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Gap-Up and Consolidation! What Next For Nifty? – Post-Market Analysis

NIFTY started the day at 19,241 with a gap-up of 108 points. For most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

Nifty chart November 3 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

Bank Nifty chart November 3 - post-market analysis | marketfeed

All indices closed in green. Nifty Realty (+2.54%) and Nifty Media (+1.38%) moved up the most.

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

Today’s Moves

Apollo Hospitals (+5.45%) was NIFTY50’s top gainer. The stock extended gains for the second day on the back of strong volumes.

Eicher Motors (+2.7%) moved up after the automaker reported a 3% year-on-year rise in sales for October. 

Shares of Adani Ports (+2.73%) rose after the company said it handled 37 million metric tonnes (MMT) of total cargo in October 2023, registering a growth of 48% YoY.

Bajaj Finserv (-2.5%) was NIFTY50’s top loser. Yesterday, Bajaj Finance issued warrants worth ₹1,190 crore to Bajaj Finserv.

Dr Reddy’s Labs (-1.4%) extended losses for the third day.  The fall comes after brokerages maintained a cautious stance on the stock despite the company’s financial recovery in Q2.

Markets Ahead

The major indices opened with a big gap and held their levels. This looks like a clear trap for option sellers from yesterday, as the markets have moved above Thursday’s selling zones. But there are still important resistances that have to be broken for the confirmation of a change in trend (or trend reversal).

Nifty:  The immediate support for the index is near 19,180 levels. A breakdown from there could make the index fall to 19,140 levels. Meanwhile, the immediate resistance is near 19,250. A breakout from there can give us targets of 19,350 on the upside, which is also the 50% Fibonacci retracement level.

Bank Nifty: The immediate support for BNF is near 43,230 levels, and the target to watch out for on the downside is 43,080 (gap-filling levels). On the other hand, the index could face a major resistance near 43,400 levels. A breakout from there might make the index hit 43,800 next.

On a weekly chart, both indices have made a Bullish Harami Pattern. If their respective highs are crossed, we can expect the coming week to be bullish.

Today, a rise in the Asian stock markets lifted market sentiments in India as well, thanks to lower US treasury yields and falling crude oil prices. However, there is still uncertainty due to rising prices, the war in West Asia, and how these factors might affect the global economy.

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

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

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RIL Posts 30% YoY Rise in Net Profit to Rs 19,878 Cr in Q2- Top Indian Market Updates

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

Reliance Industries Q2 Results: Net profit rises 30% YoY to ₹19,878 crore

Reliance Industries Ltd (RIL) reported a 29.7% year-on-year (YoY) increase in net profit to ₹19,878 crore for the quarter ended September (Q2 FY24). RIL’s gross revenue rose 1.2% YoY to ₹255,996 crore during the same period. EBITDA stood at ₹44,867 crore, up 30.2% YoY.

Reliance Jio’s net profit rose 11.9% YoY to ₹5,058 crore, while revenue from operations grew 3% YoY to ₹24,750 crore in Q2.

Reliance Retail’s net profit rose 21% YoY to ₹2,790 crore in Q2. Its revenue from operations increased 19% YoY to ₹68,937 crore during the same period.

Read more here.

Mahindra Lifespace Developers records ₹455 crore pre-sales in Q2

Mahindra Lifespace Developers has recorded pre-sales of ₹455 crore for 0.68 million sq. ft. saleable area in residential business for the quarter ended September (Q2). The company’s collections in residential business during the quarter stood at ₹311 crore. The developer launched 0.47 mn sq. ft. of saleable area as part of its phase 3 at Tathawade in Pune.

Read more here.

Maruti Suzuki Q2 Results: Net profit rises 80% YoY to ₹3,716.5 crore

Maruti Suzuki reported an 80% YoY increase in net profit to ₹3,716.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 24% YoY to ₹35,535 crore during the same period. EBITDA stood at ₹4,784 crore, up 73% YoY. Sales volumes grew 6.7% YoY to 5.52 lakh units from 5.17 lakh units last year. This is the highest-ever volumes reported by the automaker during a quarter.

Read more here.

Cipla Q2 Results: Net profit rises 45% YoY to ₹1,131 crore

Cipla reported a 45.4% YoY increase in net profit to ₹1,131 crore for the quarter ended September (Q2 FY24). The pharma company posted a net profit of ₹789 crore in the same quarter a year ago. Its revenue from operations grew 14.6% YoY to ₹6,678 crore during the same period. EBITDA stood at ₹1,734 crore, up 33.1% YoY.

