Tag: adani enterprises

Categories
Daily Market Feed Post Market Analysis

Volatile Monthly Expiry for Nifty! – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day flat at 20,108 with a small gap-up of 12 points. After opening, the index fell sharply by over 100 points to 20,015 levels. It took support there and bounced back up to 20,150 levels with heavy volatility. Nifty closed at 20,133, up by 36 points or 0.18%.

BANK NIFTY (BNF) started the day at 44,711 with a gap-up of 145 points. After opening, the index fell nearly 500 points to 44,250 levels. Then, it moved in a 200-point range for most part of the day. BNF closed at 44,481, down by 84 points or 0.19%.

Other indices except Nifty PSU Bank (-1.1%) closed flat-to-green. Nifty Pharma (+1.56%) and Nifty Realty (+1.4%) moved up the most.

Major Asian markets closed mostly in the green. European markets are currently trading in the green.

Today’s Moves

UltraTech Cement (+3.1%) was NIFTY50’s top gainer. Yesterday, the company acquired the cement grinding assets of Burnpur Cement Ltd for ₹169.78 crore. 

Tata Technologies made a stellar debut in the stock market today. Its shares listed at ₹1,200 per share, a premium of 140% over its issue price of ₹500 per share.

New India Assurance (+10%) surged on the back of strong volumes.

Adani Ent (-1.59%) was NIFTY50’s top loser. 

Aether Industries (-5.99%) fell sharply for the second day in a row after a fire at the company’s Surat facility left six people dead and one missing.

Markets Ahead

After the strong upward rally, major Indian indices experienced a slight retracement with some volatility today. However, the key support levels remained intact. This indicates that the markets continue to maintain a bullish stance.

Nifty: The major support to monitor is the round levels of 20,000. The immediate support is near 20,100. If there’s a breakdown from this level, the index could decline to 20,000 and further to 19,960 levels. Meanwhile, the resistance to keep an eye on is near the all-time high (ATH) level of 20,200.

Bank Nifty: The index is encountering resistance at the crucial breakdown levels of 44,600, where the cup and handle pattern was also formed. That level has to be taken out for the index to move to 45,000 and 45,500. On the other hand, the immediate support to observe is 44,300. If there’s a breakdown from this level, the index could decline to 44,000 and 43,800 levels.

S&P Global Rating has upgraded India’s GDP growth from 6.0% to 6.4% for FY24. This has brought some optimism to the broad market.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Nifty Towards ATH, Regains 20,000! – Post-Market Analysis

Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render

NIFTY started the day at 19,976 with a gap-up of 86 points. Even after the big gap up, the index continued moving up with a lot of strength to 20,100 levels— making a 150-point upward rally. Nifty closed at 20,096, up by 206 points or 1.04%.

BANK NIFTY (BNF) started the day at 44,081 with a gap-up of 201 points. After initial consolidation near 44,000 levels, the index gave a breakout and moved up with strength to 44,630 levels— making an intraday movement of more than 600 points. BNF closed at 44,566, up by 685 points or 1.56%.

All indices except Nifty Realty (-0.5%) and Nifty Media (-0.13%) closed in the green. Nifty Auto (+1.63%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-green.

Today’s Moves

Axis Bank (+3.82%) was NIFTY50’s top gainer. The bank has entered into a credit card point conversion partnership with Air India.

Aster DM Health (+18.8%) surged after the company said its subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for ~₹8,125 crore).

Adani Total Gas (+13.7%) moved up with strength after the company launched its green hydrogen production and blending pilot in Ahmedabad.

Adani Ent (-1.1%) was NIFTY50’s top loser. 

Aether Industries (-8.41%) crashed after the company reported a fire at its Surat facility early that injured 25 people.

Markets Ahead

The Indian stock markets are looking strong, which is evident in today’s closing. Opting option buying trades could be a good strategy in the upcoming days, especially during market dips or corrections. The all-time high (ATH) in Nifty and Bank Nifty can be expected before the state election results kick in!

Nifty: The immediate support for the index is near the round levels of 20,000. The resistance will be near 20,200 (ATH levels). So if there’s a gap down or gap up tomorrow, there could be buying seen again after some retracement. On the other hand, a flat opening may lead to a continuation of the up-move.

