News Shots
Reliance Industries became the first Indian company to reach 200 Billion USD market capitalization, after it rallied 7% yesterday, giving all of us handsome profits. There are also reports saying that Reliance is in talks with Amazon for a round of investment.
The interest on interest case has been postponed by the Government for 2 weeks.
India and China have agreed on five points to guide their approach to the situation on the Line of Actual Control (LAC), including the disengagement of troops and easing of tensions, even as New Delhi conveyed its strong concern at the massing of Chinese troops without any credible explanation.
Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki to 56.37 per cent by purchasing shares from the market.
YES Bank has fully repaid the Rs 50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crisis faced by the lender earlier this year
Zomato has closed primary fundraise of $100 million from Tiger Global Management and $60 million from Temasek Holdings. For your information, listed entity Info Edge has 22.2 percent stake in Zomato. Also, there are reports of Zomato planning an IPO by 2021.
The Army has given the necessary approval for a project to ITI. The contract is expected to be signed very shortly. The value of bid is Rs 7,796 crore.
Hindalco has reported that their upstream plants are operating at near full capacity with all logistics infrastructure coming back on track.
National Fertilizers’ April-Aug sales up 16% at 23.81 lakh MT. Urea production rose 13% to 16.11 lakh MT.
Religare Enterprises has begun talks with a local investor for divesting a majority holding in Religare Finvest, its wholly owned lending subsidiary. This is part of a fresh Rs 4,600 crore debt restructuring plan the group is working on.
Indiabulls Housing Finance is raising about Rs 2,200 crore through a share sale and divestment of ownership held in the UK’s OakNorth Bank.
Hindustan Copper’s consolidated net profit in Q1FY21 rose 40 percent to Rs 29.8 crore from Rs 21.2 crore while revenue increased 41.9 percent to Rs 431.4 crore from Rs 304.1 crore, YoY. Also, the company is planning to raise funds via QIP.
What to expect today?
Yesterday, we wrote that “The Super Hero Motabhai Ambani is back to save the market”. That is exactly what happened. Reliance rallied 7% taking NIFTY up to 11,450, covering the losses of the last 4 trading days. Click here for a detailed analysis of yesterday’s market and stock movements.
NASDAQ, Dow Jones and S&P 500 closed nearly 2% in the red. But the local cues have kind of turned positive. The interest on interest case is postponed. Major relief is that the border problems with China have been taken care of at the diplomatic level.
For me personally, the local cues were a larger concern and now that is over, the market is expected to bounce back soon.
US Markets closed in red. European and Asian markets are also mostly down, barring Hong Kong and Japan. SGX NIFTY is currently trading at 11,421, which is 38 points lower, indicating a flat to gap down opening in the Indian Market.
NIFTY is likely to trade between 11,390 and 11,550 today. There is support at 11,430 and 11,390 and resistance at 11,450 and 11,500
Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,300.
Foreign institutional investors (FIIs) net bought shares worth Rs 838.37 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 317.3 crore
Bank Nifty has been very weak, led by HDFC Bank. NIFTY has kind of bounced back, but not Bank Nifty. A come back in banking stocks can be expected.