News Shots
- Adani Green Energy has bagged the world’s largest solar power plant project of 8,000 MW and setting up a domestic solar panel manufacturing capacity of 2,000 MW, envisaging a total investment of roughly $6 billion
- Titan has reported a good Q4 result with 21% jump in profits, beating all street estimates
- Affle (India), through its subsidiary, has made a strategic acquisition in Singapore
- MG Motor India Pvt Ltd has signed a memorandum of understanding (MoU) with Tata Power Ltd to set up fast chargers for electric vehicles at select dealerships of the passenger vehicle manufacturer.
- PVR and INOX have reported net loss in the Q4 report, as expected. A 300 crores rights issue has been approved by the PVR’s Board
- Chalet Hotels has managed to increase profits despite lower revenue
- RITES has received an order for consultancy services from National Highways & Infrastructure Development Corporation for Rs 55 crore.
- Global economy to plunge into the worst recession since WW-II: World Bank
- At the same time, the US Markets seem to confirm a bull run. NASDAQ has touched record highs and has zoomed up 44% from the low that it made on March 23
What to expect today?
- Global equities continue to surge despite World Bank’s warning on Monday that the global economy will contract the most since World War II this year.
- US market did exceptionally well yesterday. Global cues are extremely positive even though Asian markets were mixed. SGX NIFTY is trading higher, currently at around 10226, indicating a small gap up opening in the Indian market.
- Yesterday NIFTY opened with a huge gap up and moved down, crossed the support at 10,200 and made a low of around 10,120. It can still be expected that 10,000 – 10,500 can be the trading range in the coming few days.
- NIFTY is likely to trade between 10,100 and 10,350 today.
- Reliance seems to have a strong resistance at 1620. A break out can happen above that and it will take NIFTY also much higher. Auto Sector is also in focus today as Hero Motocorp is announcing their result.
