Today’s Market Summarised

Nifty had a flat opening today at 11,365. The index was very volatile over the whole day with a trading range between 11,250 and 11,380, of about 130 points. After taking a good support at 11,250 at 9.45am, Nifty moved up and closed at 11,355.05, up 21.20 points or 0.19%.

Bank Nifty opened the day flat at 23,037. The index tracking major banks of the country was also very volatile like Nifty 50. After failing to sustain above 23,100 in the morning, the index fell and closed the day at 22,945.05, down 66.5 points or -0.29%.

Nifty FMCG and Nifty IT were the top gaining sectors of the day. Nifty Realty was the worst performing.

Major Asian markets closed in red today. But European markets are trading strongly in green, and this might have given Nifty the confidence to close strongly above 11,350.

News Picks

Vodafone Idea announced its new brand identity today. The merger has been completed, and the new entity will be named ‘Vi. A new logo was introduced as well. The company had earlier approved fundraising of ₹25,000 crore as part of the company’s comeback scheme. Will Idea sustain, or will Indian telecom turn into a 2-player industry? We will have to wait and see. Shares of the company closed at ₹12.30, up 2.09% after falling from day-open of ₹13.25.

Shares of SBI closed at ₹208.25, up 0.80%, after reports that the PSU Bank is going to announce a Voluntary Retirement Scheme (VRS). Nifty Bank closed in red, down 0.29%. The company also announced Additional Tier 1 bonds at a coupon of 7.74%

Shares of Sterling and Wilson Solar closed at ₹274.30, up 2.05% after the company announced orders worth ₹1,600 crore from two large solar projects in Australia. The stock had opened at ₹281.20 today, and fell through the day.

Shares of Hinduja Global Solutions (HGS) closed at ₹723, up 2.66% after the company announced a 21.7% rise in net profits for Q1 FY21. The share had hit a day-high of ₹774. The news was shared in our morning news feed here. It was also shared on our Telegram channel @fundfolio in stocks to be watched. Hope you caught the rally!

Happiest Minds IPO was oversubscribed in less than 3 hours today.

Harley Davidson is looking for a strategic partnership with M&M subsidiary Classic Legends according to sources. It has also reached out to KTM & Bajaj according to industry sources.

Shares of AllCargo Logistics fell 3.82% to ₹114.50 after the company set its delisting price at Rs 92.58/share, which is at a 22% discount from Friday’s closing price.

Bharti Infratel continued its upward momentum by closing at ₹227.20, up 5.75%. It was Nifty’s top gainer today. The company is soon set to be excluded from the index.

Shares of HDFC LIFE closed at ₹593.50, up 18.85 points and 3.28%. Our view on the stock was shared on Telegram earlier in the day. Hope you caught the run!

Markets Ahead

Today Nifty overcame most predictions to close in green. European markets opening in green are sure to have given some confidence to the index. The US markets can be closely watched tonight by keen investors, to predict the mood of tomorrow’s market. Markets are also confused about the Additional Tier 1 bonds by SBI at a coupon of 7.74%. While some investors consider it to be risky, others point out that the government’s stimulus steps will help the company overcome the pandemic. State Bank of India is certainly a too big to fail company, and this bond issue can be closely followed. Hope you all had a profitable Monday!