News Shots

Reliance Retail and Reliance Fashion have approached the National Company Law Tribunal (NCLT) seeking its permission to hold meetings of their shareholders and creditors to consider and approve the proposed merger with Future Group’s retail, logistics and warehousing business in a Rs 24,713 crore deal.

The Centre slashed subsidies on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices.

Sugar stocks to be watched.Union Bank has raised Rs 1,447 crore through qualified institutions placement.

Mindtree will acquire the NxT Digital Business from Larsen and Toubro(L&T) for Rs 198 crore, a move that will enable the mid-sized IT firm to capture opportunities in the IoT and Industry 4.0 space.

Zee Entertainment reported a consolidated net profit of Rs 272.36 crore for the latest quarter compared to a net loss of Rs 765.82 crore in the last year.

Hindustan Petroleum Corporation reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins.

Consumer electrical goods maker Havells India reported a 70.95 per cent rise in consolidated net profit at Rs 303.83 crore for the fourth quarter. 

Torrent Power posted a consolidated net profit of Rs 398.10 crore in the January-March quarter driven by higher revenues, compared to a net loss of Rs 273.94 crore in the same quarter last year.

Media firm NDTV reported an over two-fold jump in consolidated net profit at Rs 24.09 crore in the last quarter.

Some major Q4 result announcements today:

  • SBI
  • JSW Steel
  • Shree Cements
  • Hindalco Industries
  • United Spirits
  • Container Corporation of India
  • Crompton Greaves Consumer
  • Dr Lal Pathlabs
  • Godrej Industries
  • Ircon International
  • Birlasoft

What to expect today?

Yesterday, NIFTY opened with a gap up just above 15,050 and fell suddenly to below 15,000, indicating weakness. Then NIFTY consolidated between 14,980 and 15,030 till 2 pm after which NIFTY fell heavily to 14,900. You can read all about yesterday’s movements here.

BANK NIFTY also opened with a gap up and fell till 33,600. The support at 33,600 was tested till afternoon and then the index fell to 33,270 and closed above 33,300.

Metals remain very volatile as the index moved down strongly yesterday. Banks and Financial Services were especially weak.

The crypto market moved up yesterday and managed to regain majority of the losses. But, the US Federal Reserve chief Jerome Powell turned up the heat on cryptocurrencies, saying they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted.

The European markets closed more than 1% up. The US markets also moved up and closed strongly in the green. They steadily climbed up throughout the day.

The number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week. This is the lowest since mid-March 2020 and held claims below 500,000 for two straight weeks. This is a very positive indication for the American economy.

Asian markets are mostly up. European and US futures are flat to positive. SGX NIFTY is currently trading lower at 15,009 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 15,000, 14,950 and 14,900.

15,100, 15,140, 15,200 and 15,270 are important resistances for NIFTY. 

33,600, 33,850, 34,000 and 34,400 are the immediate resistances to be watched out for in BANK NIFTY. It can go up strongly if 34,400 is broken.

BANK NIFTY has supports at 33,300 and 33,000.

There is a huge call buildup at 15,000 which absolutely made no sense yesterday itself. All of them will be taken out today if NIFTY manages to sustain above 15,000.

Foreign institutional investors (FIIs) net bought worth Rs 71 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 876 crores in the Indian equity market. 

VIX is still very low and we have been seeing super steady movement in the market this week.

There are high chances that NIFTY will move up and sustain 15,000 today owing to global and local positive cues.

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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