News Shots

IIFL Finance, a wholly-owned subsidiary IIFL Home Finance has entered into a co-lending arrangement with Standard Chartered Bank for extending credit to MSME loans (loans against property).

Wholly-owned subsidiary of Sobha Ltd, Sobha Highrise Ventures Pvt. ltd. has acquired 100% equity shares of Annalakshmi Land Developers. Shares have been acquired at Rs 175.16 each at a face value of Rs 10 each.

Wonderla Bangalore has earned the COV-Safe certification from Bureau Veritas India.

Larsen & Toubro Infotech reported a 37.85% jump in net profit to Rs 519.3 crore for the December quarter, driven by an increase in revenue and margin.

Network 18 Media and Investments reported over two-fold jump in consolidated net profit to Rs 333.38 crore for the third quarter ended December 2020.

Tyre manufacturer Ceat reported over two-and-a-half fold jump in consolidated net profit to Rs 132.34 crore in the third quarter ended on December 31, 2020, riding on robust sales.

Tata Metaliks reported a 64% jump in its net profit to Rs 75.18 crore for the third quarter ended December 2020, mainly on account of lower expenses.

Digital technology firm Tata Communications posted over a five-fold jump in consolidated net profit at Rs 309.41 crore for the December 2020 quarter.

Major Q3 results to be announced today:

  • Bajaj Finance
  • Bajaj Finserv
  • Hind Zinc
  • Havells India
  • L&T Technology
  • Syngene International
  • Sundaram Finance
  • Sterlite Technologies
  • VST Industries
  • GMM Pfaudler

What to expect today?

NIFTY, as expected, after crossing the day before yesterday’s high of 14,450, rallied and went up till 14,550. You can read all about yesterday’s movements here.

Bank Nifty, again took support at 31,850 and then moved up to close at 32,424.

Every major sectoral index was in green, indicating a general pull back in the market. NIFTY Realty gained the most – 4.2%.

Janet Yellen’s Senate hearing was all about spending ‘big money’ for a full-employment agenda to help people who don’t have jobs and need to put food on the table. After the hearing, analysts suggested bullish investors will have a leg up under the Biden administration.

Europe closed flat. US markets closed higher, especially NASDAQ. Asian markets are mostly up. SGX NIFTY is trading lower at 14,518, which is nearly 30 points lower, indicating a flat to gap down opening in the Indian Market. 

SGX NIFTY was down 100 points at one point of time. It is mainly because our markets already factored in the US good news yesterday.

Remember, Joe Biden’s Presidential Inauguration ceremony is today. It will have an effect on our market tomorrow. I hope all goes well there and the market remains stable.

Nowadays, we see high volatility on Wednesdays. But given that the last 2 days have already been volatile and that India VIX is moving down, can we see less volatility today?

If NIFTY is moving up, there is huge resistance at NIFTY’s all time high iof 14,650. NIFTY has a good support at 14,450. NIFTY to trade between 14,450 and 14,600 today.

Highest Call Open Interest at 14,600, followed by 15,000. Highest Put Open Interest at 14,400, followed by 14,300. 

Foreign institutional investors (FIIs) net bought shares worth Rs 257 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 199 crore in the Indian equity market.

It was good to see Reliance, HDFC Bank and Kotak Bank holding the markets together when everything else was burning around. Watch out for 3 of them today as well. Kotak Bank fell a lot in the last few days and will cover that soon. Reliance is back above 2000 and result is to be announced tomorrow.

Also, watch Bajaj Twins today as their results are to be announced.

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