News Shots

A Singapore-based subsidiary of Bharti Airtel acquired an additional 6 per cent stake in Bangladesh-based Robi Axiata from NTT Docomo, raising its total holding to 31.3 per cent in the company.

UBS Principal Capital Asia bought 2.2 crore shares of REC at Rs 102.25 per share.

Adani Green Energy has received investment offers from forieng funds. Gautam Adani said the company has scope to dilute 10-15% of the company.

Equitas Holdings – Equitas Small Finance Bank is offering interest rate of 7% per annum on savings account having deposits between Rs 1 lakh to Rs 5 crores.

JM Financial launches QIP issue to raise funds. Issue price of Rs 66.72 is a 6% discount to the closing price on June 9.

Hero Motocorp announced 21% fall in revenue and 15% fall in profits, all within the street estimates.

KRBL has reported an increase in profits to Rs 149 crore versus Rs 138 crore despite a fall in revenue.

PNB buys 3 Audi Cars for its top management amid COVID induced bad times. Meanwhile, the Chairman of India’s largest lender SBI, still uses a Toyota Corolla.

What to expect today?

What we saw yesterday was mostly profit booking and natural. It is important to see if the markets can continue to sustain strongly and move forward. Yesterday NIFTY fell in the second half after the European markets opened and fell because of profit booking.

Despite all this, NASDAQ did exceptionally well yesterday, hitting fresh highs!!The European markets are in red and the Asian markets are mixed. SGX NIFTY is trading higher, currently at around 10085, indicating a small gap up opening in the Indian market.

We saw huge falls especially in the banking sector and in NIFTY heavy weights yesterday as most of the retail investors were caught in panic and started profit booking. This is very natural and logical when such quick moves happen in the market. We saw NIFTY going up from 9000 level to 10,300 within a short span of time thereby giving good profits to many investors. Hence, there will be a tendency among them to book and cash the profits. The coming few days are very crucial to understand where the market is heading.

FIIs were net buyers in the market again indicating optimism in the market. DII’s mostly sold yesterday. 

NIFTY is likely to trade between 10,000 and 10,200 today. There is an obvious support at 10,000. Further support is at 9950 and 9850. 

Highest Call Open Interest at 10,500, followed by 10,000. Highest Put Open Interest at 9,500, followed by 9,900.