News Shots

The government approved the merger of Lakshmi Vilas Bank with DBS Bank India, removing restrictions on the withdrawal of deposits by depositors. Trading in shares will be suspended with effect from today. The shares are to be written off and it will be delisted from Friday.

Future Retail Ltd’s plea to be excluded from being a party to the Amazon-Future Coupons’ arbitration proceedings has been turned down and the Court of Singapore International Arbitration Centre (SIAC) has ordered that the arbitration shall proceed.

JSW Steel has moved the Bombay High Court challenging the applicability of the Goa state government’s order to pay a cess of Rs 156. 34 crore for transport of coal.

Larsen and Toubro has bagged a Rs 3,000 crore contract to construct India’s longest road bridge across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya.

The Cochin Shipyard (CSL), the largest shipbuilding and maintenance facility in the country, is building two autonomous electric vessels with zero carbon emission for a Norwegian company.

Laurus Labs has signed definitive agreements with the Eight Roads Ventures, VenturEast Proactive Fund and VenturEast Life Fund III to acquire 72.55 per cent stake in biotech firm Richcore Lifesciences for a cash consideration of Rs 246.67 crore.

Gem Equity bought 3.50 lakh shares of PVR in a bulk deal on Wednesday.

Fine Organic Industries – New facility in Patalganga, Maharashtra has started its operations from Nov 25.

Astal Poly Technik Board has approved to enter into the business of manufacturing /trading of plastic water storage tanks and add new capacity, with a total investment not exceeding Rs 75 crore, and the company will also acquire assets from Shree Prabhu Petrochemicals for up to Rs 51 crore.

What to expect today?

Yesterday, NIFTY opened with a huge gap up and created an all-time high of 13,140s. Later, the natural fall kicked in and NIFTY fell nearly 300 points and closed at 12,858. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty was even more bearish, moving down by 1.8%, reaching back to 29,150. Earlier in the day, it had created a new post-COVID high of 30,200.

Almost all the sectors went down yesterday. Only NIFTY PSU BANK was up.

Reliance was volatile and was gaining strongly at the beginning of the day. Later the market turned red, also there was negative news coming from the camps of Future Group, taking Reliance down.

The European markets are flat. The US markets are negative to flat. Dow Jones could not sustain 30,000 and closed below that level. Asian markets are also mostly up. SGX NIFTY is trading at 12,978, which is nearly 100 points higher, indicating a gap up opening in the Indian Market. 

NIFTY is likely to trade between 12,800 and 13,000.

What we saw in the market yesterday was a small correction. Such corrections are important in the market for its sustainable and long term growth.

Highest Call Open Interest at 13,500, followed by 13,200. Highest Put Open Interest at 12,800, followed by 12,500.

Foreign institutional investors (FIIs) net bought shares worth Rs 24.2 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,840.33 crore in the Indian equity market.

FIIs have pumped in Rs 56,000 crores in November. And we were waiting for the day when FIIs will start to sell because we knew the market would fall then. That is exactly what happened yesterday. Now, DIIs might start buying.

There is bullishness in the market. A COVID vaccine rally still has a scope to happen. These are highly uncertain times in the market.

US Markets are closed today and will function only for half a day tomorrow. Monday is a holiday for the Indian markets, because of Gurunanak Jayanti. 

Being the monthly expiry, we can expect volatility in the market today. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!