News Shots

Ashok Leyland expands its presence into a commercial light vehicle market with the new generation Phoenix platform. This comes after the company decided to shift focus from medium-heavy trucks which are seeing very slow demand growth.

Indiabulls Housing Finance raised Rs 1,205 crore over the last few days through its QIP and partial stake sale in UK-based OakNorth Bank.

PVR Q1FY21 Revenue down 98.6% to Rs 12.7 crore as Net loss at Rs 225.6 crore vs net profit of Rs 17.6 crore last year. The company has done nothing to innovate or change its revenue models in 6 months of lockdown.

Manappuram Finance promoter VP Nandkumar released pledge of 27 lakh shares on September 11.

Toyota says it won’t expand further in India, blames high taxes. Can watch domestic auto-companies today.

Government sets up Rs 20,000 cr funding in Public Sector Banks through bonds. Government is also increasing spending overall trying to restart the economy. A ₹2.36 lakh crore plan has been submitted to the parliament.

Data shows that the top realty firms are gaining more market share. June quarter data on sales volumes shows consolidation in favour of listed large players. The Realty sector has already rallied in the past few days, but big players can be specifically watched. Godrej Properties, Sunteck Realty, Kolte Patil Developers, Oberoi Realty, IBREL will be in focus.

Aditya Birla’s Grasim Industries is going ahead with its Rs 3,523-crore viscose fibre business brownfield expansion in Gujarat, with the confidence from achieving 75% capacity utilisation levels in the June quarter.

Domestic steel major SAIL posted a consolidated net loss of ₹1,226.47 crore vs  ₹102 crore net profit last year for the first quarter ended June 30. Mainly on account of reduced income. 

Future Retail reported a consolidated net loss of ₹561.95 crore for the first quarter ended June 2020. The company had posted a net profit of Rs 159.24 crore in the corresponding quarter last year. 

ICICI Bank said it has got exemption from reducing stake in its life and non-life subsidiaries to 30 per cent for a period of three years. 

Hospital chain Apollo Hospitals reported a consolidated net loss of Rs 226.24 crore for the quarter ended June 30, 2020 on account of the impact of COVID-19 pandemic against net profit of Rs 49 crore.

Voltas said it has completed two sewage treatment plants in Bihar under the Namami Gange project, which will be virtually inaugurated by Prime Minister Narendra Modi on today. 

What to expect today?

Yesterday Nifty and Bank Nifty were in a selling mood. SEBI’s new rule on multicap funds seems to have started an emotional rally in midcaps while large-caps looked weak after 2pm. Click here to read a detailed analysis of the many reasons for yesterday’s fall in the market.

Banks were extremely weak yesterday. Bank Nifty broke many supports to finally close at 22,100. May see a V-Shaped reversal today, as yesterday’s fall was without much reasons.  The first resistance is at 22,250 then near 22,420. If yesterday’s high of 22,750 is broken, then it will indicate strong bullishness.

US Markets closed strongly in green on the back of vaccine hopes. Asian and European markets were mixed. SGX NIFTY is currently trading at 11,468, which is 36.5 points higher, indicating a flat to gap up opening in the Indian Market.

NIFTY is likely to trade between 11,400 and 11,600 today. There is support at 11,470 and 11,450 and resistance at 11,500 and 11,520.

Maximum Open Interest on Call side at 11,500 strike and Maximum Open Interest on Put side at 11,000 strike.

Foreign institutional investors (FIIs) bought shares worth a net value of Rs 298.22 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 120.35 crore. This shows the continued faith of FIIs in the market, but marks the 4th consecutive trading day of DIIs selling.

Rajnath Singh, India’s Defence Minister is addressing the Parliament over India-China standoff today. Can follow this news today for signs of improving ties between the countries.

Based on the recovery of US markets, and the fall without much reason yesterday in Nifty, we hope to see a reversal in the sentiment in Nifty today. Believe in your studies. Wish you all get successful trades today!