News Shots
A second Covid wave many times worse the first has prompted banks, non-banking financial companies (NBFCs) and small-finance banks to ask RBI that flexible restructuring up to two years across all categories of borrowers be allowed.
Reserve Bank of India has tweeted that Governor Shaktikanta Das will make a speech today at 10 am, an unscheduled appearance as the second wave is devastating the country.
Maruti Suzuki India expects some impact on its production if lockdowns and curfews imposed across various states continue amid the second wave of COVID-19 sweeping across the country.
Adani Ports said US-based counsels are of the opinion that its investment in a port in Myanmar are not in violation of law, but the firm will abandon the project if the US administration opines that the investment was in violation of sanctions against Military-ruled nation.
Domestic steel makers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by Rs 4,000 and Rs 4,500 per tonne, respectively.
The Department of Telecom approved applications of telecom companies — Reliance Jio, Bharti Airtel, Vodafone Idea and MTNL — for conducting 5G trials but none of them will be using technologies of Chinese entities.
IT firms Infosys and Mphasis said they will create employment for about 2,000 people, while Wipro will invest GBP 16 million in the UK over the next few years.
The Microfinance institution Satin Creditcare Network has received a senior loan facility of $5 million from Oesterreichische Entwicklungsbank – OeEB, Austria, through an external commercial borrowing route.
SBI Cards and Payment Services plans to raise up to Rs 4.55 billion (Rs 455 crore) via NCD issue.
Affle (India) approved closure of QIP on May 4 and issued a price of Rs 5,200 per share for 11.53 lakh shares to be allotted to the eligible QIBs. The issue price is at a discount of 4.11% to the floor price of Rs 5,422.94 per share.
RBL Bank reported a 34 per cent decline in its March quarter profit to Rs 75 crore compared to Rs 114 crore in the year-ago period due to provisioning for possible loan losses that it sees in the retail unsecured segments.
L&T Infotech reported a 27.6 per cent rise in consolidated net profit to Rs 545.7 crore for the quarter ended March 2021.
Major Q4 Result Announcements Today:
- Adani Green Energy
- Tata Steel
- SRF
- Adani Enterprises
- Gillette India
- Deepak Nitrite
- Oracle Financial
- Blue Dart Express
- Ceat
What to expect today?
Yesterday, NIFTY opened with a gap up above 14,700 and moved down. Then it consolidated between 14,650 and 14,700 till 1 pm and then fell suddenly to close just below 14,500. You can read all about yesterday’s movements here.
Bank Nifty, also opened with a gap up and showed more bullishness than NIFTY, testing 33,000 multiple times. But, when the fall came, BANK NIFTY also fell heavily to close at 32,270.
All the sectoral indices except NIFTY PSU BANK closed in the red yesterday. Surprisingly, even when the whole market fell, the PSU BANK index was more than 2% up.
The European markets closed in the red. The US markets traded really low but saw a recovery towards the day’s end. DOW JONES closed 0.06% up while NASDAQ closed 1.88% down.
Asian markets are mixed. SGX Nifty is currently trading slightly higher at 14,585 indicating a gap up opening in the Indian market.
SGX NIFTY had even gone below 14,400 yesterday. Will today’s gap up be sustained given the weakness in the market is a big question!
The markets are looking up to the RBI Governor’s speech today at 10 am. Banks will be in focus as they had asked for a 3 months moratorium.
NIFTY has immediate resistance at 14,700, 14,750, 14870-14900 and the main resistance at 15,000. 14,700 was tested multiple times yesterday but couldn’t be broken.
33,000 and 33,500 are the immediate resistances to be watched out for in BANK NIFTY, with 33,000 tested rigorously yesterday.
The immediate supports for NIFTY is at 14,500, 14,500, 14,450 and 14,350. Below that, we have support at previous low 14,150.
Bank Nifty has supports at 32,000 and 31,500. Slipping below 32,000 can cause weakness in Bank NIFTY.
The highest call OI buildup is at 15,000 followed by 15,300. The highest put OI buildup is at 14,000 followed by 14,500.
There was net put unwinding and huge call buildup yesterday decreasing the PCR to 0.6 indicating bearishness in the market. 15,000 has a massive call OI buildup indicating another expiry below 15,000. There are good call OI buildups at 14,700, 14,800 and 14,900 also.
Foreign institutional investors (FIIs) net sold shares worth Rs 1772 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 987 crores in the Indian equity market.
So, today’s focus is going to be on the RBI Governor’s impromptu speech. That can have an immediate effect on Banking stocks and thus, the entire market. Watch out! Markets might consolidate till then and then make volatile moves!
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