News Shots

Hero Motocorp will increase the price of its entire model range by up to Rs 3,000 from next week in order to partially offset the impact of rising input costs.

Kotak Mahindra Bank acquired the German carmaker Volkswagen’s captive vehicle finance business for an undisclosed sum.

JSW Steel has raised USD 1 billion through issuance of Sustainability Linked Bonds (SLBs) in the overseas market.

The government’s up to 10 percent stake sale in Hindustan Copper got off to a good start with institutional investors putting in bids of over Rs 700 crore. The issue will open for retailers on Friday.

Biocon’s subsidiary, Biocon Biologics, will offer around 15 percent stake to Serum Institute Life Sciences at a post-money valuation of about USD 4.9 billion.

TVS Motor Company has bought a majority stake in Switzerland-based e-bike brand EGO Movement for 16.6 million Swiss francs (around Rs 131 crore) to foray into the personal e-mobility segment.

RP Sanjiv Goenka group’s music company Saregama India announced a plan to raise funds up to Rs 750 crore. The funds would be raised through an additional issue of securities via options like private placement, preferential issue, public issue, or through qualified institutional placement.

The vocational training company Aptech is investing Rs 17 crore in foraying into an Edtech initiative, which will help students acquire skills online.

What to expect today?

Yesterday, BANK NIFTY gave a textbook breakout to touch all-time high levels. Also pulled up NIFTY and the index ended at around 17,629. You can read all about yesterday’s market movements here.

BANK NIFTY kept moving up and up till the last hour of trade and touched record highs. The index closed at 37,668, up 2.22%.

NIFTY PSU BANK outperformed with news that the Finance Minister will announce more details of a bad bank. Private banks also moved up.

The European markets all closed in the green. The U.S. markets fell after opening but regained near the end to close flat.

Most of the Asian markets are trading in the green, reversing from their bearish day yesterday. The European futures and the U.S. futures are now trading flat.

SGX NIFTY is trading flat at 17,689 indicating a gap-up opening in the Indian market.

Supports for NIFTY are at 17,600, 17,500 and 17,550. 17,660, 17,700 and 17,750 can act as resistances for the index

The supports for BANK NIFTY are at 37,600, 37,200 and 37,000. Resistances exist at 37,800 and 38,000.

Foreign institutional investors (FIIs) net bought worth Rs 1621.88 crores continuing their buying spree, and domestic institutional investors (DIIs) net sold shares worth Rs -795.13 crores in the Indian market. 

2 major news moved Bank Nifty yesterday. Majorly, the reforms in the telecom sector gave confidence to lenders of Vodafone Idea. Then, the government announced after market hours that a National Asset Reconstruction Company will take over banks Rs 2 Lakh crore bad debt. 

All banks joined the party with IndusInd Bank moving up more than 7%. Funnily, IT stocks saw selling to keep the market down but this did not work as banks were ultra-bullish. Even our ‘biriyani’ stock ITC also moved up after months of consolidation.

NIFTY surprised all and closed with bullishness yesterday with the rally in banks giving confidence to other stocks. Now SGX NIFTY is well in the green. Today would be crucial for the market to decide if the breakout in Bank NIFTY after 6 months can be continued to next week. Will be looking if the index can take support at 37,400-37,500 today and continue its bullish strength.

Will be watching the markets today, to get a clear view for next week. Trade only with the trend, so do give the market some initial time to identify its direction.

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