News Shots

  • US FDA (Food and Drug Administration) revokes emergency use status of hydroxychloroquine drug touted by Trump for COVID-19. Zydus Cadila and IPCA, the largest producers of these drugs in the world, had benefited from the huge spike in demand.
  • Joining the fund raising bandwagon, Shriram Transport Finance approved fund raising up to Rs 1,500 crore via rights issue and up to Rs 2,500 crore via specified securities. 
  • Tata Motors posts Q4 net loss at Rs 9,894 crores versus profit at Rs 1,117 crores during March quarter FY19
  • Saudi Arabia’s wealth fund Public Investment Fund (PIF) is all set to pick up a 2.33 per cent stake in Reliance Jio, for an estimated $1.5 billion (Is this even news anymore?)
  • Lakshmi Vilas Bank has received a preliminary proposal from the Aion Capital-backed non-banking lender Clix Capital for a merger that will increase the Chennai-based lender’s capital base by around Rs 1,900 crore.
  • InterGlobe Aviation (IndiGo) has shown optimism and said they want to operate 50% of its pre-Covid daily capacity of 1,500 plus flights in July and resume international operations possibly to the middle east during that month.
  • Tata Power Company’s renewable energy arm Tata Power Renewable Energy has received an order from Gujarat Urja Vikas Nigam to develop a 120 megawatt solar project in Gujarat
  • Bayer CropScience has partnered with the agri business division of ITC to extend the reach of its crop protection products through ITC’s e-Choupal 4.0 platform. 
  • Shilpa Medicare has done well in these testing times and have posted a fairly good result with 40% increase in profits.
  • Can Fin Homes (The housing finance arm of Canara Bank) also surprised with a 35% jump in profits
  • Kerala-based CSB Bank reported narrowing of losses in the March quarter to Rs 59.69 crore as against Rs 150.64 crore in the year-ago period

What to expect today?

  • The global market was highly volatile, making huge dips but regaining afterwards. Asian markets are all up and with high percentages. SGX NIFTY is currently trading lower at 10,022, indicating a huge gap up opening in the Indian Market!
  • NIFTY is likely to trade between 9,800 and 10,100 today. There is a support at 9700 and resistance at 10,050. 
  • Highest Call Open Interest at 10,000, followed by 10,500. Highest Put Open Interest at 9,500, followed by 9,600. 
  • FIIs continue to sell and DIIs continue to buy heavily
  • Banking sector was under huge selling pressure. A short covering is expected.
  • Reliance tested 1620 again. It may give good upside movement if 1620 is broken.
  • Again, volatility can be expected as there are chances for profit booking when NIFTY is above 10,000

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