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JSW Steel Completes Investment in JSW Paints – Top Indian Market Updates

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

JSW Steel completes strategic investment in JSW Paints

JSW Steel has officially completed the authorized strategic investment of ₹750 crore in JSW Paints. The investment was planned to be carried out in 3-4 rounds between FY 2021-22 to FY 2024-25. The last tranche of investment of around ₹75 crore was made on November 22, 2023. Post this allotment, JSW Steel holds a 12.84% stake in JSW Paints.

Read more here.

L&T Finance gets $125 million loan to support MSMEs, farmers

L&T Finance has signed a $125 million loan pact with the Asian Development Bank (ADB) to support financing in rural and peri-urban areas in India, particularly for women borrowers. The funding comprises a loan of up to $125 million from ADB, and an agreement to syndicate an additional $125 million co-financing from other development partners. 

Read more here.

Indian Hotels invests ₹55 crore in Genness Hospitality & ₹35 crore in Qurio Hospitality

Indian Hotels Company Ltd (IHCL) has invested ₹55 crore in Genness Hospitality and ₹35 crore in Qurio Hospitality via a rights issue. Genness Hospitality, incorporated for a greenfield project (Vivanta Hotel) in Ekta Nagar, Gujarat, is presently under development. The investment involves the acquisition of equity shares of Genness, an existing wholly-owned subsidiary of IHCL.

Read more here.

Affle India files 10 new AI patents

Affle India Ltd has filed 10 new patents related to Artificial Intelligence (AI) in India. The company filed the patents with an aim to strengthen the company’s innovations in the domains of Artificial Intelligence (AI) and automation. The newly-filed patents include the systems and methods for transferring personalised machine learning or AI models and data, along with the ones that integrate models with coordinators and AI agents in a marketplace environment.

Read more here.

Lupin secures USFDA nod for Bromfenac Ophthalmic solution

Lupin Ltd has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) concerning Bromfenac Ophthalmic Solution. The solution is used to treat postoperative inflammation. The company will manufacture the solution in its pithampur facility. According to IQVIA data, the drug had an estimated annual sales of $185 million in the US as of September 2023.

Read more here. 

Cipla stands firm amid USFDA scrutiny, pledges swift response to warning letter

Cipla Ltd reasserted its confidence in its existing commercial product portfolio, stating that it perceives no material risk to its current offerings. The pharma major’s response comes after the US Food & Drug Administration (USFDA) made public the warning letter it issued to the company’s Pithampur unit on November 20. 

Read more here.

Coal India to phase out mining equipment imports in 6 years

Coal India Ltd has drawn up a plan to phase out imported mining equipments over the next six years. The company has imported high-capacity mining equipment worth ₹3,500 crore in the past five years. The move aims to encourage and develop domestically manufactured equipment.

Read more here.

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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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Bank Nifty Holding Down Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,770 with a gap-up of 77 points (well above the important resistance zone). After initial consolidation, the index moved up to 19,830 levels but faced rejection. It then fell back to the opening levels and consolidated. Nifty closed at 19,783, up by 89 points or 0.45%.

BANK NIFTY (BNF) started the day at 43,790 with a gap-up of 207 points. The index mostly consolidated during the first half, but gave a sharp fall to 53,585 levels after 1 PM. Then, BNF bounced back and later consolidated. BNF closed at 43,689, up by 104 points or 0.24%.

All indices except Nifty PSU Bank (-0.35%), Nifty IT (-0.18%), and Nifty FMCG (-0.16%) closed in the green. Nifty Metal (+1.2%) moved up the most.

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

Today’s Moves

SBI Life Insurance (+2.7%) was NIFTY50’s top gainer. 

RattanIndia Ent (+17.1%) hit a 52-week high after the company’s subsidiary, Neobrands, launched its casual fashion brand.

Coal India (-3.9%) was NIFTY50’s top loser. The drop came after the stock traded ex-dividend.

KPIT Tech (-7.28%) fell sharply after Kotak Institutional Equities downgraded the stock to “Sell”, with a target price of ₹940.

Shares of ONGC (-3.36%) turned ex-dividend today.

