News Shots

  • In the US, Apple’s market cap has crossed US$ 2 Trillion. This is equal to the market cap of all BSE listed stocks put together.
  • State Bank of India raised nearly Rs 9,000 crore via a primary bond sale in which India’s two large domestic institutional investors – Life Insurance Corporation and Employees’ Provident Fund Organisation (EPFO) participated.
  • L&T Finance plans for a Rs 2000-3000 crores rights issue.
  • The Government is planning to sell stake in IRCTC via Offer for Sale.
  • The Bombay High Court dismissed a plea by Yes Bank that sought to prevent promoters of Zee Entertainment Enterprises Ltd (ZEEL) from further selling their shares in the company and stopping managing director Punit Goenka from leaving India. The entire issue revolved around a so-called ‘letter of comfort’ issued by Zee promoters to Yes Bank against loans taken by the company’s other businesses.
  • Dr Reddy’s Laboratories launched antiviral drug Avigan (favipiravir) tablets.
  • Muthoot Finance reported a 52 per cent jump in its consolidated net profit at Rs 858 crore in the first quarter ended June of the current fiscal year.
  • The joint venture between Hines, the international real estate firm and DLF, the largest publicly listed real estate developer in India, has secured a construction loan of Rs 2,600 crore from HDFC Ltd.
  •  PNB Housing Finance has approved raising up to Rs 1,800 crore equity capital.

What to expect today?

  • Opposite to expectations, it was a consolidated day yesterday. NIFTY mostly traded in a narrow range of 11,400 to 11,450. A clear support was taken at 11,400. Click here for a detailed analysis of yesterday’s market and stock movements.
  • There is a sudden negative sentiment in the market. SGX NIFTY is nearly 150 points down, indicating a huge gap down opening. The Asian markets are mostly down. The volatility that we missed yesterday can be found today. Traders need to wait for trend confirmation before entering trades.
  • US Markets closed lower. Asian markets are mostly down. SGX NIFTY is currently trading at 11,290, indicating a negative opening in the Indian Market.
  • NIFTY is likely to trade between 11,250 and 11,400 today. There is support at 11,290 and 11,250 and resistance at 11,340 and 11,400.
  • Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,200. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 459.01 crore whereas domestic institutional investors (DIIs) sold shares worth Rs 97.13 crore in the Indian equity market.
  • As mentioned above, today’s trade should be more about identifying where NIFTY is heading and then taking trades accordingly. Banks may be weak today. NBFC’s mostly will result to Muthoot Finance’s result.