The Supreme Court (SC) of India has again postponed the verdict on payment of Adjusted Gross Revenue (AGR) dues by Telecom companies to 14 August.
ICICI Bank to raise upto Rs 15,000 crores. It has launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per equity share.
IndiGo’s parent company InterGlobe Aviation will raise up to Rs 4,000 crore through a qualified institutional placement (QIP).
Lupin is the first Indian pharma company to shift manufacturing of some drugs from India to the US after Trump’s ‘Buy American’ order.
HDFC successfully completed its fund raising of Rs 14,000 crores via QIPs, NCDs and Warrants.
UBS Principal Capital Asia offloaded shares of Axis Bank worth over Rs 150 crore through open market transactions. A total of 35 lakh scrips of the private sector lender were sold at an average price of Rs 429.5 apiece.
Kotak Mahindra Bank has achieved compliance with the RBI norms in respect of dilution of promoter Uday Kotak’s shareholding. The bank was required to bring down the promoter’s shareholding to 26 per cent.
South Indian Bank has obtained in-principle approval from the Reserve Bank of India (RBI) to set up a wholly owned non-financial subsidiary.
Titan reported a standalone net loss of Rs 270 crore in the quarter ended June against a profit of Rs 371 crore a year ago.
Drug firm Ipca Laboratories reported over three-fold jump in its consolidated net profit to Rs 445.68 crore for the quarter ended June due to robust sales.
Bank of Baroda reported a net loss of Rs 864 crore on a standalone basis in the quarter ended June due to increased provisioning for standard accounts. This is against a profit of over Rs 700 crores last year.
Major Q1 Results Announcement Today:
Central Bank of India
Motherson Sumi Systems
What to expect today?
Yesterday saw bullish consolidation. The AGR verdict was not announced. NIFTY closed strongly above 11,270. As we discussed yesterday, pharma, banks and defense stocks heavily supported the market yesterday. Click here for a detailed analysis of yesterday’s market and stock movements.
US Markets are mixed. Asian markets are mostly positive. SGX NIFTY is currently trading at 11,373, indicating a gap up opening in the Indian Market.
NIFTY is likely to trade between 11,250 and 11,450 today. There is support at 11,300 and 11,250 and resistance at 11,340 and 11,400
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 302.88 crore while domestic institutional investors (DIIs) sold shares worth Rs 504.92 crore in the Indian equity market.
We had discussed about Bank Nifty having resistance at 22,000 and about Bank Nifty’s potential to take off any moment, since it had been under performing NIFTY. Yesterday, Bank Nifty crossed 22,000 but closed below. So, keep watching and following Bank Stocks – ICICI, HDFC, HDFCBANK, KOTAK, AXIS, MAJOR PSU BANKS etc
NIFTY can open today above its resistance of 11,340. NIFTY can further move to 11,500 but there are chances of profit booking. So, please trade with strict Target and SL.
