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Sideways Weekly Closing! Where Will Nifty Go Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,809. The index mostly moved in a small range of 40 points throughout the day between 19,780 and 19,820. Nifty closed at 19,794, down by 7 points or 0.04%.

Nifty chart November 24- post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,607. After a small consolidation initially, the index moved up to the 43,700 resistance level, consolidated again, gave a breakdown and fell till opening levels. It again shot up and crossed the day’s high to 43,800. BNF closed at 43,769, up by 191 points or 0.44%.

Other indices except Nifty IT (-0.97%), Nifty FMCG (-0.47%), and Nifty PSU Bank (-0.34%) closed in flat-to-green. Nifty Pharma (+0.87%) moved up the most.

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

Today’s Moves

Cipla (+2.39%) was NIFTY50’s top gainer. HSBC maintained a “Buy” rating on the stock.

Shares of public sector insurance firms New India Assurance (+19.98%), General Insurance Company (+16.46%), and LIC (+9.71%) surged today amid a strong outlook.

HCL Tech (-1.49%) was NIFTY50’s top loser. 

Shares of CG Power (-6.7%) came under selling pressure today. Earlier this week, the company announced plans to set up an outsourced semiconductor assembly & test facility in India.

Warren Buffet’s Berkshire Hathaway has sold its stake in Paytm (-3.34%).

Markets Ahead

The indices had a week marked by volatility and consolidation. There was buying observed at lower levels and rejection at higher levels. The direction of the market’s future movement will likely be determined by a breakout or a breakdown on Tuesday. The Indian stock markets will be closed on Monday (November 27) on account of Gurunanak Jayanti.

Nifty: The index currently has immediate support around 19,800. A breakdown from this level could potentially lead to a decline to 19,700 and 19,630 levels. On the other hand, the resistance to keep an eye on is approximately 19,860. A breakout from this level might pave the way for targets of 20,000.

Bank Nifty: A significant resistance level to monitor in BNF is 43,800. A breakout from this level could potentially trigger targets around the round level of 44,000. Meanwhile, the immediate support is situated near 43,600 levels. If there’s a breakdown from this support, the index may decline to 43,500 and 43,200 levels.

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Coal India to Spend Rs 16,500-18,000Cr Over 5 Years – Top Indian Market Updates

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

Coal India to spend ₹16,500-18,000 crore over five years

Coal India Ltd expects to spend ₹16,500 – ₹18,000 crore over the next five years as capital expenditure. For FY25, the company has announced a production target of 850 MT, which is 9% higher than the current year’s target. To support the increase in volumes, Coal India said that it is working on developing sufficient rail infrastructure for the same.

Read more here.

Welspun Corp arm Sintex to set up ₹479 crore manufacturing unit

Welspun Corp Ltd’s wholly-owned subsidiary, Sintex BAPL, has received approval from the Odisha government for its proposal to invest ₹479.47 crore to establish a manufacturing unit. The unit will produce CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks, boasting an annual capacity of 37,520 tonnes. The company plans to set up the proposed facility in Sambalpur, Odisha.

Read more here.

SBI’s unsecured lending to see moderation after RBI’s tightening

SBI Chairman Dinesh Kumar Khara announced that there will be “moderation” in the bank’s unsecured lending portfolio following the Reserve Bank of India’s tightening of norms. He said the impact of higher risk weights will have a 0.02-0.03% impact on its net interest margins in the December quarter (Q3), but a better picture will emerge in the next quarter.

Earlier this month, the RBI increased risk weights on unsecured lending for banks and non-banking financial companies (NBFCs).

Read more here.

Nazara Tech says there will be new gaming IPs in the next six months

Nazara Technologies is looking at more acquisitions to improve its gaming and e-sports business, which together contributed over 86% of its total revenue as of the financial year ending March 2023. The company has built a strong pipeline, especially in core gaming studio intellectual properties (IPs), eSports space, and a little in ad-tech. 

Read more here.

Bharti Airtel begins IPO process for its subsidiary Bharti Hexacom

According to a CNBC-TV18 report, Bharti Airtel Ltd has begun the process of making its subsidiary Bharti Hexacom public. It will be the first IPO from the Bharti Group after over a decade. Bharti Hexacom’s valuation is likely to be estimated at ₹20,000 crore, and the listing process is likely to be completed by early 2024.

Read more here.