Bank Nifty: The index is at an interesting breakout resistance level of 44,600, also forming a cup and handle pattern. A breakout could take the index up to 46,000 levels (as it’s still far from ATH when compared to Nifty). Meanwhile, the key support to watch is near 44,400 levels. A breakdown from there may take BNF down to 44,000 levels.

As per reports, the Indian stock markets are expected to see an inflow of around ₹30,000 crore from a major US pension fund from 2024 onwards, which could give a boost to local stocks!

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Consolidation in Nifty and Bank Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,731. The index initially rose to 19,750 levels, fell 50 points, and moved up with strength to 19,755 levels (the day’s high). Then, it fell sharply to 19,670 and consolidated in a nearly 45-point range for the rest of the day. Nifty closed at 19,694, down by 37 points or 0.19%.

Nifty chart November 20 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,591. The index initially showed strength by moving up to the 43,700 resistance zone. Then, it made a double-top and fell to 43,500 levels. After all the volatile moves, the index consolidated and BNF closed flat at 43,584, up by 1 point or 0.00%.

Nifty Auto (-0.76%) fell the most, while Nifty IT (+0.6%) moved up the most today.

Major Asian markets closed mixed. UK’s FTSE100 is currently trading in the red, while France’s CAC40 and Germany’s DAX (+2%) are trading in the green.

Today’s Moves

Divi’s Labs (+2.02%) was NIFTY50’s top gainer. The stock extended gains for the fourth day in a row. 

Tata Investment Corp (+15.17%) rallied ahead of Tata Technologies’ IPO on Nov 22.

Latent View (+9.25%) surged on the back of strong volumes.

Adani Enterprises (-2.67%) was NIFTY50’s top loser. As per a Reuters report, Indian investigators aim to resume a probe into Adani Group. The inquiry focuses on suspected coal import overvaluation.

Bajaj Finance (-2.11%) fell after the lender temporarily suspended issuing member ID cards to customers following RBI’s order.

Shares of Balkrishna Industries (-5.51%) fell sharply, extending losses for the second straight session. 

Markets Ahead

The Indian markets are currently holding near crucial resistance levels. However, the rise in India VIX and a PCR of 0.73 suggest a degree of bearish sentiment (especially in Bank Nifty). Given that both indices have been trading in a range, a decisive breakout or breakdown from these levels could lead to significant moves in the respective directions.

Nifty: The critical support level to monitor is around 19,660. If there’s a breakdown from this level, potential targets in the index could be 19,600 and 19,500. On the other, the resistance to keep an eye on is at 19,720. A breakout from this level might lead to targets of 19,760, 19,800, and 19,860.

Bank Nifty: The key resistance level to monitor is at 43,800. A breakout from this level could propel the index to 44,000 and 44,200 levels. Meanwhile, the support level to keep an eye on is around 43,400. A breakdown from this level might lead to targets of 43,000 and 42,500 eventually.

Following today’s consolidation, the upcoming FINNIFTY expiry tomorrow could be volatile. So stay alert for directional movements and trade with caution.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Flat Expiry for Nifty! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,457 with a small gap-up of 14 points. There was huge volatility in the first 30 minutes. Later, the index tried moving up but took resistance at the opening levels (19,460) and fell gradually to 19,380 levels. Nifty closed at 19,395, down by 48 points or 0.25%.

Nifty chart November 9 - post-market analysis

BANK NIFTY (BNF) started the day flat at 43,626. Unlike Nifty, BNF was bullish and moved up more than 300 points to 43,880 levels. Post 12 PM, there was a slow correction till 43,650. BNF closed at 43,683, up by 25 points or 0.06%.

All indices except Nifty Realty (+1.23%) and Nifty Auto (+0.83%) closed flat-to-red. Nifty FMCG (-0.9%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei closed 1.58% in the green). European markets are currently trading in the green.

Today’s Moves

Mahindra & Mahindra (+4.35%) was NIFTY50’s top gainer. The automaker is expected to report a healthy rise in Q2 earnings, led by robust automobile sales even as weak tractor sales will cap gains.

