News Shots

  • AGR hearing will take place in the Supreme Court again today. Can we expect a verdict today?
  • Reliance Industries’ retail unit has acquired a majority equity stake in online pharma company Netmeds for around Rs 620 crore. (Which is the point where we should start worrying about Reliance becoming an absolute monopoly?)
  • State Bank of India to raise up to Rs 10,000 crore in a bond sale.
  • The People’s Bank of China has picked up 0.006 per cent stake in ICICI Bank by investing Rs 15 crore in the private sector lender’s Rs 15,000 crore qualified institutional placement (QIP) which concluded last week.
  • The Bombay High Court, in a temporary order, has restrained FMCG firm Emami from selling any skincare product under the brand name containing the words “Glow and Handsome”, saying that Hindustan Unilever has used them first in its brands.
  • Mahindra & Mahindra Financial Services has raised Rs 3,089 crore by issuing equity shares to existing investors.
  • IDBI Bank has received shareholders’ approval to raise up to Rs 11,000 crore by issuing shares through various modes.
  • Packaging materials and solution company Uflex reported over two-fold jump in its consolidated net profit at Rs 196.54 crore for the first quarter ended June, helped by volume growth.
  • Zee Entertainment reported its net profit in the quarter ended June slumped 94.5 percent to Rs 29.28 crore, as ad revenues dropped sharply in the wake of the Covid-19 pandemic.
  • Major Results Announcement Today:
    • Muthoot Finance
    • CSB Bank

What to expect today?

  • Yesterday, NIFTY soared up, tested 11,400 and closed creating post COVID high. As we discussed in our article yesterday morning, both Reliance and HDFC Bank moved up, thereby helping NIFTY to go up. Bank NIFTY also recovered strongly and closed above 22,000.
  • The market is all set to move up again today. 11,500 can act as a strong resistance. Also, we need to note that it is Wednesday today and historically, Wednesdays have been highly volatile in the last few months. So, keep that in mind too.
  • US Markets closed mixed. Nasdaq and S&P 500 made fresh all time high. Asian markets are mostly positive. SGX NIFTY is currently trading at 11,413, indicating a positive opening in the Indian Market.
  • NIFTY is likely to trade between 11,300 and 11,500 today. There is support at 11,340 and 11,300 and resistance at 11,400 and 11,500.
  • Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,200. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 1,134.57 crore whereas domestic institutional investors (DIIs) sold shares worth Rs 379.38 crore in the Indian equity market.
  • Banks, Reliance, Muthoot Finance (NBFCs), Pharma are in focus today.

Latest

At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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