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Maruti Suzuki Reports 10% YoY Decline in Net Profit in Q4 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q4 Results: Net profit falls 10% YoY to Rs 1,166 crore

Maruti Suzuki India Limited reported a 9.7% year-on-year (YoY) decline in net profit to Rs 1,166 crore for the quarter ended March (Q4). Revenue from operations rose 32% YoY to Rs 24,023 crore during the same period. The automaker sold a total of 4.92 lakh units in Q4 FY21, registering a growth of 27.8% YoY. Its sales for the financial year ended March 31, 2021, fell 6.7% YoY to 14.57 lakh units. Maruti Suzuki’s board has declared a final dividend of Rs 45 per share.

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JSPL to divest entire stake in Jindal Power to Worldone for Rs 3,015 crore

The Board of Directors of Jindal Steel and Power Ltd (JSPL) has approved the divestment of its entire equity stake in Jindal Power Limited (JPL) by selling its shares to Worldone Pvt Ltd. The equity value is an all-cash offer of Rs 3,015 crore for 96.42% stake in JPL, including 3,400 MW coal-fired power plants in Chhattisgarh. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India steel business, and significantly reduce its carbon footprint by almost half.

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Axis Bank Q4 Results: Net profit at Rs 2,677 crore

Axis Bank reported a standalone net profit of Rs 2,677 crore for the quarter ended March (Q4). The lender had posted a net loss of Rs 1,388 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 11% YoY to Rs 7,555 crore in Q4 FY21. [NII is the difference between interest income received from assets such as loans, and the interest it pays to depositors] Provisions during the quarter fell 58% YoY to Rs 3,295 crore. The gross non-performing assets (NPAs) ratio stood at 3.7% in Q4, compared to 4.55% in Q3.

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Bajaj Finance Q4 Results: Net profit rises 42% YoY to Rs 1,347 crore

Bajaj Finance reported a 42% YoY increase in net profit to Rs 1,347 crore for the quarter ended March (Q4). Net interest income (NII) declined 0.5% YoY to Rs 4,659 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 1.79% in Q4 FY21, compared to 2.84% in Q3 FY21. Consolidated assets under management (AUM) increased by 3.9% YoY to Rs 1.52 crore. The company’s board has recommended a dividend of Rs 10 per share.

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Dr Reddy’s expects first lot of Covid-19 vaccine Sputnik V by May end

Dr Reddy’s Laboratories said it expects to receive the first lot of Covid-19 vaccine Sputnik V from the Russian Direct Investment Fund (RDIF) by May end. The pharma company had earlier received approval from the Drugs Controller General of India (DCGI) for the restricted emergency use of the vaccine. In September 2020, Dr Reddys and RDIF entered into a partnership to conduct clinical trials of Sputnik V in India. Both companies have also obtained the rights for distribution of the first 125 million doses in the country.

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Britannia Industries Q4 Results: Net profit declines 3% YoY to Rs 360 crore

Britannia Industries Limited reported a 3% YoY decline in consolidated net profit to Rs 360.1 crore for the quarter ended March (Q4). Revenue from operations rose 8% YoY to Rs 3,038 crore during the same period. The company’s consolidated operating margin stood at 14.9% in Q4. Britannia Industries’ net income was affected by a sharp rise in tax expenses at Rs 132.6 crore.

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Hindustan Zinc Q4 Results: Net profit rises 85% YoY to Rs 2,481 crore

Hindustan Zinc Limited (HZL) reported an 85% YoY increase in net profit to Rs 2,481 crore for the quarter ended March (Q4). Its total revenue rose 56% YoY to Rs 6,725 crore during the same period. HZL saw strong volume and price traction across key verticals such as zinc, silver, and lead. Zinc volumes were up 15% YoY, while lead volumes increased by 29% YoY in Q4. HZL said both mined and finished metal production in the current financial year (FY22) will be higher than last year and is expected to reach 1,025-1,50 kilotonne each.

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ABB India Q1 Results: Net profit more than doubles to Rs 151 crore

ABB India Limited reported a 118.64% YoY increase in consolidated net profit to Rs 151 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its consolidated revenue rose 7.02% YoY to Rs 1,629.15 crore during the same period. The company received total orders worth Rs 1,825 crore in Q1, registering a growth of 24% over the previous quarter. ABB India posted sharp growth in the motion products, robotics, and process automation segments during the quarter.

