News Shots

Wishing you all a very Happy and Prosperous Onam!

Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, announced that it is acquiring the Kishore Biyani-promoted Future Group’s retail, wholesale, logistics, and warehousing businesses on a slump sale basis for Rs 24,713 crore.Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions that operates fashion discount chain Brand Factory.

Banks and Lenders, both private and public, will be in focus as loan moratorium allowed by the RBI ends today. 

Covid-19 cases in the U.S. are rising again while India recorded the largest daily spike in new cases across the world on Sunday.

Housing and Urban Affairs Secretary Durga Shanker Mishra on Friday hailed the Maharashtra government’s decision to reduce stamp duty on registration of properties and advised other states to do the same to boost demand in the real estate sector. If other states follow suit, it is going to be a heavy bull run in realty stocks.

Japanese Market Nikkei had crashed 2.6% after Prime Minister Abe announced to step down due to health issues.

GAIL India is eyeing expansion in petrochemicals, specialty chemicals and renewables to supplement growth in its core business of natural gas marketing and transportation.

Tata Consumer to grow in staples and packaged food space and the company is now expanding the offline reach of its spices and pulses brand Sampann. The company is taking advantage of commodity spaces and driving conversion from unbranded to branded across beverages and foods.

Promoters of Adani Ports and Special Economic Zone have pledged 206.09 lakh shares of the company in favour of Credit Suisse AG to raise Rs 430 crore for a group company, according to a regulatory filing. Adani Enterprises said its promoter SB Adani Family Trust has pledged 5 lakh shares of the firm in favour of SBICAP Trustee Company Ltd for security against borrowing of Rs 500 crore from SBI. (High promoter holding but continuous pledging of shares to raise more debts. Just saying)

Indiabulls Ventures will raise Rs 588 crore by issuing preferential shares to certain foreign investors.

Suzlon Energy reported widening of its consolidated net loss to Rs 398.86 crore in the April-June quarter compared to the year-ago period mainly due to lower revenues. The consolidated net loss of the company was Rs 336.88 crore in the quarter ended on June 30, 2019

NMDC approved the demerger of its upcoming three million tonne per annum capacity steel plant in Chhattisgarh

RBL Bank’s managing director and CEO Vishwavir Ahuja has sold shares worth over Rs 38.5 crore in the bank, mainly to service personal debt and meet family commitments.

What to expect today?

Last week saw a bull run in the market. Every single day closed in green. The bullish momentum is expected to continue. There might be a retracement anytime soon but that will be the market taking a rest before moving higher up.

Markets are performing well around the globe even despite a few bad news. The banking stocks in India could continue their momentum. One interesting thing to note is that the Nifty rally that we got last week was not supported by Reliance. Reliance was consolidating near 2100. So, if banks continue to grow and Reliance shoots up, we can see NIFTY reaching fresh highs very soon.

US Markets are mostly up, hitting all time highs. Asian markets also closed higher. SGX NIFTY is currently trading at 11,754, which is 70 points higher, indicating a positive gap up opening in the Indian Market.

NIFTY is likely to trade between 11,600 and 11,800 today. There is support at 11,680, 11,630 and 11,600 and resistance at 11,700 and 11,750.

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

Foreign institutional investors (FIIs) net bought shares worth Rs 1,004.11 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 543.56 crore

Bank ADRs are doing unusually better, especially ICICI Bank (up 5%). 

Banks, Reliance, Automobiles will be in focus today.IT and Pharma have been showing weakness, owing to rupee getting stronger. Do watch them for a comeback.