News Shots

  • Promoter HDFC sold 2.6 crore shares in HDFC Life at Rs 490.22 per share, totalling to Rs 1274 crores
  • India’s drug pricing regulator on Tuesday has reduced the MRP and capped the prices of 40 formulations, including statins and some other popular cardiovascular and diabetes drugs. Sunpharma, Cadila and Zydus are the major manufacturers of these.
  • Haridas Thakarshi Kanani, Chairman & MD of Neogen Chemicals, and his wife Beena Kanani sold a 4.82 percent stake in the company.
  • Adani Power moving forward with delisting process, has appointed merchant banker for evaluation
  • BPCL has reported loss at Rs 1847.37 cr versus profit at Rs 2,912 cr, revenue at Rs 81,829.6 cr versus Rs 84,791.88 cr YoY
  • Aurobindo Pharma has come out with good results with increased profit at Rs 849.83 cr versus Rs 585.38 cr, revenue at Rs 6,158.43 cr versus Rs 5,292.20 cr YoY
  • Jindal Steel & Power records a 28% YoY rise in monthly steel sales volumes with the revival of domestic demand
  • Punjab National Bank has announced to lower interest rate on savings account deposits by 0.50 percentage point, effective July 1
  • Tata Steel is also planning to raise funds amounting to Rs 400 crores via the debt route

What to expect today?

  • The rally for the past 6 days has brought back smiles to the face of plenty of retail investors. Large numbers of portfolios have changed to green again after a long, long time.
  • US and European markets rallied yesterday thanks to the world economy opening up after lockdown. Asian markets have performed in a mixed way, mostly positive though. SGX NIFTY was trading higher but is below 10,100 now, indicating a neutral to a slightly positive opening in NIFTY.
  • Yesterday, NIFTY had clearly established 10,100 as a support/resistance. Clearly, 10,200 is also an important price level. We can expect NIFTY to consolidate between 10,000 and 10,200 for a day or two, before giving another huge movement, either up or down.
  • NIFTY likely to trade between 10,000 and 10,200 today. There is a support at 10,000 and a resistance at 10,150 and 10,200.
  • Maximum Call Open Interest at 10,000 and maximum Put Open Interest at 9,500. Significant call writing is seen at 10,500 and put writing at 9,900 adding to the optimism in the market
  • Reality Check – India’s COVID-19 tally doubled from 1 lakh to 2 lakh in 15 days