News Shots

Adani Ports is set to acquire 31.5% stake in Gangavaram Port Ltd, held by an affiliate of Warburg Pincus for around Rs 1,954 crore. They said the acquisition will expand its market share to 30% across 12 locations in India. 

Property developer DLF has cancelled plans to issue listed secured NCDs to raise up to Rs 395 crore.

HDFC has reduced its Retail Prime Lending Rate(RPLR) on housing loans by 5 basis points, with effect from March 4, 2021. Yesterday, the CEO of HDFC had commented that demand for housing loans has been extremely strong, adding that he does not expect interest rates to go much lower from current levels.

The government is selling an additional 6% stake in IRCON today as part of the Offer for Sale. Non-retail portion was subscribed 3.3 times yesterday. Separately, IRCON has been awarded projects worth Rs 180 crore from the railway ministry.

IRCTC is set to operate trips through India’s most luxurious train, Golden Chariot, from March 14, 2021.

Mazagon Dock Shipbuilders is set to commission 3rd Scorpene Submarine Karanj on March 10. It has started the sea trials of the first ship Visakhapatnam of Project P-15B, which is due for delivery later this year.

Indian Oil Corp plans to monetise its hydrogen-producing facilities to raise about Rs 10,000 crore, according to people familiar with the matter.

Bharti Airtel said it has raised $750 million through allotment of ‘unsecured senior fixed rate notes’ to eligible investors.

Bajaj Electricals and Mahindra Logistics have signed an agreement for innovative logistics optimisation and outsourcing arrangement.

What to expect today?

Yesterday NIFTY was largely bullish and closed more than 320 points up. Reliance and financials pulled up the index. You can read all about yesterday’s movements here

Bank Nifty closed 950 points up, and every stock in the index was positive. PSU Bank index was up more than 3% after underperforming on Tuesday.

IT stocks had again performed well, but the fall in NASDAQ yesterday does not look good. We may see some profit booking in the IT index.

Rising bond yields are becoming a concern again, ten year US Treasury bond yields have gone up significantly. US businesses data did not look promising. Jobs data is set to be out tomorrow. 

European markets all closed in the green yesterday. US markets fell marginally, with Dow Jones falling 0.4% and NASDAQ falling more than 2.7%.

Most Asian markets are also trading in the red. Japan’s Nikkei is down 1.8%.

SGX Nifty is currently trading below 15,035 indicating a gap-down opening in the Indian markets.

15,000 was jumped over by Nifty and was taken as a good support yesterday. This level can be important once again. Going down, 14,950 and 14,880 will also act as good supports.

Moving up, yesterday’s high will be very decisive in the coming days. 15,260-15,270 is a good resistance zone. Reliance is highly bullish having crossed the Rs 2,200 mark, gaining more than 3% in last 1 hour. Financial stocks also closed strongly. Waiting to see more action by them in the market.

Both FIIs and DIIs were net buyers in the market. Foreign institutional investors (FIIs) net bought worth Rs 2,088 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 392 crore in the Indian equity market. 

Maximum put option contracts have once again shifted up to 15,000. Maximum call contracts are at 15,200. 

With institutions being net buyers yesterday, and stocks including Reliance and HDFC closing near their highs, I feel Nifty may not heavily fall after the gap-down today. But will wait for a clear trend before trading. 15,000 is a very important technical and psychological level.

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