Tag: Vodafone Idea

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Market News Top 10 News

Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

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

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

Read more here.

Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

Read more here.

Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

Read more here.

Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

Read more here.

Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

Read more here.

Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

Read more here.

Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

Read more here.

Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

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Daily Market Feed Post Market Analysis

Flat Nifty Expiry After Surprise Gap Up! – Post-Market Analysis

NIFTY started the day at 19,120 with a gap-up of 130 points. The index continued the up move to 19,175 levels, took resistance there, gave a sharp fall of more than 110 points to 19,065 levels, and moved back up. Nifty closed at 19,133, up by 144 points or 0.76%.

Nifty chart November 2 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,018 with a big gap-up of 317 points. The index moved up with a lot of strength till the resistance zone of 43,300 levels. Then, it gave a sharp fall of more than 475 points to 43,250 levels, took support, and moved up slowly. BNF closed at 43,017, up by 316 points or 0.74%.

Bank Nifty chart November 2 - post-market analysis | marketfeed

All indices closed in green. Nifty PSU Bank (+1.5%) and Nifty Metal (+1.4%) moved up the most.

Major Asian markets closed mixed (Japan’s Nikkei rose 1.1%). European markets are currently trading up to 2.5% in the green.

Today’s Moves

Britannia Industries (+2.96%) was NIFTY50’s top gainer. The company’s Q2 results beat street estimates.

Triveni Turbine (+9.15%) surged after the company reported its highest-ever revenue and EBITDA in Q2 FY24.

Vodafone Idea (+7.42%) moved up after HDFC Bank extended a loan of ₹2,000 crore to help the telco address its pending license fees and fulfil 5G spectrum payment commitments.

Hero MotoCorp (-1.3%) was NIFTY50’s top loser. Profit booking kicked in after the two-wheeler manufacturer reported strong sales data and Q2 numbers.

Shares of Syrma SGS (-12.24%) fell sharply after the company reported weak July-September quarter (Q2) results.

Markets Ahead

When markets opened with a big gap today, it trapped all options sellers from yesterday.  When such gaps are formed, and sellers are trapped, we ideally see a short covering rally on the upside. But after a small up-move, the major indices took resistance, gave a sharp fall, and consolidated. So, there is indecision in the markets, which we can also understand from today’s closing candle.

Nifty: The immediate support for the index is near the 19,100 level. If Nifty breaches that level, it could fall and test 19,050 and 19,000 eventually. Meanwhile, the major resistance to watch out for is 19,175 levels (today’s high). If that is taken out, we can expect targets of 19,200 and 19,250.

Bank Nifty: The immediate support to watch out for is near 42,800 levels. A breakdown from there can give us targets of 42,400 and 42,200. On the other hand, the immediate resistance is near 43,100 levels. A breakout from there might give us targets of 43,300 and 43,500.

Yesterday, the US Federal Open Market Committee (FOMC) held interest rates steady at a 22-year high of 5.25-5.50% for the second time in a row. The US economy remains resilient despite high interest rates, while inflation still remains above the US Federal Reserve’s 2% target level. Meanwhile, the Bank of England holds rates at 5.25% and rules out quick rate cuts to help its economy.

It was a confusing and volatile expiry for Nifty! We hope you managed your positions well! Let us know how the weekly expiry went in the comments below!

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Daily Market Feed Post Market Analysis

Bearishness Continues. Trending Weekly Expiry For Nifty? – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,064 with a small gap-down of 15 points. After opening, the index fell more than 120 points intraday in a channel pattern. Nifty closed at 18,989, down by 90 points or 0.47%.

Nifty chart November 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,694 with a gap-down of 150 points. Throughout the day, the index consolidated in a 180-point range between 42,600 and 42,780 levels. BNF closed at 42,700, down by 145 points or 0.34%.

Bank Nifty chart November 1 - post-market analysis | marketfeed

All indices except Nifty Realty (+1.5%), Nifty Media (+0.88%), Nifty Pharma (+0.35%), and Nifty PSU Bank (+0.32%) closed in the red. Nifty Metal (-1.4%) fell the most.

Major Asian markets closed flat-to-green (Japan’s Nikkei rose 2.4%). European markets are currently trading mixed.

Today’s Moves

Sun Pharma (+2.54%) was NIFTY50’s top gainer. The company posted a 5% year-on-year (YoY) rise in net profit to ₹2,375.51 crore in Q2; beating estimates.

