News Shots

  • The Supreme Court on Wednesday dismissed a petition filed by the income tax department challenging Bombay High Court’s order asking it to refund ₹833 crore to Vodafone Idea Ltd.
  • The Phase 3 clinical trial of antiviral drug Favipiravir in mild to moderate covid-19 patients showed 40% faster recovery compared to those on standard supportive care, Glenmark Pharmaceuticals said, replying to allegations.
  • Larsen & Toubro reported a 68.37% year-on-year (YoY) fall in consolidated net profit at Rs 536.88 crore for the June quarter hurt by lower revenue, credit provisions in financial services business and under recovery of overheads.
  • Bajaj Auto posted a 53% Year-on-Year(YoY) decline in net profits on Wednesday. Profits fell to Rs 528.04 crore for the quarter ended June as compared to Rs 1,125.67 crore in the corresponding quarter last year.
  • Jindal Steel & Power Q1 earnings beat estimates; consolidated net profit reported at Rs 267 crore
  • Rossari Biotech making its debut in the market today. Market expects a listing gain of around 40%.
  • Rating agency Standard & Poor’s (S&P) has said that Future Retail has missed a Rs 100-crore ($14-million) repayment on its $500-million foreign currency bonds. The agency has warned that it could downgrade it to ‘D’ if it feels that the company is unlikely to repay in the 30-day grace period.
  • Rallis India, the subsidiary of Tata Chemicals reported a 53 per cent growth in consolidated profit after tax (PAT) at Rs 92 crore during the first quarter of 2020-21.
  • ICICI Securities reported a 70 per cent jump in profit after tax (PAT) to Rs 193 crore in the April-June quarter on robust growth in revenues and improvement in margins.
  • RBL Bank, which raised Rs 2025 crore through a qualified institutional placement (QIP) as recently as December is likely to be first off the block seeking to raise another Rs 1000 crore through a preferential allotment.
  • LIC Housing Finance introduced an all-time low interest rate rate of 6.9% for new home loan borrowers. To bring in rate parity even current borrowers will be able to enjoy this new rate of interest. (Home Loan at 6.9% interest!! Best time to take one?)

What to expect today?

  • Yesterday, the market showed a bit of volatility and closed in the red after nearly a week. Even though there was a huge fall, the market took support thereby confirming the positive bullish sentiments. But, any negative news causing profit booking and causing the market to fall quickly is still a major fear among traders and investors.
  • US market is slightly up. Asian markets are mixed. SGX NIFTY is currently trading lower at 11,106, indicating a flat to gap down opening in the Indian Market!
  • NIFTY is likely to trade between 11,000 and 11,250 today. There is support at 11,050 and 10.960 and resistance at 11,120 and 11,180.
  • Highest Call Open Interest at 11,500, followed by 11,000. Highest Put Open Interest at 11,000, followed by 10,800. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 1,665.57 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,138.83 crore 
  • After many days, Bank Nifty outperformed Nifty yesterday. Banks can still be under watch. It’s an expiry day. Volatility can be expected.