Reserve Bank of India(RBI) crucial meeting today. The 24th Monetary Policy Committee meeting will be watched for RBI’s stance on repo rate, reverse repo rate, its stance on loan moratoriums, one-time restructuring of loans, guidance on growth, and inflation. Any extension of the loan moratoriums will be closely watched. The event can greatly influence banking stocks.
Zydus Cadila said its plasmid DNA vaccine to prevent COVID-19, ZyCoV-D, was found to be safe, successful and well tolerated in the Phase I clinical trial. The company will now commence Phase II clinical trials from the 6th of August, 2020.
There is a lot of buzz and confirmatory rumours regarding the Reliance – Future Retail deal. A report says it is Mr Kishor Biyani’s personal debt that is delaying the completion of the deal.
Bharti Airtel signs pact with Amazon Web Services for cloud services.
HDFC has launched its qualified institutional placement (QIP), and the floor price was set at Rs 1,838.94 per share. The issue would comprise an issue of shares and warrants for up to Rs 14,000 crore, and issue of non-convertible debentures up to Rs 9,000 crore.
Alkem Laboratories has launched Favipiravir under the brand name ‘Alfluenza’ in the country for the treatment of COVID-19.
Punjab National Bank (PNB) declared Reliance Home Finance Ltd’s (RHFL) account with it as a “fraud account” after a forensic audit proved that there was diversion of funds.
The prestigious Massachusetts Institute Of Technology bought a total of 30,00,000 shares of NIIT Ltd in two separate deals on BSE and NSE at Rs 96.75 each. At the end of June, it held 1.87 per cent stake in the company.
INOX Leisure reported a consolidated net loss of Rs 73.64 crore for the June quarter as the film exhibition business came to a halt due to the COVID-19 pandemic. The company had posted a net profit of Rs 27.01 crore in the April-June period a year ago.
Apollo Tyres reported a consolidated net loss of Rs 135 crore for the first quarter ended June 30, versus a net profit of Rs 142 crore in the April-June last year.
Q1 Results Announcement Today:
Hindustan Petroleum Corporation Ltd (HPCL)
What to expect today?
Yesterday was a volatile but a positive day. NIFTY took resistance at 11,200 range and was later brought down by heavyweights Reliance and HDFC Bank again. Steel stocks surged yesterday which itself is a good indication for the economy.
Today is all about the RBI meeting. Repo rates may not be cut. But more focus is on the loan moratorium. If they are extended, banking stocks will take a huge hit. Almost all major banks and industry veterans have requested not to increase the loan moratoriums.
US Markets are mostly up. Asian markets are mixed. SGX NIFTY is currently trading at 11,105, indicating a flat opening in the Indian Market!
NIFTY is likely to trade between 11,000 and 11,300 today. There is support at 11,070 and 11,000 and resistance at 11,160 and 11,200.
Highest Call Open Interest at 11,500, followed by 11,000. Highest Put Open Interest at 11,000, followed by 11,100.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) sold shares worth Rs 60.18 crore and Rs 425.98 crore, respectively
Banking stocks will be highly volatile. Do watch for opportunities.