Shares of Blue Star (+5.6%) moved up after the company reported robust Q2 results, aided by a strong order book and a rise in demand for air conditioners.

Vodafone Idea (+8.02%) hit a 21-month high of ₹13.54 on hopes of equity infusion by December.

Adani Enterprises (-3.3%) was NIFTY50’s top loser. 

Jindal Steel (-7.69%) fell sharply despite posting good Q2 results yesterday.

Markets Ahead

As discussed yesterday, the rise in India Vix, overall selling pressure, and rejection from Fibonacci levels, along with a flat opening, pulled the markets down.

Nifty: The immediate resistance to watch out for in Nifty is 19,030. The index has important support at 18,940 levels. If the index breaches the resistance on the upside, the index could move up to 19,100 and 19,140 levels. But if there’s a flat opening tomorrow and the movement continues, 18,940 may be the first target, followed by 18,850 levels.

Bank Nifty: The index is now in a clear range. A breakout from this range of 42,760 might take the index up to 43,000 and 43,350 levels. Meanwhile, a breakdown from 42,600 may take the index down to 42,400 and 42,150.

As it was the weekly Bank Nifty expiry today, option sellers would’ve found it quite easy since the index consolidated. Option scalpers also had decent opportunities as the index was volatile within a range.

Meanwhile, RBI governor Shaktikanta Das said that GDP growth for the second quarter of FY24 is likely to surpass expectations based on early indicators. RBI had projected a GDP growth of 6.5% for Q2, which aligns with the full-year growth forecast for FY24.

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Daily Market Feed Post Market Analysis

Recovery Seen in Nifty and Bank Nifty! – Post-Market Analysis

NIFTY started the day flat at 19,053. Right after opening, the index came crashing down till Friday’s low— a fall of nearly 145 points. After taking support at 18,940, the index bounced back/moved up with strength to 19,160 levels. It recovered nearly 220 points from the day’s low. Nifty closed at 19,140, up by 93 points or 0.49%.

Nifty chart October 30 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,721.40 with a small gap-down of 60 points. After falling 420 points initially till the previous day’s close, the index recovered 720 points— touching a high of 43,110 levels. BNF closed at 43,039, up by 501 points or 1.19%.

Bank Nifty chart October 30 - post-market analysis | marketfeed

All indices except Nifty Auto (-0.9%) and Nifty FMCG (-0.42%) closed flat-to-green.

Major Asian markets closed mixed (Japan’s Nikkei fell 0.95%). European markets are currently trading in the green.

Today’s Moves

BPCL (+3.57%) was NIFTY50’s top gainer. The company reported a net profit of ₹8,243.55 crore for Q2 FY24 as marketing margins improved.

Shares of Vodafone Idea (+6.8%) rallied over 8% to a two-week high ahead of its quarterly earnings call. On Friday, the telco said it will make significant investments to roll out 5G network and expand 4G coverage.

Supreme Industries (+7.4%) reported strong Q2 financial performance.

UPL (-3.58%) was NIFTY50’s top loser. The company reported a net loss of ₹189 crore for Q2 and cut FY24 revenue & EBITDA guidance.

SBI Cards (-5.07%) fell sharply over 7% after most market analysts cut its FY24 earnings estimate. 

Markets Ahead

The Indian stock markets have been volatile lately. Today, we witnessed a sharp fall followed by a recovery. We can see that buyers are trying to support the markets, but there are major resistance levels ahead that have to be taken out for the markets to turn bullish again.

Nifty: The immediate resistance for Nifty is near 19,160 levels. If that is breached, the index may move up to the 19,240 resistance level. Meanwhile, a breakdown from the previous swing support of 19,090 could bring the index down to 19,000 and 18,950 levels, which would indicate major bearishness again.

Bank Nifty: The immediate resistance for BNF is near 43,050. A breakout from this level might take the index up to 43,350. On the other hand, the immediate support to watch out is near the previous swing of 42,900. A breakdown from there could bring the index back to 42,700 and 42,400.

Both indices are near their respective Fibonacci rejection levels. So if there’s a negative price action tomorrow, the index can turn bearish again. For a bullish reversal, 50% fib rejection levels of 43,350 in Bank Nifty and 19,350 in Nifty have to be crossed.

