News Shots
Joe Biden is the new US President and markets around the globe are loving it. SGX NIFTY is at a whopping 12,429. It was at 12,450+ at an earlier point. For perspective, 12,430 is the all time high of NIFTY! Look forward to a massive gap up opening and unbelievable levels in NIFTY!
Future Retail has filed a suit against Amazon in the Delhi High Court to seek “relief” from the US ecommerce giant from interfering with its bid to sell the retail business to Reliance Industries.
ITC posted a decline in profits for the second quarter in a row and even fell short of analysts’ expectations in the second quarter of this fiscal year.
The government is planning to sell up to 15 percent of its stake in railway engineering company IRCON International through an offer-for-sale of shares.
Leading private sector life insurer ICICI Prudential Life raised Rs 1,200 crore in debt capital through the sale of non-convertible debentures (NCDs) — a first for the company.
Dilip Buildcon has emerged as the lowest bidder for development of CIL arm’s mining project in Odisha having a contract value of Rs 37,215.54 crore.
Cipla reported a 41.18 per cent increase in its consolidated net profit for the quarter ended September to Rs 665.43 crore.
Divi’s Laboratories posted a 45.63 per cent year-on-year (YoY) growth in consolidated net profit at Rs 519.59 crore.
State-run electronics manufacturing firm ITI is in discussion with Indian companies to provide end-to-end 4G and 5G network gears in the country.
Tata Motors aims to have the widest portfolio of sports utility vehicles (SUVs) in the domestic market, a move aimed at helping the company muster greater market share in the passenger vehicle segment
Ashok Leyland reported Rs 147 crore loss for the September quarter as revenues declined 28% due to weak demand for commercial vehicles in the wake of the pandemic and overcapacity in the transport sector.
Some Major Q2 Results to be Announced Today:
- Delta Corp
- IndiaMART InterMESH
- Equitas SFB
- Oil India
What to expect today?
Last week, NIFTY rallied from 11,550 to 12,250, in expectation of Biden winning the election. There was significant volatility too. Click here for a detailed analysis of Friday’s market and stock movements.
Bank Nifty has reached 26,800. The interesting observation here is – NIFTY has reached back to it all time high. Many major banks including heavy weight HDFC Bank are at its all time high. But, Bank Nifty is still nearly 5000 points away from it’s all time high.
As discussed, Joe Biden is the next US President. This is good for the Emerging Markets all around the world, for liberal trade policies, for larger stimulus etc.
Analysts and markets all around the world has predicted and expected a Biden win and that makes the win even sweeter.
US and European markets were down on Friday. But the verdict came after that. DOW Futures are up more than 1.5%. Asian markets are mostly up (over 1%). SGX NIFTY is trading at 12,429, which is 163 points higher, indicating a gap up opening in the Indian Market.
NIFTY is likely to trade between 12,300 and 12,500. There will be profit booking/sell off at some point. Do expect volatility today.
Highest Call Open Interest at 12,500, followed by 13,000. Highest Put Open Interest at 11,500, followed by 12,000.
Foreign institutional investors (FIIs) net bought shares worth Rs 4,869.87 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,938.66 crore.
NIFTY to cross all time high now! And that too, with COVID situation getting worse in Europe and the US. When the vaccine news also comes, NIFTY will go to unbelievable levels. Looking forward to those days. But there will be a small correction before that.
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