News Shots

Bharti Airtel has added the highest number of subscribers in November (+43.7 lakh), ahead of Reliance Jio (+19 lakh), even as Vodafone Idea lost customers (-28.9 lakh) during the period, according to the latest TRAI data. 

Mahindra & Mahindra Financial Services has reported a consolidated net loss of Rs 223 crore for Q3, compared to a net profit of Rs 475 crore in the same period last year.

Adani Ports and Special Economic Zone on Thursday said it has raised $500 million(~Rs 3,600 crore) by selling 10-year bonds to international investors at a coupon of 3.10%.

V-Mart Retail has launched a Qualified Institutional Placement (QIP) issue in order to raise funds. Floor price of Rs 2,432.8/share is 0.3% higher than yesterday’s close.

Sundaram Asset Management Company, who is a 100% subsidiary of Sundaram Finance, has purchased the asset management businesses of Principal Asset Management.

Equitas Small Finance Bank has reported an 18% jump in net profits at Rs 111 crore for Q3, after net interest income increased and costs reduced.

Shriram Transport Finance Company(SRTRANSFIN) reported 17% fall in net profit to Rs 727.72 crore for Q3. Fall is mainly due to additional provisions for bad loans.

Blue Dart Express has reported a net profit of Rs 95.32 crore for Q3 vs a net loss of Rs 31.92 crore in the corresponding quarter last year.

IT firm Coforge Ltd (formerly NIIT Technologies) reported a 1.1% fall in net profit to Rs 122 crore for Q3.

Major Q3 results to be announced today:

  • Dabur India
  • Vedanta
  • UPL
  • SAIL
  • IOC
  • Tata Motors
  • Sun Pharma
  • Tech Mahindra
  • Dr Reddy’s Labs
  • Cipla
  • DLF
  • IndusInd Bank
  • LIC Housing Finance
  • Siemens

What to expect today?

NIFTY continued its fall. It fell another 200 points to close near 13,800. You can read all about yesterday’s movements here.

Bank Nifty was strong and was the only index that closed in the green. The support at 30,000 was broken yesterday but it managed to close above that.

European markets moved up after opening gap down. US markets went up 2% at one point of time but fell a bit later. Asian markets are mixed. SGX NIFTY is trading higher at 13,956, which is more than 100 points higher, indicating a gap up opening in the Indian Market.

We have to watch and understand the trend of NIFTY after it opens with a gap up. Like all the previous days, the first hour is important to see whether NIFTY is breaking up/breaking down. 

Moving up, NIFTY has resistance at 14,000-14,050. Breaking that today might give a larger up move. On the lower side, there are resistances at 13,880 and 13,800.

We might see a pull back in many stocks today. Let’s not hurry ourselves and get into buying mode already. I’ll say let’s wait for the budget announcement next Monday, see how the market reacts to it and then enter into new buy positions.

Intraday traders can definitely make use of the trending markets. Use sectoral indices and heavy weights to understand the trend.

Highest Call Open Interest at 14,000, followed by 15,000. Highest Put Open Interest at 13,800, followed by 13,500. 

Foreign institutional investors (FIIs) net sold shares worth Rs 3712 crore, and domestic institutional investors (DIIs) net bought shares worth Rs 1736 crore in the Indian equity market.

I expect calmness in the market today ahead of the budget announcement on Monday.

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