Market sentiment remains cautious in the short term, with investors closely monitoring geopolitical tensions in West Asia, upcoming corporate earnings, and key economic data, (including PMI figures for October).

How did trading in November go? Are you in net profit or loss?

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Market News Top 10 News

Axis Bank Posts 10% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Axis Bank Q2 Results: Net profit rises 10% YoY to ₹5,863 crore

Axis Bank reported a 10% YoY increase in net profit to ₹5,863.56 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 18.8% YoY to ₹12,315 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 1.96% in Q2 FY23 to 1.73% in Q2 FY24. 

Read more here.

IOCL starts producing ‘reference’ petrol, diesel

Indian Oil Corporation Ltd (IOCL) has begun producing specialised ‘reference’ petrol and diesel that are used for testing automobiles. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India.

Read more here.

Tech Mahindra Q2 Results: Net profit falls 28% YoY to ₹505 crore

Tech Mahindra reported a 28.1% YoY decline in net profit to ₹505.3 crore for the quarter ended September (Q2 FY24). The IT company’s revenue fell 2.25% YoY to ₹12,863.9 crore during the same period. Earnings before interest & tax (EBIT) stood at ₹457.1 crore, down 48.7% YoY. Tech Mahindra’s board has declared a dividend of ₹12 per share.

Read more here.

TVS Motor extends ties with ION Mobility

TVS Motor Company is extending its partnership with Singapore-based tech startup ION Mobility to enter Indonesia’s sports scooter segment. The entry will be through Project Dynamo, ION Mobility’s conceptual adaptation of TVS Motor’s premium flagship crossover electric two-wheeler TVS X.

Read more here.

Network18 Q2 Results: Net loss at ₹61 crore

Network18 Media & Investments Ltd reported a net loss of ₹61 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹34.5 crore in Q2 FY23. Its revenue from operations rose 20.4% YoY to ₹1,865.5 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY. Total expenses were up 38.61% YoY to ₹2,206.77 crore.

Read more here.

GMR Airports, affiliates to buy 11% extra stake in Hyderabad airport

GMR Airports Infrastructure Ltd and its affiliates will buy an additional 11% stake in GMR Hyderabad International Airport Ltd (GHIAL) from Malaysia Airports Holding Berhad’s unit. The deal is likely to be completed within 135 days from the date of execution of the agreement. GMR Airports currently holds a 63% stake in GHIAL. The acquisition will raise its stake to 74%.

Read more here.

Vi Business launches IoT in collaboration with C-DOT

Vodafone Idea’s enterprise arm Vi Business has launched the Internet of Things (IoT) lab-as-a-service through the telco’s collaboration with the Centre for Development of Telematics (C-DOT). The Vi C-DOT IoT lab is equipped to test 175+ scenarios that include network & functional testing, field testing, application testing, and compatibility testing.

Read more here.

Jubilant FoodWorks Q2 Results: Net profit falls 26% YoY to ₹97.2 crore

Jubilant FoodWorks reported a 26% YoY decline in net profit to ₹97.2 crore for the quarter ended September (Q2 FY24). The company’s revenue rose 5.2% YoY to ₹1,301.49 crore during the same period. This growth was driven by Domino’s delivery channel sales, which increased by 7.9%. Jubilant FoodWorks opened 60 new outlets across various brands in Q2.

Read more here.

Hinduja Group eyes $35-40 billion valuation in BFSI business

Hinduja Group is betting big on the Banking, Financial Services, and Insurance (BFSI) sector, targeting to have a value creation of $35-40 billion in the next 5-7 years by adding more verticals to fill up the gaps. The group is also looking at the mobility and energy sectors as the growth driver for the next decade.

Read more here.

Cabinet approves NPK fertiliser subsidy for 2023-24 rabi season

The Union Cabinet has approved a ₹22,303-crore subsidy for phosphatic and potassic (P&K) fertilisers and the nutrient-based subsidy (NBS) rates for nitrogen, phosphorus and potassium (NPK) fertilisers for the 2023-24 Rabi season amid falling international prices. The subsidy on P&K fertilizers will be based on approved rates to ensure adequate availability and affordable prices for farmers.

Read more here.

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Market News Top 10 News

Infosys, Microsoft to Drive AI-Enabled Solutions – Top Indian Market Updates

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

Infosys to partner with Microsoft to drive AI-enabled solutions

Infosys Ltd will partner with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both companies will bring their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate the rapid democratisation of data and intelligence that will help businesses increase productivity and drive new revenue growth.