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4G subscriber base to rise to 820 million in FY22: CRISIL

According to a report by rating agency CRISIL, 4G mobile data subscribers are set to rise to 820 million by the end of March 2022 (FY22)— higher than in the last financial year due to higher competitive intensity. The report states that the pace of addition in subscriber count would pick up gradually over the remainder of the current financial year (FY22), as competitive intensity in the wireless-telecom market increases despite the second wave of Covid-19 pandemic. There has been a significant capacity addition after the spectrum auctions and removal of inter-operator charge (IUC) charges.

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Hatsun Agro Products Q4 Results: Net profit jumps to Rs 57.13 crore 

Hatsun Agro Products Limited reported a multi-fold increase in net profit to Rs 57.13 crore for the quarter ended March (Q4). It had posted a net profit of Rs 7.95 crore in the corresponding period last year. The company’s sales rose 23.89% YoY to Rs 1,568.87 crore during the same period. Hatsun Agro’s net profit for the financial year ended March 31, 2021, rose 119% YoY to Rs 246.35 crore. Hatsun Agro Products is a leading dairy company based in Chennai.

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TVS Motors Q4 Results: Net profit jumps four-fold to Rs 319 crore

TVS Motor Company reported a four-fold increase in consolidated net profit to Rs 319 crore for the quarter ended March (Q4). Revenue from operations rose to Rs 6,131.90 crore in Q4, compared to Rs 4,104.71 crore in the corresponding period last year (Q4 FY20). The company’s two-wheeler sales across domestic and international markets rose 47% YoY to 9.28 lakh units in Q4.

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IMF Raises India’s Growth Projection to 12.5% in FY22 – Top Indian Market News

IMF raises India’s growth projection to 12.5% in FY22

The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for FY 2021-22 from 11.5% estimated in January. As per IMF’s report, India is the only country expected to register double-digit growth in the current financial year. The GDP growth for FY23 is estimated at 6.9%. However, the surge in Covid-19 cases poses a severe downside risk to the growth outlook for the economy. The IMF’s World Economic Outlook now sees world growth of 6% this year, after the contraction of 3.3% in 2020 amidst the Covid-19 pandemic.

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Cargo volume handled by Adani Ports rises 41% YoY in March

Adani Ports & Special Economic Zone Ltd (APSEZ) said it had handled cargo volume of 26 million metric tonnes (MMT) in March, an increase of 41% over the corresponding period last year. The overall cargo volumes handled by APSEZ rose 27% year-on-year (YoY) to 73 MMT for the quarter ended March (Q4). In the container segment, APSEZ handled cargo volumes of 247 MMT, an increase of 11% YoY.

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Bharti Airtel to transfer 800MHz spectrum in 3 circles to Jio

Reliance Jio Infocomm has signed a definitive agreement with Bharti Airtel for acquiring the ‘Right to Use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. With this trading of the right to use spectrum, Jio will have 2x15MHz of spectrum in the 800MHz band in Mumbai circle and 2x10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles.

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Flipkart partners with Mahindra Logistics to accelerate deployment of EVs

E-commerce giant Flipkart has announced its partnership with Mahindra Logistics Ltd (MLL) to help accelerate the deployment of electric vehicles (EVs) across its logistics fleet in India. Flipkart has committed to 100% electric mobility of its logistics fleet and will deploy more than 25,000 EVs by 2030. Through its EDEL brand, MLL will play a significant role in working with various original equipment manufacturers (OEMs) to help Flipkart’s sustainable transition to EVs. 

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Sobha posts record sales bookings in FY21

Sobha Limited reported a total sales volume of 13.37 lakh square feet of super built-up area worth Rs 1,072 crore for the quarter ended March (Q4). The real estate developer’s sales volumes achieved in Bengaluru, Gurugram, Pune, and Kochi were the highest ever in its history. Sales volume and total sales value were up 48% YoY and 54% YoY, respectively, in Q4 FY21. Sobha launched new residential projects of 2.77 million square feet of super built-up area and 0.27 million square feet of commercial space.

