News Shots

Russia’s sovereign wealth fund – Russian Direct Investment Fund (RDIF) – has partnered with Hyderabad based drug maker Dr Reddy’s Laboratories to cooperate on clinical trials and distribution of Sputnik V vaccine in India with deliveries for general use potentially beginning late this year.

Happiest Minds is set to make its debut on the exchange today. The issue, which was sold in the price band of Rs 165-166, was subscribed 151 times. Congratulations to all those who received allotment!

State Bank of India could be sitting on a goldmine when it comes to its digital startup YONO (You only need one). The super-app could be valued at $40 billion with the lender considering long term plans to hive it off as a separate entity once it assumes a certain size.

HCL Technologies and Google Cloud expanded partnership to deliver accelerated business intelligence platforms.

Indian airlines have sought interest-free credit of at least $1.5 billion from the government to enable them to cope with the loss of revenue from the coronavirus pandemic, the country’s aviation minister said.

SpiceJet has launched 14 cargo flights to Northeast India.

Procter & Gamble Health reported a 10.8 per cent jump in June quarter net profit at Rs 48.9 crore

Oil India lost Rs 148 crore in revenue in 100 days from the closure of oil and gas wells in the vicinity of the Baghjan fire in Assam

Marico Limited has extended its edible oil brand Saffola into ayurveda by launching immunity boosting products – kadha and milk mix – to cash on the increased awareness and interest in such products, especially ones with natural ingredients.

Mindtree co-founder Krishnakumar Natarajan and his immediate relatives have sold more than 42 lakh or 2.55 per cent shares in the IT services company for approximately Rs 530 crore.

Mahindra & Mahindra has launched contactless options for accessories, extended warranty and workshop related payments for its entire range of vehicles.

Bandhan Bank has recreated a broader vertical called “emerging entrepreneurs business” which includes its microbanking division, micro home loan and micro enterprise loans.

Managing director and chief executive of Yes Bank Prashant Kumar termed its bailout by banks led by SBI, and the subsequent actions as an “honest” attempt to build an institution.

What to expect today?

Yesterday, the bullishness continued in the market. 11,560 was tested strongly and was broken eventually. NIFTY closed at 11,600, with a huge positive bias. Click here for a detailed analysis of yesterday’s market and stock movements. The article also explains how the RBI Governor’s speech affected the market yesterday.

In the US, the Federal Reserve indicated lower interest for next 3 years. Generally, this is good for the world market. But, the global market is slightly down right now.

Dr Reddy’s Russian deal does bring a lot of positivity and optimism into the market.

NIFTY crossing 11,560 is a good sign. Next target is 11,800. But for reaching there Banks also have to support. Bank Nifty is trying to recover. 22,700-22,800 is a resistance. If that is broken, we may get a rally in both Bank Nifty and NIFTY. 

Auto continued its exceptional run yesterday as well. Can expect move from pharma today.

US Markets are down. European and Asian markets are also mostly down. SGX NIFTY is currently trading at 11,521, which is 82 points lower, indicating a gap down opening in the Indian Market. 

NIFTY is likely to trade between 11,500 and 11,650 today. There is support at 11,550 and 11,520 and resistance at 11,600 and 11,630. 11,560 is a strong resistance for NIFTY.

Highest Call Open Interest at 12,000, followed by 11,600. Highest Put Open Interest at 11,500, followed by 11,000.

Foreign institutional investors (FIIs) net bought shares worth Rs 264.66 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 212.21 crore

Even if there is a gap down opening, given the cues and the sentiments in the market, chances are high that the market will trend up eventually. Also, keep in mind that today is weekly expiry – volatility might kick in. Wish you all a profitable day!

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