News Shots

Sounding a note of caution, RBI Governor Shaktikanta Das on Friday said there is a disconnect between the stock market and the real economy and a correction will be witnessed, though its timing is hard to predict.

Union Health Minister Dr Harsh Vardhan on Saturday said that India’s first vaccine against the novel coronavirus could be available by the end of this year.

Yes Bank sells Mutual Fund business to White Oak Capital. Yes Bank on Friday executed a definitive agreement for the sale of 100 per cent equity shareholding of Yes Asset Management and Yes Trustee to GPL Finance and Investments which is 99 percent owned by White Oak Investment Management.

ICICI Lombard is set to become the third-largest non-life insurer in India after its merger with Bharti AXA’s non-life insurance business. According to the deal, the shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them.

The government appointed Ashwani Bhatia as the managing director of lender State Bank of India. He has 34 years of top leadership experience at SBI.

The Phoenix Mills, which has many shopping malls across the country, has raised around Rs 1,100 crore through sale of shares to institutional investors, including the Singapore government.

SBI, PNB and BoB, are likely to sell shares to institutional investors in the second half of this fiscal as they look to shore up their capital base amid the coronavirus.

In a remark that could increase worries for Bharti Airtel, Supreme Court while hearing the AGR case said that the telco will have to pay the dues of bankrupt Videocon Telecommunication.

State-owned power giant NTPC has received the approval of Niti Aayog and Department of Investment and Public Asset Management to set up a wholly-owned company for its renewable energy business.

PNB Q1 FY21 results – Net Profit falls by 70% due to high provisions. Operating profit grew by 2.5% to Rs 5280 crore. Total income also sees a rise to Rs 24290 crore during the first quarter. A major reason for the drastic fall in profits is high provisions for bad loans.

OIL had a net loss of Rs 248.61 crore in the first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year.

Porinju Veliyath-owned Equity Intelligence India acquired an additional 80,000 shares in Orient Bell at Rs 91.87 per share on the NSE.

Major Results Announcement Today:

  • Suzlon
  • IRB Infra
  • LIC Housing Finance

What to expect today?

Last week, Nifty mostly consolidated between 11,150 to 11,450. Breaking the upper range can lead to higher highs this week.

There was a worry in the market whether the RBI Governor’s statement will have a negative impact on the market. But, we can see that SGX Nifty is trading higher and other positive cues all around.

US Markets closed higher, creating fresh all time highs. Asian markets are also in the green. SGX NIFTY is currently trading 24 points higher, indicating a gap up opening in the Indian Market.

NIFTY is likely to trade between 11,350 and 11,500 today. There is support at 11,370 and 11,340 and resistance at 11,400 and 11,450.

Highest Call Open Interest at 11,500, followed by 11,600. Highest Put Open Interest at 11,000, followed by 11,200. 

Foreign institutional investors (FIIs) net bought shares worth Rs 410.16 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 250.65 crore in the Indian equity market.

On Friday night, both ICICI Bank ADR and HDFC Bank ADR closed in Green in US. Banks can do well today. Also, PSU Banks should also be in focus owing to PNB’s result announcement on Friday.

Auto Stocks have been doing really well.

Reliance is below 2100. Keep watching for good movement around this level.