News Shots

Stove Kraft shares will be listed today after the successful bidding for their IPO. The issue was subscribed 18 times.

IRFC has raised $750 million(~Rs 5,740 crores) through sale of 10-year dollar bond sale to international investors at an annual coupon rate of 2.8%.

An interim dividend of Rs 33 per share has been recommended by Gillette India’s Board of Directors. Reported higher profit at Rs 41.3 crore in Q3, up 119%.

Container Corporation of India(Concor) reported higher consolidated profit at Rs 234.3 crore, up 30%. Revenue rose to Rs 1,766.9 crore, up 14% YoY.

Tata’s retail company Trent has reported a 30% YoY rise in consolidated net profit at Rs 64 crore in Q3. Revenue fell 13% YoY to Rs 853.6 crore.

Godrej Properties reported a fall of net profit to Rs 14 crore, down 69% YoY.  The company has announced it is readying a Rs 7,300 crore fund to acquire land, assets, and under-construction projects from other builders facing stress due to the pandemic.

Tata Power has reported a 22% YoY jump in consolidated profit to Rs 318.4 crore. Revenue increased to Rs 7,597.9 crore, up 7.4% YoY.

Biocon Biologics, who is a subsidiary of Biocon, has signed a pact with the Clinton Health Access Initiative (CHAI) to expand access to cancer biosimilars in over 30 countries in Africa and Asia as a part of the Cancer Access Partnership.

Adani Transmission reported consolidated profit up 94% YoY to Rs 395.3 crore in Q3, while revenue declined marginally by 6.4% YoY to Rs 2,597 crore.

Adani Ports & SEZ promoter group has revoked pledge of 48.8 lakh shares on February 3.

Major Q3 results to be announced today:

  • Britannia Industries
  • Mahindra & Mahindra
  • Aditya Birla Capital
  • Cadila Healthcare
  • Shipping Corporation of India
  • Cholamandalam Finance
  • PNB
  • Jubilant Life Sciences
  • NIIT

What to expect today?

Yesterday, NIFTY again shot up by another 100 points to close near 14,900, supported by ITC and SBI. You can read all about yesterday’s movements here

Bank Nifty shot up another 1,000 points from yesterday’s low. It closed 1.69% up at 35,344 yesterday. The index was expected to cool down and consolidate, but SBI results and Kotak Bank bullishness made it rally more.

US has closed in green, with Dow Jones moving up another 1% on stimulus hopes. Europe closed mixed. Asian markets are all trading in the green. 

SGX NIFTY is trading higher at 14,970, indicating a gap up opening in the Indian Market. We may indeed see Nifty touching 15k today. If SBI continues its rally, Bank Nifty and Nifty would both go up more.

Profit booking will be seen near 15k, also as it is an important psychological resistance. Index futures saw net outflow yesterday, meaning some have already tried to start booking profits. Both Nifty and Bank Nifty futures closed with a discount compared to spot price yesterday.

Moving down, NIFTY has support at 14,800 and 14,660.

Watch out for RBI’s Policy Meeting at 10 am today. Will probably be a non-event as rates are not expected to be changed. But any remarks by the RBI Governor may send the market flying.

Foreign institutional investors (FIIs) net bought shares worth Rs 1,937 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 769 crore in the Indian equity market.

Let us expect a trending day in the market today, plot out key supports and resistances and trade accordingly.