News Shots

The Government announced Rs 1.5 lakh crores PLI (Production Linked Incentive) Scheme as a Diwali Gift for 10 sectors, in order to promote manufacturing in India and to boost the economy. Follow marketfeed for a detailed article on the same.

Apollo Hospitals – Board approved the acquisition of the remaining 50% stake held by Gleneagles Development, Singapore in Apollo Gleneagles Hospital, Kolkata for Rs 410 crore. Company will now hold 100% stake in the Apollo Gleneagles Hospital, Kolkata. Board also approved raising Rs 1,500 crore in the form of preferential issue of securities/qualified institutional placement/any other equivalent capital raising method.

Apollo Hospitals Enterprise reported a 30 per cent decline in consolidated profit after tax (PAT) at Rs 60.3 crore.

Tata Steel clarified on the news of closure of sale of its European business stating that it is involved in evaluating strategic opportunities across various segments of its operations in different geographies. Such discussions are ongoing management tasks and the company doesn’t wish to comment on it.

Clix Capital could walk away from the proposed merger with Lakshmi Vilas Bank if discussion on the deal continues to drag on.

Prestige Estates Projects reported a 40 per cent fall in its consolidated net profit at Rs 93.8 crores.

The Competition Commission of India (CCI) said it has approved internet major Google’s proposed purchase of 7.73 per cent stake in Reliance Jio Platforms.

Packaging materials firm Uflex reported an over two-fold jump in consolidated net profit at Rs 222 crore for the September quarter, helped by volume growth.

Punjab National Bank has raised Rs 1,500 crore by issuing Basel III compliant bonds on a private placement basis.

SpiceJet reported a net loss of Rs 112.6 crore for the quarter ended September. It had posted a net loss of Rs 462.6 crore for the corresponding period of the previous financial year.

Coal India reported a 16.3 percent decline in consolidated net profit at Rs 2,948.12 crore for the September quarter on the back of higher expenses. An interim dividend of Rs 7.5 has also been announced.

Some Major Q2 Results to be Announced Today:

  • Cochin Shipyard
  • Eicher Motors
  • Fortis Healthcare
  • HEG
  • Infibeam Avenues
  • Page Industries

What to expect today?

Yesterday, NIFTY was volatile as expected. As NIFTY was falling heavily after reaching 12,750 once, the Government announced the PLI scheme which again took NIFTY back to 12,750. NIFTY reached Rs 100 Lakh Crore market capitalization yesterday! Click here for a detailed analysis of yesterday’s market and stock movements. 

29,000 is acting as a resistance for Bank Nifty. It took resistance there and moved down.

NIFTY has been continuously up for the last 7 days and has nearly moved up by more than 1000 points. The rally is getting frightening now. It is high time that NIFTY consolidate or undergo a small correction.

As discussed in The Stock Market Show yesterday, while NIFTY should most probably consolidate, there will be stock specific rallies. 

Europe is slightly up! US is mixed. Interestingly, DOW is down and NASDAQ is up today, just the opposite of the last 2 days. Asian markets are mostly down. SGX NIFTY is trading at 12,736, which is 59 points lower, indicating a flat to gap down opening in the Indian Market. 

Looking at the US market close and the Asian markets opening, finally we can see consolidation or a red candle in NIFTY. It is natural and necessary. At the same time, our domestic cues are strong with Diwali also nearing.

NIFTY is likely to trade between 12,600 and 12,800. Hopefully, market will not be as volatile as it was yesterday.

Highest Call Open Interest at 13,000, followed by 12,500. Highest Put Open Interest at 12,000, followed by 11,500. 

Foreign institutional investors (FIIs) net bought shares worth Rs 6,207.19 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 3,463.86 crore. Over the last week, FIIs have bought for more than 25,000 crores, which is HUGE!

It is weekly expiry today. Wait for trend confirmation and trade accordingly. If the market consolidates, then wait for opening range breakout, either on the upside or the downside for catching good trades. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!