News Shots

  • Ace Investor Vijay Kedia bought 3,39,843 shares (1.1%) in Ramco Systems at Rs 87.82 per share.
  • Supreme Court to hear the AGR (Adjusted Gross Revenue) Case today, will decide the course for telecom shares, mainly Vodafone Idea. They still have to pay nearly Rs 50,000 crores as AGR dues and if the Court asks them to pay this even within a timeline of 15 years, it would be difficult for the company as that would prevent them from investing in other areas of development.
  • Shriram Transport Finance reported a 70 per cent dip in its consolidated net profit at Rs 223.38 crore for the last quarter.
  • UPL’s Mauritian subsidiary has raised $500 million by issuing bonds to buy back existing debt securities and debt repayment.
  • Arvind launched anti-viral textile technology for the first time in India under its brand “Intellifabrix”.
  • Yes Bank has applied to the exchanges for re-classification of promoters in context of the reconstruction scheme.
  • Indian Hotels Company reported a 37.75 percent decline in its consolidated net profit at Rs 76.29 crore for the March quarter..

What to expect today?

  • The US Federal Reserve (US equivalent for RBI) estimates that the US economy will shrink 6.5 per cent this year, in line with other forecasts, before expanding 5 per cent in 2021. It foresees the unemployment rate at 9.3 per cent, near the peak of the last recession, by the end of this year. The rate is now 13.3 per cent. The Fed considers keeping the short-term rate to near zero (US equivalent for Repo Rate) for at least another 2 years
  • Despite all this, NASDAQ did exceptionally well yesterday, hitting fresh highs and closing above 10,000 for the very first time!! Overall, US markets were mixed and the Asian markets mostly closed in red. SGX NIFTY is trading lower, currently at around 10092, indicating a small gap down opening in the Indian market.
  • We saw huge indecisiveness and sideways trend in the market yesterday. NIFTY oscillated in the range of 10,040 to 10,140 but closed strongly with high momentum.
  • Yesterday, Foreign institutional investors (FIIs) sold shares worth Rs 900 crores, while domestic institutional investors (DIIs) bought shares worth Rs 500 crores
  • NIFTY is likely to trade between 10,000 and 10,200 today. There are supports at 10,050 and 10,000. The key resistance levels to watch out for are 10,160 and 10,200
  • Highest Call Open Interest at 10,500, followed by 10,000 and 10,200. Highest Put Open Interest at 9,900, followed by 9,600 and 10,000. The market seems to continue at 10,000 levels.