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Momentum Lost in Nifty and Bank Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,674 with a gap-down of 91 points. After opening, the index made a strong recovery of more than 130 points to 19,800 levels. For the rest of the day, it consolidated in a range with a negative bias. Nifty closed at 19,731, down by 33 points or 0.17%.

Nifty chart Nov 17 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,656 with a gap-down of 504 points (below the 44,000 support zones). After initial volatility, 43,800 acted as strong resistance, and the index consolidated with a negative bias. BNF closed at 43,583, down by 577 points or 1.31%.

Other indices except Nifty PSU Bank (-2.39%), FIN NIFTY (-0.9%), and Nifty IT (-0.25%) closed in the green.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

SBI Life Insurance (+3.97%) was NIFTY50’s top gainer. The stock extended gains for the third day in a row.

Tata Investment Corp (+20%) surged on account of value unlocking opportunity with Tata Technologies IPO. The public offer opens for subscription on November 22.

Varroc Engineering (+16.8%) surged on the back of strong volumes.

State Bank of India (-3.69%) was NIFTY50’s top loser. 

RBL Bank (-7.7%), Aditya Birla Capital (-5.6%), SBI Card (-5.14%), and other banking and NBFC stocks crashed after the RBI tightened the norms for personal loans and credit cards.

Markets Ahead

Markets gave a strong closing on a weekly time frame. Looking at the daily timeframe, there is a retracement of 38% in the Fibonacci levels for Bank Nifty. However, it’s important to note that this retracement is for the uptrend from 42,100 levels. When examining the same retracement levels from 46,300 levels, it coincides with the 50% rejection zone. This suggests a bearish sentiment on an even larger time frame.

On the other hand, Nifty looks stronger than Bank Nifty, and no retracement was observed. So if Bank Nifty shows weakness, there is a possibility that Nifty might experience a slight dip as well.

Nifty: The key support levels for the index are at 19,600 and 19,500. If there’s a breakdown from 19,630, potential targets could be 19,500 and 19,400. On the other hand, the major resistance level to monitor is around 19,860. A breakout from there might set a target of 20,000.

Bank Nifty: A vital support level to monitor is around 43,400. A breakdown from this level could confirm short-term bearishness, with potential downside targets at 43,000 and 42,500. On the other hand, significant resistance is evident near 44,800, while the immediate resistance lies at 44,000. A breakout from there could cause the index to rise to 44,400 and 44,800.

The Indian stock market displayed a mixed performance today, marked by a decline in financial stocks as RBI tightened consumer lending rules. Meanwhile, global markets have been strong due to the easing U.S. interest rate outlook and a decline in oil prices.

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Market News Top 10 News

GAIL Reports 28% QoQ Rise in Net Profit in Q4 – Top Indian Market News

GAIL Q4 Results: Net profit rises 28% QoQ to Rs 1908 crore

GAIL (India) Limited reported a 28% quarter-on-quarter (QoQ) increase in net profit to Rs 1907.7 crore for the quarter ended March (Q4). Its revenue from operations rose 0.6% QoQ to Rs 15,548.1 crore during the same period. Revenue from the petrochemicals and natural gas segments rose 14.5% and 0.7%, respectively, over the previous quarter. Net margins increased to 16%, compared with 12.4% in Q3 FY21. Net profit for the financial year 2020-21 (FY21) declined by 26% YoY to Rs 4,890.18 crore.

Read more here.

Dr Reddy’s partners with Rockwell for Sputnik V rollout in India

Dr Reddys Laboratories has entered into a strategic partnership with Rockwell Industries to provide WHO-certified Covid-19 vaccine freezers for the storage of Sputnik V vaccines across India. On May 14, Dr Reddy’s had announced a limited pilot soft launch of Sputnik V in India, ahead of the commercial launch in June. Rockwell will provide end-to-end logistics and after-sales service support for vaccine freezers across the country. The freezers play a critical role in the safety of the vaccine and its potency. 

Read more here.

Cabinet allocates 5 MHz spectrum for Indian Railways to improve communication

The Union Cabinet has allocated a 5 MHz spectrum in the 700 MHz band to the Indian Railways to boost hi-speed radio communication. The Centre will spend around Rs 25,000 crore in the next 5 years for signal modernization and 5G spectrum implementation in Railways. Long Term Evolution (LTE) for Indian Railways will enable secure and reliable voice, video, and data communication services for better safety. 

