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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.

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Foot Locker Set For India Entry – Top Indian Market Updates

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

Foot Locker signs pact with Metro Brands, Nykaa for India entry

American sportswear & footwear retailer Foot Locker has signed a long-term licensing agreement with Metro Brands Ltd (MBL) and Nykaa Fashion for its India entry. MBL will have the rights to own and operate Foot Locker stores within India and sell authorised merchandise in Foot Locker stores. Nykaa Fashion will be the exclusive e-commerce partner, operating Foot Locker’s India website and retailing authorised merchandise.

Read more here.

Aurobindo Pharma gets USFDA approval for HIV drug

Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) to market a generic medication used to treat human immunodeficiency virus (HIV-1) infection. The approval is to manufacture and market Darunavir tablets in strengths of 600 mg and 800 mg. As per IQVIA data, the product has an estimated market size of $274.8 million for the 12 months ended October 2023.

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ATGL launches green hydrogen blending pilot in Ahmedabad

Adani Total Gas Ltd (ATGL) has started blending green hydrogen in natural gas they sell to households for cooking purposes and industries as fuel in Ahmedabad. ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad. The pilot project is expected to be commissioned by Q1 of the financial year 2024-25.

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Adani Power to blend green ammonia with coal at Mundra plant

Adani Power Ltd (APL) will use green ammonia along with conventional fuel coal to run the boiler of 330 megawatts (MW) at its Mundra plant in Gujarat. The quantum of green ammonia will be up to 20% of the total fuel requirement. Adani Power has partnered with IHI and Kowa-Japan for the pilot project. They are also examining its expansion to other APL units and stations.

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SBI takes possession of PC Jewellers promoters’ assets

State Bank of India has taken possession of two residential properties owned by PC Jewellers Ltd in New Delhi after the firm and its guarantors failed to repay ₹1,168.90 crore. In a notification, SBI cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of ₹1,267 crore. SBI has already filed a case against PC Jewellers in the National Company Law Tribunal.

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UltraTech acquires assets of Burnpur Cement for ₹69.79 crore

UltraTech Cement has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for ₹169.79 crore. The company has acquired 0.54 million tonnes per annum (MTPA) cement grinding assets of Burnpur Cement Ltd at Patratu in Jharkhand. Last year, Punjab National Bank had put up for sale the account of loss-making Burnpur Cement and invited bids from Asset Reconstruction Companies (ARCs) to recover loans outstanding of over ₹50 crore.

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Report on Zee-Sony merger risks collapse incorrect: ZEEL

Zee Entertainment Enterprises Ltd (ZEEL) called the news report captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” “factually incorrect.” The report was published by NDTV. ZEEL is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by NCLT, Mumbai Bench.

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Fire reported at Aether Industries’ Surat plant

Aether Industries announced a fire incident at its manufacturing site in Surat, Gujarat. The fire caused injuries to about 25 workers and further evaluation of losses and damages is being conducted. However, no casualties had been reported.

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SEBI bans 9 entities from the stock market

The Securities & Exchange Board of India (SEBI) has barred nine entities from the securities market for at least two years and directed them to refund Rs 8 crore collected from investors, which they received via unregistered investment advisory services, within three months.  The regulator has also imposed a penalty totalling ₹18 lakh on them and asked them to pay the amount within 45 days.

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NSE, BSE grant approval for delisting ICICI Securities shares

ICICI Bank had obtained approval from the National Stock Exchange (NSE) and Bombay Stock Exchange to delist the shares of ICICI Securities. On November 9, the Reserve Bank of India (RBI) granted approval to ICICI Bank, allowing it to establish full ownership of ICICI Securities. On June 26, ICICI Bank disclosed its intention to review a proposal regarding the delisting of ICICI Securities.

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SBI to Raise Rs 50,000Cr Via Debt – Top Indian Market Updates

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

SBI to raise Rs 50,000 crore via debt instruments in FY24

State Bank of India’s (SBI) board said it plans to raise up to Rs 50,000 crore this financial year (FY24) by issuing debt instruments. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds. The move is part of the bank’s plans to meet the overall demand for credit. 