Read more here.

Oberoi Realty sells 31.67% stake in JV Sangam City Township

Oberoi Realty sold its entire 31.67% shareholding in a joint venture, Sangam City Township. The company has sold its stake comprising 9,500 equity shares in the joint entity to Balewadi Tech Park for ₹3.6 crore. The deal marks Oberoi Realty’s complete exit from the project and the joint venture entity. The JV is planning to develop a township project in Pune.

Read more here.

Dr Reddys Labs Q2 Results: Net profit rises 33% YoY to ₹1,480 crore

Dr Reddy’s Labs reported a 33% year-on-year (YoY) increase in net profit to ₹1,480 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 9% YoY to ₹6,880 crore during the same period. EBITDA stood at ₹2,181 crore, up 13% YoY. 

Read more here.

Tata Power arm to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) signed an agreement for building a 43.75 MW captive solar project for Mukand Ltd in Jamkhed, Maharashtra. The project will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonnes of CO2 emissions per year. TPREL will construct, operate and maintain the captive solar power plant. The project is scheduled for commissioning by March 2024.

Read more here.

Adani Energy Solutions commissions Karur Transmission project

Adani Energy Solutions has successfully commissioned the Karur Transmission project with a transformation capacity of 1,000 MVA. The project includes the establishment of the 400/230 kV, 1000 MVA Karur Pooling Station and an associated transmission line spanning 8.51 circuit kilometers (CKM) in Tamil Nadu. This project will facilitate the evacuation of power from renewable sources in the Karur/Tiruppur Wind Energy Zone. 

Read more here.

HDFC bought office space from NBCC for ₹1,130 crore

HDFC bank has bought 284,567 sq. ft. of premium office space for ₹1,130 crore from NBCC (India) Ltd at South Delhi’s Nauroji Nagar. In total, NBCC has sold about 3.9 lakh sq. ft. for ₹1557.51 crore and will use it to fund the construction of seven colonies of Delhi. This is the highest sale realisation in a single auction since the launch of the World Trade Center (WTC) in New Delhi in 2017.

Read more here.

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Market News Top 10 News

HUL Posts 3% Rise in Q2 Net Profit – Top Indian Market Updates

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

HUL Q2 results: Net profit rises to ₹2,717 crore

Hindustan Unilever Ltd (HUL) reported a 3.85% YoY rise in net profit to ₹2,717 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹2,616 crore in Q2 last year. Its revenue from operations rose 3.53% YoY to ₹15,027 crore during the same period. EBITDA stood at ₹3,694 crore, up 9% YoY. The company’s board also declared a dividend of ₹18 per equity share.

Read more here.

NCLT approves Tata Steel Long Products’ amalgamation with Tata Steel

The National Company Law Tribunal (NCLT) approved the amalgamation of Tata Steel Long Products Ltd with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

Read more here.

Jindal Stainless Q2 Results: Net profit rises 75% YoY to ₹609 crore

Jindal Stainless Ltd reported a 74.5% YoY rise in net profit to ₹609.4 crore for the quarter ended September 2023 (Q2 FY24). Its total revenue rose 13.6% YoY to ₹9,720.4 crore during the same period. EBITDA stood at ₹1,069 crore, up 54% YoY. The company’s board has declared a dividend of ₹1 per equity share, with October 28, 2023 as the record date.

Read more here.

Dr Reddy’s Labs gets regulatory approval to study weight loss drug

Dr Reddy’s Laboratoris Ltd has received the Indian drug regulator’s approval to study the safety and efficacy of Semaglutide, a weight loss drug. The pharma company will conduct a bioequivalence study to establish the safety and efficacy of the drug on the Indian population. The company will launch the drug in a year if the bioequivalence studies meet expectations.

Read more here.

PVR Inox Q2 Results: Net profit at ₹166 crore

PVR Inox reported a net profit of ₹166 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹71 crore in Q2 last year. Its revenue from operations rose 191% YoY to ₹2,000 crore during the same period. EBITDA stood at ₹706 crore, up 358% YoY. 

Read more here.

