News Shots

The number of internet subscribers in India increased to over 743 million at the end of March 2020, clocking a growth rate of 3.4 percent. Reliance Jio led the chart grabbing 52.3 percent of the overall market share, followed by Bharti Airtel (23.6 per cent share) and Vodafone Idea (18.7 percent)

Public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year, according to a reply to an RTI query.

Punjab National Bank (PNB) said the financial regulator of Kazakhstan has revoked licence of its associate for failure to meet prudential standards and other mandatory norms. PNB holds 41.64 per cent in JSC Tengri Bank.

NCLT allows the petition of amalgamation of Wonder Space Properties with Godrej Properties.

South Indian Bank announced cutting its marginal cost of funds based lending rate (MCLR) by 0.05 per cent across all tenors. It has also cut its base rate by 0.10 per cent.

Bank of India has received shareholders’ nod for raising up to Rs 8,000 crore through various modes, including issue of equity shares.

RITES board has approved buyback of 96.98 lakh shares with repurchase amount not exceeding Rs 257 crores.

Future Enterprises has defaulted on debt repayment towards commercial paper.

Route Mobile, after its IPO, to be listed today.

Ashiana Housing will invest around Rs 400 crore over the next four years on new housing projects that it plans to launch during this fiscal year, and is also looking for partnerships with landowners for expansion of its business, a top company official said.

Blackstone on Friday sold 23 per cent stake in Essel Propack, one of the largest manufacturers of laminated tubes used mostly by FMCG and pharma companies, for a little over Rs 1,860 crore through open market transactions.

Amber Enterprises acquired 20% stake in Sidwal Refrigeration Industries, which has now become a wholly-owned subsidiary of the company.

What to expect today?

Last week, the market consolidated with 2 quick steep falls on Monday and Friday. NIFTY had tested the resistance of 11,560 – 11,600 multiple times. Bank Nifty tested its support of 22,100 and eventually broke down on Friday. Click here for a detailed analysis of Friday’s market and stock movements. 

There is a huge consolidation in the market now. NIFTY is consolidating between 11,200 and 11,800. A short-covering rally can be expected anytime soon, given there aren’t many large cues pinning down the markets.

Bank Nifty is extremely weak. Removal of HDFC Bank and Kotak Bank from FTSE Global Index Fund further worsened the problem. 22,100 was a major support for Bank Nifty. So, Bank Nifty has to now cross 22,000 to 22,100 to be hopeful of moving up.

Pharma can continue to do well, so is IT. But the rupee getting stronger is something to watch out for.

US Markets were down again on Friday. Asian markets are mixed. Dow Futures is flat. SGX NIFTY is currently trading at 11,475, which is 43 points lower, indicating a gap down opening in the Indian Market. 

NIFTY is likely to trade between 11,450 and 11,600 today. There is support at 11,470 and 11,450 and resistance at 11,500 and 11,560. 11,560 is a strong resistance for NIFTY.

Highest Call Open Interest at 12,000, followed by 11,600. Highest Put Open Interest at 11,500, followed by 11,000. 

Foreign institutional investors (FIIs) net bought shares worth Rs 205.15 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 100.83 crore on Friday.

The negative opening is mostly due to global cues. Keeping banks apart, other stocks and thus, the market is expected to consolidate or move up after the opening, which can offer good trading opportunities. It is a very crucial time for the banks – let’s see how they perform. Wishing you all a highly profitable opening to the week!