Demand for bank loans has consistently stayed in double digits despite a 250-basis points increase in interest rates since May 2022.

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Tata Motors partners with HSBC India for EV financing solutions

Tata Motors has partnered with HSBC India to provide loans to corporate sector employees for buying electric vehicles (EVs). The deal offers customers with a salaried account with HSBC India a bespoke loan solution to buy from Tata’s EV portfolio. People who avail this loan will get a special accessory kit for the EV they purchase and other advantages like low processing fees, zero depositions, no hypothecation, and no documentation fees.

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Allcargo Logistics closes 30% stake purchase from KWE in Gati subsidiary

Allcargo Logistics has successfully acquired a 30% stake (~1.50 lakh shares) in Gati-Kintetsu Express (GKEPL) for Rs 406.71 crore. The company’s subsidiary (Gati) already held a 70% stake in GKEPL. With this acquisition, Allcargo and Gati now own 100% of GKEPL and assume complete control. The completion of this transaction aligns with the Share Purchase Agreement (SPA) signed between the parties in March 2023.

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Indoco Remedies gets EU-GMP certification for Himachal plant

Indoco Remedies has received the EU GMP certification for its manufacturing site in Himachal Pradesh. The health authority of Germany inspected the facility for oral dosage forms from May 22-25, 2023. The certification confirms compliance with Good Manufacturing Practice requirements. This EU certification will facilitate the supply of drug products registered in Europe from this manufacturing site, enhancing Indoco Remedies’ presence in the European market.

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India’s forex reserves up $5.9 billion to $595.1 billion 

Reserve Bank of India (RBI) announced that India’s foreign exchange reserves rose by $5.9 billion to reach $595.06 billion for the week ending June 2. This marked the largest increase in a month, breaking a two-week declining trend. India’s Special Drawing Rights (SDRs) decreased by $6 million to $18.186 billion, while the reserve position with the IMF grew by $10 million to $5.123 billion.

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Zydus starts trial to generate data on effect of Saroglitazar Mg in NAFLD patients

Zydus Lifesciences has initiated a Phase IV real-world data registry trial to evaluate the advantages of Saroglitazar Magnesium in patients with non-alcoholic fatty liver disease (NAFLD) and comorbidities. The trial aims to enroll approx 1,500 male and female NAFLD patients with comorbidities such as obesity, type 2 diabetes mellitus, dyslipidemia, or metabolic syndrome. The study will span approximately 56 weeks.

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Greenlam Industries’ subsidiary starts commercial production at Tamil Nadu plant

Greenlam Industries’ subsidiary HG Industries Ltd has begun commercial production at its new plant in Tindivanam, Tamil Nadu. With an investment of Rs 125 crore, the facility is equipped to manufacture plywood and related products with an annual capacity of 18.9 million square meters. This greenfield project reinforced Greenlam’s commitment to meeting the growing demand for quality wood-based materials.

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Aether Industries signs agreement with Saudi Aramco Tech for new technology 

Aether Industries Ltd has signed a license agreement with Saudi Aramco Tech for the convergence polyols technology. The company has commenced the manufacturing and commercialization of the Converge polyols technology and product series. This partnership enables Aether to leverage the expertise and technology of Saudi Aramco to produce and market innovative polyols products.

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IndiGo offers connectivity to US via codeshare connections with Turkish Airlines

IndiGo has launched new connections via Istanbul to the United States, offering passengers connectivity to New York, Boston, Chicago and Washington via its codeshare partnership with Turkish Airlines. The expansion will come into effect on June 15, 2023. IndiGo aims to double its capacity by the end of the decade and expand its network, especially in international markets.

Read more here.

