News Shots

Let’s leave yesterday’s freak show behind and move ahead with positivity.

The subject expert committee under India’s drug regulator has not cleared the application of Dr Reddy’s Laboratories seeking approval to market the Sputnik V Covid-19 vaccine, citing lack of data.

Nureca, which launched its IPO recently, will make its market debut today. The category meant for qualified institutional buyers (QIBs) was subscribed 3.10 times, non institutional investors 31.59 times and retail individual investors (RIIs) 166.65 times.

Hinduja Global Solutions, the IT services arm of Hinduja Group plans to hive off its cash-rich healthcare outsourcing practice and looks to divest a significant minority stake to financial investors to raise as much as $200 million.

Max Financial Services Ltd said the Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the acquisition of up to 12 per cent stake in Max Life Insurance by Axis Bank and its subsidiaries Axis Capital and Axis Securities (together Axis entities).

Affle Holdings Pte Ltd, a promoter of Affle (India) Ltd, on Wednesday offloaded 3 lakh shares of the company worth over Rs 161 crore through an open market transaction.

Skill development firm NIIT has tied up with telecom equipment vendor Nokia , to offer Nokia’s 5G certification program aimed to skill professionals on the next generation of services.

Zydus Group owned US-based Sentynl Therapeutics has inked a pact with Cyprium Therapeutics to acquire its proprietary rights to CUTX-101, a copper histidinate product candidate for the treatment of Menkes disease.

Nirav Modi, who remains behind bars in a London prison, will find out the UK court’s ruling regarding extradition to India today. PNB can be watched.

Dredging Corporation of India has signed an MoU with Cochin Shipyard to construct the first ever Trailing Suction Hopper Dredger in India.

The Competition Commission of India has approved the Merger of NAM Estates and Embassy One with Indiabulls Real Estate.

Just Dial has launched its B2B portal, Jd Mart, across various platforms for users.

Piramal Enterprises – Piramal Pharma, a subsidiary of the company, has completed the acquisition of Convergence Chemicals for an aggregate cash consideration of Rs 65.10 crore.

What to expect today?

Yesterday was all about NSE freezing, shutting doors and then extending trading till 5 pm. Let’s hope such situations are managed better in the future. NIFTY moved higher towards the close, powered by the banks, and closed near 15,000. You can read all about yesterday’s movements here.

Bank Nifty was helped with the news that PSUs can have accounts with private banks. Banking stocks shot up towards the close thereby taking Bank Nifty nearly 4% up to near 36500.

Powered by us, the global markets also seem to have regained strength. Europe and US are back in green. All major indices in the US climbed up steadily yesterday to close more than 1% up.

All asian markets are also almost trading higher in the green. SGX NIFTY is trading higher at 15,060, indicating a gap-up opening in the Indian Market. 

Yesterday’s rise in our market was mostly powered by Banks and Fin Services Companies. But the rise was expected. I’ve been saying that since the fall. That is exactly what we have been seeing in the market for a long time. Whenever there is a fall in the market, there is a quicker pull back also. That is one among the reasons why I sold put options this week.

It is good that NIFTY has reclaimed the psychological level of 15,000. Today will decide NIFTY’s movement for the coming days. Important levels to watch out for in NIFTY are 14900, 15,000 and 15,100.

Interestingly Foreign institutional investors (FIIs) net bought worth Rs 28,739 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 230 crore in the Indian equity market. Finally FIIs are back to the buying spree.

Maximum put option contracts continue to be strong at 14,000. But interestingly as we discussed on TSMS, 14,800, 14,700 and 14,600 are seeing large numbers of put option interest. From this data, Nifty might not move much down anymore. 

Highest call OI buildup is at 15,000 followed by 15,200. We might see major shifts in this once the market opens as all traders at 15,000 will book losses and run. We can watch the shift in call OI to have an understanding of the expiry.

NIFTY will be volatile today, with higher chances of banks continuing the momentum and taking the markets up. Banks can be watched. Understand the trend and trade accordingly.

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