SPARC (+8.08%) surged on the back of strong volumes. 

Adani Ent (-2%) was NIFTY50’s top loser. 

Shares of MTAR Tech (-11.4%) fell the most since June 2022 after the company posted weak Q2 results. It has also cut revenue, margin guidance for FY24.

KRBL (-8.9%) fell sharply after the company (a top exporter of branded basmati rice) reported a 28.1% YoY drop in Q2 profit as it was hit by weak demand.

Markets Ahead

Bank Nifty is holding the upper levels, while Nifty is looking a bit weak. Both indices are holding their respective resistance zones, as those were the levels from where the indices gave a breakdown. So if the indices can cross major resistances, we could see a clear change in trend in the coming days.

Nifty: The major support to watch out for is near the closing level of 19,380. A breakdown from there could take the index down to 19,320 levels and 19,280 levels eventually. Meanwhile, the index has an important resistance at 19,460 levels. A breakout from there may take the index up to 19,500 and 19,550 levels.

Bank Nifty: The index is respecting a trend line and has formed a triangular pattern. If BNF breaks down from this trendline or 43,500, we could expect a fall to 43,300 and 43,000 levels. On the other hand, a breakout from the 44,000 resistance level might take the index up to 44,500.

After the volatility we’ve experienced, the indices are now staying within a certain range. If this consolidation continues tomorrow, it might be a sign that the markets are gearing up for some bug movement in the upcoming weeks, especially with Diwali and upcoming state assembly elections.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

Read more here.

Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

Read more here.

Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

Read more here.

Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

Read more here.

Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

Read more here.

Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

Read more here.

Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

Read more here.

Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

Categories
Daily Market Feed Post Market Analysis

Bearishness Continues. Trending Weekly Expiry For Nifty? – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,064 with a small gap-down of 15 points. After opening, the index fell more than 120 points intraday in a channel pattern. Nifty closed at 18,989, down by 90 points or 0.47%.

Nifty chart November 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,694 with a gap-down of 150 points. Throughout the day, the index consolidated in a 180-point range between 42,600 and 42,780 levels. BNF closed at 42,700, down by 145 points or 0.34%.

Bank Nifty chart November 1 - post-market analysis | marketfeed

All indices except Nifty Realty (+1.5%), Nifty Media (+0.88%), Nifty Pharma (+0.35%), and Nifty PSU Bank (+0.32%) closed in the red. Nifty Metal (-1.4%) fell the most.

Major Asian markets closed flat-to-green (Japan’s Nikkei rose 2.4%). European markets are currently trading mixed.

Today’s Moves

Sun Pharma (+2.54%) was NIFTY50’s top gainer. The company posted a 5% year-on-year (YoY) rise in net profit to ₹2,375.51 crore in Q2; beating estimates.

Shares of Blue Star (+5.6%) moved up after the company reported robust Q2 results, aided by a strong order book and a rise in demand for air conditioners.

Vodafone Idea (+8.02%) hit a 21-month high of ₹13.54 on hopes of equity infusion by December.

Adani Enterprises (-3.3%) was NIFTY50’s top loser. 

Jindal Steel (-7.69%) fell sharply despite posting good Q2 results yesterday.

Markets Ahead

As discussed yesterday, the rise in India Vix, overall selling pressure, and rejection from Fibonacci levels, along with a flat opening, pulled the markets down.

Nifty: The immediate resistance to watch out for in Nifty is 19,030. The index has important support at 18,940 levels. If the index breaches the resistance on the upside, the index could move up to 19,100 and 19,140 levels. But if there’s a flat opening tomorrow and the movement continues, 18,940 may be the first target, followed by 18,850 levels.

Bank Nifty: The index is now in a clear range. A breakout from this range of 42,760 might take the index up to 43,000 and 43,350 levels. Meanwhile, a breakdown from 42,600 may take the index down to 42,400 and 42,150.

As it was the weekly Bank Nifty expiry today, option sellers would’ve found it quite easy since the index consolidated. Option scalpers also had decent opportunities as the index was volatile within a range.