USFDA conducts pre-approval inspection at Indoco Remedies’ Goa facility

Indoco Remedies Ltd’s solid oral formulation facility in Goa received four observations from the US Food & Drug Administration (USFDA) after a Pre-Approval Inspection (PAI). The inspection took place from October 12-18, 2023, and was focused on two drug product applications (ANDAs) submitted from this facility. The observations signify areas where the facility may need improvements to align with regulatory standards.

Read more here.

UltraTech Cement Q2 Results: Profit rises 69% YoY to ₹1,281 crore

UltraTech Cement reported a 69% YoY rise in net profit to ₹1,281 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹756 crore in Q2 last year. Its revenue from operations rose 15% YoY to ₹16,012 crore during the same period. EBITDA stood at ₹2,718 crore, up 35% YoY. 

Read more here.

KFin Tech partners with LIC Pension Fund for investment management solution 

KFin Technologies Ltd signed a high-value multi-year investment management solution (IMS) contract with LIC Pension Fund Ltd (LICPFL). The company will design, create and administer the investment management solution for enhanced customer service, security and compliance. The company has not disclosed the contract tenure and value.

Read more here.

Dabur India’s US subsidiaries sued over alleged cancer causing product

Dabur India Ltd’s three US subsidiaries are being sued over an alleged cancer causing product. The cases are in the early stages of legal discovery and revolve around allegations that a hair-relaxer product contains chemicals that may pose risks of ovarian cancer, uterine cancer, and various other health issues. These cases have been filed in both federal and state courts in the US and Canada.

Read more here.

Nestle India board approves stock split in 1:10 ratio

Nestle India’s board approved a 1:10 stock split for the first time in India. This means each share that an investor holds will be subdivided into 10 shares. The split will divide each fully paid-up equity share with a face value of ₹10 into 10 equity shares with a face value of ₹1. The record date for the split will be announced later.

Read more here.

Granules India gets USFDA nod for heartburn treatment drug

Granules India has received approval from the US Food & Drug Administration (USFDA_ for Esomeprazole Magnesium capsules. The drug is used to treat heartburn and other symptoms associated with gastroesophageal reflux disease. According to the IQVIA data for 12 months ended July 2023, the drug had annual sales of nearly $168 million in the US market.

Read more here.

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Market News Top 10 News

RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

Read more here.

Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

Read more here.

Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

Read more here.

India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

Read more here.

Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

Read more here.

NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

Read more here.

SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

Read more here.

L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

Read more here.

Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

Read more here.

Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

Read more here.

Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

Read more here.

Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


Read more here.

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Daily Market Feed Post Market Analysis

Nifty Falls Sharply Amid Israel-Palestine Conflict! – Post-Market Analysis

NIFTY started the day at 19,539 with a gap-down of 114 points. The index fell to 19,480 initially and gave a sharp recovery of nearly 110 points. However, Nifty couldn’t sustain the up-move and fell gradually to near the day’s low again. Nifty closed at 19,512, down by 141 points or 0.72%.

Nifty chart October 9 - post-market analysis

BANK NIFTY (BNF) started the day at 44,057 with a gap-down of 302 points. After opening, the index fell another 315 points to the support zones of 43,800 levels. Then, BNF moved up sharply till the opening levels, couldn’t sustain the up-move, and eventually fell to give a negative closing at 43,886, down by 474 points or 1.07%.

Bank Nifty chart October 9 - post-market analysis

All indices closed in red. Nifty PSU Bank (-3.09%) and Nifty Metal (-1.4%) fell the most.

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

Today’s Moves

Dr Reddy’s Labs (+1.29%) was NIFTY50’s top gainer.

Oil India (+5.24%) rallied to an 8-year high of ₹318.4 as crude oil prices soared amid the Israel-Hamas war.

TCS (+0.47%) hit a 52-week high of ₹3,679 after the IT major said it plans to consider a share buyback on Oct 11.

Adani Ports (-4.89%) was NIFTY50’s top loser. The company, which runs Haifa Port in Israel, said it is ‘fully alert’ regarding the situation at the port and taking measures to ensure the safety of its employees. 

PSU banking stocks Bank of Maharashtra (-6.6%), UCO Bank  (-6.5%), IOB (-6.31%), Central Bank (-6.3%), PSB (5.8%) and others fell sharply today.

Markets Ahead

The Indian market is under selling pressure due to global negativity. Nifty has taken rejection from the 38% Fibonacci levels, and BNF at its 23% Fib level. India Vix shot up by 10%, which indicates that volatility and bearishness would continue.

