News Shots

Serum Institute of India CEO Adar Poonawalla offloaded his entire stake in Panacea Biotec amounting to 5.15 per cent shareholding of the firm for Rs 118 crore, through an open market transaction. The shares were picked by Serum Institute of India (SII).

Reliance’s telecom arm Jio said it is constructing the largest international submarine cable system centred on India with global partners and submarine cable supplier Subcom to cater to increased data demand.

Hero Motocorp has extended the duration of all its warranty and free services by 60 days owing to the current situation.

HCL Technologies is hiring 1,000 technology professionals from the fields of digital transformation, cloud, artificial intelligence and cybersecurity in the United Kingdom to support its clients in the UK and around the world.

Bharat Forge to purchase a 49% stake in its subsidiary, Kalyani Strategic Systems, for Rs 32.97 crore. Currently, the company holds a 51% stake in KSSL. After this acquisition, KSSL shall become a wholly-owned subsidiary of the company.

Zuari Agro Chemicals’ Goa fertiliser plant has been hit by the cyclonic storm Tauktae. It is assessing damages by the cyclone to the plant. There could be a potential delay in restarting ammonia, urea plants.

Kotak Mahindra Bank acquired 1.3 crore equity shares, representing 46.7% of the issued and paid-up equity share capital of Kotak Mahindra Pension Fund Limited from Kotak Mahindra Asset Management Company Limited for Rs 12.71 crore. After this acquisition, the bank’s shareholding in KMPFL will increase from 4.3% to 51%. Also, KMPFL has now become a direct subsidiary of the bank.

Bharti Airtel reported a consolidated net profit of Rs 759 crore in the latest quarter, and an annual turnover of more than Rs 1 lakh crore for the first time. The company had posted a loss of Rs 5,237 crore in the same period a year ago.

The recently listed drug firm Gland Pharma reported a 34 per cent rise in its consolidated net profit to Rs 260.4 crore, on account of robust sales.

Federal Bank reported a 58 per cent jump in its consolidated net profit to Rs 521.24 crore for the March 2021 quarter, as money set aside for loan losses decreased due to upfront provisioning earlier.

Some major Q4 result announcements today:

  • Tata Motors
  • Aarti Industries
  • Abbott India
  • Astral
  • Brigade Enterprises
  • Canara Bank
  • Chalet Hotels
  • GlaxoSmithKline Pharmaceuticals
  • Gujarat Alkalies & Chemicals
  • Jyothy Labs
  • Manappuram Finance
  • Minda Corp
  • PI Industries
  • Torrent Pharmaceuticals.

What to expect today?

Yesterday, NIFTY opened with a small gap up around 14,750 and moved up, up and up in the day to close above 14,920. BANK NIFTY, which moved up by 4% gave power to NIFTY.. You can read all about yesterday’s movements here.

BANK NIFTY also opened with a gap up around 32,400 and then moved up with crazy strength to close more than 4% up near 33,500.

Banks moved the most yesterday. Metals also regained and are back on the bullish track.

The European markets closed slightly in the red. The same is the case with US markets where the major indices closed flat with a negative bias.

Asian markets are mostly up by more than 1%. Japan’s GDP data released today showed that the Japan economy contracted at an annualised rate of 5.1% in the last quarter. Even then, Japan is up 2%.

SGX NIFTY is currently trading much higher at 15,115 indicating a gap up opening in the Indian market. 

15,000 acted as a huge resistance for NIFTY. NIFTY is jumping over it this time.

The immediate supports for NIFTY are at 15,050, 15,000, 14,900, 14,850 and 14,750.

15,100, 15,200 and 15,270 are important resistances for NIFTY. 

34,000 and 34,400 are the immediate resistances to be watched out for in BANK NIFTY. It can go up strongly if 34,400 is broken.

BANK NIFTY has supports at 33,000, 32,500 and 32,000. 

There is huge call buildup at 15,000 and 15,100, both of which will be taken out today. Major put buildups are at 14,700 and 14,500. There is good put buildup at 14,800 as well. NIFTY PCR has gone up to 1.2.

Foreign institutional investors (FIIs) net sold shares worth Rs 2255 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1948 crores in the Indian equity market. 

FIIs continue to sell vigorously. They have been selling for thousands of crores for the last 5 trading sessions. Domestic institutions and retailers are taking our market up.

So, the fortress of 15,000 will be breached today and looks like it will be sustained as well. In the last month or so, we have seen NIFTY falling if it opens with a HUGE gap up. But this time, the short covering by all the call writers at 15,000 might prevent a fall. Anyways, it’s going to be an interesting day.

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