Cipla is also ready with Favipiravir and has written to the India drug regulator requesting approval of antiviral drug Favipiravir. Clinical protocol is approved and the final approval is expected within a few days.
Oil prices fell 6% as US crude inventories swell, and as COVID 19 cases keep increasing globally. Dow Jones slipped 700 points for the same reasons.
ICICI Bank is planning a stake sale worth Rs 23,000 crores. Its share fell 7% yesterday after this news.
Tata Power has got shareholders’ approval for raising its authorised share capital by Rs 200 crore to Rs 779 crore.
Canara Bank has reported widening of its standalone net loss to Rs 3,259.33 crore for the fourth quarter. The bank will also seek board approval next month to raise Rs 6000 crore to Rs 8000 crore in capital as it prepares to beef up its balance sheet for future needs.
Promoter Duru Sushil Shah sold 3,054,545 shares in Metropolis Healthcare at Rs 1,383.44, while Aditya Birla Sun Life Mutual Fund bought 312,224 shares in the diagnostics chain at Rs 1,382.10 each.
Karur Vysya Bank and HG Infra Engineering have reported nearly 40% jump in profits for the March quarter.
What to expect today?
Yesterday, the Indian market opened positively above 10,500 and moved ahead with momentum till 10,550. But as I always say, such continuous bull runs do not happen often and that too in the given circumstances. A retracement was inevitable and that is what we saw yesterday, exactly what I mentioned in yesterday’s feed. There was heavy profit booking and also certain news like that of ICICI Bank further brought down the market.
The Global Market has been mostly negative. SGX NIFTY is currently trading lower at 10,182, indicating a gap down opening in the Indian Market. Heavy volatility seems to have returned to the market.
NIFTY is likely to trade between 10,150 and 10,350 today. There is support at 10,210, followed by 10,110 and resistance at 10,480 (not relevant)
Highest Call Open Interest at 10,500, followed by 10,600. Highest Put Open Interest at 10,000, followed by 9,900.
FII’s ended as net buyers and DII’s ended heavy net sellers. Surprisingly, we could see FIIs and DIIs having different stands for more times than usual since the last few weeks.
Reliance and ITC supported the markets yesterday. Pharma and bank stocks fell the most.