News Shots

SBI Cards may see a sell-off with US private equity fund Carlyle looking to sell a 5.1% stake in SBI Cards and Payment Services worth ~Rs 5,000 crore through a block deal on Friday. The share was already 2.5% down yesterday.

Religare Enterprises is considering an IPO worth Rs 2,000 crore for its health insurance subsidiary Care Health Insurance.

Coal India May soon increase coal prices.

Power Grid posted 6% YoY increase in its consolidated net profit to Rs 3,526.23 crore for Q4. The company’s board has also recommended a 1:3 bonus issue and approved dividend of Rs 3/share.

Murugappa Group’s Tube Investments of India has reported standalone net profit at Rs 129.12 crore for Q4, up 78% YoY. But the net profit for the last financial year is 20% lower than that of FY20.

Hindustan Petroleum has become the first oil firm to start supplies of ethanol-blended petrol in Jammu & Kashmir and Ladakh region.

The Swiss pharma company’s India subsidiary, Novartis India reported a 43% YoY increase in net profit at Rs 9.7 crore for Q4.

Nava Bharat Ventures reported consolidated revenue up 4% QoQ at Rs 688.66 crore and a 1% dip in net profit to Rs 159.4 crore.

J&K Bank announced net profit of Rs 316 crores for Q4 compared to Rs 293 crore loss last year, highest ever since 2014. Asset quality is slightly worse compared to last quarter, and Net Interest Income is down 7% YoY to Rs 917 crores.

Adani Transmission has incorporated a wholly-owned subsidiary called ATL HVDC for transmission, distribution and supply of power and other infrastructure services.

Datamatics Global Services is set to complete the acquisition of 49.50% stake in Cybercom Datamatics Information Solutions by September 30.

JSW Steel’s promoter Sahyog Holdings created a pledge of 1.07 crore shares on June 12.

Some major Q4 result announcements today:

  • Insecticides (India)
  • Gujarat Fluorochemicals
  • Balaji Telefilms
  • Dhani Services
  • Hinduja Global Solutions
  • Oriental Carbon & Chemicals
  • PSP Projects
  • Shree Renuka Sugars
  • Timken India

What to expect today?

Yesterday, NIFTY opened around 15,650 after the Fed announcement. It moved up after the gap-down, and then crashed taking support at 15,600. Closing was at 15,680. You can read all about yesterday’s movements here.

BANK NIFTY followed a similar pattern, first moving up then crashing down. The index took support at a very important level of 34,450 yesterday.

NIFTY IT moved up with power from Infy and TCS. Metals continued the fall after China announced new measures to keep commodity prices in check earlier this week. For such information, do follow our Top International News article every night.

The European markets mostly closed flat. In the U.S., general market fell and the tech-driven NASDAQ went up. This usually happens when investors focus on growth stocks with fear of higher inflations.

The Asian markets are also mostly flat, after yesterday’s fall. SGX NIFTY is currently trading a bit higher at 15,750 indicating a gap up opening in the Indian market.

The immediate support for NIFTY are at 15,620, 15,570 and 15,500. Meanwhile, 15,800 and 15,900 will act as strong resistances.

34,700, 35,000 and 35,500 are the important resistances to be watched out for in BANK NIFTY. The index has good support at 34,450, 34,130 and 34,000.

The highest call OI buildup is at 16,500 followed by 15,800. The highest put OI buildup is at 15,000 followed by 15,500. It is the monthly expiry coming up with just 5 more trading sessions. A more clear image will start forming after today’s market closes.

Foreign institutional investors (FIIs) net sold worth Rs 879.73 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 45.24 crores in the Indian equity market.

A small green move is expected in the market today, after a bearish day yesterday. We will have to see if this movement(also the gap-up) is sustained to get an indication for next week. 

With crude oil prices going up, the rupee is getting weak. This is good for exporting sectors like IT and Pharma. Watching if the rally in IT stocks can be sustained and if Pharma can move into the green.

Bank Nifty is at a key support of 34,500. The last time it closed under this level, Bank Nifty crashed to 30,500. Let us hope we don’t see that this time, and that Bank Nifty takes support here.

It’s the last day of the week, so let us play it safe. Personally, I will be watching the market today to get an idea for next week’s trend and mostly won’t be entering any new positions. 

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!