CG Power seeks approval to set up semiconductor assembly unit

CG Power and Industrial Solutions Ltd has filed an application with the Central government to set up an Outsourced Semiconductor Assembly and Test facility (OSAT). The estimated investment in the project over five years is $791 million (approximately ₹6,592 crore). The funding for the project is expected to be through a combination of subsidy, joint venture (JV) partners, equity contribution and debt.

Read more here.

Aurobindo Pharma’s unit gets USFDA nod for Ryzenuta injection

Aurobindo Pharma’s subsidiary, Acrotech Biopharma, and Evive Biotech received approval from the US Food and Drug Administration (USFDA) for Ryzenuta injection. The injection is used to treat chemotherapy-induced neutropenia (an abnormally low count of a type of white blood cell). The approval was based on the results of the two pivotal Phase 3 studies completed in the United States and Europe. 

Read more here.

IndusInd Bank promoters deny report of raising funds via share pledge

IndusInd Bank’s promoters have denied claims of raising funds by pledging their stake in the bank. The bank denied the information in a Business Standard article titled “Hindujas raise ₹8000 crores by pledging IndusInd stake”. The lender labelled the article as “malicious and factually incorrect.” IndusInd Bank emphasised that information regarding the pledge of a listed entity is readily available in the public domain and can be verified through official channels.

Read more here.

GMR Power and Urban Infra buys Malaysian partner’s stake in power subsidiary

GMR Power and Urban Infra Ltd has acquired its joint venture (JV) partner’s 29.14% stake in GMR Energy Ltd (GEL) for $28.5 million (approx. ₹237.37 crore). The company has acquired 105.11 crore equity shares, representing a 29.14% stake, in GEL from Power and Energy International (Mauritius) Ltd. Following the stake purchase, the group’s shareholding in GEL has increased from 57.76% to 86.90%

Read more here.

Servotech Power Systems bags order for 2,649 EV chargers from Bharat Petroleum

Servotech Power Systems has secured an order for 2,649 electric vehicle (EV) charges from Bharat Petroleum Corporation Ltd (BPCL). However, the company did not disclose the value of the order in its statement. The company will manufacture, supply and install 2,649 AC EV Chargers strategically across India, equipping petrol pumps in major Indian cities under the BPCL E-drive Project.

Read more here.

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Nifty Up, Bank Nifty Down! – Post-Market Analysis

BSE - post-market analysis | marketfeed

NIFTY started the day flat at 19,784. Initially, Nifty rose to yesterday’s high of 19,830 levels, took rejection there, and experienced a sharp decline of nearly 120 points to the support level at 19,700. Then, it bounced back 120 points! Nifty closed at 19,811, up by 28 points or 0.14%.

Nifty chart November 22- post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,663. The index made higher lows and fell nearly 460 points to 43,230 levels. Then, it made a sharp retracement of 245 points. BNF closed at 43,449, down by 239 points or 0.55%.

Nifty PSU Bank (-1.14%) fell the most, while Nifty IT (+0.74%) moved up the most.

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

Today’s Moves

BPCL (+3.63%) was NIFTY50’s top gainer. The company’s board will meet on November 29 to consider interim dividend for FY24.

CG Power (+19.9%) surged after the company said it would set up an outsourced semiconductor assembly and test facility in India.

Share of Vardhman Textiles (+9.06%), RSMW (+8.8%), Donear Industries (+10.4%), and others were in demand due to analysts’ optimistic outlook for the textile industry.

IndusInd Bank (-2.11%) was NIFTY50’s top loser. The bank’s promoters have denied claims of raising funds by pledging their stake.

Markets Ahead

Both Nifty and Bank Nifty had their fair share of volatility today. While Nifty fell and recovered, Bank Nifty declined and recovered half of the fall— indicating a lack of strength in BNF when compared to Nifty. Even after these volatile moves, it’s surprising to note that India Vix has cooled down.

Nifty: The immediate level to monitor is 19,800 (where the maximum straddle Open Interest is concentrated). Depending on the price action from this level, the index could potentially move upward to 19,860 and 20,000 levels eventually.

Bank Nifty: The previous swing low at 43,200 levels could serve as immediate support. If there’s a breakdown from 43,500, potential targets could be 44,000 and 43,500. On the other hand, 43,200 may act as a significant resistance. A breakout from there might lead to targets of 43,700 and 43,800.

Considering the weakness in BNF, taking advantage of sell-on-rise opportunities might be a smart approach until 43,500 is crossed. 19,800 holds significance for tomorrow’s Nifty weekly expiry. Monitoring the price action around these levels is crucial, and planning a directional trade accordingly could be a strategic move.