Nifty: The important support to watch out for is today’s low of 19,480. A breakdown from there could take the index down to 19,445 and 19,400. The immediate resistance for Nifty is near 19,540, and a breakout may give us targets of 19,580 and 19,640 levels.

Bank Nifty: The important support for BNF is near the 43,800 zone. A breakdown from there could give us a target of 43,550 levels. The immediate resistance to watch is near 44,000 levels. A breakout from here may take the markets up to 44,200 and 44,300 levels.

A rise in Vix indicates bearishness. So look for breakdowns in case of directional trades!

The Israel-Hamas war has led to heightened geopolitical risks. Oil prices have increased due to fears of disruption in the West Asia region. Market analysts expect bond yields to go up and stock markets to fall if the war continues.

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

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Extreme Volatility! Negative Closing for Nifty – Post-Market Analysis

NIFTY started the day flat at 19,744. The index was highly volatile in a 140-point range throughout the day. After opening, the index tried moving up, but faced rejection at the 19,800 level. It then gave a sharp fall of 130 points, recovered back up to the same day’s high, and again fell to the day’s low at 19,650 levels. Nifty closed at 19,742, down by 68 points or 0.34%.

Nifty chart Sept 22 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,707 with a gap-up of 83 points. It initially tried moving up, but took rejection at the 45,000 round levels. Then, the index fell sharply by nearly 400 points to 44,600 levels. It again gave a rebound to the day’s high, but eventually fell again. BNF closed at 44,612, down by 11 points or 0.03%.

Bank Nifty chart Sept 22 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.51%) and Nifty Auto (+0.21%) closed flat-to-red. Nifty Pharma (-1.5%) fell the most.

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

Today’s Moves

IndusInd Bank (+2.95%) was NIFTY50’s top gainer.

Maruti Suzuki (+2.4%) moved up after brokerages Citi and Morgan Stanley maintained their bullish stance on the stock.

HUDCO (+18.84%) hit a 5-year high of ₹85.8 on the back of a positive outlook. The stock has surged nearly 95% since April 2023.

All 12 stocks in NIFTY PSU Bank closed in the green, with Central Bank of India (9%), Union Bank (5.4%) and Canara Bank (4.6%) emerging as top gainers.

Dr Reddy’s Labs (-2.67%) was NIFTY50’s top loser. 

Shares of Wipro (-2.4%) fell following the resignation of Jatin Pravinchandra Dalal as Chief Financial Officer of the company.

Glenmark Pharma (-3.01%) declined up to 6% after the firm received board approval to sell a 75% stake in subsidiary Glenmark Life Sciences to Nirma.

Markets Ahead

Markets are extremely volatile and every uptick is getting sold with a lot of strength. As discussed in yesterday’s post-market report, a sell-on-rise market was expected, and we are seeing it in action.

Nifty: The immediate resistance to watch out for is near 19,720 levels. For a proper uptrend, the index has to cross the resistance at 19,800. The major support is near 19,650. And if this level is breached, we can expect Nifty to hit 19,630 and 19,560.

Bank Nifty: The index is near its round-level support zone of 44,500. A breakdown from this level could give us targets of 44,300 and 44,000. The immediate resistance to look out will be 45,000. Wait for BNF to cross 45,000 if you’re looking for buying opportunities.

On a weekly time frame, the indices are looking weak. But they have taken support from trendlines. So, if those trend lines are breached, we can expect bearishness in the coming months!

PSU bank stocks outperformed today as India’s inclusion in JP Morgan’s Government Bond Index led to a decline in bond yields. 

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

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

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Jio Fin Services to be Excluded From NSE Indices – Top Indian Market Updates

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

Jio Financial Services to be excluded from NSE indices from Sept 7

NSE Indices is set to remove Jio Financial Services Ltd (JFSL) from its Nifty indices. This move comes after JSFL stock failed to meet the price band criteria on two consecutive trading days. The exclusion from the NSE indices, including Nifty 50, Nifty 100, Nifty 200, Nifty 500, and others will become effective from September 7, 2023. JFSL’s inclusion in various NSE indices was announced earlier in July 2023 due to the demerger of the financial services business from Reliance Industries Ltd. 

Read more here.