Meanwhile, RBI governor Shaktikanta Das said that GDP growth for the second quarter of FY24 is likely to surpass expectations based on early indicators. RBI had projected a GDP growth of 6.5% for Q2, which aligns with the full-year growth forecast for FY24.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Recovery From Lows? Bullish Expiry for Nifty? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,446 with a gap-down of 82 points. The index continued the fall till 19,375, gave a small retracement, and fell further to 19,330 levels. It then gave a strong rebound of nearly 115 points— reaching the day’s high of 19,460 levels. Nifty closed at 19,436, down by 92 points or 0.47%.

Nifty chart October 4 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,108 with a gap-down of 290 points. After opening, the index fell to 43,900 levels— breaching the important round level support of 44,000. Then, BNF tried moving up, but the round levels acted as resistance and pushed the index down to 43,850 levels. Post 12 PM, the index mostly consolidated. BNF closed at 43,964, down by 435 points or 0.98%.

Bank Nifty chart October 4 - post-market analysis | marketfeed

All indices except Nifty IT (+0.3%) and Nifty FMCG (+0.22%) closed in the red. Nifty PSU Bank (-2.83%) fell the most.

Major Asian markets closed flat-to-red (Japan’s Nikkei fell 2.28%). European markets are currently trading mixed.

Today’s Moves

Adani Enterprises (+3.2%) was NIFTY50’s top gainer. Abu Dhabi-based IHC has increased its stake in the company to over 5%.

Shares of Tata Investment Corp (+6.3%) are up 40% so far for the year, which is its best annual performance since 2009.

Adani Wilmar (+5.8%) snapped its 4-day fall. The shares jumped up to 9% today on the back of strong volumes.

Axis Bank (-4.3%) was NIFTY50’s top loser. A report suggested that the bank is likely to raise up to ₹10,000 crore through a QIP in the coming weeks. Axis Bank called the report speculative and incorrect. 

Indiabulls Housing (-7.1%) fell sharply. The stock came under NSE’s F&O ban for October 4. In other news, the company will be renamed Samman Capital soon.

Maruti Suzuki (-2.1%) moved down after the automaker received a draft assessment notice for unpaid dues worth ₹2,160 crore from the Income Tax department for FY2019-20.

Markets Ahead

Markets are looking weak. It gave a decent fall without much retracement. Now, the markets are holding major long-term support zones. Nifty made a hammer candlestick in the daily time frame, whereas Bank Nifty looks bearish. So if the indices breach the important levels discussed below, they may turn into a bearish trend for the rest of the quarter.

Nifty: The immediate resistance for the index is near 19,480-500 levels. The important support level is near today’s low of 19,300 levels. Looking at the reversal from the bottom, the index could move a little higher tomorrow. If 19,500 is crossed, Nifty may be choppy and volatile till 19,560 levels are crossed. After that, 19,640 and 19,700 could be targets on the upside. A breakdown of 19,400 may give us targets of 19,340 and 19,280 eventually.

Bank Nifty: The immediate resistance to watch out for is near 44,000, and the next resistance is at 44,200 levels. A breakout from these levels could give us targets of 44,370 and 44,500 eventually. A breakdown from today’s low may give us targets of 43,720 and 43,630. 

The 3-day meeting of the RBI’s Monetary Policy Committee (MPC) to deliberate on interest rates started today. Its outcome is due on October 6 (Friday).

How did BNF expiry go? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Market News Top 10 News

India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

Read more here.

Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

Read more here.

PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

Read more here.

India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

Read more here.

JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

Read more here.

Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

Read more here.

NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

Read more here.

Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

Read more here.

TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

Categories
Daily Market Feed Post Market Analysis

Bullish Harami Formed! Markets to Reverse? – Post-Market Analysis

NIFTY started the day flat at 19,581 with a gap-up of 58 points. Initially, the index tried moving up, but the 19,600 zone acted as resistance. Nifty consolidated near that resistance and gave a good breakout, followed by a 125-point rally till the important resistance zone of 19,730-40 levels. After 2:30 PM, the index fell sharply to close at 19,638, up by 114 points or 0.59%.