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Power market traded highest ever monthly volume of 8,249 MU in March: IEX

Indian Energy Exchange (IEX) said its power market traded the highest ever monthly volume of 8,249 million units (MU) in March 2021, posting a growth of 92% YoY. This has been due to the increase in demand and consumption of electricity across the country. The electricity market achieved an all-time high volume of 73,941 million units in FY21. This a growth of 37.2% as compared to the previous financial year.

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Delhi HC rejects Britannia’s plea of trademark infringement against ITC’s Sufeast Digestive Biscuits

A single-judge bench of the Delhi High Court dismissed a petition of Britannia Industries against ITC Limited for alleged trademark infringement by ITC’s Sunfeast Farmlite Digestive biscuits. Britannia had claimed that the labelling and packaging of ITC’s digestive biscuits were deceptively similar to that of its NutriChoice Digestive biscuits. The court ruled that it “cannot readily presume the digestive biscuit consumer, even if of average intelligence and imperfect recollection, to be unaware of the difference between these categories of digestive biscuits”.

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G M Breweries Q4 Results: Net profit rises 155% YoY to Rs 45 crore

G M Breweries Limited reported a 155.29% YoY increase in net profit to Rs 45.34 crore for the quarter ended March (Q4). Its revenue from operations rose 17.18% YoY to Rs 127.70 crore during the same period. G M Breweries’ net profit has increased by 18.02% YoY to Rs 80.09 crore for the financial year ended March 2021. The company’s board has proposed a dividend of Rs 4 per share.

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JSPL reports highest ever production, sales in FY21

Jindal Steel & Power Ltd (JSPL) reported a 61% year-on-year (YoY) increase in sales to a record high of 7.86 lakh tonnes in FY 2020-21. This can be attributed to robust domestic demand, attractive export markets, and a wide range of product offerings. The steelmaker said its production has crossed the 20 lakh tonne mark for the first time.

In other news, JSPL has announced plans to sell its entire stake in its wholly-owned subsidiary, Jindal Power Ltd, to bring down its overall debt to Rs 28,000 crore and reduce carbon emissions within the group.

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Axis Bank becomes co-promoter of Max Life Insurance

Axis Bank, along with its subsidiaries— Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance Company after completing the acquisition of a 12.99% stake in the firm. The Axis entities have a right to acquire an additional stake of up to 7% in Max Life in one or more tranches (rounds). “With the conclusion of this transaction, Max Life’s Board will be strengthened further, with co-option of three nominee directors of Axis entities on its Board,” said Axis Bank in a statement.

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Saregama signs licensing deal with short video app Triller

Saregama India Limited has signed a global licensing deal with short format video platform Triller. As part of the deal, Saregama will license its entire catalog to Triller, which will allow users to create innovative content using the robust music library of over 1.30 lakh songs in diverse Indian languages. Saregama is India’s oldest music label owned by RP-Sanjiv Goenka group of companies. 

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Reliance Industries Reports 15% YoY Decline in Net Profit – Top Indian Market News

Reliance Industries Q2 Results: Net Profit at Rs 9,567 crore

Reliance Industries Ltd. (RIL) has reported a 15% year-on-year (YoY) decline in net profit at Rs 9,567 crore, for the quarter ended September (Q2). The revenue from operations of RIL has declined by 24% YoY to Rs 1.16 lakh crore, during the same period. The company had posted a net profit of Rs 11,262 crore in Q2 of the previous financial year.

Indian Oil Corporation Q2 Results: 13-fold jump in Net Profit to Rs 6,026 crore

Indian Oil Corporation (IOC) reported a 13-fold year-on-year (YoY) increase in consolidated net profit at Rs 6,025.91 crore, for the quarter ended September (Q2). The consolidated revenue of IOC declined by 13.39% YoY to Rs 1.16 lakh crore, during the same period. The share price of IOC saw a rise of 1.47%, and closed at Rs 79.55 on the NSE today.

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UPL Q2 Results: Net Profit jumps 165% YoY to Rs 537 crore

UPL Ltd reported a 165.84% year-on-year (YoY) increase in consolidated net profit at Rs 537 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% YoY to Rs 8,939 crore, during the same period. UPL has also stated that it has decided to stop production at its oldest manufacturing plant in the Netherlands.