Markets Ahead

Bank Nifty is currently holding key resistance levels and is unable to cross them. Meanwhile, Nifty was trying to move up, but Bank Nifty was holding it down. We could expect a directional move soon, depending on whether there is a breakout or breakdown from the current levels.

Nifty: The crucial support level to watch is around 19,750. A breach of this level could lead the index to fall to around 19,700 levels (potentially filling the gap). On the other hand, a breakout from the resistance at 19,800 might push the index upward to 19,860 levels.

Bank Nifty: The major resistance is located near 43,700, coinciding with the highest Open Interest (OI) in weekly contracts. A breakout from that level could potentially trigger a short-covering rally, pushing the index to 44,000 and 44,200. Meanwhile, a breakdown from 43,650 may lead the index down to 43,500 and 43,000 eventually.

Considering tomorrow’s weekly expiry for Bank Nifty and the recent consolidation, we could expect a directional move in BNF. So keep a close watch on breakout and breakdown levels and make trading decisions accordingly!

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Muhurat Trading Gains Lost! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,486 with a gap-down of 38 points. After opening, the index further fell nearly 80 points with volatility. Then, it consolidated throughout the day in a 25-point upward channel. Nifty closed at 19,443, down by 82 points or 0.42%.

Nifty chart November 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,915 with a gap-down of 81.5 points. Similar to Nifty, BNF fell more than 200 points with wild moves. Then, the index rebounded 200 points in just 20-25 mins and consolidated for the rest of the day. BNF closed at 43,891, down by 105 points or 0.24%.

All indices except Nifty PSU Bank (+2.64%) and Nifty Metal (+0.37%) closed in the red.

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

Today’s Moves

Coal India (+5.29%) was NIFTY50’s top gainer. Jefferies India and other brokerages have upgraded the stock and raised their target prices on the back of strong Q2 earnings by the state-run miner.

BSE (+9.2%) hit a 52-week high of ₹2,350 after the stock exchange reported a 4x jump in its net profit to ₹118.4 crore in Q2.

Hindustan Copper (+8.07%) surged after the company’s net profit more than doubled in Q2.

SBI Life (-2.2%) was NIFTY50’s top loser. 

Glenmark Pharma (-5.03%) fell sharply after the company posted a loss in Q2 on exceptional legal costs.

Markets Ahead

On the occasion of Muhurat Trading, the Indian markets opened with a gap up (above major resistance levels). However, today’s opening brought the indices back into their original zones, suggesting the presence of selling pressure in the markets.

Nifty: Keep an eye on the resistance levels at 19,460 and 19,500. If there’s a breakout, we might see the index aiming for 19,540 and 19,600. On the other hand, the critical support for Nifty is at 19,400. If it falls below this level, potential targets could be 19,360 and 19,330.

Bank Nifty: The resistance levels to keep an eye on are at 43,900 and 44,000. A breakout might set a target at 44,000 and a larger one at 44,500. On the downside, the key support levels are at 43,800 and 43,700. If there’s a breakdown, potential targets could be 43,500 and 43,300.

Also, watch out for this channel in BNF! 

Bank Nifty chart November 13 - post-market analysis | marketfeed

The Indian market continues to consolidate due to various factors: the sudden slowdown in Industrial Production (IIP) growth in Sept 2023, and the declining manufacturing PMI mirror global patterns influenced by rising interest rates and inflation. The weakness in the Indian Rupee has made FIIs adopt a cautious stance. However, the market’s potential decline is limited by robust Q2 earnings, economic stability, and consistent DII investments.

The markets will be closed tomorrow (Nov 14) on account of Diwali-Balipratipada! marketfeed wishes all our readers a Happy Diwali! 🪔

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Key Levels Taken Out! Bearishness Continues – Post-Market Analysis

NIFTY started the day flat at 19,286. After an initial up-move to 19,350 levels, the index fell 270 points to 19,075. During the decline, Nifty tried taking support at 19,200 levels, took rejection near yesterday’s low, and continued the fall. The index consolidated post 1:30 PM and finally closed at 19,122, down by 159 points or 0.83%.