Instant settlement of Indian stock market trades to come in by October 2024

According to a Reuters report, the Securities and Exchange Board of India (SEBI) expects instant settlement of stock market trades to be implemented by October 2024. Currently, trades in India are settled in “T+1” or one day after the trades are initiated. Instant settlement would ensure trades are settled immediately. To start, SEBI would implement settlement within one hour of the trade, with instant settlement coming some months later.

Read more here.

Andhra Pradesh govt, SBI sign deal to establish 7,500 micro food processing units

State Bank of India (SBI) and the Andhra Pradesh Food Processing Society (APFPS) have entered into an agreement to upgrade and support the establishment of at least 7,500 micro food processing units in the state. This agreement will be executed in the ongoing financial year (FY24) under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme. SBI has already sanctioned over 500 loans under the PMFME scheme in FY23..

Read more here.

Bain approaches Dr Reddy’s Labs for joint Cipla bid

Bain Capital has approached Dr Reddy’s Laboratories (DRL) to explore a joint bid to buy out the promoters of Cipla Ltd, the Hamied family. Last week, senior leadership from both sides met along with their advisors to discuss and formulate a strategy. DRL is believed to be evaluating the opportunity and countering the offer by Torrent Pharma, which is currently the sole Indian strategic investor who has bid for the promoter stake.

Read more here.

M&M signs sponsorship deal with Disney Star for ICC WC

Mahindra & Mahindra (M&M) has signed a sponsorship deal with Disney Star for the upcoming ICC Cricket World Cup 2023. The World Cup will be played in India from October 5 to November 19. The association marks Mahindra’s most significant foray into sports sponsorships. As part of the deal, M&M has become the associate sponsor of Star Sports and a co-sponsor on the digital platform Disney+ Hotstar.

Read more here.

CBI arrests GAIL’s Executive Director and four others in bribery case

The Central Bureau of Investigation (CBI) has arrested five people, including GAIL Executive Director KB Singh, in connection with an alleged bribery of ₹50 lakh. The agency is conducting searches at Delhi, Noida, Uttar Pradesh and Visakhapatnam. CBI alleged that Singh had demanded the bribe in exchange for favours in a GAIL project. GAIL is India’s leading natural gas transmission and marketing company.

Read more here.

Cipla acquires Actor Pharma for $49 million

Cipla is set to acquire Actor Pharma with a view to expand its footprint in the South African market. Actor Pharma is a privately owned consumer health and generic medicine company. The acquisition will take place at a cost of ZAR900 million or $48.6 million. The transaction was executed through Cipla’s wholly-owned subsidiary in South Africa. The company signed a binding term-sheet with Actor Holdings to acquire 100% of the issued ordinary shares of Actor Pharma.

Read more here.

NBCC gets order worth Rs 2,000 crore from Kerala State Housing Board

National Buildings Construction Corporation Ltd (NBCC) has received an order worth ₹2,000 crore from the Kerala State Housing Board (KSBH). The project entails the development of 17.9 acres of land parcel of Kerala State Housing Board at Marine Drive, Kochi, Kerala. The time period for the order execution is yet to be decided. 

Read more here.

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Volatility Ahead of Interest Rate Decision! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,578. Initially, the index broke yesterday’s low of 19,520 levels and fell sharply to 19,470. It then consolidated near those levels till 1 PM. In the second half, the index started moving back up and gave an insane rally of nearly 180 points (aided by Reliance and ITC). Nifty closed at 19,632, up by 61 points or 0.32% 

Nifty chart Aug 9 - post-market analysis

BANK NIFTY (BNF) started the day flat at 44,973. Similar to Nifty, BNF also continued the down-trend, fell by nearly 400 points to 44,530 levels, and consolidated. In the second half, good buying kicked in, and the index shot back up 400 points. However, it couldn’t cross the day’s high. BNF closed at 44,880, down by 83 points or 0.19%. 

Bank Nifty chart Aug 9 - post-market analysis

Nifty Realty (-1.24%) and Nifty PSU Bank (-0.1%) also closed in the red. Nifty Media and Nifty Metal jumped >2%!

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

Today’s Moves

Dr Reddy’s Labs (+3.7%) was NIFTY50’s top gainer. The stock hit a record high of ₹5,883.75 today. As per reports, market participants are looking for opportunities created by potential shortages caused by damages at Pfizer’s injectable plant in the US.

RattanIndia Enterprises (+19.93%) surged on the back of strong volumes. The stock has jumped nearly 36% over the past month.