Read more here.

Poonawalla receives RBI approval to issue credit cards

Poonawalla Fincorp received the Reserve Bank of India’s (RBI) permission to issue co-branded credit cards with IndusInd Bank. The company plans to launch this credit card within three months. The partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit. 

Read more here.

Tata Power’s EV arm partners with Kolkata Airport Authority 

Tata Power EV Charging Solutions Ltd (TPEVCSL) will collaborate with the Kolkata Airport Authority to install EV charging points at the airport. The formal inauguration of four EV chargers took place on September 26, 2023. A formal agreement was signed between the Airport Authorities of India and Tata Power for setting up charging stations. These chargers are suitable to charge all electric cars available in India.

Read more here.

Cipla introduces drone-powered critical medicine delivery in Himachal Pradesh

Cipla has introduced drone-powered deliveries of critical medicines for hospitals and pharmacies in Himachal Pradesh in partnership with Skye Air Mobility. The company aims to deliver medicines for cardiac, respiratory and other essential chronic therapies as part of the initiative. The use of drones will support on-time deliveries of medicines to chemists and clinics in remote areas.

Read more here.

Omaxe Group acquires 5-acre land in Ludhiana from RLDA for ₹220 crore

Omaxe Group has acquired a 5-acre land in Ludhiana through a bidding process by the Rail Land Development Authority (RLDA) for ₹220 crore. The acquired land will be utilised for both residential and commercial development. The acquisition aligns with the company’s strategy to strengthen its presence in key markets and contribute to the growth of Ludhiana’s real estate sector. 

Read more here.

Vi launches travel offer for pre-paid user base

Vodafone Idea has launched a 5-day offer called ‘Recharge and Fly’ that targets its pre-paid user base from October 26-30 in association with online travel portal EaseMyTrip. The offer is exclusive to users of Vi’s mobile application and includes a contest that will allow users to win travel coupons on the EaseMyTrip portal. It also includes additional data on select packages by recharging their prepaid mobile number during the offer window.

Read more here.

Delhivery partners with AWS and Nexus to launch startup accelerator for logistics companies

Delhivery has partnered with Amazon Web Services (AWS) and venture capital firm Nexus Venture Partners to launch a six-week accelerator programme for startups in the logistics space. In the first leg of the program, 20 startups were selected from among 234 applicants. The companies chosen spanned multiple sectors and included various warehousing platforms, agritech companies, and aggregator platforms.

Read more here.

Zen Technologies secures ₹227.65 crore order

Zen Technologies Ltd won an order worth ₹227.65 crore from the Ministry of Defence. The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract (post-warranty) is built into the contract at a cost of ₹43.22 crore, inclusive of GST.

Read more here.

Gland Pharma’s Hyderabad unit gets clearance from USFDA

Gland Pharma Ltd’s Pashamylaram facility in Hyderabad has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). The USFDA inspected the facility between June 15 and June 27, 2023. The inspection pertained to seven products and Good Manufacturing Practices at the plant.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty Closes Flat Again! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,682. The index consolidated within a 60-point range throughout the day between 19,640 and 19,700. Nifty closed at 19,664, down by 9.85 points or 0.05%.

Nifty chart Sept 26 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,722 with a small gap-down of 43 points. The index consolidated in a 130-point range with a bearish bias— moving in a channel. BNF closed at 44,624, down by 141 points or 0.32%.

Bank Nifty chart Sept 26 - post-market analysis | marketfeed

All indices except Nifty FMCG (+0.52%), Nifty Auto (+0.35%), Nifty Metal (+0.31%), and Nifty Realty (+0.31%) closed in the red. Nifty Media (-0.86%) fell the most.

Major Asian markets closed up to 1.4% in the red. European markets are currently trading in the red.

Today’s Moves

Eicher Motors (+2.61%) was NIFTY50’s top gainer.  Brokerage firm Jefferies maintained its ‘Buy’ rating on the stock while raising its price target from ₹4,000 to ₹4,150. 

Cochin Shipyard (+11.07%) surged on the back of strong volumes. Defence stocks Garden Reach Shipbuilders and MTAR Tech gained up to 14%. 

As per a report from ICRA, private sector firms are likely to get defence contracts worth ₹60,000 crore in FY25.

