News Shots

Infosys posted a 17.5 percent rise in net profit (YoY) and 2.5 percent drop in net profit (QoQ) at Rs 5,076 crore for the March 2021 quarter. This has missed the estimates and Infosys ADR has fallen 6% in the US. It also announced an up to Rs 9,200 crore buyback programme at a maximum price of Rs 1,750 per share.

HDFC Bank is planning to raise up to Rs 50,000 crore during the next 12 months through issuing bonds. The bank’s board of directors will take up the proposal at its meeting on April 17.

The Noida Authority said it has allotted industrial land to 13 companies, including Adani Enterprises and Dixon Technologies, in a move that would bring in investments worth Rs 3,870 crore in Noida region, Uttar Pradesh.

The government will sell up to 20 per cent stake in National Fertilizers Ltd and 10 per cent in Rashtriya Chemicals and Fertilizers through an offer for sale in the current fiscal.

Bharti Airtel announced a new corporate structure to sharpen the company’s focus on rapidly unfolding digital opportunities while enabling it to unlock value.

Apollo Tyres announced its foray into the truck and bus tyre segment in the US and Canada, following the launch of its passenger vehicle range in the two markets.

Dr Reddy’s Laboratories to distribute 250 million doses of Sputnik V vaccine. In talks with the Indian government on pricing. The company expects to get delivery of Sputnik V this quarter. It has also lined up the cold chain for the vaccine.

Tata Motors’ global wholesales, including Jaguar Land Rover, increased 43 per cent to 3,30,125 units in the fourth quarter of 2020-21 fiscal.

Hackers have allegedly compromised servers of enterprise communications firm Route Mobile, even as the company claimed that data of its customers is safe and its cyber security team is investigating the matter.

Bharat Petroleum Corporation has dispatched the first consignment of acrylic acid from its Propylene Derivative Petrochemical (PDP) complex at Kochi Refinery.

State-owned hydropower giant NHPC will form a joint venture with JKSPDCL, ‘Ratle Hydroelectric Power Corporation Ltd’, to implement a 850-megawatt (MW) hydroelectric project in Chenab river basin.

The Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty, a subsidiary of UPL.

JSW Steel has completed the acquisition of a 30.73% stake in GSI Lucchini for a cash consideration of 1 million euros.

HDFC Bank has said it plans to raise up to Rs 50,000 crore through private placement of bonds in the next 12 months. The board will consider the proposal on April 17.

What to expect today?

On Tuesday, NIFTY recovered a lot of Monday’s fall and closed just above 14,500. You can read all about Tuesday’s movements here.

Bank Nifty moved up by more than 3%, crossed the important level of 31,000 and closed at 31,771. 

Surprisingly, when almost all sectors performed well, IT and Pharma ended in red.

Both the European and US markets closed flat and mixed with a slight negative bias. 

Asian markets are also mixed. US and European Futures are mostly up. SGX Nifty is currently trading higher at 14,668 indicating a gap up opening in the Indian market. 

Even after a good result, TCS and IT fell. Now that Infosys’s result hasn’t impressed the market, let’s see how Infy and IT will react to it.

The next supports for NIFTY are at 14,500, 14,470, 14,400 and 14,300 while for Bank Nifty, they are at 31,350, 31,000 and 30,850.

The next resistances for NIFTY are at 14,650, 14,750 and 14,800 while for Bank Nifty, they are at 32,350.

Foreign institutional investors (FIIs) net sold worth Rs 730 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 243 crores in the Indian equity market. 

The highest call OI build up is at 15,000 followed by 14,700. The highest put OI buildup is currently at 14,000 followed by 13,500.

The COVID situation is still fearful. The number of cases per day is hitting 2 lakh cases! Number of cases per day in Delhi has hit an all time high.

Mumbai has announced a lockdown like situation for 15 days with Section 144 and strict controls in place. 

NIFTY can be highly volatile today with IT trying to drag it down. NIFTY has good supports at the bottom. Even after so much confusion in the market, NIFTY never broke 14,200 for a very long time. Moving up NIFTY has strong resistances at 14,650 and 14,700.

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