Even though the US Federal Reserve adopted a cautious stance in its minutes and refrained from indicating a rate cut, the Indian market managed to recover from the day’s correction and ended with small gains. Meanwhile, 4 out of 5 IPOs have been fully subscribed!

Have you applied for any IPO this week? Let us know in the comments section below!

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Reliance to Venture Into Green Energy Business – Top Indian Market News

Reliance Industries to venture into green energy business

At the 44th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), Mukesh Ambani announced the company’s mega investment into a new green energy business. RIL aims to build four giga factories to manufacture and integrate critical components at an investment of Rs 60,000 crore over the next three years. 

Ambani further announced that RIL plans to close its deal with Saudi Aramco this year. Also, the company will launch a low-cost smartphone— ‘JioPhone Next’ (developed in collaboration with Google) in September 2021. RIL’s Chairman also claimed that Reliance Jio will be the first to launch 5G in India.

Read more here.

Adani’s subsidiary strikes coal at Carmichael mines in Australia 

Adani Group’s Australian mining arm, Bravus Mining & Resources, has struck coal at the Carmichael mine in Queensland, Australia. In a statement, Bravus CEO David Boshoff said the company is on track to export its first coal this year. India will be a foundation customer for the Carmichael mine. Bravus has already secured the market for 10 million tonnes per annum (MTPA) of coal produced at the mine.

Read more here.

SBI Cards launches co-branded credit card with Fabindia

SBI Cards & Payment Services has partnered with Fabindia to launch an exclusive co-branded contactless credit card, Fabindia SBI Card. The card is designed with curated benefits and privileges to offer a rewarding shopping experience to its premium customers.  It comes in two variants— Fabindia SBI Card SELECT and Fabindia SBI Card. All Fabindia SBI Card customers will get direct entry to the FabFamily loyalty program.

Read more here.

Zydus Cadila gets USFDA approval to market generic sclerosis treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Fingolimod capsules in the US. The drug is used to treat multiple sclerosis (a potentially disabling disease of the brain and spinal cord). The capsules will be manufactured at the pharma company’s manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

Read more here.

Mindspace REIT commits to 100% renewable electricity use by 2050

Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with the Carbon Disclosure Project (CDP). With this, the firm has committed to transform into 100% renewable electricity use across all areas services and maintained within its portfolio by 2050. Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of green energy. Currently, the REIT sources about 10% energy through renewable sources such as solar energy and renewable energy certificates (RECs).

Read more here.

HFCL to set up PM-WANI powered connectivity for Baidebattu village

HFCL, in collaboration with Telecom Infra Project, has announced the setting up of their second PM-WANI (Wi-Fi Access Network Interface)-powered connectivity for Baidebattu village in Karnataka. The company will set up a robust outdoor Wi-Fi network for providing broadband internet connectivity. It will offer high-speed Wi-Fi connectivity to over 9,000 residents of the village. The network is expected to go live by July 31, 2021.

Read more here.

CBI searches premises of CG Power & Industrial Solutions in Mumbai

The Central Bureau of Investigation (CBI) carried out searches at the premises of CG Power and Industrial Solutions (previously known as Crompton Greaves) on Thursday. This is in connection with an alleged loan fraud of Rs 446 crore in Yes Bank involving industrialist Gautam Thapar. The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public money to the tune of Rs 466.15 crore.

Read more here.

West Coast Paper Q4 Results: Net profit declines 37.5% YoY to Rs 75 crore

West Coast Paper Mills reported a 37.53% YoY decline in consolidated net profit to Rs 74.92 crore for the quarter ended March (Q4). Its revenue from operations rose 26.14% YoY to Rs 937.03 crore during the same period. West Coast Paper reported a net loss of Rs 3.10 crore for the financial year ended March 30, 2021 (FY21). It had posted a net profit of Rs 370.38 crore in FY20. The company’s board has recommended a final dividend of Re 1 per share.

Read more here.

India Pesticides IPO subscribed 3.79 times on second day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 3.79 times on the second day of bidding. Investors have put in bids for 7.32 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 5.88 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 91%, and that of Qualified Institutional Buyers (QIBs) 2.31 times. The agrochemical company’s public issue closes tomorrow.

To learn more about the IPO, click here.

TCS launches ‘Quartz for Markets’

Tata Consultancy Services (TCS) announced the availability of a new solution, termed as ‘Quartz for Markets’, for Market Infrastructure Institutions (MIIs). It helps MIIs offer end-to-end next-generation services around tokenised securities and drive their future growth. The solution supports multiple asset classes, including equity, fixed income, warrants, and asset-backed tokens like real estate, gold, art, and non-fungible tokens (NFTs). MIIs include exchanges, depositories, central banks, payment infrastructures, private banks, custodians, etc.

