News Shots

  • Prime Minister Narendra Modi, in the India Global Week 2020, showed optimism about the Indian economy. Modi focused on foreign investment prospects in India. He said there are many possibilities and opportunities in various sunrise sectors in India. Modi also focused on the reforms in our agriculture sector which provide a very attractive investment opportunity, especially in storage and logistics.
  • Reliance Industries (RIL) along with energy major BP have started their new Indian fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML). According to an official release, bp paid RIL $1 billion for a 49 per cent stake in the joint venture, while RIL will be holding 51 per cent. The joint venture will seek to provide consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon fuel options. Also, RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years, the release also said adding that it will also aim to increase its presence from 30 to 45 airports in the coming years.
  • Tata Consultancy Services (TCS) on July 9 flagged off the June quarter earnings season by reporting profit at Rs 7,008 crore, down 13 percent QoQ dented by lockdown-led supply and demand challenges. This has definitely missed the street estimates but this also tells us to keep our expectations low regarding the Q1 results.
  • “Landmark Achievement” – BHEL installed 1.7 MW solar power plant in just 4.5 months for the Indian Railways at Bina in Madhya Pradesh. This development marks a major step of merging the advantages of renewable energy in the railway sector in an unprecedented way, the company said.
  • Flipkart picks up 27% stake in Arvind Fashion’s Youth Brands for Rs 260 crore. Arvind’s new subsidiary will own Flying Machine brand, which has been retailing on Flipkart and Myntra.
  • Tata Motors reported JLR June retail sales down 24.9% at 35,334 units YoY. Over 95% Of JLR’s retailers worldwide are open or partially open. JLR sales recoveries in June for China & North America encouraging. JLR China sales in June 7.4% lower & N America up 2.2% YoY.
  • Punjab National Bank declared its Rs 3688 crore exposure to bankrupt mortgage lender Dewan Housing Finance Limited as fraud and has reported to the RBI.
  • Punjab National Bank to raise upto Rs 10,000 crore through a share and bond sale. The bank said it would explore raising funds through a combination of QIP, FPO, rights issue and issuance of tier-2 bonds.

What to expect today?

  • Yesterday was a clean, simple, non volatile uptrend day where NIFTY crossed 10,800 and closed near 10,830. Still the strength of the uptrend does not match with the rising COVID 19 cases. Most of the market participants are waiting for a correction/retracement in the market.
  • NASDAQ closed higher while Dow and S&P 500 closed lower. The Asian markets are mixed. SGX NIFTY is currently trading lower at 10,773, indicating a slight gap down opening in the Indian Market. 
  • NIFTY is likely to trade between 10,700 and 10,850 today. There is support at 10,750 and 10,690, and resistance at 10,850 and 10,900. 
  • Highest Call Open Interest at 11,000, followed by 11,200. Highest Put Open Interest at 10,500, followed by 10,600. ‘
  • FIIs bought for Rs 200 crores, DIIs sold for Rs 800 crores.
  • Bajaj Finance has been moving wildly for a few days. So is the banking sector. They need to be watched. So are the IT sector and Reliance.