News Shots

A revised circular from the RBI provides that commercial banks can pay maximum up to 50 percent of the dividend that they could pre-COVID. This is not good news for banks.

Reliance Industries, through an international arm, is finalising the acquisition of Stoke Park, Britain’s first County Club, from the International Group (IG), owned by the King family, a second-generation UK family business, for around 60 million pounds (Rs 600 cr).

Indus Towers reported a 38 per cent rise in consolidated net profit to 1,364 crore for the fourth quarter of FY21, and said digital transformation across sectors is driving new opportunities for shared infrastructure providers to usher in the next growth phase.

Tata Motors reported its British arm Jaguar Land Rover (JLR) will be suspending production at two of its plants from April 26 due to semiconductor chip shortage and supply chain disruption.

Gland Pharma has received approval from the US health regulator for its generic Foscarnet Sodium injection indicated for treatment of cytomegalovirus retinitis in patients with AIDS.

Tata Elxsi net profit has increased 40.3 per cent to Rs 115.16 crore in the March 2021 quarter.

Torrent Power will set up a 300 MW capacity solar power plant in Gujarat at an estimated cost of Rs 1,250 crore.

Angel Broking board has appointed Narayan Gangadhar as the Chief Executive Officer effective April 26.

What to expect today?

Yesterday, NIFTY opened with a gap down and went below 14200 till 14150, took strong support and moved up throughout the day to close just above 14400. You can read all about yesterday’s movements here.

Bank Nifty, was even more bullish, moving up more than 1000 points or 2% to close just below 31,800.

Banks and financial services did extremely well yesterday. FMCG performed badly yesterday.

The European markets had another good day where all of them have closed nearly 1% up.

There was a sharp sell off in the US at one point of time and the US markets closed in the red. This happened because there are reports saying that the income tax rates of the super rich will be increased to support Joe Biden’s development plans. They are considering raising the tax on capital gains to 39.6% for those earning more than $1 million a year.

Asian markets are mixed. European and US Futures are up. SGX Nifty is currently trading lower at 14,324 indicating a gap down opening in the Indian market. 

Since NIFTY is creating lower lows everytime it is going down, I think there is weakness in the market.

Given that ICICI Bank is to announce its result tomorrow and the RBI announcement regarding dividend payout, I’ll be focussing on banks today.

Nothing is getting better at the COVID front. The number of cases are increasing exponentially and there are no good updates regarding the vaccine.

Following the lower low trend in NIFTY, it has to go below 14,150 to create a fresh low.

Similarly, if BANK NIFTY breaks 30,500, next supports are at 29,500 and 29,000.

The resistances for NIFTY are at 14,350, 14,450 and 14,500 while for Bank Nifty, they are at 32,000 and 32,350.

Foreign institutional investors (FIIs) net worth sold Rs 909 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 850 crores in the Indian equity market. 

DIIs are supporting the markets and buying heavily to prevent the market from falling heavily.

Today will be very decisive for the days coming up. Volatility has become the new normal since the last few weeks! Understand the trend and trade accordingly.

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