In other news, the Cabinet has approved an increase in minimum support prices (MSP) for Kharif crops. The Cabinet Committee on Economic Affairs has also approved the revival of Ramagundam Fertilizers & Chemicals Ltd (RFCL) to boost local production of gas-based urea. RFCL is a joint venture (JV) company of National Fertilizers Ltd and Engineers India Ltd.

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Varroc Engineering signs MoU with Candera GmbH for integrating HMI technology

Varroc Engineering Ltd has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s thin-film-transistor (TFT) instrument cluster. As per the MoU, Varroc will develop the hardware and base software of the product. Austria-based Candera will provide software solutions for HMI. The TFT cluster provides an array of features such as navigation, Bluetooth connectivity, and mobile phone synchronization.

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Petronet LNG Q4 Results: Net profit rises 71% YoY to Rs 638 crore

Petronet LNG reported a 70.9% YoY increase in consolidated net profit to Rs 637.92 crore for the quarter ended March (Q4). Net profit has declined by 27.7% when compared to the previous quarter. Its revenue from operations declined by 11.6% YoY to Rs 7,575.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 8.7% YoY to Rs 2,939.23 crore. Petronet LNG’s board has recommended a final dividend of Rs 3.5 per share.

The company has announced plans to invest $2.6 billion (~Rs 18,960 crore) over the next five years to expand local infrastructure. Its head of finance stated that investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market.

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Sterlite Tech signs fibre network expansion deal with Vocus Group

Sterlite Technologies Ltd (STL) has signed a partnership with Australia-based Vocus Group to expand its fibre network in the country. Under the agreement, STL will supply its ‘Opticonn’ solutions to the Australian fibre and network solutions provider. The Opticonn offerings include a range of optical fibre and cable products, optical interconnect, and pre-connectorised kits. This deal will enable STL to strengthen its presence in the Australian market and help network creators to deploy high-capacity networks nationwide.

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Bajaj Healthcare Q4 Results: Net profit rises 70% YoY to Rs 21.28 crore

Bajaj Healthcare Ltd reported a 69.5% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4). Net profit has declined by 19.45% when compared to the previous quarter. Its revenue from operations rose 11.54% YoY to Rs 132.18 crore during the same period. Bajaj Healthcare’s board has recommended a final dividend of Rs 0.5 per share and a special dividend of Rs 0.5 per share.

Ramco Systems launches AI-based Self Explaining Payslip

Ramco Systems Ltd announced the launch of Self Explaining Payslip, an AI-based service that lets employees seek explanations of their compensation and payslip component. It helps employees receive prompt and personalized responses to their payroll queries. The Self Explaining Payslip eases employee experience through proactive notifications across payslip availability, tax declarations, and salary analytics. Ramco Systems is a software and services provider based in Chennai.

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Star Cement Q4 Results: Net profit rises 4.72% YoY to Rs 62 crore

Star Cement Limited reported a 4.72% YoY increase in standalone net profit to Rs 62.11 crore for the quarter ended March (Q4). Net profit has jumped 195% when compared to the previous quarter. Its revenue from operations rose 12.35% YoY to Rs 589.86 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined 28.09% YoY to Rs 157.27 crore.

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Net inflows into equity MFs rise to 14-month high in May

Net inflows into equity and equity-linked schemes jumped nearly threefold over the preceding month to Rs 10,083 crore in May 2021. This is the highest inflow since March 2020. Large-cap, mid-cap, and small-cap funds witnessed net inflows for the third straight month. A net outflow of Rs 44,512 crore was seen in debt funds in May, compared to an inflow of Rs 1 lakh crore in April. The data was released by the Association of Mutual Funds in India (AMFI).

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Indian Metals Q4 Results: Net profit at Rs 65.4 crore

Indian Metals and Ferro Alloys Ltd reported a consolidated net profit of Rs 65.4 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 51.94 crore in the corresponding quarter last year (Q4 FY20). Total income rose 54.31% YoY (or 36.7% QoQ) to Rs 587.95 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 350.5% YoY to Rs 166.55 crore. The company’s board has recommended a dividend of Rs 7 per share.

