analyst expectations of 3.3%. This data is the key metric the US Federal Reserve will consider in deciding whether to continue raising interest rates. On the other hand, India’s industrial production fell to 3.7% in June 2023, compared to 5.3% in May 2022 and 12.6% in June 2022.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Volatile Expiry as RBI Keeps Repo Rate Unchanged at 6.5%! – Post-Market Analysis

Post-Market Analysis for August 10, 2023:

NIFTY started the day at 19,605 with a gap-down of 27 points. The index initially consolidated till 10 AM. Soon after RBI made its monetary policy announcements, the markets fell sharply from 19,620 zones to 19,500 levels, took support, and then gave a sharp recovery of 100 points to 19,600 zones. Then, it again fell to the day’s low of 19,500 and eventually consolidated near 19,550. Nifty closed at 19,543, down by 89 points or 0.46% 

Nifty chart Aug 10 - post-market analysis

BANK NIFTY (BNF) started the day at 44,797 with a gap-down of 83 points. Initially, the index moved up to 45,000 levels. After 10 AM, it fell sharply by nearly 500 points in 20 mins to 44,500 zones and took support there. Then, Bank Nifty tried to make a recovery but did not have enough strength, and it mostly consolidated for the rest of the day to close at 44,541, down by 338 points or 0.76%. 

Bank Nifty chart Aug 10 - post-market analysis

All indices except Nifty Media (+6.6%) and Nifty Metal (+0.68%) closed in the red. Nifty FMCG (-0.91%) fell the most.

Major Asian markets closed flat-to-green. European markets are currently trading in the green.

Today’s Moves

Adani Enterprises (+1.8%) was NIFTY50’s top gainer. 

ZEEL (+16.5%) surged and hit a 52-week high of ₹290.70 after the National Company Law Tribunal (NCLT) approved its proposed merger with Sony India.

Jubilant Pharma (+11.3%) rallied on the back of strong volumes.

Asian Paints (-2.79%) was NIFTY50’s top loser. One of the company’s employees was booked for stealing confidential info, causing ₹6 crore loss to the firm.

RattanIndia Enterprises (-7.85%) fell sharply after the company posted its Q1 results today.

Markets Ahead

Nifty and Bank Nifty were extremely volatile on expiry day, and there’s still selling pressure that can be seen in both indices.

Nifty: The important round level support now in Nifty would be 19,500 and the major resistance to look out for is 19,600 levels. A breakout from 19,600 can give us targets of 19,690 and 19,720 (gap-filling levels) and a breakdown from 19,500 could give us targets of 19,420 and 19,390.

Bank Nifty: The index is currently at the support zone of 44,400-500. The immediate resistance will be 44,700 levels. A breakdown of the support levels can give us targets of 44,280 and 44,000. A breakout can give us targets of 45,000 and 45,150 levels.

Meanwhile, the Reserve Bank of India (RBI) has retained the key policy repo rate at 6.5%. It has also maintained the gross domestic product (GDP) growth projection for FY24 at 6.5%. 

According to an Economic Times report, the RBI’s decision to enforce an additional Cash Reserve Ratio (CRR) of 10% of Net Demand and Time Liabilities (NDTL) on banks severely impacted market sentiment today.

Now, all eyes will be on US inflation figures. This data holds significant importance for the global market as it seeks insights into the potential direction of the US Fed’s policy.

How was expiry day trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!