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BSE to consult SEBI on Future-Reliance deal: Report

Reports from various news publications have stated that the Bombay Stock Exchange (BSE) will consult market regulator SEBI, to seek clarifications from Future Retail and Reliance Industries. This comes after Amazon Inc. had objected to the $3.4 billion (~Rs 25,365 crore) deal between Reliance Retail and Future Retail. As per reports, US-based Amazon had written to SEBI and the stock markets to put the deal on hold, due to the Singapore arbitration order.

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IndusInd Bank Q2 Results: 53% YoY decline in net profit

IndusInd Bank Ltd. reported a 53% year-on-year (YoY) decline in net profit to Rs 663 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 12.7% YoY to Rs 3,278 crore, during the same period. The lender had increased its provisions during the July-September quarter to Rs 1,964 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Axis Bank revises stake acquisition agreement with Max Life

Axis Bank, on Friday, announced that the lender and its subsidiaries have agreed to enter into a revised agreement with Max Life Insurance (MLI). They will acquire 19% of the equity share capital of Max Life, instead of 17% as mentioned before. The revised agreement had to be made, as the Reserve Bank of India (RBI) had rejected Axis Bank’s earlier proposal to directly buy a 17% stake in Max Life.

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Suven Pharma Q2 Results: Net Profit declines 20% YoY to Rs 74 crore

Suven Pharmaceuticals reported a 20.35% year-on-year (YoY) decline in consolidated net profit to Rs 74.07 crore, for the quarter ended September (Q2). The consolidated total income of the company stood at Rs 237.74 crore, during the same period. Suven Pharma’s Board of Directors has allotted bonus shares at a 1:1 ratio. This means that the company will issue one bonus share for every one share held by the existing shareholders.

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Blue Dart Q2 Results: 189% YoY increase in net profit

Blue Dart Express Ltd. reported a 189.1% year-on-year (YoY) increase in consolidated net profit at Rs 42.33 crore, for the quarter ended September (Q2). The net sales of the company increased by 8% YoY to Rs 866.57 crore, during the same period. The share price of Blue Dart Express saw a rise of 13.32%, and closed at Rs 3,680 on the NSE today.

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BPCL puts Bina refinery expansion plan on hold pending privatisation

Bharat Petroleum Corporation Ltd. (BPCL) has put on hold its plans to expand its Bina refinery and install a secondary unit at its Mumbai refinery to boost efficiency. The plans have been put on hold due to the privatization process of the company. The Government wants to sell a 53.29% stake in BPCL, in order to raise funds and cover-up its fiscal deficit.

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Karur Vysya Bank Q2 Results: Net profit rises 81% YoY to Rs 115 crore

Karur Vysya Bank reported an 81.4% year-on-year (YoY) increase in net profit at Rs 114.89 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 0.9% YoY to Rs 601.5 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Mahindra Logistics Q2 Results: 34% YoY increase in net profit

Mahindra Logistics Ltd. has reported a 34% year-on-year (YoY) increase in net profit to Rs 14.98 crore, for the quarter ended September (Q2). The company’s sales have declined by 2.34% YoY to Rs 832.51 crore, during the same period. The company has stated that its sales volume has reached pre-Covid levels.

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L&T reports 45% YoY decline in net profit – Top Indian Market News

L&T reports 45% YoY decline in net profit

Larsen & Toubro (L&T) reported a 44.73% year-on-year (YoY) decline in consolidated net profit at Rs 1,410.29 crore, for the quarter ended September (Q2). The company’s revenue from operations has declined by 12.15% YoY to Rs 31,034.74 crore, during the same period. L&T’s Board of Directors has approved a special dividend of Rs 18 per share.

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SBI signs $1 billion loan agreement with Japan Bank for International Cooperation

State Bank of India (SBI) has signed a loan agreement of $1 billion (~Rs 7,403 crore) with the Japan Bank of International Cooperation (JBIC). The loan will provide funds for manufacturers, suppliers, and dealers of Japanese automobiles in India. JBIC is a public financial institution and export credit agency, that promotes the overseas development of Japanese resources.