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Amara Raja Batteries to Invest in Europe-based InoBat Auto – Top Indian Market News

Amara Raja Batteries to invest in Europe-based InoBat Auto

Amara Raja Batteries Ltd (ARBL) plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility. The initiative would entail a total investment of €10 million (~Rs 84.35 crore), which includes a subscription of 0.04% stake and convertible loan in InoBat Auto AS, Norway. The initial investment will give ARBL a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push.

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NTPC receives Rs 135 crore interim dividend from JV firm

NTPC Limited has received around Rs 135 crore as interim dividend from a joint venture company. The power giant said this is the second interim dividend paid by NTPC Tamil Nadu Energy Company Ltd (NTECL) in the current financial year (FY22). The total interim dividend NTECL paid to its promoters for FY22 is Rs 488 crore. NTECL is a 50:50 JV of NTPC and Tamil Nadu Generation & Distribution Corporation Ltd.

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Bajaj Auto to set up Rs 300 crore EV manufacturing facility in Pune

Bajaj Auto Ltd will set up an electric vehicle (EV) manufacturing facility at Akurdi in Pune with an investment of Rs 300 crore. The facility will have the capacity to produce 5 lakh EVs per annum and cater to both domestic and exports markets. The first vehicle from the new unit is expected to be rolled out by June 2022. It will employ around 800 personnel.

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Ola installs hypercharges at BPCL pumps

Ride-hailing firm Ola has begun rolling out hyperchargers at Bharat Petroleum Corporation Limited (BPCL) pumps and residential complexes across India. The hyperchargers will be made operational in 6-8 weeks. It will be free for use for all customers till the end of June 2022. The development comes days after Ola started rolling out its e-scooters S1 and S1 Pro.

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BASF India to divest its production site in Quincy, Florida to Clariant for $60 million

BASF India-led holding company, BASF SE-Germany, has reached an agreement to divest its manufacturing site in Quincy, Florida, for $60 million (~Rs 447 crore) to Clariant. The transaction is expected to close in 2022, subject to the approval of the relevant Competition Commission or Anti-trust Authorities. BASF will also enter into a long-term supply agreement for its attapulgite business with Clariant.

Govt begins inviting applications from investors under PLI scheme for speciality steel

The Ministry of Steel has started inviting applications from investors looking to invest under the production-linked incentive (PLI) scheme for speciality steel. March 29, 2022, has been fixed as the last date to submit the applications. On July 22, the Union Cabinet had approved a Rs 6,322 crore PLI scheme to boost the production of speciality steel in India. It will attract an additional investment of ~Rs 40,000 crore and generate fresh job opportunities for 5.25 lakh people.

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Specialty chemical company Aether Industries files for IPO

Speciality chemicals manufacturer Aether Industries Ltd has filed its draft red herring prospectus (DRHP) with markets regulator SEBI to raise Rs 1,000 crore through an initial public offering (IPO). The public issue consists of a fresh issue of shares aggregating to Rs 757 crore and an offer for sale of up to 27.51 lakh shares. Aether is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of ~60% between FY18 and FY21.

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Apollo Hospitals signs pact with J&K Govt to set up multi-specialty hospital

Jammu and Kashmir administration has signed a Memorandum of Understanding (MoU) with Apollo Hospitals to set up a multi-specialty hospital in Jammu. Lt. Governor Manoj Sinha announced that more healthcare projects and MoUs are in the pipeline to ensure that the best healthcare is within the reach of every citizen of the Union Territory (UT). In the first phase, Apollo Hospitals will set up a 250-bed hospital in the region.

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REC’s arm hands over Kallam Transmission SPV to IndiGrid firm’s consortium

REC Power Development & Consultancy Ltd (RECPDCL) has handed over special purpose vehicle (SPV) Kallam Transmission Ltd to a consortium of infrastructure investment trust IndiGrid firms. The SPV has been set up for the construction of a transmission system for evacuating power from renewable energy projects in Osmanabad area in Maharashtra. RECPDCL is a wholly-owned subsidiary of REC Ltd.

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