Nifty chart October 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,308 with a gap-up of 157 points.  After an initial consolidation, the index fell nearly 600 points from the intraday high (continuing the fall from yesterday). BNF closed at 42,832, down by 319 points or 0.74%.

Bank Nifty chart October 25 - post-market analysis | marketfeed

All major indices except Nifty PSU Bank (+0.17%) and Nifty Metal (+0.15%) closed in the red. Nifty Media (-1.6%) and Nifty IT (-1.03%) fell the most.

Major Asian markets closed in the green. European markets are currently trading up to 0.4% in the red.

Today’s Moves

Coal India (+1.37%) was NIFTY50’s top gainer. ICICI Securities has maintained a ‘Buy’ advisory on the stock and raised its target price from ₹325 to ₹395. 

Welspun India (+11.2%) hit a one-year high after the company posted strong Q2 results on the back of higher demand for home linens.

Amber Enterprises (+6.49%) jumped after several analysts raised the stock’s target price even as the company’s losses for Q2 FY24 widened over last year.

Infosys (-2.7%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Shares of Jubilant Pharmova (-7.7%) fell sharply today.

Markets Ahead

Bearishness continues in the Indian market! Nifty and Bank Nifty have broken down major supports. After this fall, the indices might undergo volatility or a small retracement.

Nifty: The important support for the index is near 18,900 levels, which is a bit far from the spot. It is a major target that could be expected in the coming days. The index may retrace a bit in between. Meanwhile, the major resistance will now be 19,200 levels (the earlier support levels). If that level is crossed, the targets could be 19,260 and 19,350.

Bank Nifty: The next major support to consider in BNF is 42,500. The major resistance level to watch out for will be 43,000. If that level is breached, we can expect the index to move up to 43,180 and 43,450 levels. But for a major trend reversal, the index has to cross 43,700.

Major indices have stretched a lot on the downside over the past few days. So a retracement or some profit booking could be seen going forward, which can take the markets up a little. But look for sell-on-rise opportunities only till major resistances are crossed.

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Bajaj Finance’s Net Profit Rises 28% YoY in Q2 – Top Indian Market Updates

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

Bajaj Finance Q2 Results: Net profit rises 28% YoY to ₹3,551 crore

Bajaj Finance Ltd reported a 28% YoY increase in consolidated net profit to ₹3,551 crore for the quarter ended September (Q2 FY24). Total revenue from operations grew 34% YoY to ₹13,378.26 crore during the same period. Net Interest Income (NII) rose 26% YoY to ₹8,059 crore. The gross non-performing assets (NPAs or bad loans) rose from 2.46% in Q2 FY23 to 2.51% in Q2 FY24.

Read more here.

L&T Tech Q2 Results: Net profit rises 5% YoY to ₹315 crore

Larsen & Toubro Tech reported a 5% YoY rise in net profit to ₹315 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹300 crore in Q2 last year. Its revenue from operations rose 5% YoY to ₹2,387 crore during the same period. The company’s board also declared a dividend of ₹17 per equity share. 

Read more here.

Titan to raise ₹2,500 crore via NCDs

Titan Company Ltd’s board has approved the proposal to raise funds through multiple avenues, with a fundraising target of up to ₹2,500 crore. The proposal is to issue rated, listed, redeemable, and unsecured non-convertible debentures (NCDs) on a private placement basis. Additionally, the board has approved availing long-term unsecured loans of ₹1,000 crore.

Read more here.

Dabur gets GST tax demand notice of ₹321 crore

Dabur India Ltd has received a notice to pay Goods and Services Tax (GST) of ₹321 crore along with interest and penalty. The company said that there will be no impact on the financial, operation or other activities of the company due to this intimation of tax being payable. 

Read more here.

TRF signs pact to sell Sri Lankan subsidiary

TRF Ltd is planning to sell its Sri Lankan subsidiary, Dutch Lanka Trailer Manufacturers Ltd, to United Motors Lanka Plc at a valuation of ₹19 crore. TRF Singapore Pte Ltd and a wholly-owned subsidiary of TRF Ltd have signed a share purchase agreement to sell its entire stake in the Sri Lankan subsidiary. 

Read more here.

