News Shots

US President Joe Biden signed a massive $1.9 trillion economic stimulus bill, after it was passed by the House. The bill, passed by Congress earlier this week, dishes out $1,400 payments to most Americans, helps the unemployed, expands public health care and ramps up funds for vaccinations.

SBI will conduct e-auctions of 12 bad accounts this month to recover dues of over Rs 506 crore under sale to asset reconstruction company (ARC) mechanism.

BNP Paribas is looking to sell 3.5 crore shares of SBI Life Insurance through an accelerated placement. Shares are offered at a price ranging between Rs 870 – Rs 917 per share, representing a discount of 2.5%-7.5% to Wednesday’s closing price.

At least two existing overseas investors in PNB Housing Finance are believed to have hired consultants to carry out a due diligence on the mortgage lender, which is looking to tap these investors for equity expansion.

Swiss chemicals major Clariant AG has formed a 51:49 joint venture with Bhartia family-promoted India Glycols to manufacture and market renewable ethylene oxide (EO) derivative products.

Adani Green Energy reported its Kamuthi solar plant in Tamil Nadu has become water positive. A plant of a company becomes water positive when it harvests and recycles more water than what it consumes.

AstraZeneca Pharma India has received marketing approval from the Drugs Controller General of India (DCGI) for its product for the treatment of non-small cell lung cancer.

Max Healthcare has raised Rs 1,200 crore via issue of securities. The company, which is the country’s second largest private hospital chain, has raised the capital through qualified institutional placement (QIP).

Cholamandalam Investment has inked a partnership with private sector Karur Vysya Bank Ltd for co-lending business, eyeing to garner a larger market share across segments.

Tata Motors expects the commercial vehicles industry to grow over 30 per cent in the next fiscal on the back of cyclical demand uptick and overall recovery of economic activity.

State-owned entities REC and Power Finance Corporation have entered into a pact with Bhutan-based Kholongchhu Hydro Energy (KHEL) to finance a 600 megawatt hydroelectric project at Trashiyangtse in the neighbouring country.

JSW Steel posted a marginal decline of 1 per cent in its crude steel output at 13.06 lakh tonnes (LT) in February this year.

Prestige Estates Projects has completed sale of commercial assets worth Rs 7,467 crore to global investment firm Blackstone in the first round of divestment.

What to expect today?

On Wednesday, NIFTY opened gap up around 15,200 and then moved till 15,100 to take support and further moved up. You can read all about Wednesday’s movements here.

Bank Nifty, also opened with a huge gap up and fell later. The open was above 36,000 but the close was below it.

Metals, IT and Pharma did well on Wednesday. IT can still be watched as NASDAQ is flying in the US.

The stimulus being passed has propelled the US markets to all time highs. NASDAQ has clearly regained the losses it made in the last many days. Europe also moved up strongly throughout the day. 

We can see positivity in Asian markets also. US and European Futures are up. SGX Nifty is currently trading higher at 15,388 indicating a gap-up opening in the Indian market. The high made by SGX Nifty is 15,448.

It looks like the resistances at 15,260 and 15,340 will be jumped over today during the opening itself.

Moving up, the all time high at 15,430 will act as a resistance. It looks like NIFTY will reach all time high very soon.

There will be volatility and a small correction on the way up as we are opening with a huge gap up today. Such a gap occurs when our market is closed for a day and the global markets move strongly for 2 days.

Foreign institutional investors (FIIs) net sold worth Rs 15 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 447 crores in the Indian equity market.

There is good call option OI buildup at 15,200 which will be taken out today. Maximum call contracts are at 16,500 and 16,000. Put option buildups are at 15,000 and below.

We have been seeing gap up openings and intraday falls with volatility many times in the last few days. So please watch out for that.

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