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Axis Bank Q2 Results: Net Profit at Rs 1,682 crore

Axis Bank Limited has reported a net profit of Rs 1,682.67 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 20% YoY to Rs 7,326.07 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Marico Q2 Results: 8% YoY rise in Net Profit

Marico Limited reported a 7.9% year-on-year (YoY) increase in consolidated net profit at Rs 273 crore, for the quarter ended September (Q2). The FMCG firm’s revenue from operations increased by 8.74% YoY to Rs 1,989 crore, during the same period. The company has stated that it had gained a strong growth in domestic sales in Q2.

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Flipkart-Aditya Birla Fashion proposed deal violates FDI policy: CAIT

The Confederation of All India Traders (CAIT) has raised objections over the proposed deal between Aditya Birla Fashion & Retail and Flipkart. CAIT has alleged that the deal violates the Government’s foreign direct investment (FDI) policy. According to the deal, Aditya Birla Fashion has plans to raise Rs 1,500 crore by issuing a 7.8% stake to Walmart-owned Flipkart Group.

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Tata Elxsi secures global services deal from Aesculap AG

Tata Elxsi has been selected as the global engineering services partner by Aesculap AG. It has opened a dedicated Global Engineering Center (GEC) for Aesculap AG, as part of its strategic multi-year engagement. Aesculap AG is owned by Germany-based B. Braun, one of the world’s leading manufacturers of medical devices. 

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Piramal Enterprises Q2 Results: 14% YoY increase in net profit

Piramal Enterprises Limited reported a 13.95% year-on-year (YoY) increase in consolidated net profit at Rs 628.31 crore, for the quarter ended September (Q2). The company’s consolidated revenue from operations stood at Rs 3,301.84 crore, during the same period. The company has stated that these results have been achieved through strong sales in the pharma segment.

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TCS selected as strategic partner for Belgium-based AG

Tata Consultancy Services (TCS), on Wednesday, announced that it has been selected as a strategic partner by Belgium-based insurance company, AG. TCS would help to improve AG’s digital channels and modernize its IT systems. The global Innovation ecosystem and experience of TCS will be used to upgrade AG’s insurance services.

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Titan reports 38% YoY decline in net profit to Rs 199 crore

Titan Company Ltd. has reported a 37.8% year-on-year (YoY) decline in standalone net profit to Rs 199 crore, for the quarter ended September (Q2). The watch and jewellery maker has posted a 1.72% YoY decline in total income at Rs 4,389 crore, during the same period. The share price of Titan saw a fall of 1.12%, and closed at Rs 1,218 on the NSE today.

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RBL Bank Q2 Results: Profit rises 165% YoY to Rs 144 crore

RBL Bank Limited reported a 165% year-on-year (YoY) increase in net profit to Rs 144.2 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 7.3% YoY to Rs 932.1 crore, during the same period. The share price of RBL Bank saw a rise of 2.48%, and closed at Rs 179.50 on the NSE today.

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Axis Bank Q1 Results: Profits falls 19% YoY

Axis Bank

Axis Bank posted an 18.82% fall (YoY) in net profit at Rs 1112.17 crore for the quarter ended June 30. Last year, net profits were reported to be Rs 1370.08 crore in the same period. Figures reported for the ending quarter is below what analysts had forecasted. The market believed that the company will report a YoY fall in net profits but the slump has even beaten their estimates.

One good news for the bank came in the form of an increase in their Net Interest Income. NII is the difference between the revenue generated by a bank with the interest rate they charge by issuing a loan and the interest rate they pay on a deposit. It grew 20% YoY to ₹6,985 crores for the quarter ended June 30.

Q1 FY21Q4 FY20Q1 FY20QoQ%YoY%
NII6,985 6,807558826% 20%
Profit1112.17-1,3871370.08180%-18.82%

Another news which can give relief to the third biggest private bank of India is their decreasing NPA and GPA ratios. Gross non-performing assets ratio has decreased by 53 bps y-o-y to 4.72% in Q1 FY21.

The net NPA ratio has declined from 1.56% in the March quarter of FY20 to 1.23% in Q1 this financial year. All this has been done successfully because the body has come with a suitable provision plan keeping the pandemic and restrictive financial ability of the borrowers in the mind.

