News Shots

Reliance starts Round 2 of its Fund Raisal Show, with Reliance Retail this time. Silver Lake to invest Rs 7,500 crores in Reliance Retail for 1.75% stake. KKR may invest another Rs 7,500 crores as well. The company is planning to raise a total of around Rs 60,000 crores! (Reliance is not just taking themselves up, but the whole market with them, just like they did earlier with Jio! Thank you Mota Bhai)

State Bank of India raised Rs 4,000 crore in additional tier 1 bonds at a coupon of 7.74 percent

Eicher Motors to set up a Royal Enfield assembly unit in Argentina.

Indiabulls Housing Finance launched its QIP (qualified institutional placement) and set the floor price at Rs 206.70 per equity share for the issue.

Coal India’s 54 mining projects are running behind schedule mainly on account of delays in obtaining green nod and issues related to rehabilitation and resettlement. The development assumes significance against the backdrop of Coal India eyeing production of 1 billion tonnes by 2023-24.

Eveready Industries India reported an over three-fold jump in consolidated net profit to Rs 24.98 crore for the June quarter, helped by improved gross margin and lower cost of operations.

Syngene International has received ICMR approval for HiMedia-Syngene’s COVID-19 antibody test kit, ELISafe 19

What to expect today?

Yesterday,  NIFTY opened with a huge gap down, tracing the global markets but started moving up from there. Later, NIFTY scared traders by testing the support at 11,200. It was exciting to see the market reversing from 11,200, moving back up strongly and closing at 11,278. Reliance played a huge role in saving the market yesterday. Click here for a detailed analysis of last week’s market and stock movements. 

I had mentioned this yesterday – “Only good factor there is the sell off that we witness now in the US Market is mostly profit booking and not due to any major negative factor. So, the markets can stabilize and move back up soon.” We saw our markets reversing yesterday. Also, all the major US Markets are up more than 2% yesterday. TESLA regained 10% yesterday alone.

Even if the global cues turn positive, we are still under the scare of negative local cues. Today, there is Supreme Court’s hearing on interest on interest. Also, India-China border tensions are still a worry.

US Market closed strongly in green. European and Asian markets are also mostly up. SGX NIFTY is currently trading at 11,322, which is 16 points higher, indicating a flat to gap up opening  in the Indian Market.

NIFTY is likely to trade between 11,200 and 11,400 today. There is support at 11,290 and 11,250 and resistance at 11,320, 11,350 and 11,400

Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 10,500. 

Foreign institutional investors (FIIs) net sold shares worth Rs 959.09 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 263.97 crore.

Today is Thursday – weekly expiry day. Volatility can be expected.