News Shots

Tata Motors has denied the reports which claimed that they are partnering with Tesla to drive operations in India.

Jaguar Land Rover reported a second successive quarter-on-quarter recovery in retail sales in 2020. The retail sales rose 13.1% to 1.28 lakh units from 1.13 lakh units in the preceding quarter but declined 9% year-on-year. China sales rose 19.1% year-on-year and 20.2% in the prior quarter. Tata Motors ADR is up.

The Competition Commission of India (CCI) said it has approved acquisition of share capital in Adani Green Energy by a subsidiary of Total SE.

The nation’s largest gas distribution firm GAIL will consider buyback of shares with a view to returning surplus cash to shareholders, the biggest being the Government of India.

Reliance Retail will exit direct sale of packaged food, grocery and FMCG goods on its e-commerce platform JioMart. Instead they will be roping in kirana stores as franchise partners who will sell these products to consumers in their respective neighbourhoods. This marks a change in strategy that differentiates JioMart from other big online grocery platforms such as Big Basket, Amazon and Grofers.

Dr Reddy’s Laboratories has announced the start of its phase 3 clinical trial of Russia’s Sputnik V Covid-19 vaccine, after receiving clearance from the independent Data and Safety Monitoring Board (DSMB).

The Securities and Exchange Board of India (SEBI) has asked the Competition Commission of India (CCI) to not entertain a complaint by ratings agency Brickworks alleging predatory pricing by its peers –  Care Ratings, Crisil and ICRA.

E-commerce major Amazon has written to SEBI yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future Group-Reliance Industries deal.

Force Motors has approved the issuance of NCDs of up to Rs 500 crore on private placement basis.

A company under the name Greenlam Poland LLC has been formed in Republic of Poland, as a subsidiary of Greenlam Industries, to carry out the business of marketing and distribution of decorative laminates and other paper and wood based products.

The wholly-owned subsidiary of Laurus Labs, Laurus Synthesis, has formed another wholly-owned subsidiary under the name of Laurus Ingredients, for undertaking Ingredients Business and also for setting up Greenfield projects for new Synthesis Business.

Some major Q3 results being announced today:

  • Karnataka Bank
  • Tata Elxsi
  • Hathway Bhawani Cabletel
  • Steel Strips Wheels
  • Ind Bank Housing

What to expect today?

Bullishness continued in NIFTY as expected. 14,400 was breached and NIFTY closed at 14,484. You can read all about yesterday’s movements here.

Bank Nifty, was not as bullish as NIFTY. The support at 32,000 was broken during the day and it struggled to go past it later. Bank Nifty closed just below 32,000.

IT and Auto did well yesterday, as we discussed in yesterday’s report. Reliance fell like anything and closed below the MAJOR SUPPORT of 1900. HDFCBANK has broken out, with its results expected on Saturday.

US and Europe closed marginally lower. Asian markets are mixed. SGX NIFTY is trading neutral at 14,484, indicating a muted opening in the Indian Market. 

14,500 will definitely act as a support and also, following the global cues, NIFTY might cool down today.

Highest Call Open Interest at 14,800, followed by 15,000. Highest Put Open Interest at 14,200, followed by 14,000. 

Foreign institutional investors (FIIs) net bought shares worth Rs 3,138 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 2,610 crore in the Indian equity market.

This week also will continue to offer good trading opportunities in IT stocks as results from Infy, Wipro etc are coming in this week.

Bank Nifty has established 32,000 as an important price level. Do watch out for a breakout.

The Supreme Court bashing the Union Government regarding the farm laws and Amazon approaching SEBI regarding the Future-RIL deal – things do not look good for Reliance. But the level of 1900 is very important. Watch for good trading opportunities.

Market is still bullish. But looking at the global markets, today might be different with consolidation or slight correction.

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