- 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