Granules India has received a licence from the Ministry of Defence to manufacture and market Covid-19 treatment drug 2-Deoxy-D-Glucose.
Dr Reddy’s Labs and Natco Pharma have both launched generic capsules used in the treatment of multiple myeloma(cancer) patients for the Canadian market.
Hindustan Aeronautics is considering a stock split on September 21.
J&K Bank said its board has approved a proposal to raise up to Rs 2,000 crore through a mix of equity and debt.
RailTel has received a contract from the Indian Air Force for the implementation of a secure ‘Online Policing Solution(OPS) Network for a value of Rs 299.95 crore. The work is expected to be completed over a period of 12 months.
IRB Infra is the preferred bidder for the construction of six lanes of 20km, on the upcoming Chittoor – Thachur Highway in Tamil Nadu at the cost of Rs 909 crore. The construction is expected to be completed in 2 years.
OnMobile Global’s branch in Panama has been dissolved effective August 31.
Reliance Retail said it has acquired sole control of 25-year-old search and discovery firm JustDial for a 40% stake worth Rs 3,497 crore.
Joyalukkas India is considering an IPO in India that could raise about Rs 2,900 crores in the first quarter of next year, according to a Bloomberg report. Recently listed Kalyan Jewellers is still trading more than 20% down from IPO price.
According to reports, HDFC Life is set to acquire Exide Life Insurance for Rs 6,687 crores. Subsidiaries of the company include ING Vysya Life Insurance. Parent company Exide Industries(yes the battery manufacturer) will benefit.
What to expect today?
Yesterday, NIFTY jumped up to near 17,250 near the closing time. It closed at 17,234, You can read all about yesterday’s market movements here.
Bank Nifty tried to break out yesterday near the end of yesterday and even managed to close above the 36,800 mark.
IT, FMCG and Realty saw a general buying yesterday.
The European markets closed slightly in the green. The U.S. markets also closed slightly in the green.
Asian markets are mixed on Friday morning. The European futures and the U.S. futures are flat.
SGX NIFTY is trading slightly higher at 17,284 indicating a gap-up opening in the Indian market.
The market continues to surprise investors with institutions buying and taking up stocks to fresh highs. Yesterday’s expiry saw a last-hour bullish move towards all-time highs. Interestingly, TCS from the IT sector still is bullish and has gained nearly 16.5% in the last month.
Supports for Nifty are at 17,200, 17,150 and 17,080. The next pivot point resistance is only at 17,580 for Nifty. We can expect 17,300 and 17,350 to act as resistance today.
Bank Nifty showed fresh strength yesterday, managing to close above the 36,800 mark. A profit booking like on Wednesday was not seen yesterday. The index is close to its next resistance target of 37,000.
The supports for the index are at 36,500, 36,200 and 36,000. Resistances exit at 37,000, 37,200 and 37,500.
Yesterday’s moves in HDFC Bank and Kotak Mahindra Bank are expected to continue. Reliance also gave a rally above the level we discussed yesterday and will need to be watched today as well as it is so very close to the 52-week high zone.
Foreign institutional investors (FIIs) once again net bought worth Rs 348.52 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 381.7 crores in the Indian market.
Will be watching today’s market to see if NIFTY can sustain the gains of the week. There was a gain of more than 500 points in the index this week, boosted by heavyweights. Interesting to see how the market is rallying like there is no need for falling. But a healthy rally usually has corrections and falls along the way. The only question is will NIFTY touch 17,500 before the fall!
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