News Shots
Mistry family-owned SP Group has proposed a plan for separation from Tata Sons. Selective reduction of capital at Tata Sons thereby extinguishing shares held by them. In exchange, SP Group be granted shares on a pro-rata basis in listed companies of the group. Also, cash consideration or shares for brand value, unlisted assets etc.
Vodafone Idea reported significant narrowing of losses to about Rs 7,218 crore for the September quarter, and said signs of recovery were visible with gradual improvement in economic activities. But ARPU is low at 112 and number of users are declining.
Pidilite, manufacturer of the popular Fevicol brand of adhesives and sealants, said it will acquire the US-based Huntsman Group’s adhesives business in the country for Rs 2,100 crore in an all-cash deal that values the seller at 15 times its operating profit.
Hardeep Singh Puri, Minister of Civil Aviation stated that there will be an extension of the fare-cap on airlines by another three months.
Promoter Kumar Mangalam Birla, bought Rs 50 crores worth of Ultracemco’s shares from the open market.
Kuwait Investment Authority buys 4.30 lakh shares of Angel Broking.
Hindustan Copper’s board has approved raising up to Rs 2,500 crore via debt.
Tata Chemicals reported a 64 per cent fall in consolidated net profit at Rs 132.09 crore for the quarter ended September.
Canara Bank reported a 28 per cent dip in profit after tax at Rs 444 crore for the quarter ended September on higher provisions.
Shriram Transport Finance Co reported a 10.5 per cent decline in net profit at Rs 684.56 crore in July-September quarter of 2020-21.
TVS Motor reported a 29.37 per cent decline in consolidated net profit at Rs 181.41 crore for the quarter ended September.
Interglobe Aviation (IndiGo) reported a loss of Rs 1,194.8 crore in Q2FY21 as against a loss of Rs 1,062 crore. Revenue fell to Rs 2,740.9 crore from Rs 8,105 crore, YoY.
Some Major Q2 Results Announcements Today:
- Deepak Nitrite
- Dixon Technologies
- Reliance Industries
- Indian Oil Corporation
- DLF
- IndusInd Bank
- Jindal Steel
- Just Dial
- UPL
What to expect today?
Yesterday, NIFTY consolidated, but was volatile at the same time. NIFTY took support at 11,600. Click here for a detailed analysis of yesterday’s market and stock movements.
Bank Nifty, took support at 23,800, which is a very strong support.
NIFTY looks to be calmed down as the global markets have also calmed down. Yesterday’s low (11,600) should act as a support in the days to come. Let’s worry only when it is broken.
There are only 3 more trading days before the US Presidential Election. US Stocks have already become very volatile.
Opinion polls in the US shows Biden winning with a significant lead of 12%. Remember, Trump had said earlier that the stock market would fall if Biden is elected as the President.
There isn’t any clear indication as to what might happen and how the markets will react. It is always better to be safe than sorry. So, it is advised to avoid entering fresh risky positions before November 3.
US Markets are up gradually. Europe is flat. Asian markets, surprisingly, are down. SGX NIFTY is trading at 11,623, which is 41 points lower, indicating a gap down opening in the Indian Market.
NIFTY is likely to trade between 11,600 and 11,720. There is support at 11,660 and 11,600 and resistance at 11,720 and 11,780.
Highest Call Open Interest at 11,700, followed by 12,000. Highest Put Open Interest at 11,600, followed by 11,300.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) net sold shares worth Rs 420.95 crore and Rs 253.41 crore, respectively.
Reliance will be announcing its result during after market hours. But there will be volatility and action in Reliance today.
Be aggressive day traders till the uncertainty in the market prevails. Do not hold positions overnight as global news (US Elections, COVID cases) can cause major gaps during the next day opening. I think swing traders can take some time out from the market and relax. All the best for the day!