Russian President Vladimir Putin launched the world’s first COVID-19 vaccine. But scientists around the world immediately denounced the certification as premature and inappropriate, as the vaccine has yet to complete a trial that convincingly shows it is safe and effective in a large group of people. So, don’t get too excited to see a bull rally because of this news.
The Index of Industrial Production (IIP) for the June month was declared to be -16% yesterday. This is in fact better than -33% in the previous month. This is also better than the expected -22%. This clearly shows that the economy is gradually getting back to normal.
Mukesh Ambani led Reliance Industries breaks into the top 100 global companies in the Fortune Global list. They have jumped 10 places to land a spot at the 96th position.
Eicher Motors shareholders have approved a share split of existing one equity share of face value Rs 10 each into ten equity shares of Re 1 each. The expected time of share split is 2-3 months.
Inox Benefit Trust offloaded its entire 4.23 percent equity stake in Inox Leisure via open market transactions.
Axis Bank raised Rs 10,000 crores via QIP. The QIP was issued at Rs 420 per share, 5% discount from floor price of Rs 442 per share.
Adani Ports to raise up to Rs 3,000 crore through issuance of non-convertible debentures (NCDs). The fund will be raised in one or more tranches.
ONGC has allotted NCDs worth Rs 1,000 crore.
Another good PSU bank result. Central Bank of India reported a 21 per cent rise in its consolidated net profit at Rs 147.21 crore in the quarter ending June. The bank had posted a net profit of Rs 121.61 crore during the same quarter a year ago.
Motherson Sumi Systems Ltd reported a consolidated net loss of Rs 1,191.65 crore for June quarter 2020 hit hard by the coronavirus pandemic.The company logged a net profit of Rs 360.64 crore in the same quarter last fiscal.
Bosch reported a consolidated net loss of Rs 120.83 crore for the first quarter ended June affected by the coronavirus pandemic. The company had posted a consolidated net profit of Rs 279.95 crore in the year-ago quarter.
Hexaware Technologies has entered into a pact with Freshworks to offer digital solutions for its customers.
Major Q1 Results Announcement Today:
Aurobindo Pharma
Bharat Forge
Aarti Industries
Ashok Leyland
Tata Power
Cummins India
What to expect today?
Yesterday also saw bullish consolidation. The support at 11,300 was respected. Click here for a detailed analysis of yesterday’s market and stock movements.
US Markets are down. Asian markets are mostly negative. SGX NIFTY is currently trading nearly 100 points down, indicating a gap down opening in the Indian Market.
NIFTY is likely to trade between 11,200 and 11,350 today. There is support at 11,250 and 11,200 and resistance at 11,300 and 11,340.
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 1,013.66 crore while domestic institutional investors (DIIs) sold shares worth Rs 1,415.54 crore in the Indian equity market
SGX NIFTY is indicating a gap down opening. But there aren’t any large negative local or global cues. So, the market should move up eventually. Wednesdays have been highly volatile since long. So, do expect a very wild day.
Banks have given good movement as expected. Keep watching them.
