News Shots

Wipro will acquire London-headquartered Capco in a $1.45 billion deal as the Indian IT major seeks to become a “bolder and ambitious” company as well as rake in higher revenues from banking and financial services space.

Vodafone Idea‘s big-ticket fundraising plans are in doubts now, following differences with key members of the prospective lenders’ consortium over funding terms and furnishing of guarantees in case of payment defaults.

Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said on Thursday. The bank has signed a memorandum of understanding (MoU) with the Indian Army.

Mindspace Business Parks REIT plans to raise up to Rs 450 crore through the issue of debt securities.

Indiabulls Housing Finance has raised $150 million (Rs 1,091 crore) by issuing foreign currency convertible bonds.

State Bank of India, HDFC and ICICI Bank will have to offload equity worth Rs 1.21 lakh crore if the central bank goes ahead with its reported plan to make banks cap their stakes in insurance arms at 20 per cent.

RailTel formally launched its paid wi-fi service plans on Thursday which will enable users to access high-speed internet at 4,000 railway stations across the country.

Axis Bank said its one of the promoters, National Insurance Company Ltd (NICL), has asked it to classify the insurer as a public shareholder.

What to expect today?

Yesterday NIFTY opened gap down as expected and then moved up. It was a highly volatile day where NIFTY tested both 15,000 and 15,200 before expiring just below 15,100. You can read all about yesterday’s movements here.

Bank Nifty was more bearish and similarly volatile. It went up till 36,300 at one point but closed below 36,000 eventually.

Metal fell strongly yesterday, after the gains it had made last week. All major indices closed in the red yesterday.

Rising bond yields have become a concern again. Ten year US Treasury bond yields shot up significantly to 1.57%, which is the highest since 2015. This happened as Federal Reserve Chairman Jerome Powell did not say anything against the recent surge in bond yields.

US fell considerably yesterday. Dow falling more than 1% and NASDAQ more than 2%. The S&P 500 has nearly erased all of its 2021-gains while the Nasdaq extended losses to nearly 10% from last month’s high. Europe also closed in the red.

Following the developments in the US, almost all Asian markets are also trading in the red. Japan’s Nikkei is down nearly 2%. Futures on the Dow Jones are trading 200 points lower. SGX Nifty is currently trading lower at 14,930 indicating a gap-down opening in the Indian markets.

It is a concern if the market opens below the strong support at 15,000. As I have said in the past, NIFTY has to sustain 15,000 to be in the bullish state. 

Moving up, 15,000 and 15,100 will act as resistances now. Looking down, there are supports at 14,900, 14,800, 14,750, 14,630 etc

Both FIIs and DIIs were net sellers in the market. Foreign institutional investors (FIIs) net sold worth Rs 223 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 788 crore in the Indian equity market.

There are put option OIs at 15,000 and 14,500. Maximum call contracts are at 16,000 and 16,500.

Remember last Friday, where NIFTY fell over 500 points? Today’s pre market looks a lot like it! We had a similar setup yesterday as well but the market decided to move up. Let’s see what will happen today.

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