Shares of Vodafone Idea (+6.98%) closed at a 20-month high.  The company’s shares have been rising since it announced a 50% payment of its license fees and spectrum usage charge (SUC) dues for the March quarter.

Tech Mahindra (-1.3%) was NIFTY50’s top loser. 

Indiabulls Real Estate (-3.46%) fell after Creditcorp Investment Advisors sold 30.95 lakh shares of the company in a bulk deal.

Markets Ahead

Markets continued to stay at lower levels, and no signs of strength were seen. Two consecutive Doji candles have been formed in the major indices. And depending on the highs and lows getting breached, we can expect the indices to move further in that direction.

Nifty: The current support to watch out for is near 19,630 levels. A breakdown from here could give us a target of 19,500. The important resistance is near the 19,700 levels, and a breakout from there may give us a target of 19,800 on the upside.

Bank Nifty: The immediate support to look out for is near 44,600. A breakdown from this level can give us a target of 44,300. On the other hand, a major resistance for BNF is near 44,800. A breakout from this round level can give us a target of 45,000 and 45,200

It was a relatively easy FIN NIFTY expiry for non-directional option sellers as the markets consolidated. However, option buyers might have had a bad day because of the quick moves in both directions.

The overall sentiment in the Indian markets remains weak as investors exercise caution in the wake of weak global cues and increased selling activity by FIIs.

How did FIN NIFTY expiry go? 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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Daily Market Feed Post Market Analysis

5th Bearish Weekly Closing in Nifty! – Post-Market Analysis

NIFTY started the day at 19,297 with a gap-down of 89 points (below the important support zone of 19,300). Throughout most of the day, the index consolidated in a 70-point range. But in the end, it gave a bearish closing— breaching the previous weekly low. Nifty closed at 19,265, down by 120 points or 0.62%.

Nifty chart August 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,276 with a gap-down of 220 points. The index initially gave a sharp fall to 44,000 levels, made a double bottom, and tried moving up. But the opening levels of 44,300 zone acted as resistance. BNF closed at 44,231, down by 264 points or 0.59%. 

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

All indices closed in the red today. Nifty PSU Bank (-1.51%) and Nifty Realty (-1.31%) fell the most. 

Major Asian markets closed up to 2% in the red. European markets are currently trading in the green.

Today’s Moves

Bajaj Finserv (+2.4%) was NIFTY50’s top gainer. Nomura has double-upgraded the stock to ‘Buy’.

KFin Tech (+11.29%) surged on the back of strong volumes. Brokerage firm Jefferies has initiated coverage on the stock with a target price of ₹500.

Shares of Vodafone Idea (+9.4%) rallied amid reports that the struggling telecom operator has received term sheets from several potential investors. 

Dr Reddy’s Labs (-2.17%) was NIFTY50’s top loser.

Shoppers Stop (-12.7%) crashed after the company’s MD and CEO Venugopal Nair announced his resignation.

Markets Ahead

As discussed in the earlier post-market reports, the targets of 44,000 in Bank Nifty and 19,250 levels in Nifty are achieved, which gives us confirmation that indices have turned bearish.

Nifty has closed below a very important long-term support zone of 19,300. It has also breached the previous week’s low, where the index has taken support near 19,250 levels. And if Bank Nifty also joins the party, both indices may turn into near-term bearishness and continue to move further down.

Nifty: In the next trading session, bearishness can be confirmed if the index opens flat and crosses below today’s low of 19,230 levels. Look out for sell-on-rise opportunities! If there’s a huge gap down, the index can retrace and continue the fall again. If there’s a gap-up, Nifty can be choppy. So on the downside, the targets will be 19,000 and 18,900 levels. On the upside, the index has to give a closing above 19,300; so wait for confirmation.

Bank Nifty: The index took support from the round levels of 44,000. But the overall trend is bearish. So if the index falls below today’s low of 44,000 levels (after opening flat), the first target of 43,700 can be achieved. On the other hand, the index has to cross 44,350 levels for an up-move. 

But as the indices are bearish, if there’s a huge gap-up on gap-down after proper price action, look for sell-on-rise opportunities till 44,500 is crossed back again.

Global markets are awaiting comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium (7:30 PM IST) to understand the potential direction of US monetary policy.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Daily Market Feed Pre Market Report

Can Bulls Show Strength Again? – Pre-Market Analysis Report

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

Stocks

Piramal Enterprises has approved the public issuance of non-convertible debentures (NCDs) for up to Rs 3,000 crore. 