Nifty chart Sept 29 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,445 with a gap-up of 145 points. Right from the beginning, BNF made higher low patterns. The index moved up gradually by 400 points to 44,750 levels and took resistance there. BNF closed at 44,484, up by 287 points or 0.64%.

Bank Nifty chart Sept 29 - post-market analysis | marketfeed

All indices except Nifty IT (-0.3%) closed in the green. Nifty Pharma (+2.6%), Nifty Media (+1.96%), and Nifty Metal (+1.9%) moved up the most!

Major Asian markets closed flat-to-green. European markets are currently trading up to 1% in the green.

Today’s Moves

Hindalco (+5.65%) was NIFTY50’s top gainer. 

Glenmark Pharma (+9.8%) surged after rating agency S&P Global revised the company’s outlook to positive on the back of the proposed stake sale of Glenmark Life Sciences (GLS).

Shares of Vedanta (+6.84%) rose after the company announced the allotment of debentures worth ₹2,500 crore. The company also declared a demerger to split its business into six listed entities.

Adani Enterprises (-2.42%) was NIFTY50’s top loser. Yesterday, Abu Dhabi’s International Holding Company (IHC) decided to exit its investment in Adani Green Energy and Adani Energy Solutions.

Navin Fluorine International (-13.66%) crashed after Radhesh Welling resigned as the company’s Managing Director. 

Markets Ahead

Both Nifty and Bank Nifty showed buying pressure and tried to recover from yesterday’s fall. However, both indices couldn’t cross or close above their respective resistance levels or yesterday’s high. Indices are still under selling zones. So markets can turn bullish only after important levels are breached.

Nifty: The current swing of 19,600 can act as immediate support. And a major support to watch out for in Nifty is 19,500. A breakdown from these levels may give us targets of 19,400 and 19,350. Meanwhile, a major hurdle on the upside is 19,740 levels. A breakout from there could give us targets of 19,800 and 19,860 levels. A breach of 19,860 levels can indicate a reversal and markets to turn bullish again. 

Nifty is moving in a flag and pole pattern. So a breakout can confirm the upward movement.

Bank Nifty: The immediate support to look out for is near the round levels of 44,500. A breakdown from these levels may take the index to 44,350 and 44,200 levels. The important resistance is near today’s high of 44,780-800. A breakout could give us targets of 44,900 and 45,000. More importantly, 45,200 has to be crossed for a trend reversal.

Bank Nifty has been moving in a channel, and the channel high may be respected!

How did this week go? Are you in net profit or loss? Let us know in the comments below!

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Post Market Analysis

Nifty Hits Record High at 20,000! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,890 with a gap-up of 70 points (above important resistance levels). The index continued the up move gradually to hit a fresh all-time high of 20,008.15 by moving 140 points from the intraday low to high. Nifty closed at 19,996, up by 176 points or 0.89%.

Nifty chart September 11 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 45,340 with a gap-up of 194 points. Initially, the index consolidated near the previous high of 45,350 levels. Then, it eventually gave a breakout and moved up 400 points from the intraday low to 45,600 levels. BNF closed at 45,570, up by 414 points or 0.92%.

Bank Nifty chart September 11 - post-market analysis | marketfeed

All indices except Nifty Media (-0.33%) closed in the green. Nifty PSU Bank (+3.13%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Adani Ports (+6.96%) was NIFTY50’s top gainer.

Adani Ent (+3.8%) also closed well in the green today. As per reports, promoters have boosted their holdings in the Adani Group companies as part of an ongoing strategy to recover from the negative publicity.

SJVN (+20%) zoomed after the company’s green energy arm signed a power purchase agreement with Bhakra Beas Management Board to develop an 18 MW solar power project.

ITI (+19.97%) jumped after the company said it has developed a laptop and micro PC in association with Intel Corporation.

Coal India (-1.12%) was NIFTY50’s top loser. 

Natco Pharma (-7.7%) fell sharply after the company was named a defendant in an antitrust lawsuit in the US last week.

