India – China tension at the border: China says it has agreed with India to take steps to ease border tensions, after a 11 hour long Corps- Commander level meeting.
Piramal Enterprises (PEL) said its board has approved raising up to Rs 2,590 crore through issuance of secured non-convertible bonds on a private placement basis.
Manappuram Finance has raised up to Rs 150 crore by issuing bonds to investors on a private placement basis.
Asian Paints reported a 2.1 percentage decline in net profit and Berger Paints reported a 6 percentage decline in net profit for the March quarter. Both the drops are higher than street estimates.
State-run Bank of Baroda reported a net profit of Rs 506.6 crore in the quarter ended March, compared to a loss of Rs 991.4 crore in the same quarter a year ago.
Anil Ambani has committed to Reliance Infrastructure’s shareholders that the promoters will raise stake in the company and thus, the company would be debt free by the end of the current fiscal.
Federal Bank is planning to raise up to Rs 12,000 crore, majority of which is targeted to come through borrowing instruments.
What to expect today?
Yesterday, the Indian market showed signs of absolute optimism, continued the bull rally, and closed above 10,450. Market sentiments seem to be positive, amidst rising COVID 19 cases.
The market has shot up more than 500 points within a week and has reached unrealistic levels too soon. Any small bad news or quick profit booking can cause an easy retracement.
The Global Market has been mostly positive. NASDAQ has hit a fresh all time high again. SGX NIFTY is currently trading lower at 10,469, indicating a small gap down opening in the Indian Market. SGX NIFTY had made a high of 10,528!!
NIFTY is likely to trade between 10,350 and 10,550 today. There is support at 10,350, followed by 10,250 and resistance at 10,540 and 10,600
Highest Call Open Interest at 10,500, followed by 11,000. Highest Put Open Interest at 10,000, followed by 10,300. There is a clear shift in OI towards higher ranges indicating optimism among traders.
Both FII’s and DII’s ended as net buyers, buying a total of Rs 600 crores.
Surprisingly, Reliance did not do well yesterday. If Reliance also supports the rally, we could see larger movements in NIFTY.