News Shots

Hero MotoCorp is looking to start its operations in Mexico soon with its global expansion strategy.

Axis Bank has reported a 29%  decline in December quarter consolidated net profit at Rs 1,334 crore. The bank has reported an increase in non-performing assets(NPAs) from the retail loan book.

Hindustan Unilever is set to raise the prices of its skin cleansing products by 2.5%, to set off inflationary pressures.

PVR has launched yet another fund raising QIP. The floor price of Rs 1,495.93 per share is a 0.7% premium to Wednesday’s closing price.

Aditya Birla Fashion and Retail is set to acquire 51% stake in Sabyasachi Couture for Rs 398 crore in an all cash deal. The deal is expected to be completed in 30-45 days.

Affle India has announced the global launch of Appnext OOBE platform powered by acquisition of DiscoverTech.

NTPC’s 140 MW solar photovoltaic project in Uttar Pradesh has started commercial operations.

The largest private sector staffing company Quess Corp reported a near 5% drop in revenue to Rs 2,808 crore and a 39% fall in net profits to Rs 46 crores during Q3.

ICICI Prudential has reported a marginal 1.3% increase in net profit at Rs 306 crore for Q3.

HCL Technologies is partnering with University of California to create a Health Technology Collaborative Laboratory (CoLab).

State-run Canara Bank reported a 9% fall in its standalone net profit to Rs 696 crore. It was mainly due to higher provisioning for bad loans.

JK Paper has reported a 51% fall in its consolidated net profit to Rs 64.59 crore for Q3.

Major Q3 results to be announced today:

  • Maruti Suzuki
  • Pidilite Industries
  • Indus Towers
  • InterGlobe Aviation
  • Lupin
  • Colgate Palmolive
  • Bharat Electronics
  • IDBI Bank
  • Laurus Labs
  • Aarti Industries
  • AU SFB
  • Shriram Transport

What to expect today?

NIFTY continued its fall. It fell another 250 points to close below 13,950. You can read all about yesterday’s movements here.

Bank Nifty was even more weak and closed near 30,150. The support at 31,000 was broken yesterday.

NIFTY FMCG was the only sectoral index to close in green, with HUL announcing results and more Q3 results coming in.

Looking into what is happening globally, we are witnessing a major correction – Europe is down nearly 2 percent and the US is down more than 2.5%.

The Fed did not announce anything special. The Fed last year had cut short-term interest rates to near zero (similar to RBI reducing repo rate here), launched a bond-purchase program worth $120 billion a month in order to boost the economy. Yesterday, the Fed said it would maintain these measures until its goals of lower unemployment and 2% inflation are achieved.

Apple and Facebook announced good results and even that couldn’t help the market. They also fell. Tesla’s results did not turn out to be as good as expected and Tesla fell 5%. SGX NIFTY hit a low of 13,801 at one point of time!

Every single market around the globe closed in the red. SGX NIFTY is trading lower at 13,830, which is more than 100 points lower, indicating a gap down opening in the Indian Market. 

We have to watch and understand the trend of NIFTY after it opens with a gap down. Like all the previous days, the first hour is important to see whether NIFTY is breaking up/breaking down. ORB strategy can be followed. 

Reliance, HDFCBANK, and HDFC dragged NIFTY down by more than 100 points yesterday. Let’s keep an eye on these heavy weights to understand what the trend of the day can be.

Moving up, NIFTY has resistance at 14,000. Breaking that today might give a larger up move. On the lower side, there is a resistance at 13,750 to 13,770. If you look into the charts, there is a gap between 13,780 and 13,810. So, it is good that this gap is filled.

Highest Call Open Interest at 15,700, followed by 14,500. Highest Put Open Interest at 13,500, followed by 13,800. 

Foreign institutional investors (FIIs) net sold shares worth Rs 1688 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 3.38 crore in the Indian equity market.

Today is going to be an interesting expiry. We will see a lot of call options to be written at 14,000 and 14,100. 

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