News Shots

Dr Reddy’s Laboratories is working on the development of new treatment options for COVID-19 patients which it aims to launch over the next few months while ensuring uninterrupted supplies of its existing range of products.

Bharat Parenterals received license and authorisation from Drugs Controller General of India and Central Drugs Standard Control Organisation for the manufacturing and marketing of Favipiravir Oral Suspension l00mg/ml, which will be used to treat Covid-19.

Power Grid Corporation has approved investments totalling Rs 2,202 crore for various power transmission projects.

The auto ancillary maker Minda Industries has approved acquisition of 27.55 per cent stake in CSE Dakshina Solar Pvt Ltd for Rs 27 lakh.

The textiles manufacturer Arvind is planning to raise up to Rs 200 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

Natco Pharma has received approval from the US health regulator for generic Lenalidomide capsules indicated for treatment of adults with multiple myeloma, mantle cell lymphoma and myelodysplastic syndromes.

Hero Motocorp will resume production at all its manufacturing plants in India from today after temporarily shutting operations due to the coronavirus pandemic.

The drug firm Wockhardt has approved plans to raise up to Rs 150 crore by issuing securities on a private placement basis.

State Bank of India reported an 80.15 per cent jump in its standalone profit after tax (PAT) of Rs 6,451 crore in the three months to March 2021, aided by higher interest income and lower provisioning for bad loans.

JSW Steel posted a manifold jump in its consolidated net profit to Rs 4,191 crore for the quarter ended March 31.

Some major Q4 result announcements today:

  • Grasim Industries
  • The Ramco Cements
  • Mahanagar Gas
  • Balaji Amines
  • India Cements
  • JSW Holdings
  • JK Paper
  • Dalmia Bharat Sugar and Industries
  • Barbeque Nation Hospitality
  • ADF Foods

What to expect today?

Friday, NIFTY opened with a gap up just above 15,000 and moved up throughout the day to close at around 15,175. The major resistance at 15,140 was broken on Friday. You can read all about Friday’s movements here.

It was BANK NIFTY which moved nearly 4% which caused such a large movement in NIFTY. SBI came out with good results and this influenced banking stocks to move up. BANK NIFTY crossed 34,000 and 34,300 and closed near 34,700.

Obviously, Banks and Financial Services stocks were the stars on Friday. Metals remain very volatile.

The crypto market moved down heavily over the weekend.

The European and the US markets closed flat and mixed on Friday. 

There is positive economic data from the US like less jobless claims and higher PMI, Purchasing Managers Index.

Asian markets are mostly down and mixed European and US futures are flat to positive. SGX NIFTY is currently trading lower at 15,135 indicating a gap down opening in the Indian market. 

The immediate supports for NIFTY are at 15,100, 15,000, 14,950 and 14,900.

15,140, 15,200 and 15,270 are important resistances for NIFTY. 

34,700-34,800 is an important resistance to be watched out for in BANK NIFTY, above which it can show more strength. 

BANK NIFTY has support at 34,100 and 33,900.

The number of put options are more than the number of call options in NIFTY thereby resulting in a PCR of 1.2, which indicates bullishness in the market.

There is a huge put option buildup at 15,000 while the largest call option buildup is at 15,500.

Foreign institutional investors (FIIs) net bought worth Rs 510 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 644 crores in the Indian equity market. 

VIX is still very low and we have been seeing super steady movement in the market for many days.

There are high chances that NIFTY will sustain above 15,000 this week.

This is the last week of the month and thus, we might see some volatility. Please take safe trades only.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!