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Market News Top 10 News

Nitin Gadkari Announces Vehicle Scrappage Policy in Lok Sabha – Top Indian Market News

Nitin Gadkari announces vehicle scrappage policy in Lok Sabha 

Union Transport Minister Nitin Gadkari, on Thursday, announced the vehicle scrappage policy in the Lok Sabha. The policy will focus on removing vehicles older than 15-20 years from Indian roads. Owners of old vehicles will get strong incentives to scrap old and unfit vehicles. With this policy, raw materials like plastic, aluminium, steel, copper, would be recycled and will become a lesser cost component for the automotive industry. The minister said that states can make registration fees and road tax lower, which would encourage people to buy new vehicles. This ultimately leads to more sales for the automotive industry.

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TGP Rise Fund to invest $200 million in Airtel Africa mobile money business

Bharti Airtel’s subsidiary, Airtel Africa, announced that investment firm TPG’s Rise Fund will invest $200 million (~Rs 1,452 crore) in the company’s mobile money business. The transaction values Airtel Africa’s mobile money business at $2.65 billion (~Rs 19,245 crore). Airtel Mobile Commerce (AMC) BV is currently the holding company for several of Airtel Africa’s mobile money operations. The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction.

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Adani Green raises $1.35 billion from 12 international banks

Adani Green Energy Ltd (AGEL) has raised $1.35 billion (~Rs 9,800 crore) debt through definitive agreements signed with a group of 12 international lenders. The funds will initially be used to finance the 1.69 gigawatt (GW) hybrid portfolio of solar and wind renewable projects to be set up in four special purpose vehicles (SPVs) in Rajasthan. This is part of AGEL’s vision of scaling up its renewable energy capacity to 25 GW by 2025.   

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Welspun Corp secures orders worth Rs 777 crore in domestic, overseas markets

Welspun Corp Limited said it has received multiple orders worth Rs 777 crore from the overseas and domestic markets. This includes an order of approximately 50 kilometric tonnes (KMT) received from a large client in the Middle East. With these orders, the company’s order book stands at 686 KMT- valued at Rs 5,300 crore. Mumbai-based Welspun Corp is a leading manufacturer of large diameter pipes.

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Dilip Buildcon receives financial closure for NHAI road project in Telangana

Dilip Buildcon announced that its wholly-owned subsidiary, Repallewada Highways, has received the financial closure letter from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning of NH-613 from Repallewada to Telangana on hybrid annuity mode (HAM). The project cost is Rs 1140.5 crore.

Bajaj Auto amends dividend distribution policy

Bajaj Auto Limited has amended its dividend distribution policy to reward shareholders and boost return ratios. The policy will consider the surplus the company has while calculating the dividend payout as a percentage of profits after tax (PAT). The dividend payout will be up to 90% if the surplus funds are over Rs 15,000 crore.

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Varroc Engineering to produce EV chargers for Delta-Q Tech

Varroc Engineering Limited said it has entered into a contract manufacturing agreement with Canada-based Delta-Q Technologies Corp. The company will manufacture Delta-Q’s chargers in India to support the expansion of the electric two and three-wheeler market. Varroc Engineering is a leading automotive component manufacturer based in Aurangabad, Maharashtra.

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Ministry of Corporate Affairs investigating irregularities in Edelweiss’ ARC arm: Report

As per reports from multiple sources, the Ministry of Corporate Affairs (MCA) has ordered an inspection of the books of Edelweiss Asset Reconstruction Company (EARC) after a whistleblower wrote to the Prime Minister’s Office and Reserve Bank of India alleging fraud at the firm. The whistleblower has alleged that Edelweiss Group, along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from EARC. Edelweiss Financial Services Ltd said it has not received any intimation of any inspection being conducted by MCA.

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Delhi HC restrains Future Retail-Reliance deal on Amazon’s plea

The Delhi High Court, on Thursday, restrained Future Retail from going ahead with the Rs 24,713-crore deal with Reliance Industries. The court has upheld the Emergency Arbitrator’s award that Amazon.com, Inc had won against Future Retail. A single-judge bench of Justice JR Midha held that the retail company has willfully violated Singapore International Arbitration Centre’s (SIAC) order. Future Group entities have been directed to pay a penalty of Rs 20 lakh.

Read more here.

IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 2.61 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.82 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.91 and that of qualified institutional buyers (QIBs) 2.76 times.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 1.01 times on the second day of bidding. The portion reserved for retail investors was subscribed 2 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 17%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 10.55 times on the second day of bidding. The portion reserved for retail investors was subscribed 44.47 times and that of employees 5.33 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7.73 times and that of QIBs 72%. To know more about the IPO, click here.