News Shots

Finance Minister announced the much-awaited economic stimulus package “Atmanirbhar Package 3.0” worth Rs 2.65 lakh crores. The amount is to be utilized under 12 verticals. You can read all the details about the package in this special article by marketfeed.

Reliance Industries will invest up to $50 million in Bill Gates’ US-based Breakthrough Energy Ventures.

Rakesh Jhunjhunwala’s RARE Enterprises purchased 50 lakh shares of Indiabulls Real Estate through a bulk deal on NSE.

The country’s largest commercial shipbuilder Cochin Shipyard (CSL) reported a 47.70 per cent fall in net profit at Rs 108.36 crore.

Power Finance Corporation (PFC) reported a 72 per cent jump in its consolidated net profit at Rs 4,290 crore in the July-September quarter on account of higher revenues.

Wipro is bringing in a new operating model from next year under which its business will be restructured into four strategic market units (SMUs) and delivery model will be simplified as the IT giant looks to drive growth in the non-US markets.

Jubilant FoodWorks, which operates fast-food chains Domino’s Pizza and Dunkin’ Donuts, closed a total of 105 stores in the July-September quarter.

Eicher Motors reported a 40 per cent decline in consolidated net profit at Rs 343.34 crore in the second quarter ended September 30.

Tata Consultancy Services (TCS) has inked an agreement with Prudential Financial, Inc (PFI), under which the Indian firm will acquire over 1,500 employees and select assets of Pramerica Systems Ireland Ltd (Pramerica). The move will help strengthen TCS’ delivery capability in Ireland.

Aditya Birla Group flagship firm Grasim Industries announced the sale of its fertilisers business to Indorama Corporation for Rs 2,649 crore. The fertiliser business contributed to 3.45% of the total consolidated revenue.

Infibeam Avenues to acquire 33.3% stake in So Hum Bharat Digital Payments for Rs 18 crore. Navin Surya and Vishwas Patel, executive director at Infibeam Avenues, set up So Hum Bharat Digital Payments to explore a new umbrella entity license. If granted a license from RBI, the new umbrella entity will directly compete with National Payments Corporation of India in the digital payments space.

Some Major Q2 Results to be Announced Today:

  • Apex Frozen Foods
  • Equitas Holdings
  • Graphite India
  • Hindustan Aeronautics
  • Indiabulls Real Estate

What to expect today?

Yesterday, NIFTY consolidated as expected. Even the economic stimulus could not take NIFTY up! Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty also, after 7 continuous green candles, moved down and closed in the negative yesterday.

This is what I said yesterday – “NIFTY has been continuously up for the last 7 days and has nearly moved up by more than 1000 points. The rally is getting frightening now. It is high time that NIFTY consolidate or undergo a small correction.” And this is exactly what happened in the market. I am sticking on to the same logic for some more days.

With the stimulus announced, there will still be stock and sector specific rallies in the market even if NIFTY consolidates/falls.

The European and the US markets are down. Asian markets are also down. SGX NIFTY is trading at 12,654, which is 93 points lower, indicating a gap down opening in the Indian Market. 

Actually I feel good after seeing almost all the markets around the globe closing in red. As I wrote yesterday, it is natural to correct after the kind of rally we had over the past few days.

NIFTY is likely to trade between 12,570 and 12,760. India VIX has fallen and thus, volatility will be less.

Highest Call Open Interest at 13,000, followed by 13,500. Highest Put Open Interest at 12,000, followed by 11,500. 

Foreign institutional investors (FIIs) net bought shares worth Rs 1,514.12 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,239.43 crore.

NIFTY will cool down now. 12,800 will act as good resistance. In fact, 12,400 to 12,800 looks like to be the consolidation range for NIFTY. In the case of Bank Nifty, 29,000 should act as a strong resistance. Follow us on marketfeed app’s livefeed section to get real-time updates from the market. All the best for the day!