News Shots

Government of India plans to sell 4.6 crore shares of Tata Communications or 16.12% of the total equity through an Offer for Sale. Post the OFS, the remaining stake shall be sold to Panatone Finvest, which currently holds 34.8% stake.

SBI Cards and Payment Services board has approved fundraising of Rs 2,000 crore via NCDs in one or more tranches over a period of time.

Titan has completely exited from the joint venture (JV) with Montblanc India Retail Private Limited (MB India).

DLF board to meet on March 17 to consider the proposal of offering secured NCDs aggregating upto Rs 500 crore in one or more tranches.

Kotak Mahindra Bank board has approved the payment of dividend on 100 crore 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares of face value of Rs 5 each for the period commencing from April 1, 2020 till March 31, 2021. The record date for the same is fixed as March 19.

Jindal Steel & Power’s steel production increased by 18% year-on-year to 6.53 lakh MT in February as compared to 5.54 lakh MT in the previous year. Sales increased by 14% to 5.45 lakh MT Vs 4.80 lakh MT in February 2020.

Power Finance Corporation board has declared interim dividend of Rs 8 per equity share for FY21. The record date for the same is March 22.

RITES board has declared interim dividend of Rs 4 per share. The record date for the same is fixed as March 20.

Dilip Buildcon gets Provisional Completion Certificate for four/six laning of Karodi-Telwadi road section of NH-211 in Maharashtra. The company is entitled to receive a bonus of Rs 5.08 crore in lieu of the earlier completion of the said project.

Quick Heal promoters express their intention to participate in the share buyback process and offer up to an aggregate maximum of 46.06 lakh equity shares.

What to expect today?

On Friday, NIFTY opened with a huge gap up and fell more than 300 points. NIFTY even broke 15,000 at one point but closed at 15,030. You can read all about Friday’s movements here.

Bank Nifty, also opened with a huge gap up and fell more than 1000 points. The good thing here is Bank Nifty has not broken 35,000 yet.

All indices closed in the red on Friday, with PSU Banks falling the most. This can be accredited to them going on strike against privatization.

The stimulus being passed has propelled the US markets to all time highs. DOW JONES again hit all time high by rising on Friday. The bond yield is being a major concern off late as it is taking a resistance at 1.6%.

We can see positivity in Asian markets. US and European Futures are up. SGX Nifty is currently trading higher at 15,096 indicating a gap-up opening in the Indian market. The high made by SGX Nifty is 15,169.

Moving up, NIFTY has resistances at 15,070, 15,100, 15,170, 15,260, 15,340 etc. NIFTY has strong supports at 15,000, 14,950, 14,900 etc

Our markets hugely underperformed on Friday so we may see a correction back to higher levels in NIFTY and BANKNIFTY.

Last week completely, we saw the market opening with a gap up and then falling throughout the day. Keep that in mind while trading today.

India VIX is at 21.7 which means volatility is less in the market.

Foreign institutional investors (FIIs) net sold worth Rs 942 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 163 crores in the Indian equity market. 

There is good call option OI buildups at 15,200 and above with the highest buildup at 16,000. Put option buildups are at 15,000 and below.

This is going to be an interesting week with the US Federal Reserve meet on Tuesday and Wednesday.

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