V-Guard Industries (+10.3%) rallied after the company posted robust financial results for Q1 FY24. Its revenue from operations rose 19.3% YoY to ₹1,214.76 crore in Q1, while net profit stood at ₹64.22 crore, up 20% YoY.

Divi’s Labs (-2.8%) was NIFTY50’s top loser.

Hikal (-4.05%) fell after the pharma company said it has moved back to profitability in Q1.

EPL (-4.2%) fell up to 5% after reports said analysts are worried about the pace of the packaging company’s revenue growth.

Markets Ahead

Ahead of RBI’s interest rate decision and weekly expiry for NIFTY and BANK NIFTY tomorrow, the indices made huge intraday moves today. Strong buying was seen at lower levels. So we can expect more volatility and news-based movement tomorrow as well.

Nifty: The immediate support levels to watch out for in Nifty will be 19,600 and 19,560. The important resistance zones will be 19,680 and a gap-filling zone of 19,720. A breakdown from 19,600 levels will push the market down further. And for the up-move to sustain, the index has to come down to 19,600 levels, take support, and move up to the targets of 19,680 and 19,720.

Bank Nifty: Now, the important resistance in Bank Nifty is the round level of 45,000-100, and the important support will be 44,500-600 levels. The index can be volatile between these levels. If the index gives a breakout from 45,100, we can expect a target of 45,400 and 45,600 eventually. A breakdown from 44,500 can give us targets of 44,300 and 43,900.

Reduce your positions or follow a proper system tomorrow, as the markets are volatile!

We have U.S. inflation data coming out tomorrow. On the other hand, China slipped into deflation for the first time in more than two years in July as the country struggled to revive demand.

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

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

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Market News Top 10 News

Axis Bank Posts 40% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore

Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.

Read more here.

M&M acquires 3.53% stake in RBL Bank for ₹417 crore

Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.

Read more here.

Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore

Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.

Read more here.

Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24

Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.

Read more here.

Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore

Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.

Read more here.

BHEL synchronises 660 MW Unit-2 of Maitree thermal power project

Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).

Read more here.

Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore

Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.

Read more here.

Shree Cement to invest ₹7,000 crore on capacity expansion

Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.

Read more here.

Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore

Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359  crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period.  The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.

Read more here.

Tata Motors to convert DVR shares to ordinary shares

The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.

To learn more about DVR shares, click here.

Read more here.

Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore

Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.

Read more here.

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Daily Market Feed Pre Market Report

Global Markets Fire Up! Nifty to Follow or Fall? Pre Market Analysis

Up light arrows and speed lines on dark blue background, copy space composition, growth competition technology concept.

Here are some of the major updates that could move the markets (NIFTY) today:

Stocks

HCL Technologies Ltd reported a nearly 8% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 3,534 crore.

Dr Reddy’s Labs announced that its Biologics License Application (BLA) for its proposed biosimilar rituximab candidate DRL_RI has been accepted for a substantive review by USFDA.

Technology major TCS reported a nearly 17% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 11,074 crore.

What to Expect Today?

NIFTY opened with a gap-up at 19,508 yesterday. It was crazy price action that we saw in Nifty. The markets moved down and closed at 19,384, down by 55 points or 0.28%.

BANK NIFTY opened flat at 44,888 and exhibited range-bound volatility. The index fell finally and closed at 44,639, down by 106 points or 0.24%.

IT closed 0.71% lower.

The US markets and the European markets rallied.

The Asian markets are trading higher.

The U.S. Futures and European futures are trading higher.

GIFT NIFTY is trading 130 points higher at 19,555.

All the factors combined indicate a gap-up opening.

NIFTY has supports at 19,360, 19,320, 19,265 and 19,200. We can expect resistances at 19,435, 19,500, 19,550 and 19,600.

BANK NIFTY has supports at 44,560, 44,440 and 44,280. Resistances are at 44,720, 44,950, 45,100 and 45,370.

NIFTY has the highest call OI build-up at 19,500. The highest put OI build-up is at 19,300. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-sold shares worth Rs 1,200 crores. Domestic Institutional Investors net-bought shares worth 400 crores.

INDIA VIX is at 10.9.

Though the US markets closed in the green, you can see that Dow Jones had broken the day-low in the second half. The up-move was contributed by the IT stocks mainly.