According to Amitabh Chaudhry, MD&CEO of Axis Bank, “The disruption caused by the pandemic has led to immense economic and social impediments, however, it has also brought about innovations across the industry. This has led to many ‘firsts’ and we are in the process of coming up with more. 

After suffering huge losses last quarter, Axis bank has been able to stabilize their bottom line this quarter but still were not able to beat the market expectations. The results were declared only after the market came to an closing for the Tuesday. With a mixed results this quarter, it would be interesting to note how the investors behave once the market re-open tomorrow.

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Oxford University COVID 19 Vaccine Hopes – Share Market Today

News Shots

  • The first set of results from early-stage clinical trials of Oxford University Covid 19 vaccine has shown that the vaccine is safe and induces an immune reaction. Indian vaccine manufacturer Serum Institute, which has a manufacturing agreement with British pharma giant AstraZeneca, announced that it would seek regulatory approvals to manufacture the vaccine in bulk in India.
  • AGR Case: The Supreme Court to announce the AGR repayment timeline by next hearing on August 10. Vodafone Idea had paid Rs 1000 crores to Department of Telecommunication before the hearing and expects 15 years to make the remaining in payment in instalments. The court also expressed doubt over Vodafone Idea’s capacity to clear the dues, asking on how to “rely” on the company for payment over a period given its financial position. 
  • Reliance Jio has sought spectrum in certain frequencies from the Department of Telecom for holding trials of the latest 5G technology. The company’s wholly-owned US-based subsidiary Radisys has already started selling some of the 5G solutions to foreign companies.
  • Jubilant Life Sciences has received drug regulator DCGI approval for generic version of antiviral drug remdesivir 100 mg/vial for restricted emergency use in India for treatment of severe COVID-19. Also, Mr Rakesh Jhunjhujnwala has increased his stake in Jubilant Life Sciences by 0.70%.
  • ACC Cements reported a 40 per cent fall in consolidated net profit at Rs 270.95 crore during the June quarter of financial year 2021 as against Rs 455 crore in the same period last year, on the back of subdued demand for cement as the construction sector is hit by the nationwide lockdown.
  • SBI Card posted 13.80 per cent year-on-year (YoY) rise in net profit at Rs 393.29 crore for the quarter ended June 30. It had posted a net profit of Rs 345.59 crore in the corresponding quarter last year.
  • Dabur has filed a case in the Delhi High Court alleging that its Mumbai rival Marico’s Saffola Honey “imitated” the bottle, trade-dress, label and packaging of Dabur’s honey.
  • Tata Power’s arm CGPL – which runs Mundra power plant – has raised Rs 350 crore by issuing non-convertible debentures (NCDs) on private placement basis.
  • Britannia Industries will invest over Rs 700 crore to open five new manufacturing units in the next two-and-a-half years to meet the growing demand in different parts of India, its MD Varun Berry said on Monday.
  • Q1 Result Announcements Today:
    • Hindustan Unilever (HUL)
    • Axis Bank
    • Bajaj Finance
    • ICICI Prudential Life
    • Bajaj Finserv
    • Crisil
    • DCM Shriram
    • IndiaMART InterMESH
    • Syngene International

What to expect today?

  • Yesterday was a day with the least movement in NIFTY in the last 3 months. NIFTY traded in a very small range of just 80 points (10,950 – 11,030). So, 11,000 did act as a resistance but there was a rally before closing (thanks to IT led by INFY) and NIFTY closed strongly near 11,030.
  • Global markets are on a high. US, European and Asian markets are mostly up, NASDAQ reaching all time high. SGX NIFTY is currently trading very high at 11,130, indicating a huge gap up opening in the Indian Market!
  • NIFTY is likely to trade between 11,000 and 11,200 today. There is support at 10,970 and 10,930, and resistance at 11,050 and 11,090.
  • Highest Call Open Interest at 11,500, followed by 11,000. Highest Put Open Interest at 10,500, followed by 10,800. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 1,709.97 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,521.99 crore.
  • Banks, as conveyed yesterday, started well but ended on a low. They could still be under watch.