Indian govt to divest up to 7% in HUDCO

The Department of Investment and Public Asset Management (DIPAM) announced that the Indian government will divest up to 7% equity in Housing and Urban Development Corporation Ltd (HUDCO) through an offer for sale (OFS). The offering includes a base size of 3.5% and an additional 3.5% greenshoe option, providing flexibility to meet investor demand.

Read more here.

Ajmera Realty secures residential redevelopment project in Mumbai

Ajmera Realty secured the redevelopment project of a housing society in Versova, Mumbai. The project will primarily comprise 3 BHK residential apartments and is estimated to generate sales of around ₹360 crore. The emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.

Read more here.

Bajaj Finance to acquire up to 26% stake in Pennant Technologies

Bajaj Finance Ltd has entered into a binding term sheet to acquire up to 26% stake in Pennant Technologies Pvt. Ltd. The consideration for this acquisition will be ₹267.5 crore and will be paid entirely in cash. Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) of the face value of ₹100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

Read more here.

IT Dept moves Bombay High Court against Mahindra & Mahindra

The Income Tax Department (IT) has filed an appeal before the Bombay High Court against an Income Tax Tribunal order that gave relief to Mahindra & Mahindra (M&M) in a ₹194.73 crore tax dispute. M&M received an intimation from the Principal Commissioner of Income Tax-2, informing of the appeal under the provisions of Section 260A of the Income Tax Act, 1961. The appeal is against reliefs provided on various disallowances and additions made by the IT Department.

Read more here.

CCI approves IDFC’s merger plan with IDFC First Bank

The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The merger plan is still subject to clearances from the Stock Exchanges, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and National Company Law Tribunal (NCLT). The proposal also needs approval from shareholders and creditors.

Read more here.

Maruti Suzuki to issue shares worth ₹12,800Cr to Suzuki

Maruti Suzuki has received board approval to acquire 100% equity capital of Suzuki Motor Gujarat (SMG) from parent company Suzuki Motor Corporation (SMC). The acquisition will be executed through a share purchase agreement, with Maruti Suzuki issuing shares to SMC as consideration. Suzuki Motor Gujarat will later become a wholly-owned subsidiary of Maruti Suzuki.

Read more here.

Coal India, partners to invest ₹3,095 crore in fertiliser JV

According to a Reuters report, Coal India, GAIL, and Rashtriya Chemicals & Fertilizers (RCF) will invest ₹3,095 crore in their fertiliser joint venture in Odisha. GAIL and RCF will put in 17.3 billion rupees, while Coal India will invest 13.64 billion rupees in Talcher Fertilizers to maintain their current stakeholding. Each of the three firms holds a 31.85% stake in Talcher Fertilizers.

Read more here.

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Calm Nifty Weekly Expiry! IT Stocks Fall – Post-Market Analysis

NIFTY started the day at 19,822 with a small gap-up of 11 points. Right from opening, the index moved in a 75-point range between 19,770 and 19,845. Nifty closed at 19,794, down by 17 points or 0.09%.

Nifty chart October 12 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,571 with a gap-up of 55 points. Throughout the day, the index consolidated in just a 110-point range between 44,550 and 44,660. BNF closed at 44,599, up by 82 points or 0.18%.

Bank Nifty chart October 12 - post-market analysis | marketfeed

All indices except Nifty IT (-1.67%) and Nifty Realty (-0.18%) closed flat-to-green. Nifty Media (+3.02%) moved up the most.

Major Asian markets closed up to 1.8% in the green. European markets are currently trading in the green.

Today’s Moves

Coal India (+1.7%) was NIFTY50’s top gainer. The company said a three-day strike called by five central trade unions has been deferred.

Aster DM Healthcare (4.9%) surged over 9% following reports that private equity firms BPEA EQT and Ontario Teachers’ Pension Plan Board have shown interest in acquiring the company’s assets, including its India business.

MMTC (+19.95%) rose sharply following the Central Govt’s nod to royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements (REEs).

Tech Mahindra (-2.72%) was NIFTY50’s top loser. 

All stocks in Nifty IT fell after the Q2 results reported by TCS yesterday were weaker than analysts’ estimates. 

