News Shots

Retail portion of the Offer For Sale of SAIL was subscribed 5.22 times on Friday. Bids for 12.5 crore shares were received as compared to the 5.16 crore shares on offer.

The country’s largest private sector lender HDFC Bank reported a 14.36% jump in consolidated net profit to Rs 8,760 crore for the December quarter, driven by a surge in core income. This is great for the bank, and the leader is leading by example.

Wipro has been chosen as the strategic technology services partner by Fiat Chrysler Automobiles. To establish its first Global Digital Hub in Hyderabad and build a talent pool of over 1,000 skilled consultants and technologists. The company completed its Rs 9,500 crore buyback, where promoter Azim Premji linked entities showed high interest in tendering of shares.

Piramal Group has won the bidding for DHFL. The group received 93.5% votes. Piramal Enterprises in focus.

Star Cement begins commercial production at its new grinding unit at Siliguri in West Bengal. Annual capacity of the unit is 2 MTPA.

Jet fuel price on Saturday was hiked by 3% – the fourth increase in two months as international prices increased. SpiceJet, Indigo in focus.

Dr Reddy’s Laboratories has received approval from the Drugs Control General of India (DCGI) to conduct phase 3 clinical trial for the Sputnik V vaccine for COVID-19.

RBI has said the bank loan growth hit 9-month high of 6.7 percent for the week ended January 1. As per RBI Data, bank credit growth was last at 6.8 percent in April 2020.

Major Q3 results to be announced today:

  • IndiaMART InterMESH 
  • IRB Infrastructure Developers
  • Mindtree
  • Snowman Logistics
  • Trident

What to expect today?

NIFTY, after opening flat at 14,597 witnessed a fairly large fall on Friday. The index fell almost 180 points in 40 minutes. Consolidated and closed above 14,400. You can read all about yesterday’s movements here.

Bank Nifty, also fell after 1:30 pm on Friday. 32,000 acted as a good support once again for the index.

Every major sectoral index was in red, indicating a general correction in the market. IT corrected heavily again.

Europe has closed lower. US stocks fell ahead of Biden Inauguration. Asian markets are mixed. SGX NIFTY is trading lower at 14,432, indicating a flat opening in the Indian Market. 

The market can be volatile today, with high chances of moving down. 14,450 was brken so watch out for 14,400 and then 14,350 as resistance in NIFTY. If they are also broken, we might see larger falls to 14,200. 32,000 can once again act as a good support for Bank Nifty.

Highest Call Open Interest at 15,000, followed by 14,600. Highest Put Open Interest at 13,500, followed by 14,500. 

Foreign institutional investors (FIIs) net bought shares worth Rs 971 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 941 crore in the Indian equity market.

HDFC Bank results are looking really good from an investor’s standpoint. But I am very mixed on it from a traders view. Profit booking might kick in, especially if the general market remains in bearish sentiment. That is the general market situation, just like we saw in IT stocks. Let us see if HDFC Bank changes that, or falls the same way.

If a further consolidation/correction happens, will you book your profits? Let me know in the comments down below.

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