News Shots

  • Glenmark launches new coronavirus antiviral drug Favipiravir, under the brand name FabiFlu, at ₹103 per tablet. It is a prescription-based medicine. The drug will be available both through hospitals and the retail channel. The company themselves said this could be a “potential” game changer and its efficacy could be known within the coming 2 months. (All the good news is to be factored in and it will open with a huge gap up. Traders need to wait and watch the direction of movement and then trade carefully)
  • Hetero and Cipla have been given a nod by India’s drug regulator to manufacture and market antiviral drug remdesivir for “restricted emergency use” on hospitalised Covid-19 patients. Cipla will be marketing and supplying the drug through both government and open market channels.
  • Reliance Industries Ltd (RIL) on Friday became the first Indian company to reach a market capitalisation of ₹11 trillion as its shares doubled since mid-March. The company has announced to be Net Debt Free and Jio & Reliance Retail IPO within the next 5 years.
  • Mukesh Ambani’s Reliance Industries set to buy stake in Future Group companies. This hasn’t been confirmed officially yet. This  can be a game changer for both Future Group and Reliance Retail.
  • Piramal Enterprises Ltd‘s Pharma Solutions business, announced that it has entered into an agreement with G&W Laboratories Inc. to acquire its solid oral dosage drug product manufacturing facility located in Pennsylvania, USA, for $17.5 million.
  • Housing Development Finance Corporation (HDFC) said its committee of directors have approved raising funds up to Rs 14,000 crore. Meanwhile, HDFC Bank said its board has approved a proposal to raise up to Rs 50,000 crore in the next twelve months by issuing various debt securities.
  • UCO Bank tied up with four insurers to offer various insurance products to its customers through its network of branches across the country.
  • Hexaware board approves proposed delisting from stock exchanges
  • Power Grid Corporation has posted a 8% jump in consolidated profits in the last quarter
  • Punjab National Bank has reported better results with lesser losses. The net loss narrowed down to Rs 697.20 crore for the quarter ended March 31, compared with Rs 4,749.64 crore loss in the corresponding quarter last year.
  • Porinju Veliyath owned Equity Intelligence acquired 0.58 percent equity stake in Bajaj Consumer Care at Rs 146.68 per share

What to expect today?

  • Last Friday, the Indian market regained strongly and closed near 10,250 and FIIs bought for more than 1000 crores. Market sentiments seem to be positive, amidst rising COVID 19 cases. But since the move from 9,700 to 10,250 was very quick, we may see those levels again.
  • The entire Global Market has been volatile and mixed. NASDAQ has again crossed 10,000. SGX NIFTY is currently trading lower at 10,212, indicating a gap down opening in the Indian Market.
  • NIFTY is likely to trade between 10,100 and 10,350 today. There is support at 10,120, followed by 10,000 and resistance at 10,350. 
  • Highest Call Open Interest at 10,500, followed by 10,300. Highest Put Open Interest at 10,000, followed by 9,900. The shift in OI in Put Options towards 10,000 further strengthens the positive sentiment in the market.
  • FIIs bought for over 1000 crores. DIIs ended as net sellers worth Rs 880 crores.