Laxmi Organics (-5.7%) fell sharply after rallying over 11% yesterday.

Markets Ahead

Major indices held the upper levels and consolidated in a small range today. A breakout or a breakdown from these zones can give us good directional moves.

Nifty: The immediate support in the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,945 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

How was Nifty expiry day? Are you in net profit or loss? Let us know in the comments section below!

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Short Covering Takes Nifty Up! Nifty Realty Surges 4% – Post-Market Analysis

NIFTY started the day at 19,565 with a gap-up of 53 points. The index crossed the important resistance zone of 19,600 and gradually moved up throughout the day to 19,720 levels. Nifty closed at 19,689, up by 177 points or 0.91%.

Nifty chart October 10 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,027 with a gap-up of 161 points. The index consolidated within a 70-point range till 12 PM. Then, BNF witnessed a short covering rally of 400 points on the upside. BNF closed at 44,360, up by 473 points or 1.08%.

Bank Nifty chart October 10 - post-market analysis | marketfeed

All indices closed well in the green. Nifty Realty (+4.01%), Nifty PSU Bank (+2.08%), and Nifty Metal (+2.05%) moved up the most.

Major Asian markets closed mixed (Japan’s Nikkei rose 2.4%). European markets are currently trading over 1% in the green.

Today’s Moves

Coal India (+5.3%) was NIFTY50’s top gainer. The stock hit a fresh 52-week high of ₹303.9 after brokerage firm Nuvama said the company could offer the triple benefits of volume growth, improved e-auction prices, and a possible all-time high dividend in the second half of FY24.

Nifty Realty hit a high of 612.25 (its highest level since 2009) amid strong business updates from real estate players for the Q2 FY24 and H1 FY24 period.

Prestige Estates (+8.5%), Sobha (+6.9%), Godrej Properties (+5.65%), and DLF (+3.86%) were top gainers in Nifty Realty.

IndusInd Bank (-0.56%) was NIFTY50’s top loser. 

Suzlon Energy (-4.7%) fell for the second consecutive session after the stock was placed on the Direct Stage IV Additional Surveillance Measures (ASM) framework.

Markets Ahead

Markets reversed with strength today, and we saw buying pressure across all indices. However, there could be a retracement until the hurdles of 19,800 in Nifty and 44,500 in Bank Nifty are crossed.

Nifty: The immediate resistance for Nifty is near the 19,720 level. A breakout from here could take the index to 20,000 levels (which is a larger target based on the inverted Head & Shoulder pattern). The first target on the upside can be 19,800. The support to watch out for is near the previous swing of 19,650. A breakdown may take the index down to 19,600 levels and consolidate.

Nifty chart | marketfeed

Bank Nifty: The index is moving in a channel with rejection from 23% Fibonacci levels. So if 44,400 is breached, we can expect a target of 44,800 and 45,000 eventually. Meanwhile, a breakdown from 44,300 could take the index down to 44,100 and 44,000.



As per reports, Indian indices bounced back today as global conditions improved, including a decline in crude oil prices and reduced worries about U.S. interest rates.

Tomorrow is Bank Nifty expiry day! What levels will you be watching?

Did you get trapped in today’s short-covering market? Let us know in the comments section below!

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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. 

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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. 

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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. 

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Market News Top 10 News

Adani Green & TotalEnergy to Form Rs 2,500Cr JV – Top Indian Market Updates

adani

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

Adani Green and TotalEnergy to form Rs 2,490Cr JV

Adani Green Energy’s board approved the execution of a binding term sheet between Adani Green Energy Twenty Three Ltd and TotalEnergies. Total will make a further investment of $300 million (~₹2,490 crore) to form a new 50:50 Joint Venture (JV) company. The new JV will house a 1,050 MWac portfolio, comprising a mix of already operational, under construction, and under development assets with a blend of both, solar and wind power.

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ONGC willing to wait to regain oil from Russian project

According to ONGC Videsh’s Head of Investment, ONGC wants to eventually receive a share of crude from a Russian project it partly owns. However, the company is willing to wait because Russian oil is hard to ship now. ONGC has a 20% stake in Russia’s Sakhalin-1 oil & gas project. The company is also in talks with the Russian government and company shareholders to resume taking oil under a production-sharing arrangement.

