News Shots

IDFC First Bank has fixed the floor price at Rs 60.34 for its Rs 3,000 crore qualified institutional placement (QIP).

IRB Infrastructure Developers (IRB) has won two highway projects in West Bengal and Himachal Pradesh. 

UltraTech Cement has prepaid long-term loans of Rs 5,000 crore. The money was used from free cash flows that the company generated over the last few quarters despite the lockdown.

Hindustan Petroleum Corporation Ltd has bought its partner SP Ports’ stake in the firm that was building an LNG terminal for Rs 397 crore in Gujarat.

The subject expert committee (SEC) under India’s drug regulator might meet tomorrow to take up an application of Dr Reddy’s Laboratories‘ Sputnik V Covid-19 vaccine.

US-based subsidiaries of Zydus Cadila and Alembic Pharmaceuticals are recalling one drug each in the US after receiving complaints against them.

Water treatment player VA Tech WABAG has reached financial closure for its project received from the Bihar Urban Infrastructure Development Corporation.

SJVN has won a 70MW grid-connected Solar Power Project in Gujarat. Power generated from this project will be procured by Gujarat Urja Vikas Nigam Ltd for 25 years.

NHPC has received approval for investment of Rs 938.29 crore for acquisition of Jalpower Corp and construction of balance works of 120 MW project in Sikkim.

TCS has renewed its strategic partnership and services footprint with UK’s Nationwide Building Society, the world’s largest building society and one of the largest savings and mortgage providers in the U.K. Partnership to help strengthen the society’s enterprise and operational capabilities.

What to expect today?

Yesterday, NIFTY rallied up 3% from 14,600 to 14,900 and closed at 14,845, powered mainly by IT, Metals and Pharma. You can read all about yesterday’s movements here.

Bank Nifty did not have as much as power as that of NIFTY even though HDFC Bank closed 4% up. Bank Nifty could not close above 34,000.

Apart from Realty, all indices closed in the green with IT leading the pack. The move in IT was expected and may sustain more.

The European markets moved up and closed above 1%. The US markets consolidated with a negative bias but is not looking weak. DOW JONES is still above 33,000 and NASDAQ is above 13,000.

Asian markets are mixed. They are moving down in the last hour. US Futures are flat. SGX Nifty is currently trading higher at 14,850 indicating a flat opening in the Indian market. 

The 10 year US treasury bond yield has risen again taking it to a 14 months high.

NIFTY has strong resistances at 14,900 and 15,100. NIFTY has to cross at least 14,900 to gain back upwards momentum.

The next supports for NIFTY are at 14,750, 14,650, 14,600 and 14,500 while for Bank Nifty, they are at 33,400, 33,300 and 33,000.

India VIX did not move much yesterday even though NIFTY shot up. The put side premiums did not fall with strength yesterday.

Foreign institutional investors (FIIs) net bought worth Rs 769 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2100 crores in the Indian equity market. 

It is good to see that both FIIs and DIIs are net buyers in the market. If this continues, we might see NIFTY reclaiming 15,000 soon.

There is good put OI buildup at 14,500 followed by 14,000. Similarly, the largest call option buildup is at 15,000 followed by 15,500.

This week has good expectations like Joe Biden’s 3 trillion USD package, which is to be announced tonight and multiple global economic data coming in. At the same time, rising COVID cases is a real concern in India.

I expect market to consolidate between 14,750 and 15,000 for a period before making a move.

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

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