The Supreme Court has asked the Government to implement ‘interest waiver’ scheme at the earliest, adjourning verdict to November 2.
Amazon cannot challenge Future Group deal with Reliance Industries Limited as the deal does not involve Future Coupons (The Future Group subsidiary where Amazon has a stake) “As per Amazon’s contract, it has the right to buy promoter shareholding in Future Retail stake only after 2022, so it cannot challenge them directly now,” Chandubhai Mehta, managing partner of law firm Dhruve Liladhar & Co told.
Cinemas in several parts of the country are ready to open from October 15 (Today) after seven months. Add PVR and INOX to your watchlist.
Infosys posted 20.5 per cent growth in September quarter net profit to Rs 4,845 crore, mainly helped by large deals. This has beaten all street estimates.
Tata Elxsi reported a 58.3 percent increase in net profit to Rs 78.8 crore for the September 2020 quarter. (These figures make me wonder if there even was a pandemic induced economic slowdown!)
Tata Consultancy Services (TCS) has seen a surge in demand for its services and expects to recruit 10,000 individuals in the US by 2022.
Vedanta Group firm Hindustan Zinc has signed a pact with Gujarat government to set up a greenfield zinc smelter in the state.
Cable and broadband services provider Den Networks reported a 61.41 per cent decline in its consolidated net profit to Rs 36.77 crore in the second quarter ended September 30.
Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala sold 50,000 shares of Titan in the September quarter
Some Major Q2 Results Announcements Today:
- Hathway Cable
- RBL Bank
- South Indian Bank
What to expect today?
Yesterday NIFTY was in good bearish sentiment when it tested the support at 11,820 multiple times. But thanks to the moratorium case update, banks flew after 2 pm thereby taking NIFTY to 12,000 again. A perfect resistance was taken at 12,000. Click here for a detailed analysis of yesterday’s market and stock movements.
Bank Nifty was the hero yesterday but it has taken a resistance at 24,000. Let’s see if 24,000 can be broken today.
Even though there were multiple factors that actually influenced NIFTY to go down, positive local cues coming in is reversing it and taking NIFTY up. Even the phenomenal results from Infosys and Tata Elxsi should further boost the positivity in the market.
The good result from the IT companies is like a double edged sword. Everything looks good right now. But what they have done is they have set high hopes for the results from other sectors as well. If those companies end up not matching these expectations, then we might see the market reacting negatively to it.
The resistance at 12,000 has been tested multiple times now. We can see higher highs if that is broken. 11,800-11,820 should act as a support now. So, if the market moves down and if 11,800 is broken, we might see a larger correction in NIFTY.
US Markets closed in red. Europe closed in red. Asian markets are mostly down. SGX NIFTY is trading at 11,988, which is 26 points higher, indicating a flat to gap up opening in the Indian Market.
NIFTY is likely to trade between 11,900 and 12,100 today. There is support at 11,950 and 11,930 and resistance at 12,000 and 12,050.
Highest Call Open Interest at 12,500, followed by 12,000. Highest Put Open Interest at 11,500, followed by 11,000.
Foreign institutional investors (FIIs) net bought shares worth Rs 821.86 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,276.14 crore
Thanks to INFY, the IT Sector might regain momentum today and thereby take NIFTY up. All the best for the day!