Axis Bank (formerly UTI BANK) is shutting its overseas operations one by one as part of a strategy of focusing Indian market. It has already closed branches in Shanghai and Colombo, and is in the process of winding up Hong Kong Branch, senior bank officials said. It is also looking to surrender its UK banking subsidiary license and close operations by April 2021.
Air cargo handler Skyways Air Services said it has joined hands with SpiceJet for transporting COVID-19 vaccine across the country. Separately, Delhi-based material solutions firm Pluss Advanced Technologies (PLUSS) announced a tie up with SpiceJet for supplying precise temperature control boxes for vaccine distribution.
Coal India is constructing 21 railway sidings. Estimated investment is Rs 3,370 crore across four of its subsidiaries. The project is an effort towards strengthening rail infrastructure.
Lupin has launched Meloxicam capsules, used for treating osteoarthritis (OA) pain, in the US market.
IT firm 3i Infotech has entered into definitive agreements to sell its software business to the funds advised by Apax Partners for Rs 1,000 crore.
Debt-ridden Reliance Capital has objected to the proposed 33.12% stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL’s promoter group at Rs 44.15 per share.
TVS Motor Company has introduced the 2021 version of its TVS Apache RTR 160 4V motorcycle model in Bangladesh.
Punjab National Bank has completed IT integration of all branches of United Bank of India with itself.
AU Small Finance Bank has announced a strategic partnership with ICICI Prudential Life Insurance to offer personalised insurance solutions to customers. The bank aims to deliver paperless, secure, and hassle-free life insurance solutions to its more than 18 lakh customers through a digital platform with ICICI Prudential Life.
What to expect today?
Yesterday was another clearly up trending bull run in the market, following the positive news of Donald Trump signing the stimulus package. NIFTY opened above 13,800 and moved up till 13,880, an all time high. You can read all about yesterday’s movements here.
Bank Nifty was more bullish than NIFTY crossing the resistance at 30,800. 31,000 is also a good resistance for Bank Nifty, which will probably be breached today.
Donald Trump passing the stimulus made the markets go up all around the globe.
The US and the European markets were considerably up yesterday. Japan has hit a long time high. Otherwise, Asian markets are mostly flat and mixed. SGX NIFTY is trading higher at 13,937, which is nearly 50 points higher, indicating a gap up opening in the Indian Market.
NIFTY may open above 13,900 with a gap up. In that case, be patient and understand the trend in the market before taking any trades. There was no volatility in the market yesterday. So, be extra cautious today.
FIIs are still pumping in money. Good news is still flowing in. Serum Institute’s CEO Adar Poonawalla said yesterday that the Oxford-Astrazeneca vaccine should be approved in the UK by December end or January beginning and once that is done, emergency approval will be available in India. The market is going up and up and up, since last Tuesday. A strong resistance, which may bring about a small correction, is expected at 14,000.
Highest Call Open Interest at 14,000, followed by 14,500. Highest Put Open Interest at 13,000, followed by 13,500.
Foreign institutional investors (FIIs) net bought shares worth Rs 1588 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 1386 crore in the Indian equity market.
It is the ending of a financial year for FIIs. It is the ending of a calendar year for us. Volumes may decrease. Volatility may increase. 14,000 may be crossed. It is definitely going to be an eventful, interesting finale for the market in 2020.
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