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Aurobindo Pharma’s Andhra plant receives observation from USFDA 

The US Food & Drug Administration (USFDA) has issued a Form 483 with one observation after inspecting a formulation production facility of Aurobindo Pharma’s unit in Andhra Pradesh. USFDA inspected the Unit IV of APL Healthcare Ltd in Tirupati district of Andhra Pradesh from September 13-19, 2023. APL Healthcare Ltd is a wholly-owned subsidiary of Aurobindo Pharma.

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Verizon denies Vi acquisition rumours

Verizon Consumer Group has categorically denied claims of it considering the acquisition of Vodafone Idea (Vi). Vodafone Idea also refuted any discussions regarding a potential acquisition with Verizon, Amazon, or Elon Musk-owned Starlink. The company emphasised India’s significance in its global growth strategy, citing the country’s unique capabilities and access to talent pools.

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Viacom18 to showcase ISL on 8 TV channels, Jio Cinema

Viacom18 will showcase the upcoming Indian Super League (ISL) 2023–24 season across eight linear channels in four different languages. The tournament will also be streamed live for free on Jio Cinema. The matches will be aired on Sports18 Khel (Hindi), Sports18 1 SD & HD (English), VH1 SD & HD (English), Surya Movies (Malayalam), DD Bangla, and Colors Bangla Cinema (Bengali).

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Apollo Tyres halts tyre production in Gujarat plant

Apollo Tyres has temporarily ceased bias off-the-road (OTR) tyre production at its manufacturing facility located in Limda, Gujarat. The decision was prompted by concerns raised among shop floor employees regarding the renewal of a long-term settlement agreement. The company has started discussions and negotiations with labour union representatives to address the employees’ concerns.

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Culver Max to replace Zee Entertainment in FTSE indices post-merger

FTSE has announced that Culver Max Entertainment (Sony) will replace Zee Entertainment in all FTSE indices post-merger. For every 100 shares of Zee Entertainment held, shareholders will receive 85 shares in Culver Max Entertainment (Sony). This transition is not only significant but also removes a major uncertainty that has been looming over the stock. The timelines and final date of the merger are yet to be announced.

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PFC may fund 70% of SJVN’s ₹1.19 lakh crore RE projects

SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation Ltd. (PFC) for financial assistance for projects. The MoU pertains to various diversified project portfolios, including renewable energy (RE) and thermal generation projects. The overall cost of the projects is nearly ₹1.19 lakh crore. The term loan financial assistance is proposed tentatively at 70% of the project cost.

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Central trade unions of Coal India to observe a 3-day strike

Coal India Ltd (CIL) has received a three-day strike notice from central trade unions. The notice prompts concerns about the potential impact on the nation’s coal supply and electricity generation. The joint strike notice was issued jointly by prominent labour organisations BMS, INTUC, HMS, AITUC, and CITU. The three-day strike will be from October 5 to October 7, 2023. 

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Delhi HC upholds SBI’s eligibility criteria for ATM caretaker services

The Delhi High Court has upheld SBI’s eligibility criteria for selecting caretaker agencies for its automated teller machines (ATM) in Delhi. The High Court stated that SBI is best equipped to gauge the practicalities involved. Recently, a startup alleged that the eligibility criteria barred start-ups from participating in the tenders due to strict requirements. Only bidders with a minimum average annual turnover of ₹150 crore in the past three years and prior experience in providing similar services for at least five years were eligible.

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India to mandate annual audit of pharma suppliers by drugmakers

According to a government document, India will make it mandatory for drugmakers to audit their raw material suppliers at least once a year. The govt is tightening rules after India-made cough syrups were linked to 141 children’s deaths worldwide. The new mandate, along with additional testing rules for cough syrup exports implemented in June, shows that India is seeking to reassure buyers about the safety of its $42 billion pharmaceuticals industry.

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Market News Top 10 News

India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

inflation - market updates | marketfeed

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

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

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India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

Read more here. 

Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

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NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

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Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

Read more here.

Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

Read more here.

Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

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SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

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IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

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Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

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Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

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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.

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