Vodafone Idea plans to clear about Rs 2,400 crore of dues to the government by September.

BEML has bagged an order from the Ministry of Defence (Army) for the supply of command post vehicles. The order is worth Rs 101 crore approximately.

What Happened Yesterday?

NIFTY started the day at 19,417 with a small gap-up of 23 points. Throughout the day, the index consolidated within just a 60-point range! The index closed at 19,396, up by 2.85 points or 0.01%.

BANK NIFTY started the day at 44,125 with a gap-up of 123 points. Similar to NIFTY, the bank index also consolidated within a 150+ point range throughout the day with negative bias. BANK NIFTY closed at 43,993, down by 8.75 points or 0.02%. 

U.S. markets closed in the red. The European markets closed in the green.

What to Expect Today?

The Asian markets are trading in the green.

The U.S. Futures are trading in green.

GIFT NIFTY is trading in green at 19,359.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,360, 19,300 and 19,240. We can expect resistances at 19,400 19,438 and 19,500.

BANK NIFTY has supports at 43,960, 43,830 and 43,680. Resistances are at 44,100, 44,150 and 44,277.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.76.

BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI build-up is also at 44,000. PCR is at 0.84.

Foreign Institutional Investors net-sold shares worth Rs -495 crores. Domestic Institutional Investors net-bought worth Rs 533 crores.

INDIA VIX is at 11.74. 

FINNIFTY’s expiry showed that this week’s current trend is consolidation.

Overall, our markets and other global markets are continuing to be weak. BANK NIFTY is in a “sell on rise” trading setup, where big wicks are being created in the day candle. 

Just two more trading days to go for the next weekly expiry, hence the heavy selling at 19,400 should be looked at. NIFTY will have a tendency to give a short-covering move if it crosses 19,450 quickly.

Straddle sellers at 44,000 have a good breathing space before getting in trouble.

A big gap-up in NIFTY can trigger a move in the morning. Keep your trades ready!

Have a safe trading day!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

Vi Plans to Clear Rs 2,400Cr Dues by Sept – Top Indian Market Updates

Vi marketfeed

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

Vodafone Idea plans to clear about ₹2,400Cr dues by Sept

As per an Economic Times report, Vodafone Idea plans to clear about ₹2,400 crore of dues to the government by September. The company recently cleared pending dues of licence fees and spectrum usage charges of about ₹450 crore for Q4 FY23. Vi had to pay a licence fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Vedanta seeks minimum $9.5 for Rajasthan gas

Vedanta Ltd is seeking a minimum of $9.5 for the natural gas it produces from its Rajasthan block, according to a tender floated by the firm. The company sought bids from users for 0.6 million standard cubic meters per day of gas it plans to produce from the RJ-ON-90/1 block in the Barmer basin of Rajasthan in three months beginning October 1.

Read more here.

Radico Khaitan underpaid ₹1,078 crore excise duty to UP govt: CAG

As per reports, the Comptroller & Auditor General (CAG) of India has claimed that Radico Khaitan avoided paying taxes worth ₹1,078.09 crore to the Uttar Pradesh government. However, the liquor manufacturing company said that there was a lack of accuracy in the information. Radico Khaitan refuted the media reports, adding that the company has complied with all legal requirements, including revenue laws of India. 

Read more here.

Glenmark settles drug pricing case with US Department of Justice

US-based Glenmark Pharmaceuticals Inc (a subsidiary of Glenmark Pharma) has entered into a 3-year deferred prosecution agreement with the US Department of Justice involving historical pricing practices by former employees relating to the generic drug Pravastatin between 2013 and 2015. If the company adheres to the terms of the agreement, including the payment of $30 million, the DOJ will dismiss the pending Superseding Indictment.

Read more here.

India’s banking system liquidity slips into deficit first time in FY24

Indian banking system liquidity slipped into a deficit for the first time since March-end, as the Reserve Bank of India’s (RBI) temporary liquidity withdrawal and tax outflows impacted banks’ funding. According to RBI data, the banking system’s liquidity stood at a deficit of $2.84 billion as of August 2. Earlier this month, RBI told banks to hold an incremental cash reserve ratio (CRR) of 10% on the increase in deposits between May 19-July 28, which has led to the withdrawal of over ₹1 lakh crore.

