News Shots

Oil India Limited in partnership with Engineers India has decided to bid for acquiring 61.65% stake of BPCL in Numaligarh Refinery. Interestingly, all three are PSUs.

Days after India unveiled a national hydrogen mission to accelerate plans to generate the carbon-free fuel from renewables, state-owned Indian Oil Corporation (IOC) on Thursday signed a pact with Greenstat Norway for setting up a Centre of Excellence on Hydrogen.

Bharti Airtel with networth of Rs 71,303 crore has submitted earnest money deposit of Rs 3,000 crore for spectrum auction. Vodafone Idea with negative net worth of Rs 43,474 crore has submitted EMD of Rs 475 crore.

After over two years, state-owned NMDC has resumed production of iron ore from Donimalai Mines in Karnataka.

Realty major DLF’s rental arm DCCDL has completed the acquisition of the entire 52% of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore.

IDFC First Bank board has approved raising up to Rs 3,000 crore through various equity means.

Ambuja Cements reported an increase of 34.06% in consolidated net profit at Rs 968.24 crore for October-December quarter, helped by sales volume growth.

The wholly-owned step down subsidiary of Affle India, Affle MEA FZ-LLC, has completed the necessary closing conditions for acquisition of business assets of Discover Tech.

Bajaj Finance has allotted 360 secured NCDs of face value of Rs 10 lakh each having an issue price of Rs 9.97 lakh – aggregating to Rs 35.92 crore on a Private Placement basis. The coupon rate is fixed at 6.92% per annum.

What to expect today?

NIFTY kept falling yesterday, even trading below 15,100 at one point of time. HDFC Twins again turned villain while PSU stocks (all sectors) had a party.  You can read all about yesterday’s movements here.

Bank Nifty was even more bearish, closing 0.88% down. But once again PSU Banks index was very bullish after the privatisation rumours. 

US markets were trading more than 1% down in the red, but gained slightly near market close still to close in red. Europe also closed bearish. FTSE is down 1.4%. There is bearishness all around.

All Asian markets are also in the red. SGX NIFTY is trading lower at 15,033, indicating a gap-down opening in the Indian Market. 

Al eyes will be on 15,000. Last time NIFTY went til 15,000, it acted as a support and NIFTY sprung back to all time highs. Let’s see if 15,000 can hold up this time also. If 15,000 is broken, we might see a transient trend change.

Foreign institutional investors (FIIs) net bought shares worth Rs 903 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 1,217 crore in the Indian equity market. Net selling by the institutions in the cash market once again, for 4 continuous days now!

Reliance crossed 2,100 levels yesterday but could not sustain. Can be watched out for today. We have been discussing how heavyweights HDFC twins have been dragging NIFTY and BANKNIFTY down for the last few days. They can be watched today also along with ICICIBANK, KOTAKBANK and IT stocks (TCS, INFY, HCLTECH)

NIFTY can be volatile after the gap down opening. Wait for a good direction from the index before taking positions.

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