News Shots

Finally, United States President Donald Trump conceded election defeat yesterday and promised orderly transition on January 20, when President-elect Joe Biden will be sworn-in as the 46th US President.

TCS will announce Q3 results today. Net profit without considering one-off legal expenses in the previous quarter may show weakness in the third quarter given the salary increase and unfavourable currency movements.

Power giant NTPC has served notices to six states and two Union Territories for non-payment of dues, according to a source.

Abu Dhabi-based ADQ will invest Rs 555 crore for a 1.80% minority stake in Biocon’s subsidiary Biocon Biologics. This values the subsidiary at a post money valuation of $4.17 billion(~Rs 30,000 crore).

Tata Power has received an order from the Kerala State Electricity Board Limited (KSEBL) to build a 110-megawatt (MW) solar project in the state.

Tata Power has taken over power distribution in Western and Southern Odisha from January 1, 2021 onwards. The company has acquired 51% equity stake each in TP Southern Odisha Distribution Limited and TP Western Odisha Distribution Limited for a consideration of Rs 127.50 crore and Rs 255 crore, respectively.

US-based Oaktree Capital has said its new bid for the debt-ridden DHFL is unconditional and comes with a commitment of fresh capital infusion of Rs 1,000 crore for the revival of the company.

HCL Technologies has partnered with Claim Genius, an artificial intelligence (AI) automation solutions provider for the auto insurance market. They plan to jointly develop and market new AI management solutions for insurance claims.

State-run National Aluminium Company Ltd (NALCO) will invest around Rs 30,000 crore for its ambitious expansion and diversification projects in the next six to seven years, which will help achieve the Centre’s goal of ‘Atmanirbhar Bharat’.

JSW Steel posted a marginal growth of 2 per cent in crude steel output at 4.08 million tonnes during the October-December period of the ongoing fiscal.

ONGC has approved the offer and issuance of up to 15,000 unsecured NCDs of face value of Rs 10 lakh. They plan to raise up to Rs 1,500 crore on a private placement basis at the interest rate of 4.50% per annum.

What to expect today?

NIFTY formed the second red candle after 10 consecutive green candles. There was a gap up opening following the Georgia election news from the US but later profit booking kicked in and the market went down. Heavy weights Reliance and HDFC Bank were/are down. You can read all about yesterday’s movements here.

Bank Nifty, as we have been discussing here, was more bullish than NIFTY. It may continue its great bullishness till 32,500. Do watch out.

The clean sweep in Georgia and Trump accepting defeat and promising a smooth transition have brought in positive sentiments in the US markets and the same can be seen in the Asian markets as well. 

US markets are marginally higher. Europe also closed higher. Asian markets are all trading in the green. SGX NIFTY is trading higher at 14,287, which is nearly 100 points higher, indicating a gap up opening in the Indian Market. 

Highest Call Open Interest at 15,000, followed by 14,200. Highest Put Open Interest at 13,000, followed by 13,500. Do not worry about such a wide range between the call and put OI. The expiry is just starting and so people would not have taken many positions. We will get a better picture by the end of the day.

Foreign institutional investors (FIIs) net bought shares worth Rs 382 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 989 crore in the Indian equity market.

NIFTY Bank has broken out from 31,500 and 31,770. 32,500 (all time high) will be the target. With all the good results coming in from the banks, do watch good private banks!

With TCS announcing its result today, keep an eye on IT stocks.

There is positivity in the markets all around the globe. We might see a fresh all time high again in NIFTY today. FIIs again buying yesterday is a good sign. Last 2 days, market opened with a gap up and then fell steeply. Let’s hope that is not the case today. 14,300 and upwards! 🚀

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