News Shots

Regarding the ongoing moratorium case, the Supreme Court of India passed an interim order saying that the accounts not declared as non-performing assets (NPA) as on 31 August shall not be declared as NPAs till further notice. The Supreme Court will continue the hearing of the case on 10 September

Yesterday, we had a demonstration of why we call the stock market a crazy place. Vodafone Idea surged nearly 30% in a single day, on the news that Verizon & Amazon are to invest nearly 4 Billion $ in the company. Later, Vodafone Idea released an official press release clarifying that no such deal is in the pipeline and they are just false rumours.

Reliance Retail is in advanced negotiation with American private equity investor Silver Lake to sell 1.7-1.8% stake in the entity for about Rs 7500 crore. Reliance Retail is also following Jio’s path of private equity investments.

State Bank of India (SBI) is raising up to Rs 4,000 crore in perpetual bonds.

Energy Efficiency Services Ltd (EESL),  a Super Energy Service Company (ESCO), under the administrative control of the Ministry of Power, Government of India, to procure 250 electric vehicles from Tata Motors and Hyundai Motor India.

Jindal Steel & Power posted a 21 per cent rise in its consolidated production and a 38 per cent growth in its sales for August.

Aditya Birla Idea Payments Bank has ceased to be a banking company within the meaning of the Banking Regulation Act, the Reserve Bank said on Thursday. Aditya Birla Idea Payments Bank was promoted by Grasim Industries and Vodafone Idea with 51 and 49 per cent shareholdings respectively.

PNB Housing Finance is set to lay off about 5-7 percent of its employees in an apparent bid to rationalize cost amid shrinking business.

Tata Power has signed a power purchase agreement (PPA) with Tata Motors to commission 6.2 megawatt solar carport capacity in Pune.

Infosys to acquire a product design and development firm, Kaleidoscope Innovation.

CreditAccess Grameen to raise Rs 1,000 crore via equity.

Government has imposed an anti-dumping duty on Ciprofloxacin Hydrochloride imports from China for six months. A levy of $0.9-$3.49 per kg has been imposed on the raw material used in making antibiotics. Aarti Drugs and Godavari Drugs are to be affected the most. Aurobindo Pharma, Dr Reddy’s Laboratories, Neuland Laboratories and Sun Pharmaceutical are also some of the other users in India.

What to expect today?

Yesterday, respecting the local cues, the market consolidated heavily. Nifty moved within a tight range of just 60 points. The uncertainty over the loan moratorium hearing negatively impacted the banks and held the market strongly from moving up. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bloodbath in the US markets – NASDAQ is 5% down! Dow Jones 2.8% and S&P 500 3.5% down. A huge sell off was seen in tech companies. What we can understand is these are profit booking.

The impact of the US crash can be seen in the Asian markets. All of them are down. Indian markets are to open with huge negative gap.

Last time we saw a similar fall due to profit booking, the market regained easily and moved up. Similarly, if we get confirmation of the market moving up, today can be a great opportunity to buy stocks in dip.

US Markets are extremely down. Asian markets are down. SGX NIFTY is currently trading at 11,400, which is 145 points lower, indicating a gap down opening in the Indian Market.

NIFTY is likely to trade between 11,300 and 11,500 today. 

Highest Call Open Interest at 12,000, followed by 11,500. Highest Put Open Interest at 11,000, followed by 11,500.

Foreign institutional investors (FIIs) net bought shares worth Rs 7.72 crore, while domestic institutional investors (DIIs) acquired shares worth Rs 120.08 crore in the Indian equity market 

Nifty Bank has crossed the day before yesterday’s low and is technically looking very weak.

IT Sector can take a hit after the sell-off in tech giants in the US.