Markets Ahead

As mentioned in our earlier post-market report, Nifty and Bank Nifty are yet to catch up to our target of a record high. As markets have been stretched out a lot without much of a retracement, major indices could face some rejection near their all-time highs. Moreover, the increase in India Vix by nearly 6% today indicates a similar scenario. So wait for proper price action to sell. If the rally continues, it’s wise to stay with the trend.

Nifty: The index is at an all-time high! The immediate resistance to watch out for will be 20,000 round levels. If there’s a big gap, some profit booking could be seen. And if there’s a gap-down, we could witness a retracement. So, the important support now is 19,930 levels. A breakdown from there can give us targets of 19,870 and 19,820.

Nifty is also respecting a trendline (as shown below). So watch out for the breakdown from this trendline for a retracement.

Bank Nifty: The important support for the index is near 45,400. A breakdown from there can give us targets of 45,150 and 45,000. Meanwhile, the important resistance to watch out for is near the 45,700 level. A breakout could give us targets of 46,000 and 46,250 levels eventually. 

As per market experts, investors’ optimism about India’s role in the G20 summit outweighed concerns about crude oil prices hitting $90. Today’s up-move in Nifty was mainly driven by a rise in heavyweights like Reliance and banks.

Do you think Nifty will move past 20k tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Post Market Analysis

Bullish Weekly Expiry? – Post-Market Analysis

Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render

NIFTY started the day at 19,439 with a gap-up of 42 points (near an important resistance zone). It immediately fell to 19,360 support levels after opening. After 10 AM, the index showed strength as banking stocks moved up, gradually crossed the day’s high (19,450 levels), and consolidated. Nifty closed at 19,444, up by 47 points or 0.25% 

Nifty chart August 23 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,064 with a gap-up of 71 points. Initially, the index came down to the round levels of 44,000 and took support. Then, there was no looking back and Bank Nifty showed a lot of strength on the upside— moving nearly 570 points to 44,500 zones! BNF closed at 44,479, up by 485 points or 1.1%. 

Bank Nifty chart August 23 - post-market analysis | marketfeed

All indices except Nifty FMCG (-0.49%), Nifty Metal (-0.13%), and Nifty Pharma (-0.13%) closed flat-to-green. Nifty PSU Bank (+1.7%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Hindalco (+2.4%) was NIFTY50’s top gainer. The company plans to invest ₹2,000 crore in a copper & e-waste facility and ₹2,000 crore in a project with Indian Railways.

MMTC (+10.13%) jumped on the back of strong volumes.

Adani Enterprises (-6.2%) was NIFTY50’s top loser. 

Shares of Adani Group companies Adani Trans (-7.26%), Adani Power (-7.07%), and Adani Green (-4.3%) fell despite the conglomerate reporting a 42% YoY rise in pre-tax profit to ₹23,532 crore in Q1.

Brightcom Group (-4.9%) fell sharply after SEBI barred the company’s Chairman & CEO Suresh Kumar Reddy and CFO Narayan Raju from holding any directorial positions.

Markets Ahead

Banking stocks displayed notable strength today, which helped Bank Nifty move up with much more strength than Nifty. Adani Enterprises weighed down Nifty’s performance. Markets have given a good closing above the previous resistances of 19,420 in Nifty and 44,100 in Bank Nifty.

Nifty: The index is now out of the descending channel and gave a closing above it. However, Nifty still has a round level resistance near 19,500. To sustain the upward movement, Nifty must achieve a closing above this level. A breakout from 19,500 can give us targets of 19,600 and 19,640. Meanwhile, the immediate support levels to watch out for will be 19,420-400. A breakdown can give us targets of 19,360 and 300 eventually.

A flat opening with consolidation or a gap-up opening can be positive for the markets tomorrow. A gap-down opening might introduce volatility within a certain range for the index.

Bank Nifty: The index closed below the major round level resistance of 44,500. A breakout on the upside can give us targets of 44,750 and 45,000 eventually. The immediate support level to watch out for is near 44,300 level. A breakdown below 44,300 can push the index to 44,100 and 44,000 levels.

On a daily time frame, the index is at the resistance zone of an inverted Head and Shoulder pattern. So watch out if it’s being respected or giving a strong breakout!

