News Shots

HDFC Bank reported higher standalone profit at Rs 7,729.64 crore in Q1 FY22, up 14% YoY with an increase in net interest income of 8% YoY. However NPA rates have sharply increased, which is a cause for concern across the market. Profits missed estimates.

Reliance Retail, subsidiary of Reliance Industries, is taking over the promoter’s stake in JustDial.

Bajaj Auto has said it has commenced bookings for its electric scooter Chetak in Nagpur from July 16.

Tata Power has partnered with HPCL to set up electric vehicle charging stations at its petrol pumps across the country.​

Jindal Stainless Hisar’s credit rating has been upgraded by India Ratings long-term bank facilities from ‘A’ to ‘A+’.

Rossari Biotech has announced the acquisition of Tristar Intermediates for Rs 120 crore.

Reliance-owned Den Networks has reported lower consolidated profit at Rs 41.14 crore in Q1FY22, down 32% while revenue stayed flat.

PSU Bank – Central Bank of India will seek shareholders’ approval to set off accumulated loss of over Rs 18,724 crore from the share premium account of the bank.

L&T Finance Holdings has reported a 20% YoY increase in net profit at Rs 178 crore Q2 driven by rural demand for farm equipment. The NBFC however saw a fall in revenue.

GR Infra and Clean Sciences IPO are set to list in the market, with grey market premiums indicating good listing gains. Have you been allotted the IPO?

Major Q1 result announcements today:

  • HCL Technologies
  • ACC
  • GTPL Hathway
  • HDFC Life Insurance Company
  • Indian Bank
  • Nippon Life India Asset Management
  • PSP Projects
  • Supreme Petrochem

What to expect today?

Friday, NIFTY reached a fresh all time high of nearly 15,960 and then displayed weakness throughout the day to close at 15,923. You can read all about Friday’s movements here.

BANK NIFTY was more bearish and broke the crucial support at 35,800 to close at 35,751.

IT displayed weakness after being bullish for a few days. PHARMA, REALTY and METAL did well.

The European markets all closed down, in the red. US markets were more bearish and moved down nearly 1%.

Asian markets are almost all down by more than 1%, displaying major global weakness. US and European futures are also in the red.

Owing to global weakness, SGX NIFTY is trading lower at 15,720 indicating a major gap down opening in the Indian market.

The global weakness is being attributed to the growing worry of escalating delta variant cases.

We have strong local cues which were powering NIFTY to reach 16,000 but a strong wave of global weakness has hit now.

But today we will be witnessing a huge gap down, the kind of which we haven’t seen in a long while.

The largest put OI buildup is at 15,900 and the second largest put OI buildup is at 15,800. All these people will be facing huge losses and will have to run for cover when the market opens.

Even then, I think there are chances that the market can recover from the gap down opening. I think we should give the market to establish a trend today.

But, if the weakness in the global markets continues today, our market might also struggle to recover. Let’s see.

The immediate supports for NIFTY are at 15,700 and 15,640.

The immediate resistance for NIFTY will be 15,800.

36,500, 35,800 and 36,000 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good supports at 35,400, 35,250 and 35,000.

Foreign institutional investors (FIIs) net sold worth Rs 466 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 666 crores in the Indian equity market. 

The largest call OI buildup is at 16,000 and the largest put OI buildup is at 15,900. The PCR is at 1 currently. But all of these will be taken out and today’s OI buildup can give better idea for the days to come.

HDFC BANK’s result was not that great. Also, RELIANCE has finalized the JUSTDIAL deal which is positive for the company. These two stocks can decide the course of the market. So, make sure you watch them.

So, earlier when there were positive global cues, we had negative local cues. Now that things are looking good locally, global markets have turned bearish. 16,000 looks far from here.

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