Tier 2 lockdown implemented in London as there is a huge spike in COVID 19 cases. Markets around the globe have fallen.
Life Insurance Corporation of India (LIC) is planning to divest its stake in IDBI Bank.
IT firm Mindtree posted a 87.9 per cent rise in consolidated net profit to Rs 253.7 crore for the September 2020 quarter, and said it was confident of continuing its growth momentum.
The shares of Bharti Airtel’s subsidiary Nxtra Data have been issued to CA Cloud Investments, an affiliated entity of Carlyle Asia Partners, following Competition Commission of India’s nod to the recently-announced deal.
The Board of Directors of Lakshmi Vilas Bank (LVB) approved raising of funds up to Rs 500 crore through issue of equity shares or such other securities by way of rights issue.
Persistent Systems Ltd India (PSL) will acquire 100 per cent shares of Capiot Software – the Indian subsidiary of Capiot Software Inc and consequently, Capiot India will become a wholly-owned subsidiary of PSL.
Sterling and Wilson has signed a contract to construct a solar PV battery storage and diesel genset-based hybrid power plant in Niger in West Africa.
India’s second-largest pureplay mortgage lender LIC Housing Finance expects a bumper festival season as it eyes loan growth to be in double-digits.
South Indian Bank reported a 23 per cent decline in net profit at Rs 65.09 crore for September quarter of the current fiscal year.
AstraZeneca Pharma India will launch its Acalabrutinib 100 mg capsules, used for treatment of various types of blood cancers, under the brand name ‘Calquence’ in the country on October 21.
Two-wheeler market leader Hero Motocorp has launched its new Pleasure+ Platinum scooter model, priced at Rs 60,950 (ex-showroom Delhi).
Some Major Q2 Results Announcements Today:
- Federal Bank
- HCL Technologies
- Bajaj Consumer Care
- Shoppers Stop
- Tata Communications
What to expect today?
Bloodbath in the market yesterday. NIFTY fell more than 300 points. Bank Nifty fell more than 1000 points. All majorly because of the Tier 2 lockdown that was implemented in London. Is this the second wave of COVID and will the whole world go into lockdown again? Will NIFTY fall under 10,000 again? Click here for a detailed analysis of yesterday’s market and stock movements.
Bank Nifty took resistance at 24,000 and support at 23,000 yesterday. This range can be watched keenly for the coming days.
The IT sector came under heavy profit booking which led to its fall in the morning, which dragged NIFTY also down.
The resistance at 12,000 has been tested multiple times now. All major supports were broken yesterday. The next support for NIFTY is at 11,550-11,600.
US Markets closed in red. Europe closed in red. Asian markets are mixed. SGX NIFTY is trading at 11,756, which is 61 points higher, indicating a gap up opening in the Indian Market.
There is no expected trading range for NIFTY today. There is support at 11,660 and 11,600 and resistance at 11,730 and 11,800.
Highest Call Open Interest at 12,000, followed by 12,200. Highest Put Open Interest at 11,500, followed by 11,300.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) net sold shares worth Rs 604.07 crore and Rs 808.29 crore
The US Market, though opened gap down, climbed up during the day. The major Asian markets like NIKKEI, HANG SENG and SHANGHAI have opened and are moving up. So there are analysts saying the fall in the markets was just a knee jerk reaction and the markets would recover from here. In that case, we can see NIFTY climbing back today.
But, what we can see in the UK and some other European countries is a HUGE spike in COVID 19 cases. The number of cases per day has even crossed the numbers during the first wave. This is a matter of concern. We’ll have to see how the global leaders handle this situation keeping the economy and stock markets in mind.
So quickly another week has come to an end. All the best for the day!