News Shots

Rakesh Jhunjhunwala along with his investment company sold 5.4 lakh shares of water supplier Ion Exchange in the market yesterday. But Plutus Wealth Management LLP acquired 4.75 lakh shares. Water purifying companies have been on a good rally in the last month.

Government plans to divest 10-16% stake in Ircon International through an offer for sale today and tomorrow. Floor price is at Rs 88/share, at a 10% discount to yesterday’s closing price.

Reliance Jio bought Rs 57,122 crore worth of 4G spectrum while Bharti Airtel bought for Rs 18,698.75 crore. Both companies said that these spectrums can be used for future 5G operations. Vi remained a mostly silent participant buying under Rs 2,000 crore worth of spectrum.

Zuari Agro Chemicals has signed an agreement with Paradeep Phosphates for sale of fertiliser plant in Goa.

Jaiprakash Power Ventures has approved disinvestment of 74% shareholding in the Jaypee Powergrid (A Joint Venture with Power Grid Corporation of India).

Mahindra Lifespace Developers has launched its residential project ‘Aclove’, at Chandivali in Mumbai. 

Indian Oil Corporation has awarded a project for execution and project management for the expansion of Panipat refinery to Engineers India. The total order value is around Rs 600 crore with a schedule of 40 months to completion.

Dr Reddy’s Labs has received tentative USFDA nod for diabetes drug Linagliptin.

In a small setback to tyre companies, Government did not put anti-dumping duty on imports of pneumatic radial tyres. Apollo Tyres, JK Tyre, Ceat and MRF had filed an application for duty on imports of these tyres from Thailand.

Promoter Zuari Global revoked pledge on Chambal Fertilisers & Chemicals shares of 11.50 lakh shares on February 26.

Promoters of Adani Group once again revoked pledges on crores worth of shares in Adani Enterprises, Adani Ports and Adani Green.

Promoter Patanjali Ayurved created a pledge on Ruchi Soya Industries for 48.17% stake.

What to expect today?

Yesterday NIFTY tried to consolidate within a range, but jumped nearly 150 points towards the last 30 minutes. You can read all about yesterday’s movements here.

Bank Nifty also closed in green, but was not strong in the day. It even tested 35,000 support once again but shot up in the last hour. Closed at 35,419.

IT and Auto stocks were really bullish yesterday. Both indices had been underperforming. They still look bullish in the short term but for today be careful about profit booking.

Hoping for Banks to turn bullish again soon. Reliance is staying comfortably above 2,100 and may take Nifty up if it starts moving up again.

European markets closed flat yesterday. US markets tried to move to green but saw profit booking. Dow Jones(down 0.46%) and NASDAQ(down 1.7%) closed in the red.

Asian markets are also seeing consolidation. All of them are trading in green but mostly flat.

SGX Nifty is currently trading above 15,010 indicating a gap-up opening in the Indian markets.

Chances are Nifty will try to consolidate in a wide range. 15,080 and 15,100 can be watched in the upper range.

Moving down, 14,880 and 14,800 can act as strong supports.

Foreign institutional investors (FIIs) net bought worth Rs 2,223 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 854 crore in the Indian equity market. 

Maximum put option contracts have shifted to 14,800. Maximum call contracts are at 15,000. This is a very tight range for Nifty, and we may see some shifts happening in the market today.

Wait to see if Nifty respects 15,000 in the market today. Even with the gap-up, Nifty might find it not easy to stay above the 15k mark.

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