News Shots

Infosys launched Infosys applied AI to help enterprises adopt a comprehensive approach and roadmap to scaling enterprise-grade artificial intelligence (AI) for their businesses.

State Bank of India said its board of directors has approved to divest over 8.5 per cent in UTI Trustee Company.

NMDC posted over 10 per cent rise in consolidated net profit at Rs 772.53 crore for September quarter 2020-21, on account of reduced expenses. NMDC has announced Rs 1,378 crore buyback. Board has approved a proposal to buy back 13.12 crore shares (4.29% equity stake) at Rs 105 per share. Buyback price is at a premium of 11.7% to the closing prices as on Nov. 10. Record date for buyback set at Nov. 23.

Tata Power – Debt of Rs 2,600 crore paid in October and Rs 1,500 crore under pre-payment notice for November. Total gross debt down 14% to Rs 17,300 crore, as on Sept. 30 on a sequential basis. Sale of Defence business to Tata Advanced Systems completed at enterprise value of Rs 1,076 crore.

GPT Infra received Rs 30.2 crore order for making a bridge over the Yamuna river from the government.

Future Consumer reported widening of consolidated loss to Rs 146.83 crore for the quarter ended September, on account of steep fall in total income.

Yes Bank said CARE has upgraded ratings on its various debt instruments following improvement in the bank’s credit profile after the reconstruction plan.

Some Major Q2 Results to be Announced Today:

  • Bharat Forge
  • CAMS
  • Coal India
  • Godrej Industries
  • Gujarat State Petronet
  • Hawkins Cookers
  • Indiabulls Housing Finance
  • Indraprastha Gas
  • ITI

What to expect today?

Yesterday, NIFTY again opened with a huge gap up and then rallied from 12,500 to 12,640, creating all time fresh highs in NIFTY. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty is nearing 29,000, outperforming NIFTY and all other indices, just as we discussed in the last days.

NIFTY has been continuously up for the last 6 days and has nearly moved up by nearly 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. Fundamentally strong companies from the COVID hit sectors will rally. For eg, good Hotel stocks rallied 10-15% yesterday, PVR and INDIGO rallied 6-9% etc.

Europe  is up! US is mixed. NASDAQ is down 1.36%. Asian markets are mixed. SGX NIFTY is trading at 12,710, which is 55 points higher, indicating a flat to gap up opening in the Indian Market. 

The global markets also seem to have cooled down from the US Presidential Election and COVID vaccine rally.

NIFTY is likely to trade between 12600 and 12,800. There might be profit booking/sell off at some point. Do expect volatility.

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

Foreign institutional investors (FIIs) net bought shares worth Rs 5,627.32 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,309.19 crore.

Contrary to the exit polls, NDA has won the elections in Bihar. Though it looks like a non-event, I think the market likes the news.

It is a Wednesday today. We have been seeing high volatility on Wednesdays off late. So be careful. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!