News Shots

TCS reported a 14.9 per cent jump in its consolidated net profit for the March quarter to Rs 9,246 crore on higher profit margins and revenue growth.

S&P Dow Jones Indices has removed Adani Ports and Special Economic Zone Ltd from its sustainability index due to its relationship with Myanmar’s military and their alleged human rights abuses.

Bandhan Bank has witnessed a 21 percent yearly growth in loans and advances to Rs 87,054 crore as of March 31, 2021.

Coforge picked up a controlling stake in SLK Global Solutions, a business process transformation services provider primarily to the financial services industry, for a reported enterprise value of USD 195 million.

SEBI imposed a fine of Rs 25 crore on Yes Bank for mis-selling AT-1 bonds in the secondary market a few years ago.

Bharti Airtel group-backed OneWeb has signed an MoU with Kazakhstan government and local partners to provide satellite connectivity services in Kazakhstan.

Hindustan Copper approved closure of QIP from April 12 and set issue price of Rs 119.60 per share. The issue price is at a discount of 4.92% to the floor price of Rs 125.79 per share.

What to expect today?

Yesterday, NIFTY fell more than 500 points over lockdown fears, took support at 14,250 and closed at 14,310. You can read all about Friday’s movements here.

Bank Nifty fell 5%, that is more than 2000 points and took support at 30,500. 

All indices fell majorly (more than 5%) except Pharma which closed flat. Multiple pharma stocks moved up with Dr Reddy’s leading the pack (7% up) after Suptik V was approved for emergency use.

Both the European and US markets closed flat yesterday. The result season is starting in the US also and traders are optimistic regarding them. This week we can see major results like JPMorgan, Goldman Sachs, Bank of America etc.

Many Asian markets are actually up, with many trading more than 1% up. US and European Futures are absolutely flat. SGX Nifty is currently trading higher at 14,388 indicating a muted opening in the Indian market. SGX NIFTY has moved up from 14,340 to 14,390 since it has opened.

TCS has come out with good results. We can see its effect on TCS and NIFTY IT today. They can be watched. Let’s see if IT can prevent NIFTY from moving to further lows.

The next supports for NIFTY are at 14,250, 14,220 and 14,050 while for Bank Nifty, they are at 30,500 and 29,600.

If 30,500 is broken in Bank Nifty, then we might see major fresh lows in the index.

Foreign institutional investors (FIIs) net sold worth Rs 1746 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 271 crores in the Indian equity market.

The highest call OI build up is at 15,000 followed by 15,100. The highest put OI buildup is currently at 14,000 followed by 13,500. 

It was a major fall that happened yesterday. Volatility and uncertainty will continue in the market as long as we don’t have clear announcements from the Government regarding the lockdown situation.

Since it is a market holiday tomorrow, today can be volatile as today is the day before weekly expiry. Also, Mumbai will announce their decision regarding 15 days lockdown most probably tomorrow evening. So the market can remain unstable till then.

Even if NIFTY crossed yesterday’s low of 14,250, I will wait for NIFTY to break 14,220 and 14,200 to confirm that it will move down strongly again. Otherwise NIFTY can consolidate/move up from these levels.

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