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Rate-sensitive sectors like Banking, Auto, Real Estate etc will be in focus as the Reserve Bank of India’s monetary policy committee’s meeting concludes. The central bank is expected to keep interest rates unchanged for a third straight meeting in light of sticky inflation and growth gradually beginning to return to India. 

After RBI banned HDFC Bank‘s digital initiative ‘Digital 2.0’ yesterday for consistent system outages, State Bank of India‘s flagship YONO app faced a similar outrage. Customers took to social media to express frustration.

CEO of HDFC Bank, Sashidhar Jagdishan, gave his assurance to existing clients that transactions with the bank can be continued without concern. He also said that the bank will work with RBI and follow its orders.

According to data from Telecom Regulatory Authority of India (TRAI), Bharti Airtel added 38 lakh new wireless subscribers in the month of September, more than twice of that of Reliance Jio‘s 15 lakh. Vi (formerly Vodafone Idea) lost 47 lakh subscribers in the same month.

Mitsuhiko Yamashita, the Electric Vehicles expert of Tata Motors, who was just brought in from Nissan’s Electric Division has been given a position hike. This reaffirms the company’s willingness to keep the leadership title in the EV market of India. Yesterday, Tata Nexon EV had reached the 2,000 sales milestone.

As discussed on The Stock Market Show yesterday, the government has allowed airlines to operate at up to 80% of pre-COVID flights up from the 70% level now. Focus on Indigo and SpiceJet.

Aditya Birla Group owned UltraTech Cement has announced an investment of Rs 5,477 crore for a mix of greenfield and brownfield capacity expansion of 12.8 million tonne per annum. This investment will not impact the ongoing effort to reduce debt, which is on track to make the cement company net debt free by the time the expansion program is completed.

Marico has entered the plant protein category of FMCG products with the launch of Saffola Mealmaker Soya Chunks, continuing its strategy of strengthening presence in the healthy foods segment.

In a not so great sign, Serum Institute of India (vaccine manufacturer) has sold 3.09 lakh shares of Panacea Biotec at Rs 243.52/share. It held 8.03% stake in Panacea at the end of September.

Granules has been granted approval for the Abbreviated New Drug Application for Penicillamine Capsules USP by the US Food & Drug Administration. The capsules are used in treating patients with Wilson’s disease, cystinuria, and in patients with severe, active rheumatoid arthritis who have failed to respond to an adequate trial of conventional therapy.

What to expect today?

Yesterday, NIFTY, just as we discussed in yesterday’s pre-market report, opened above 13,200 and then kept falling and closed near 13,130. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, though fell similarly after the gap up opening, was taken up by PSU Banks. But later, Bank Nifty also fell to 29,400 led by HDFC Bank.

Both NIFTY and Bank Nifty were severely pulled down by HDFC Bank yesterday. Keep a close watch on HDFC Bank today. It can decide the course of action for both the indices today.

PSU Banks and Metals gained well yesterday. We saw many stock specific rallies yesterday. Similarly, there were many stock specific falls also. All cancelled out and the market ended weakly.

FTSE 100 (UK’s Index) was the only European Index to close in green. The US markets opened flat and were trading with a slight positive bias but all of them fell steeply towards the close. Asian markets are mixed. SGX NIFTY is trading at 13,245, which is 50 points higher, indicating a gap up opening in the Indian Market. 

NIFTY is likely to trade between 13,100 and 13,300. There are resistances at 13,130, 13,150 and 13,200.

NIFTY again trying to break 13,200 at the opening itself. It couldn’t sustain yesterday. Let’s see what will happen today. There is still a huge call open interest at 13,200.

Highest Call Open Interest at 13,500, followed by 13,200. Highest Put Open Interest at 13,100, followed by 13,000.

The strong put OI built up at 13,100 indicates bullishness in the market.

Foreign institutional investors (FIIs) net bought shares worth Rs 3,637 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,439 crore in the Indian equity market.

Keep a close watch on banks ahead of the upcoming RBI policy meet. Major private banks have been falling continuously for the last few days.

The bullishness in the market, fuelled by multiple sectors, continues. If HDFC Bank and Reliance supports, today we might see NIFTY sustaining 13,200.  Let’s see what happens. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!

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