News Shots

  • Russian President Vladimir Putin launched the world’s first COVID-19 vaccine. But scientists around the world immediately denounced the certification as premature and inappropriate, as the vaccine has yet to complete a trial that convincingly shows it is safe and effective in a large group of people. So, don’t get too excited to see a bull rally because of this news.
  • The Index of Industrial Production (IIP) for the June month was declared to be -16% yesterday. This is in fact better than -33% in the previous month. This is also better than the expected -22%. This clearly shows that the economy is gradually getting back to normal.
  • Mukesh Ambani led Reliance Industries breaks into the top 100 global companies in the Fortune Global list. They have jumped 10 places to land a spot at the 96th position. 
  • Eicher Motors shareholders have approved a share split of existing one equity share of face value Rs 10 each into ten equity shares of Re 1 each. The expected time of share split is 2-3 months. 
  • Inox Benefit Trust offloaded its entire 4.23 percent equity stake in Inox Leisure via open market transactions.
  • Axis Bank raised Rs 10,000 crores via QIP. The QIP was issued at Rs 420 per share, 5% discount from floor price of Rs 442 per share.
  • Adani Ports to raise up to Rs 3,000 crore through issuance of non-convertible debentures (NCDs). The fund will be raised in one or more tranches.
  • ONGC has allotted NCDs worth Rs 1,000 crore.
  • Another good PSU bank result. Central Bank of India reported a 21 per cent rise in its consolidated net profit at Rs 147.21 crore in the quarter ending June. The bank had posted a net profit of Rs 121.61 crore during the same quarter a year ago.
  • Motherson Sumi Systems Ltd reported a consolidated net loss of Rs 1,191.65 crore for June quarter 2020 hit hard by the coronavirus pandemic.The company logged a net profit of Rs 360.64 crore in the same quarter last fiscal.
  • Bosch reported a consolidated net loss of Rs 120.83 crore for the first quarter ended June affected by the coronavirus pandemic. The company had posted a consolidated net profit of Rs 279.95 crore in the year-ago quarter.
  • Hexaware Technologies has entered into a pact with Freshworks to offer digital solutions for its customers.
  • Major Q1 Results Announcement Today:
    • Aurobindo Pharma
    • Bharat Forge
    • Aarti Industries
    • Ashok Leyland
    • Tata Power
    • Cummins India

What to expect today?

  • Yesterday also saw bullish consolidation. The support at 11,300 was respected. Click here for a detailed analysis of yesterday’s market and stock movements. 
  • US Markets are down. Asian markets are mostly negative. SGX NIFTY is currently trading nearly 100 points down, indicating a gap down opening in the Indian Market.
  • NIFTY is likely to trade between 11,200 and 11,350 today. There is support at 11,250 and 11,200 and resistance at 11,300 and 11,340.
  • Highest Call Open Interest at 11,500, followed by 11,300. Highest Put Open Interest at 11,000, followed by 11,200. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 1,013.66 crore while domestic institutional investors (DIIs) sold shares worth Rs 1,415.54 crore in the Indian equity market
  • SGX NIFTY is indicating a gap down opening. But there aren’t any large negative local or global cues. So, the market should move up eventually. Wednesdays have been highly volatile since long. So, do expect a very wild day.
  • Banks have given good movement as expected. Keep watching them.