Read more here.

Minister Nitin Gadkari launches Bharat NCAP crash test ratings

Union Minister of Road Transport & Highways Nitin Gadkari launched the Bharat New Car Assessment Programme (Bharat NCAP). It’s been created in line with Global NCAP standards under the Safer Cars for India initiative. The government expects the program to increase the demand for safer cars and encourage manufacturers to comply with customer needs.

Read more here.

Promoter firm buys 2.2% stake in Adani Enterprises

Promoter firm Kempas Trade and Investment bought 2.53 crore shares or a 2.22% stake in Adani Enterprises Ltd from the open market between Aug 7-18. Post-acquisition, the total promoter holding in the company increased from 67.65% to 69.87%. 

In other news, Adani Enterprises has incorporated a wholly-owned subsidiary, Sirius Digitech International, to provide digital solutions and services.

Read more here.

Brigade Enterprises acquires 6.54-acre land parcel in Chennai

Brigade Enterprises Ltd has acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly ₹139 crore. The real-estate company will develop a residential project on this land parcel with an overall development potential of over 1 million sq. ft. The land parcel is located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai.

Read more here.

TRAI recommends scrapping of DTH licence fee after FY27

The Telecom Regulatory Authority of India (TRAI) has recommended to the Ministry of Information and Broadcasting (MIB) that the govt should discontinue charging direct-to-home (DTH) operators a licence fee after the financial year 2026–2027 to ensure the sector remains viable in the long-term. TRAI argued that DTH platforms should be treated equally with other regulated & unregulated distribution platforms such as multi-system operators (MSOs), DD Free Dish, and OTT services, which are not required to pay any license fee.

Read more here.

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Daily Market Feed Pre Market Report

Gap-Down Opening Again! Will Supports be Respected? – Pre-Market Analysis Report

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

Stocks

ITC reported a standalone profit of Rs 4,902.74 crore, up 17.6% YoY. Revenue fell 8%, but margins increased. Also, the board approved the demerger of the hotel business; ITC shareholders will get 1 share of the hotel company for every 10 shares held.

Vodafone Idea reported a loss of Rs 7,840 crore, increasing more than ₹1,400 crores from last quarter.

Hero MotoCorp’s promoter family settled cases between themselves. It includes cases of management positions and usage of the trademark ‘HERO’. 

Coffee Day reported a profit of Rs 21 crore, against a loss of Rs 17 crore last year with better revenue.

IndiGo’s promoter family is looking to raise Rs 3,735 crore via a block trade, selling shares at ₹2,400/share. This is 5% lower than the current market price.

Indiabulls Housing has recorded a consolidated profit of Rs 296.2 crore, up 3.3% YoY.

What to Expect Today?

NIFTY started the day at 19,383 with a small gap-down but fell to 19,260 immediately. There was a bounce back from this zone, and short-covering even took the index above the day-high. NIFTY closed at 19,434, up by 6.25 points or 0.03% 

BANK NIFTY started the day at 44,066 with a gap-down and fell 300 points in 10 minutes. It then slowly moved back up, but could not break the day-high like NIFTY. BANK NIFTY closed at 44,090, down by 108 points or 0.24%. 

US markets were flat on Monday and in deep red yesterday. The European markets also closed in the red.

The Asian markets are trading in deep red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the red at 19,394.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,360, 19,300 and 19,240. We can expect resistances at 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,960, 43,840, 43,750 and 43,680. Resistances are at 44,277,  44,520, and 44,800.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400. PCR is at 0.86.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is at 44,000. PCR is at 0.76.

Foreign Institutional Investors net-sold shares worth Rs 2,324 crores. Domestic Institutional Investors net-bought worth Rs 1460 crores.

INDIA VIX is at 11.99, and looking to move up which could indicate a fall loading in the market. The VIX in the U.S market is also up.

The U.S. market has broken a consolidation zone and moved down yesterday night. This will contribute to initial weakness in our market and possible selling from FIIs.

NIFTY has the next important support at 19,240. It is a very strong buying zone as demonstrated on Monday.

If that level is broken, a quick fall to 19,200 can be expected to fill the gap in daily charts.

For the day, if a gap-down is seen and buying from there, it will indicate some short sellers booking profits. I would not go bullish until at least Monday’s high is broken.

