News Shots

Tech Mahindra board has approved the proposal to acquire 100% equity shares in DigitalOnUs, Inc. for $120 million.

ICICI Bank board to meet on April 24 to consider fund raising by way of issuance of debt securities in single/multiple tranches in any currency through public/private placement.

Adani Ports and SEZ board has approved the allotment of 1 crore shares of face value of Rs 2 each fully paid up, on a preferential basis to Windy Lakeside Investment at an issue price of Rs 800 per share, aggregating to Rs 800 crore.

ACC has come out with exceptional results as cement prices surged in the last quarter. YoY net profit of the latest quarter has increased 74% to Rs 562 crores. This is much above the street estimates.

Caplin Point Laboratories has received the final nod from the US health regulator for generic Milrinone Lactate injection, used for heart conditions.

Ace investor Ashish Kacholia increased stake in Caplin Point from 1.08% stake as of December 2020 to 1.16% as of March 2021.

Indian Overseas Bank has convened an extraordinary general meeting (EGM) next month to seek shareholders’ approval for issuance of preferential shares to the government for Rs 4,100 crore capital infusion in 2020-21.

HCL Technologies has signed a multi-million dollar digital transformation and hybrid cloud contract with Japanese commercial vehicle solutions provider UD Trucks.

What to expect today?

Yesterday, NIFTY opened with a huge gap down, tested 14,200 and then started moving up to close just above 14,350. You can read all about yesterday’s movements here.

Bank Nifty, which traded more than 4% down at one point of time, regained the losses in the second half and closed just above 31,200.

Exactly as I wrote in yesterday’s pre market report, Pharma ended in green and it was the only sector to do so. All other sectors managed to move up in the day after the huge gap down opening. 

Profit booking can be seen in the Western markets. Both the European and US markets moved down and closed in the red after a very long time.

Asian markets are also mostly in the red. European Futures are substantially down while US futures are trading in the green. 

SGX Nifty is currently trading a bit higher at 14,439 indicating a muted opening in the Indian market.

Delhi has gone into 6 days complete lockdown while Kerala has joined the bandwagon of night curfew.

After a string of bad news, there were some positive announcements yesterday. All adults will be eligible for vaccination from May 1 and also state governments and hospitals can directly purchase vaccines from May 1. This sounds like a solution but the real problem is in the shortage of vaccines.

HDFC Bank managed to do well yesterday in spite of a bad day in the market. You may continue to watch HDFC Bank.

NIFTY can still be volatile also given the fact that tomorrow is a market holiday.

The next supports for NIFTY are at 14,300, 14,250 and 14,000 while for Bank Nifty, they are at 31,000, 30,875 and 30,500.

It’s amazing how strong the support at 14,200 is. It may be broken if it is tested again.

The next resistances for NIFTY are at 14,450, 14,500 and 14,600 while for Bank Nifty, they are at 31,650, 32,000 and 32,350.

Foreign institutional investors (FIIs) net  worth sold Rs 1633 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2355 crores in the Indian equity market. 

The largest call option buildup in NIFTY is at 15,000 followed by 14,700. The largest put option buildup in NIFTY is at 14,000 followed by 13,500. There was a huge call option buildup in the market yesterday.

This is going to be another tricky week. Last 2 weeks we have been seeing markets go up on Tuesday after the fall on Monday. This time there is more weakness in the market.

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