See how Reliance reversed in the second half yesterday. Keep an eye on Previous-day-low.

HDFC merger will get completed today and there will be volatility because of inflows and outflows.

HCL Tech and TCS have announced their results as mentioned above. See how the stocks perform keeping positivity in the global IT stocks in mind.

There are strong resistances and supports in the market. OI says there are strong resistances rather than supports and this means there could be proper short covering in case there is a good up-move.

I will watch 19,360 on the downside in NIFTY. 19,500 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Market News Top 10 News

MCA Issues Inspection Order Against Shree Cement – Top Indian Market Updates

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

MCA issues inspection order against Shree Cement

According to a CNBC TV18 report, the Ministry of Corporate Affairs (MCA) has issued an inspection order against Shree Cement. The order has been issued due to issues concerning related party transactions, corporate governance matters, and issues about improper income tax filings. This comes after the Income Tax (IT) department conducted a survey action at five locations of Shree Cement in Rajasthan.

Read more here.

Foxconn eyes partnership with Tata Group after Vedanta JV pullout

Foxconn has announced its decision to exit a joint venture (JV) with Vedanta for semiconductor production in India. However, the chipmaker is exploring a potential tie-up with the Tata Group. It is expected to unveil a new agreement with the Tata Group soon. 

In other news, Tata Group is reportedly close to an agreement to acquire an Apple Inc. supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones.

Read more here.

L&T signs Master Ship Repair Agreement with US Navy

Larsen and Toubro (L&T) entered into a significant Master Ship Repair Agreement (MSRA) with the US Navy. The agreement highlights L&T’s Kattupalli Shipyard (near Chennai) as a qualified facility for conducting voyage repairs of Military Sealift Command vessels. After a thorough evaluation by the US Navy and the Military Sealift Command, the shipyard’s capabilities have been recognised, enabling it to undertake warship refits similar to those approved by the Indian Navy and the Coast Guard.

Read more here.

DGCA puts SpiceJet under enhanced surveillance

The Directorate General of Civil Aviation (DGCA) has put SpiceJet Ltd under “enhanced surveillance” amid the company facing multiple financial headwinds recently.  However, the carrier company refuted any such development. This comes against the backdrop of various aircraft lessors seeking repossession of planes leased to SpiceJet, and some of the cases have been settled by the airline.

Read more here.

Zen Technologies wins order worth Rs 340 crore

Zen Technologies Ltd secured a major order worth ₹340 crore. it has bagged the order in the export markets. This is the company’s second major order win this month. On July 7, Zen Technologies secured an order worth ₹160 crore from the Indian government. The contract comes under the government’s indigenous design and Development (IDDM) initiative, which requires Indian IP and over 60% indigenous content.

Read more here.

India’s steel output grows 8.37% to 33.63 MT in April-June

India’s crude steel production increased by 8.37% YoY to 33.63 million tonnes (MT) in the April-June period (Q1 FY24). Higher production and capacity ramp-up activities by steel mills will meet the increasing demand. Finished steel production in India rose 11.66% YoY in the quarter under review to 32.41 MT. Domestic steel consumption rose 10.16% to 30.29 MT from 27.50 MT a year ago.

Read more here.

ITC’s FMCG segment posts 21% rise in annual consumer spend in FY23

ITC Limited’s FMCG business recorded a 21% YoY rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23 (FY23). The company measures annual consumer spend as the sum total of what the consumer spends on buying the goods of the company. ITC said its products reached 230 million households in FY23, up from over 200 million households in FY22. ITC e-Store (D2C platform) is now operational in 24,000+ pin codes.

Read more here.

Dr Reddy’s Labs to enhance presence in nutraceuticals, gene therapy

Dr Reddy’s Laboratories is looking to enhance its presence in various emerging segments like nutraceuticals and gene therapy. The pharma company aims to get into integrated digital healthcare services as part of its future growth plans. It also intends to follow a disciplined approach towards cash management and acquisitions.

Read more here.

GST Council agrees to tax online gaming at 28%

The GST Council has agreed to levy a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform. The council has also agreed to reduce GST on food and beverages at cinema halls from 18% to 5%.

Read more here.

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Market News Top 10 News

Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

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

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

Read more here.

Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

Read more here.

Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

Read more here.

Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

Read more here.

Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

Read more here.

Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

Read more here.

Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

Read more here.

BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

Read more here.

India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Read more here.

Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

Read more here.