News Shots

Paras Defence and Space Technologies will be listed today. The shares of the company are expected to list with a more than 100% listing gain.

HDFC Bank said it has raised Rs 739 crore by issuing the rupee-denominated in the overseas markets on September 30, 2021.

Maruti Suzuki said it expects a big impact on production at its two plants in Haryana and Gujarat in October on account of chip shortages.

NMDC, the iron miner, said it’s aiming to achieve 47 million tonnes of iron ore production during the current financial year and that it plans to spend Rs 3,720 crore on capital expenditure.

A subsidiary of Adani Green has acquired a 40 MW operating solar project in Odisha from Essel Green Energy.

Bank of India said it has raised Rs 1,800 crore by issuing Basel-III-compliant bonds.

Mutual Fund and Alternate Investment house, IIFL Asset Management’s, asset base has crossed Rs 50,000 crore-mark. It is a wholly owned subsidiary of listed company IIFL Wealth.

Recently IPO done Nuvoco Vistas has been rated new Overweight at JPMorgan with a price target of Rs 710.

India has raised its domestic gas rates as overseas prices shoot up. Keep a watch on gas stocks including Reliance.

Members of the G7 group of countries met to decide on future proofing of air travel and facilitating a sustainable and resilient recovery for the industry. 

What to expect today?

Yesterday, NIFTY opened with a gap down, consolidated in the morning and then fell heavily in the afternoon. It was the monthly expiry of futures and options contracts. You can read all about yesterday’s market movements here.

BANK NIFTY also fell with most largecap banks closing in the red. Interestingly, smaller banks mostly closed in the green.

Only Nifty Realty(+1.4%) and Nifty PSU Bank(+0.8%) closed just in the green. All other indices closed with consolidation.

The global markets also saw profit booking yesterday. The European markets all closed in the red after opening with positivity. The U.S. markets closed almost in the red, at its lowest point since July! The S&P 500 is now more than 500 points down from its highs in early September.

Most of the Asian markets are trading well in the red. It has been a long while since the U.S. market corrected more than 5%. The European futures and the U.S. futures are trading in the red, indicating a continuation in their fall.

SGX NIFTY is trading lower at 17,435 indicating a good gap down of nearly 150-200 points after opening in the Indian market.

Supports for NIFTY are at 17,515, 17,440 and 17,380. 17,500(if opening with gap-down), 17,630 and 17,740 can act as resistances for the index.

The supports for BANK NIFTY are at 37,000 and 36,880 and 36,500. Resistances exist at 37,500, 37,800 and 38,000.

Foreign institutional investors (FIIs) net sold worth Rs -2225.6 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 97.18 crores in the Indian market. 

It is the opening of the October monthly Futures & Options series and Nifty is expected to close in the red following global peers.

We can expect VIX to shoot up more as the markets give a small correction after 3 months of rally. 

Yesterday, we discussed the buy-on-dips market. But looking at the open interest of Nifty Futures, we can see fewer contracts were transferred from the September series to the October series. Traders are becoming cautious. The more than 5% correction in the U.S. market after many many months indicates a temporary pause to the bull rally. 

So keep watching your best stocks, and try to add them into your portfolio at cheaper average prices. And if you are a trader, you know what to do. Just be careful of wild moves after the gap-down opening.

Follow us on marketfeed app’s livefeed section to get real-time updates from the market. All the best for the day!