Read more here.

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Petrol, Diesel Prices Cut for Second Consecutive Day – Top Indian Market News

Petrol, diesel prices cut for second consecutive day

State-run oil marketing companies (OMCs) cut petrol and diesel prices for the second consecutive day on Thursday. The price of petrol fell by 21 paise per litre to Rs 90.78 per litre in Delhi. Diesel price fell by 20 paise to Rs 81.10 per litre in the national capital. Global crude oil prices have fallen due to growing concerns over lockdowns to contain the increasing number of Covid-19 cases. 

Read more here.

Welspun Enterprises to take over Rs 1,900 crore HAM project in Kerala

Welspun Enterprises has agreed to take over a Hybrid Annuity Mode (HAM) project in Kerala from Calicut Expressway Pvt Ltd through the harmonious substitution process of the National Highways Authority of India (NHAI). The project consists of six-laning the Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in Kerala. The current estimated bid project cost is ~Rs 1,900 crore.

Read more here.

Dilip Buildcon emerges lowest bidder for HAM project in Karnataka

Dilip Buildcon Ltd (DBL) has emerged as the lowest (L1) bidder for a new Hybrid Annuity Mode (HAM) project in Karnataka. The project consists of four-laning the Sannur-Bikarnakette section of NH-169 in Karnataka. The bid cost of the 45 km-long project is Rs 1,137 crore.

In other news, Repallewada Highways (a wholly-owned subsidiary of DBL) has received a letter of appointed date from NHAI for a project in Telangana. The bid cost of the 52.6 km-long project is Rs 1,140.50 crore.

Read more here.

Barbeque Nation IPO subscribed 1.98 times on second day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.98 times on the second day of bidding. The IPO has received bids for 98.75 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 9.66 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 10% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Voltas executes business transfer agreement with Universal MEP Projects

Voltas Limited has executed a business transfer agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services Ltd (UMPESL), for transferring its domestic projects business. Voltas’ mechanical, electrical & plumbing (MEP), heating, ventilation & air-conditioning (HVAC), and water projects, mining & construction equipment (M&CE) divisions will be transferred to UMPESL. The transaction is expected to be completed by the end of September 2021. 

Read more here.

Kirloskar Ferrous signs mining lease deed with Karnataka Govt

Kirloskar Ferrous Industries Ltd (KFIL) was declared as the preferred bidder in an e-auction for Bharath Mines & Minerals, based on the highest final price offer submitted by the company. KFIL said it has entered into the mining lease deed with the Department of Mines and Geology, Government of Karnataka, for conducting mining operations for a period of 50 years. The operations at the mine commenced on March 24, 2021.

Read more here.

Wabco India’s promoter to sell 18.10% stake via OFS

Wabco India Limited said its promoter, ZF International UK, will offload an 18.10% stake in the company through an offer for sale (OFS). This consists of a base issue of 9.05% stake and an oversubscription issue (greenshoe option) of 9.05% stake. The floor price of the OFS has been fixed at Rs 5,450 per share, a discount of 11% compared to Wednesday’s closing price of Rs 6,102. The OFS will open for retail investors tomorrow (March 26).

Read more here.

CG Power’s board approves liquidation of CG Sales Network Malaysia

The Board of Directors of CG Power and Industrial Solutions Ltd has approved a proposal to liquidate its step-down subsidiary— CG Sales Network Malaysia Sdn Bhd. The voluntary liquidation is subject to statutory and regulatory approvals. CG Power is engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. The company is based in Mumbai and is part of the Murugappa Group.

Read more here.

Govt offers 67 blocks in second tranche of commercial coal mine auction

The Central government, on Thursday, launched the second tranche of auctions for commercial coal mining. A total of 67 coal blocks have been put up for sale. This is the highest number of mines on offer in a particular tranche (round) after the commencement of the auction regime in 2014. Out of the total 67 mines offered, 37 have been fully explored, while the remaining have been partially explored. 

Read more here.

Ramco Systems wins order from a global tech company

Ramco Systems Limited said it has signed a contract with a global technology company to unify and transform its payroll operations across Japan, China, Philippines, and Malaysia. The tech company will leverage Ramco’s managed payroll services (including last-mile services on public cloud) to streamline and digitally transform its payroll operations across the four countries in Phase-1.

Read more here.