News Shots
JSW Steel’s wholly owned subsidiary JSW Utkal Steel received the environmental clearance to set up a greenfield integrated steel plant with a production capaicty of 1.32 crore tonnes per annum. The capital expenditure for the project is expected to be Rs 65,000 crores including associated facilities.
Wipro acquired Convergence Acceleration Solutions, a U.S.-based consulting and program management firm that specialises in driving large-scale business and technology transformation. The firm will pay $50 million upfront for the deal and $30 million over the next three years.
UltraTech Cement was declared as the preferred bidder for Diggaon Limestone Block in an e-auction conducted by the Karnataka government. The block is situated in Tehsil Chittapur, District Kalburgi, Karnataka adjacent to its Rajashree unit and has total cement grade geological resources of 530 million tonnes of limestone.
Nestle India approved interim dividend of Rs 25 per equity share of Rs 10 each.
Info Edge (India) invested about Rs.3.7 crores in Terralytics Analysis for 20.5% stake.
Results: Anand Rathi Wealth, Hathway Cable & Datacom, Tinplate Company of India
What to expect?
NIFTY opened with a gap-down at 17,755 and moved down. There was a W pattern in formation but there was severe selling pressure which finally took NIFTY to 17,675, down 109 points or 0.62%.
BANK NIFTY opened with a gap-down at 37,643 and moved opposite to the general market. 37,900 offered resistance and there was a sell-off towards the end. BNF closed the day at 37,613, down by 138 points or 0.37%.
All the sectors moved down whereas Metals closed in the green.
The US markets fell heavily with bond yield rising to all-time high. The European markets had a very volatile day and closed the day in the red.
The Asian markets are down. The U.S. Futures and the European futures are trading lower.
SGX NIFTY is trading at 17,570 indicating a gap-down opening.
NIFTY has supports at 17,640, 17,600, 17,550 and 17,470. We can expect resistances at 17,750, 17,780, 17,860 and 17,900.
BANK NIFTY has supports at 37,600, 37,450 and 37,150. Resistances are at 37,900, 38,250 and 38,650.
NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 17,500.
BANK NIFTY has the highest call OI build-up at 38,000 and the largest put OI build-up is at 37,500.
INDIA VIX is at 18.3.
Foreign Institutional Investors net sold shares worth Rs 1,100 crores. Domestic Institutional Investors net bought shares worth Rs 500 crores.
The day started with negative cues from the Asian markets owing to the inflation data from China. Volatility in the German index was another highlight.
TCS announced its quarterly results. The figures were moderate, in line with the expectations. Let us see how the stock moves today. We can see the impact on Infosys as well. Also, Infy results will be announced tomorrow.
As mentioned in the beginning, bond yield spike is a major reason for yesterday’s fall in the US. There are concerns about inflation.
India will release the inflation data today. We can expect a figure outside the RBI ideal range. The industrial output data also will be out today.
A much larger event is US releasing CPI inflation data. We will have to closely watch how the US markets react to the inflation rate and this will have a major impact on NIFTY on the expiry day. It is expected to come around 8.4.
Let us closely watch 17,600 on the downside and 17,780 on the upside.
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