News Shots

Axis Bank has revised its stake acquisition agreement with Max Financial. Post advice from the Reserve Bank of India, Axis Bank and its subsidiaries – Axis Capital and Axis Securities have agreed to enter into revised agreements with Max Financial to acquire up to 19% of the total equity.

Equitas Small Finance Bank will make its market debut today. The IPO was subscribed 1.95 times, with the QIB portion subscribing 3.91 times, HNI 0.22 times and retail portion 2.08 times.

October Automobile Sales Data: Maruti Suzuki reported 18% increase in sales while Tata Motors and M&M reported 79% and -14% respectively.

The US Food and Drug Administration (USFDA) has issued a warning letter to Shilpa Medicare for violating current good manufacturing practice norms at its manufacturing plant in Mahabubnagar district in Telangana.

Overwhelmed by the response to the Ahmedabad-Statue of Unity seaplane service, SpiceJet said it plans to start a similar service connecting Surat in south Gujarat with the 182-meter tall statue dedicated to Sardar Vallabhbhai Patel near Kevadiya.

V-Mart Retail opened seven new stores in Bihar, Rajasthan, Assam and Uttar Pradesh, while it has closed two stores in West Bengal.

Grasim Industries has executed agreements with Lubrizol Manufacturing India Private for production of chlorinated polyvinyl chloride (CPVC) resin in India.

Atul Auto has increased its stake in Khushbu Auto Finance from 30% to 100% for a cash consideration of Rs 44.57 crores.

Reliance Industries reported a 15 per cent drop in second quarter net profit. Jio’s profit has increased 185% YoY.

ICICI Bank reported over four-fold jump in consolidated net profit at Rs 4,882 crore for September quarter driven largely by large tax savings and lesser provisions for the pandemic-related impact.

IDFC First Bank reported a net profit of Rs 101 crore for the July-September quarter of the current fiscal year on healthy interest income and lower provisions. The private sector lender had posted a net loss of Rs 680 crore in the same quarter a year ago.

UPL reported profit at Rs 537 crore in Q2FY21 against Rs 202 crore, revenue increased to Rs 8,939 crore from Rs 7,817 crore YoY.

Some Major Q2 Results Announcements Today:

  • HDFC
  • NTPC
  • Cadila Healthcare
  • Whirlpool of India
  • PNB
  • The Ramco Cement
  • ZEEL
  • Escorts

What to expect today?

Last week was very volatile for NIFTY. It moved between a range of 12,000 to 11,550. Click here for a detailed analysis of Friday’s market and stock movements. 

NIFTY has taken support at 11,550 and Bank Nifty at 23,600.

COVID cases are rapidly increasing in Europe and thus, lockdown has been implemented in multiple countries. This is a large cause of worry.

The US Presidential Election is all set to happen tomorrow. Polls still say Joe Biden will emerge victorious. Anyways, the Election will bring volatility in all markets.

Our local cues are looking good and strong. But, the concern is global cues. The US Election is just a temporary issue and is a concern only for a week. But the larger issue is the lockdown in Europe and the second wave of COVID 19 virus. This issue won’t go away unless we have a vaccine ready.

US Markets closed down on Friday. Europe is flat. Asian markets, surprisingly, are mostly up. SGX NIFTY is trading at 11,668, which is 33 points higher, indicating a flat to gap up opening in the Indian Market. 

NIFTY is likely to trade between 11,500 and 11,800. There is support at 11,660 and 11,600 and resistance at 11,720 and 11,780.

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

Foreign institutional investors (FIIs) net sold shares worth Rs 870.88 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 631.11 crore in the Indian equity market on October 30.

Auto Sector to be in focus. Reliance, ICICI Bank, Axis Bank, IndusInd Bank also to be watched.

Market will definitely be volatile for the few coming days. Many SL’s might be hit. Safers can stay away from the market for a bit. All the best for the day and week!