News Shots

Reliance Strategic Business Ventures, a subsidiary of Reliance Industries, has raised its shareholding in investee company skyTran Inc to 54.46%, by acquiring additional equity stake for $26.76 million (Rs 196.9 crore).

Adani Green is in advanced discussions to acquire a 250 MW Hero Future Energies (HFE) solar power project located in Jodhpur, Rajasthan.

Adani Transmission, Adani Ports and Adani Green Energy announced release of pledge on equity shares by their promoters Gautam S Adani and Rajesh Adani on behalf of SB Adani Family Trust. The promoter family trust holds 24.58% in Adani Green, 39.34 per cent in Adani Ports and 56.48 per cent in Adani Transmission.

Tata Motors-owned Jaguar Land Rover(JLR) is open to the idea of a strategic partner for Jaguar after having decided to convert the iconic brand into an ‘electric only’ range by 2025. This is aimed at both reducing the time to market and building economies of scale.

Nine banks and two non-bank lenders, including the State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB), are coming together to jointly invest Rs 7,000 crore of initial capital in a proposed bad bank that aims to help extract funds stuck in bad loans.

Realty firm Puravankara has entered into the plotted development segment and will start six projects over the next 6-7 months with an investment of about Rs 825 crore, as it seeks to tap the rising demand of plots.

Realty firm DLF plans to raise up to Rs 395 crore through issue of debentures.

Indian Oil Corporation will invest Rs 32,946 crore to expand its oil refinery at Panipat in Haryana to 25 million tonnes per annum capacity and set up chemical units.

The country’s largest carmaker Maruti Suzuki India has achieved the milestone of 20 lakh cumulative exports.

UK’s development finance institution CDC Group has reduced its stake in Equitas Holdings Ltd by 2.61 per cent through sale of over 89 lakh shares in open market earlier this week.

Vehicle makers will publish February sales data today. Emkay Global expects passenger vehicle (PV) industry growth at 15 per cent. In case of two wheelers, it expects to see a mixed bag. Auto sector in focus.

KEC International wins new orders worth Rs 1,140 crore for various businesses. T&D businesses wins orders worth Rs 963 crore in Middle East and Africa. Railways business wins order worth Rs 113 crore for overhead electrification and associated works for speed upgradation in India. Civil business wins order worth Rs 64 crore for infra works in the hydrocarbon segment in India.

RailTel Corporation awarded three orders worth Rs 105.8 crore from the Ministry of Railways. The tenure for completion of the three orders is 18 months.

Wipro has completed the acquisition of Eximius Design, an engineering services company with expertise in semiconductor, software and systems design.

What to expect today?

Friday saw a huge fall in the market as there was a sell off in the global market. NIFTY crashed nearly 600 points from 15,100 to 14,500. You can read all about Friday’s movements here.

Bank Nifty fell more than 1500 points and closed below 35,000.

There was a sudden sell off in the US and global markets due to rising treasury bond yields towards the end of last week. That was the reason for the fall in our markets also.

Europe fell heavily on Friday. In the US, NASDAQ closed in the green but DOW fell more than 1.5%.

We have some positive news now. Our GDP Data came out to be 0.4%, which is great as it shows positive growth.

Johnson & Johnson’s COVID-19 vaccine was approved in the US. Also, The U.S. House of Representatives passed the $1.9 trillion Covid-19 aid package over the weekend. The bill now heads to the Senate for approval.

Treasury bond yields stabilise, dollar fell, oil prices gained and US & European Futures are up – all suggesting that the market might stabilise!

Following these positive data, Asian markets are mostly trading in the green. Japan’s NIKKEI is trading more than 2% up. SGX NIFTY is trading nearly 200 points higher at 14,712, indicating a gap-up opening in the Indian Market. 

It is very important to watch the trend after the market opens. We have to see if the market can sustain the gap up opening. Important data like the automobile sales data will come during market hours. If they are good, that can prevent the market from falling down.

Technically there is weakness in the market as PCR is 0.5. FIIs selling heavily is also not good news. But if NIFTY will open above 14,700, it will be interesting as 14,700-14,750 is an important level. Let’s hope NIFTY takes support at 14,700.

NIFTY surged up from 14,700 to 15,200 mostly because of the good news that Banks received. Now that the global scenes have changed, it makes sense that NIFTY is back to that level.

Interestingly Foreign institutional investors (FIIs) net sold worth Rs 8,295 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1,499 crore in the Indian equity market.

Maximum put option contracts strong at 14,000. Maximum call options at 15,000. There was major call option writing at 14,800 and 14,900. They might get trapped today. We can watch the shift in OI today to have an understanding of the coming week.

NIFTY will be volatile today, with VIX near 30. Understand the trend and trade with caution. Staying away and not trading is also a good idea.

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