What levels are you watching out for weekly expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

Categories
Market News Top 10 News

Vi Plans to Clear Rs 2,400Cr Dues by Sept – Top Indian Market Updates

Vi marketfeed

Here are some of the major updates that could move the markets tomorrow:

Vodafone Idea plans to clear about ₹2,400Cr dues by Sept

As per an Economic Times report, Vodafone Idea plans to clear about ₹2,400 crore of dues to the government by September. The company recently cleared pending dues of licence fees and spectrum usage charges of about ₹450 crore for Q4 FY23. Vi had to pay a licence fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Vedanta seeks minimum $9.5 for Rajasthan gas

Vedanta Ltd is seeking a minimum of $9.5 for the natural gas it produces from its Rajasthan block, according to a tender floated by the firm. The company sought bids from users for 0.6 million standard cubic meters per day of gas it plans to produce from the RJ-ON-90/1 block in the Barmer basin of Rajasthan in three months beginning October 1.

Read more here.

Radico Khaitan underpaid ₹1,078 crore excise duty to UP govt: CAG

As per reports, the Comptroller & Auditor General (CAG) of India has claimed that Radico Khaitan avoided paying taxes worth ₹1,078.09 crore to the Uttar Pradesh government. However, the liquor manufacturing company said that there was a lack of accuracy in the information. Radico Khaitan refuted the media reports, adding that the company has complied with all legal requirements, including revenue laws of India. 

Read more here.

Glenmark settles drug pricing case with US Department of Justice

US-based Glenmark Pharmaceuticals Inc (a subsidiary of Glenmark Pharma) has entered into a 3-year deferred prosecution agreement with the US Department of Justice involving historical pricing practices by former employees relating to the generic drug Pravastatin between 2013 and 2015. If the company adheres to the terms of the agreement, including the payment of $30 million, the DOJ will dismiss the pending Superseding Indictment.

Read more here.

India’s banking system liquidity slips into deficit first time in FY24

Indian banking system liquidity slipped into a deficit for the first time since March-end, as the Reserve Bank of India’s (RBI) temporary liquidity withdrawal and tax outflows impacted banks’ funding. According to RBI data, the banking system’s liquidity stood at a deficit of $2.84 billion as of August 2. Earlier this month, RBI told banks to hold an incremental cash reserve ratio (CRR) of 10% on the increase in deposits between May 19-July 28, which has led to the withdrawal of over ₹1 lakh crore.

Read more here.

Minister Nitin Gadkari launches Bharat NCAP crash test ratings

Union Minister of Road Transport & Highways Nitin Gadkari launched the Bharat New Car Assessment Programme (Bharat NCAP). It’s been created in line with Global NCAP standards under the Safer Cars for India initiative. The government expects the program to increase the demand for safer cars and encourage manufacturers to comply with customer needs.

Read more here.

Promoter firm buys 2.2% stake in Adani Enterprises

Promoter firm Kempas Trade and Investment bought 2.53 crore shares or a 2.22% stake in Adani Enterprises Ltd from the open market between Aug 7-18. Post-acquisition, the total promoter holding in the company increased from 67.65% to 69.87%. 

In other news, Adani Enterprises has incorporated a wholly-owned subsidiary, Sirius Digitech International, to provide digital solutions and services.

Read more here.

Brigade Enterprises acquires 6.54-acre land parcel in Chennai

Brigade Enterprises Ltd has acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly ₹139 crore. The real-estate company will develop a residential project on this land parcel with an overall development potential of over 1 million sq. ft. The land parcel is located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai.

Read more here.

TRAI recommends scrapping of DTH licence fee after FY27

The Telecom Regulatory Authority of India (TRAI) has recommended to the Ministry of Information and Broadcasting (MIB) that the govt should discontinue charging direct-to-home (DTH) operators a licence fee after the financial year 2026–2027 to ensure the sector remains viable in the long-term. TRAI argued that DTH platforms should be treated equally with other regulated & unregulated distribution platforms such as multi-system operators (MSOs), DD Free Dish, and OTT services, which are not required to pay any license fee.

Read more here.