News Shots

  • There are rumours again about the Reliance-Future Retail Deal. Reliance Industries Ltd (RIL) is close to buying Future Group’s retail assets for ₹24,000-27,000 crore to bolster its position in India’s retail segment, according to two people familiar with the details of the deal.
  • Kotak Mahindra Bank reported a 4 per cent decline in consolidated net profit at Rs 1,853 crore for the June quarter, mainly due to reduced advances amid the coronavirus pandemic and marginal rise in non-performing assets.
  • ITC completed acquisition of spices manufacturer Sunrise Foods Private Ltd (SFPL) in an all-cash deal valued at Rs 2,150 crore.
  • Bharti Infratel posted a 21 per cent on year fall in net profit, hurt by a fall in sharing revenue and higher net finance cost.
  • Tech Mahindra managed to beat estimates as it reported a 1.35% rise in net profit in the quarter ended June.
  • United Spirits reported a consolidated net loss of ₹246.6 crore for Q1, while it managed to make a profit of ₹180 crores during Q1 last year.
  • Marico reported a great result with a 23.17 per cent increase in its consolidated net profit to Rs 388 crore for the first quarter ended June.
  • Escorts, interestingly, reported a 6 per cent increase in consolidated net profit to Rs 92.58 crore in the quarter ended June.
  • Havells India, Orient Electric and V-Guard have posted huge falls in revenue and profits.
  • Q1 Results Announcement Today:
    • IDBI Bank
    • Yes Bank
    • RBL Bank
    • Nestle India
    • UltraTech Cement
    • IDFC First Bank
    • Hexaware

What to expect today?

  • Yesterday, the market fell heavily at open but took support at 11,100, thereby re-establishing the strength of the support at 11,000-11,100 and consolidation in NIFTY. Yesterday was the 5th consecutive day where NIFTY was trading in the range of 11,100 to 11,230. Strong consolidation can finally result in a breakout or breakdown.
  • The entire global markets are mostly up. SGX NIFTY is currently trading higher at 11,177, indicating a gap up opening in the Indian Market!
  • NIFTY is likely to trade between 11,100 and 11,300 today. There is support at 11,175, 11,120 and 11,090 and resistance at 11,210 and 11,250.
  • Highest Call Open Interest at 11,500, followed by 11,200. Highest Put Open Interest at 11,000, followed by 10,800. 
  • Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) sold shares worth Rs 453.31 crore and Rs 977.88 crore, respectively.
  • Banking sector continues to be in focus. There might be short covering in ICICI Bank. Reliance and IT stocks are also in the watch.