BANK NIFTY has a good support level at 43,680 on the daily charts. Do keep this level in mind while trading.

The last 2 days before the weekly expiry. Hope you have safe and easy trades like FinNIFTY on Tuesday! Even with consolidation or movement, expected moves can still give profits.

Have a safe trading day!

Follow along with Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Market News Top 10 News

Tata Power’s Net Profit Rises 22% YoY to Rs 972Cr in Q1- Top Indian Market Updates

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

Tata Power Q1 Results: Net profit rises 22% YoY to ₹972 crore

Tata Power reported a 22.4% YoY rise in consolidated net profit to ₹972 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹15,213.29 crore, up 5% YoY. EBITDA increased 75% YoY to ₹2,943.6 crore in Q1. Tata Power accrued a one-time gain of Rs 235 crore in the reported quarter on account of deemed gain on dilution of around 17% stake in Tata Projects. 

Read more here.

Hero MotoCorp faces tax probe over links to vendor

According to a Reuters report, The Directorate General of Goods and Services Tax Intelligence is investigating Hero MotoCorp’s relationship with a vendor suspected of reporting about ₹90 crore ($10.87 million) in false expenditure. Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about ₹16 crore rupees.

Read more here.

ZEEL Q1 Results: Net loss at ₹53 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net loss of ₹53 crore for the June quarter (Q1 FY24). Net profit stood at ₹107 crore in Q1 FY23. Its consolidated revenue from operations rose 7.6% YoY to ₹1,984 crore during the same period. Sequentially, the net loss narrowed from Rs 196 crore, while revenue declined 6%. EBITDA fell 42.3% YoY to ₹155 crore in Q1.

Read more here.

BSE Q1 Results: Net profit jumps 10x YoY to ₹440 crore

BSE reported a 1000% YoY jump in consolidated net profit to ₹440 crore for Q1 FY24. Net profit stood at ₹40 crore in Q1 FY23. Its revenue from operations rose 15% YoY to ₹216 crore during the same period. EBITDA rose 41% YoY ₹70 crore. The operating profit margin contracted by 375 basis points to 10.78%. The massive jump in net profit was due to a profit of ₹406.6 crore on divestment in CDSL.

Read more here.

Genus Power Infrastructures arm bags order worth Rs 2,210 crore

Genus Power Infrastructures’ subsidiary has bagged an order worth ₹2,210 crore. The order is for the supply and installation of 21.77 lakh smart pre-paid electricity meters. The company has received a letter of award (LOA) of ₹2,209.84 crore (net of tax) for the appointment of an advanced metering infrastructure service provider. Post this order inflow, its total order book stands over ₹8,200 crore (net of tax).

Read more here.

IRCTC Q1 Results: Net profit falls 5% YoY to ₹232 crore

IRCTC reported a 5% YoY fall in standalone net profit to ₹232 crore for the June quarter (Q1 FY24). Net profit stood at ₹245 crore in Q1 FY23. Revenue from operations rose 17% YoY to ₹1,002 crore during the same period. The company’s EBITDA for the quarter rose 7% YoY to ₹343 crore. 

Read more here.

Delhivery bags order from Havells India for factory-to-customer supply chain

Delhivery Ltd secured a contract to build, and operate the factory-to-customer supply chain for Havells India Ltd. in western India. The company will deploy its technology-led integrated warehousing and transportation solutions to deliver complete end-to-end visibility. Both firms will jointly inaugurate new warehouses in western India to cater to the multi-channel demand ranging from general and modern trade to emerging e-commerce retail.

Read more here.

Berger Paints Q1 Results: Net profit rises 40% YoY to ₹355 crore

Berger Paints reported a 40% YoY jump in consolidated net profit to ₹355 crores for the quarter ended June (Q1 FY24). Its revenue from operations stood at ₹3,029 crore, up 9.2% YoY. EBITDA increased 37.5% YoY to ₹556.75 crore in Q1. The company’s board also approved a 1:5 bonus issue of equity shares. This will be subject to approval from shareholders.

Read more here.

Vi Business partners with Yotta Data Services to enhance its data center colocation

Vodafone Idea’s enterprise arm, Vi Business has partnered with Yotta Data Services to enhance its data center Colocation and Cloud services portfolio. Through this partnership, Vi Business will leverage its synergies with Yotta to offer integrated connectivity, cloud and security solutions to its enterprise customers.

Read more here.